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The Bank of England Act 1998 (Consequential Amendments of Subordinate Legislation) Order 1998

S.I. 1998/1129 · Made 24 April 1998

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

BANKS AND BANKING

Made 24th April 1998

Laid before Parliament 27th April 1998

Coming into force 1st June 1998

The Treasury, in exercise of the powers conferred on them by section 23(2) of the Bank of England Act 1998f1, hereby make the following Order:—

Annotations to the whole text

Footnotes

f1

1998 c. 11.

Contents

  1. 1Citation and commencement
  2. 2Consequential amendments and revocations
  3. 3Consequential amendments and revocations
  4. Signature
  5. Schedule 1: CONSEQUENTIAL AMENDMENTS OF SUBORDINATE LEGISLATION
  6. Rules of the Supreme Court (Revision) 1965
  7. 1Paragraph 1
  8. Restrictive Trade Practices (Services) Order 1976
  9. 2Paragraph 2
  10. Rules of the Supreme Court (Northern Ireland) 1980
  11. 3Paragraph 3
  12. Insolvency Rules 1986
  13. 4Paragraph 4
  14. Banking Appeal Tribunal Regulations 1987
  15. 5Paragraph 5
  16. Banking Appeal Tribunal (Scottish Appeals) Regulations 1987
  17. 6Paragraph 6
  18. Data Protection (Regulation of Financial Services etc.) (Subject Access Exemption) Order 1987
  19. 7Paragraph 7
  20. Building Societies (Supplementary Capital) Order 1988
  21. 8Paragraph 8
  22. Banks (Administration Proceedings) Order 1989
  23. 9Paragraph 9
  24. Local Authorities (Borrowing) Regulations 1990
  25. 10Paragraph 10
  26. Building Societies (Designated Capital Resources) (Permanent Interest Bearing Shares) Order 1991
  27. 11Paragraph 11
  28. Building Societies (Liquid Asset) Regulations 1991
  29. 12Paragraph 12
  30. Money Laundering Regulations 1993
  31. 13Paragraph 13
  32. Accountants (Banking Act 1987) Regulations 1994
  33. 14Paragraph 14
  34. Building Societies (Undated Subordinated Debt) Order 1994
  35. 15Paragraph 15
  36. Drug Trafficking Offences Act 1986 (Crown Servants and Regulators etc.) Regulations 1994
  37. 16Paragraph 16
  38. Prevention of Terrorism (Temporary Provisions) Act 1989 (Crown Servants and Regulators etc.) Regulations 1994
  39. 17Paragraph 17
  40. Northern Ireland (Emergency Provisions) Act 1991 (Crown Servants and Regulators etc.) Regulations 1994
  41. 18Paragraph 18
  42. Credit Institutions (Protection of Depositors) Regulations 1995
  43. 19Paragraph 19
  44. Financial Markets and Insolvency (Money Markets) Regulations 1995
  45. 20Paragraph 20
  46. Financial Institutions (Prudential Supervision) Regulations 1996
  47. 21Paragraph 21
  48. Schedule 2CONSEQUENTIAL REVOCATIONS OF SUBORDINATE LEGISLATION
  49. Explanatory note

1Citation and commencement

This Order may be cited as the Bank of England Act 1998 (Consequential Amendments of Subordinate Legislation) Order 1998 and shall come into force on 1st June 1998.

2Consequential amendments and revocations

The instruments specified in Schedule 1 hereto are hereby amended as specified in that Schedule.

3Consequential amendments and revocations

The instruments specified in Schedule 2 hereto are hereby revoked to the extent specified in the final column of that Schedule.

Signature

Graham Allen

Jim Dowd

Two of the Lords Commissioners of Her Majesty’s Treasury

24th April 1998

1

In the Rules of the Supreme Court (Revision) 1965f1, in—

(a)

Order 92, rule 3A, and

(b)

Order 93, rule 23(4),

for “Bank of England” there is substituted “Financial Services Authority”.

2

In the Restrictive Trade Practices (Services) Order 1976f1, after paragraph 6 of the Schedule, there is inserted—

“6A

An agreement to which the Financial Services Authority is a party and which relates exclusively to the exercise of control by the Authority over financial institutions pursuant to the transfer of functions by Part III of the Bank of England Act 1998.”.

3

In the Rules of the Supreme Court (Northern Ireland) 1980f1, in—

(a)

Order 92, rule 3A, and

(b)

Order 93, rule 8(4),

for “Bank of England” there is substituted “Financial Services Authority”.

4

(1)

The Insolvency Rules 1986f1 are amended as follows.

(2)

In rule 4.1(1)(b), for “Bank of England” there is substituted “the Financial Services Authority”.

(3)

In rule 4.7(4)(e)—

(a)

for “Bank of England” there is substituted “Financial Services Authority”, and

(b)

for “Bank” there is substituted “Authority”.

(4)

In rule 4.10(4), for “Bank of England”, in both places, there is substituted “Financial Services Authority”.

(5)

In rule 4.72—

(a)

in paragraph (2), for “Bank of England” there is substituted “Financial Services Authority”, and

(b)

in paragraphs (3), (4), (5) and (6), for “Bank” there is substituted “Authority”.

