Paragraph 38 Bank of England Act 1998
United Kingdom
The Bank of England Act 1998 M1 is amended as follows.
After section 2A M2 (financial stability objective) insert—
“Macro-prudential measures: Article 458 of the capital requirements regulation
2AA(1)The Bank is responsible for the application of Article 458 of the capital requirements regulation so far as it relates to measures which are prescribed by order under section 9L (macro-prudential measures).
(2)The Treasury are responsible for the application of Article 458 of the capital requirements regulation so far as it relates to measures which are not so prescribed.”.
For section 17(7C) M3 (power to obtain information) substitute—
“(7C)“Financial holding company” has the meaning given by Article 4(1)(20) of the capital requirements regulation.”.
Annotations
Marginal citations
- M1
- M2
Section 2A was inserted by section 4 of the Financial Services Act 2012 (c.21).
- M3
Section 17(7C) was inserted by S.I 2001/3649 and amended by S.I. 2006/3221.
Notes on the whole SI
Textual amendments
- F1
2000 c. 8. Section 349(2) was amended by section 41 of, and paragraphs 19(1) and (2) of Schedule 12 to, the Financial Services Act 2012 (c. 21); paragraphs 14(1)(b), 17(c), 18 and 22 of Schedule 3 were amended by section 12 of, and paragraphs 1, 3, 7, 8 and 14 of Schedule 4 to, the Financial Services Act 2012; paragraph 14(1)(b) was also amended by S.I. 2003/1473 and S.I. 2003/2066.