{
  "url": "https://openlegislation.uk/draft-bank-of-england-act-1998-macro-prudential-measures-order-2013/article-1",
  "json_url": "https://openlegislation.uk/draft-bank-of-england-act-1998-macro-prudential-measures-order-2013/article-1.json",
  "legislation": "ukdsi/2013/9780111533673",
  "legislation_title": "The Bank of England Act 1998 (Macro-prudential Measures) Order 2013",
  "legislation_url": "https://openlegislation.uk/draft-bank-of-england-act-1998-macro-prudential-measures-order-2013",
  "path": "article/1",
  "kind": "article",
  "number": "1",
  "heading": "Citation, commencement and interpretation",
  "text": "(1) This Order may be cited as the Bank of England Act 1998 (Macro-prudential Measures) Order 2013 and comes into force on 1st April 2013.\n(2) In this Order—\n“banking consolidation directive” means Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions;\n“commercial property exposure” means an exposure which is (to any extent) secured on land or other immoveable property being used primarily for commercial or non-residential purposes;\n“consolidated basis”, in relation to a measure, means on the basis that the undertaking to which the measure applies and one or more other undertakings are to be treated as a single undertaking;\n“credit institution” has the meaning given by Article 4(1) of the banking consolidation directive;\n“excluded deposit taker” means—\n(a) a credit union within the meaning of section 31 of the Credit Unions Act 1979, or\n(b) a person with permission under Part 4A of FSMA 2000 to effect or carry out contracts of insurance as principal,\n“exposure” means an asset or off-balance sheet item;\n“financial sector entity” means any of the following—\n(a) a credit institution,\n(b) an investment firm,\n(c) a financial institution (meaning an undertaking other than a credit institution or investment firm, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and 15 of Annex I to the banking consolidation directive),\n(d) an ancillary services undertaking (meaning an undertaking the principal activity of which consists in owning or managing property, managing data-processing services or any other similar activity which is ancillary to the principal activity of one or more credit institutions, investment firms, insurance undertakings or reinsurance undertakings),\n(e) an insurance undertaking,\n(f) a third country insurance undertaking,\n(g) a reinsurance undertaking,\n(h) a third country reinsurance undertaking, or\n(i) an insurance holding company (meaning an undertaking which is not a mixed financial holding company the main business of which is to acquire and hold participating interests in subsidiary undertakings which are exclusively or mainly insurance undertakings, reinsurance undertakings, third country insurance undertakings or third country reinsurance undertakings, and which has at least one subsidiary undertaking which is an insurance undertaking or a reinsurance undertaking),\n“financial sector exposure” means—\n(a) an exposure under, or which relates to, a contract with a financial sector entity, or\n(b) an exposure to, or which relates to, the securities or other instruments issued by such an entity,\n“first non-life directive” means Directive 73/239/EEC of the Council of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance;\n“insurance undertaking” means an undertaking which has received authorisation as an insurance undertaking in accordance with the first non-life directive or the life assurance consolidation directive;\n“investment firm” has the meaning given by section 424A of FSMA 2000;\n“life assurance consolidation directive” means Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2000 concerning life assurance;\n“mixed financial holding company” means an undertaking which is not a credit institution, an insurance undertaking or an investment firm which has at least one subsidiary undertaking which is a credit institution, an insurance undertaking or an investment firm and which, together with its subsidiary undertakings, constitutes a financial conglomerate (within the meaning given by Article 2.14 of Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate) (disregarding any decision taken under Article 3(3) of that Directive);\n“participating interest” has the meaning given by section 421A of FSMA 2000;\n“PRA-authorised person” has the meaning given by section 2B of FSMA 2000;\n“reinsurance directive” means Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance;\n“reinsurance undertaking” means an undertaking which has received authorisation in accordance with Article 3 of the reinsurance directive;\n“requirement” includes a requirement to refrain from taking action;\n“residential property exposure” means an exposure which is (to any extent) secured on land or other immoveable property being used primarily for residential purposes;\n“solo basis”, in relation to a measure, means on the basis of the situation of the undertaking to which the measure applies;\n“subsidiary undertaking” has the meaning given by section 420 of FSMA 2000;\n“third country insurance undertaking” means an undertaking which would require authorisation in accordance with the first non-life directive or the life assurance consolidation directive if it had its head office in the EEA;\n“third country reinsurance undertaking” means an undertaking which would require authorisation in accordance with the reinsurance directive if it had its head office in the EEA;\n“UK bank” means a UK institution which has permission under Part 4A of FSMA 2000 to carry on the regulated activity of accepting deposits but which is not an excluded deposit taker;\n“UK institution” means an institution which is incorporated in, or formed under the law of, any part of the United Kingdom;\n“UK investment firm” means a UK institution which—\n(a) has permission under Part 4A of FSMA 2000,\n(b) is a PRA-authorised person by virtue of a designation under article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013, and\n(c) is an investment firm.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L 177, 30.6.2006, p.1."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1979 c.34."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Inserted by section 11 of the Financial Services Act 2012."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "OJ L 228, 16.8.1973, p.3."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "Inserted by SI 2006/2975; amended by SI 2007/126."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "OJ L 345, 19.12.2002, p.1."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "OJ L 35, 11.02.2003, p.1."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "Inserted by SI 2008/948."
    },
    {
      "type": "footnote",
      "label": "f9",
      "text": "Inserted by section 6 of the Financial Services Act 2012."
    },
    {
      "type": "footnote",
      "label": "f10",
      "text": "OJ L 323, 9.12.2005, p.1."
    },
    {
      "type": "footnote",
      "label": "f11",
      "text": "SI 2013/XXX."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2013/9780111533673/article/1",
    "retrieved_at": "2026-10-30T14:50:32.411486+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}