5

(1)

The Banking Appeal Tribunal Regulations 1987f1 are amended as follows.

(2)

In regulation 2(1)—

(a)

in the definition of “appellant”, for “Bank” there is substituted “Authority”, and

(b)

for the definition of “the Bank” there is substituted—

  • ““the Authority” means the Financial Services Authority;”.

(3)

In regulation 20(1)(c), for the words from “the Bank” to the end there is substituted “the Authority, to the Director, Banking, The Financial Services Authority, Gavrelle House, 2–14 Bunhill Row, London EC1Y 8RA;”.

(4)

In the other provisions of the Regulations, for “Bank”, wherever occurring, there is substituted “Authority”.

6

(1)

The Banking Appeal Tribunal (Scottish Appeals) Regulations 1987f1 are amended as follows.

(2)

In regulation 2(1)—

(a)

in the definition of “appellant”, for “Bank” there is substituted “Authority”, and

(b)

for the definition of “the Bank” there is substituted—

  • ““the Authority” means the Financial Services Authority;”.

(3)

In regulation 20(1)(c), for the words from “the Bank” to the end there is substituted “the Authority, to the Director, Banking, The Financial Services Authority, Gavrelle House, 2–14 Bunhill Row, London EC1Y 8RA;”.

(4)

In the other provisions of the Regulations, for “Bank”, wherever occurring, there is substituted “Authority”.

7

In the Data Protection (Regulation of Financial Services etc.) (Subject Access Exemption) Order 1987f1, in column 2 of Schedule 1, in—

(a)

the 27th description of functions conferred by the Insolvency Act 1986f2,

(b)

the sixth description of functions conferred by the Financial Services Act 1986f3,

(c)

the first three descriptions of functions conferred by the Banking Act 1987f4, and

(d)

the description of functions conferred by the Banking Coordination (Second Council Directive) Regulations 1992f5,

for “Bank of England” there is substituted “Financial Services Authority”.

8

(1)

The Building Societies (Supplementary Capital) Order 1988f1 is amended as follows.

(2)

In Part II of the Schedule, in—

(a)

paragraph 2(2)(d)(i), and

(b)

paragraph 2(3)(b),

for “Bank of England” there is substituted “Financial Services Authority”.

(3)

In paragraph 4 of Part III of the Schedule, in paragraph (b) of the definition of “supervisory authority”, for “Bank of England” there is substituted “Financial Services Authority”.

9

In the Banks (Administration Proceedings) Order 1989f1, for “Bank of England”, wherever occurring in the Schedule, there is substituted “Financial Services Authority”.

10

In the Local Authorities (Borrowing) Regulations 1990f1, in regulation 7(9)(e), for “Bank of England” there is substituted “Financial Services Authority”.

11

In the Building Societies (Designated Capital Resources) (Permanent Interest Bearing Shares) Order 1991f1, in sub-paragraph (a) of the definition of “subordinated debt” in article 2(1), for “Bank of England” there is substituted “Financial Services Authority”.

12

In the Building Societies (Liquid Asset) Regulations 1991f1, in Part III of the Schedule—

(a)

in paragraph (a) of the definition of “gilt-edged market maker”, for “Bank of England”, where it occurs for the first time, there is substituted “Financial Services Authority”, and

(b)

in the definition of “Stock Exchange money broker”, for “Bank of England” there is substituted “Financial Services Authority”.

13

In the Money Laundering Regulations 1993f1—

(a)

in regulation 8(4)(a), for “Bank of England” there is inserted “Financial Services Authority”;

(b)

in regulation 15(2), after sub-paragraph (a) there is inserted:

“(aa)

the Financial Services Authority;”.

14

(1)

The Accountants (Banking Act 1987) Regulations 1994f1 are amended as follows.

(2)

In regulation 2, for the definition of “the Bank” there is substituted—

  • ““the Authority” means the Financial Services Authority;”.

(3)

In regulation 3—

(a)

in paragraph (1), for “Bank” there is substituted “Authority”, and

(b)

in paragraph (2)(b), for “Bank's” there is substituted “Authority's”.

15

In the Building Societies (Undated Subordinated Debt) Order 1994f1, in—

(a)

the definition of “supervisory authority” in article 2, and

(b)

paragraph 3(1)(d)(i) and (2)(b) of Schedule 2,

for “Bank of England” there is substituted “Financial Services Authority”.

16

In the Drug Trafficking Offences Act 1986 (Crown Servants and Regulators etc.) Regulations 1994f1, in regulation 4(1), after sub-paragraph (a) there is inserted—

“(aa)

the Financial Services Authority;”.

17

In the Prevention of Terrorism (Temporary Provisions) Act 1989 (Crown Servants and Regulators etc.) Regulations 1994f1, in regulation 4(1), after sub-paragraph (a) there is inserted—

“(aa)

the Financial Services Authority;”.

18

In the Northern Ireland (Emergency Provisions) Act 1991 (Crown Servants and Regulators etc.) Regulations 1994f1, in regulation 4(1), after sub-paragraph (a) there is inserted—

“(aa)

the Financial Services Authority;”.

19

(1)

The Credit Institutions (Protection of Depositors) Regulations 1995f1 are amended as follows.

(2)

In regulation 2(1), for the definition of “the Bank” there is substituted—

  • ““the Authority” means the Financial Services Authority;”.

(3)

In the following regulations, for “Bank”, wherever occurring, there is substituted “Authority”—

(a)

regulation 3(5)(b) and (6)(a),

(b)

regulation 9(2) and (3),

(c)

regulation 17(4)(a),

(d)

regulation 19(3)(b) and (4)(a),

(e)

regulation 46(9)(a), and

(f)

regulation 49(3).

20

(1)

The Financial Markets and Insolvency (Money Markets) Regulations 1995f1 are amended as follows.

(2)

In the definition of “the list” in regulation 2, for “Bank of England” there is substituted “Financial Services Authority”.

(3)

In the following regulations, for “Bank of England”, wherever occurring, there is substituted “Financial Services Authority”—

(a)

regulation 7(a) and (b),

(b)

regulation 8(c) and (d),

(c)

regulation 9(a),

(d)

regulation 10(a),

(e)

regulation 11(a),

(f)

regulation 12(a),

(g)

regulation 13(b),

(h)

regulation 14(a),

(i)

regulation 15,

(j)

regulation 16(a) and (b),

(k)

regulation 17(b), (c) and (d),

(l)

regulation 18(a),

(m)

regulation 19(2)(a), and

(n)

regulation 28(a).

(4)

In regulation 27, for “Bank of England”, wherever occurring, there is substituted “Financial Services Authority” and for “Bank”, wherever occurring, there is substituted “Authority”.

(5)

Regulation 29 shall continue to have effect only—

(a)

in relation to things done or omitted before the day on which this Order comes into force, and

(b)

in relation to anything done on or after that day for the purposes of, or in connection with, any proceedings arising from anything done or omitted before that day.

21

(1)

The Financial Institutions (Prudential Supervision) Regulations 1996f1 are amended as follows.

(2)

In regulation 1(3)—

(a)

for the definition of “the Bank” there is substituted—

  • ““the Authority” means the Financial Services Authority (formerly known as the Securities and Investments Board);”, and

(b)

in the definition of “the Board”, at the end there is inserted “(now known as the Financial Services Authority)”.

(3)

In regulation 9(3), for “Bank”, wherever occurring, there is substituted “Authority”.

(4)

In paragraph 1(2)(b) of Schedule 4, for “Bank”, there is substituted “Authority”.

Schedule 2CONSEQUENTIAL REVOCATIONS OF SUBORDINATE LEGISLATION

NumberTitleExtent of revocation
S.I. 1990/1904The Non-Domestic Rating (Payment of Interest) Regulations 1990f1In regulation 4(2)(b)(i), the words “by the Bank of England”.
S.I. 1992/46The Opencast Coal (Rate of Interest on Compensation) Order 1992In article 2(2)(b)(i), the words “by the Bank of England”.
S.I. 1992/280The Teachers' Superannuation (Scotland) Regulations 1992f2In regulation E31A(6)(a), the words “by the Bank of England”.
S.I. 1992/1816The Child Support (Arrears, Interest and Adjustment of Maintenance Assessments) Regulations 1992In regulation 6(3)(b)(i), the words “by the Bank of England”.
S.I. 1992/2184The Non-Domestic Rating (Payment of Interest) (Scotland) Regulations 1992In regulation 4(3)(a), the words “by the Bank of England”.
S.I. 1992/2257The Education (London Residuary Body) (Transfer of Functions and Property) (No. 2) Order 1992In article 1(7)(b)(i), the words “by the Bank of England”.
S.I. 1992/2428The Local Authorities (Funds) (England) Regulations 1992In regulation 8(3)(a), the words “by the Bank of England”.
S.I. 1992/2903The Levying Bodies (General) Regulations 1992In regulation 10(3)(a)(i), the words “by the Bank of England”.
S.I. 1992/2929The Local Authorities (Funds) (Wales) Regulations 1992f3In regulation 8(3)(a), the words “by the Bank of England”.
S.I. 1993/1244The Iraq (United Nations) (Sequestration of Assets) Order 1993In article 2(1), in sub-paragraphs (b) and (d) of the definition of “relevant institution”, the words “by the Bank”.
S.I. 1993/2807The Libya (United Nations Sanctions) Order 1993In article 12(5), in sub-paragraphs (b) and (d) of the definition of “relevant institution”, the words “by the Bank”.
S.I. 1994/3024The Charitable Institutions (Fund-Raising) Regulations 1994In regulation 1(2)(b), the words “by the Bank of England”.
S.I. 1995/401The Local Government Residuary Body (England) Order 1995In article 24(3)(a)(i), the words “by the Bank of England”.
S.I. 1995/402The Local Government Changes for England (Property Transfer and Transitional Payments) Regulations 1995In regulation 18(3)(a), the words “by the Bank of England”.
S.I. 1995/1019The Local Government Pension Scheme Regulations 1995f4In paragraph (a) of the definition of “The reference banks” in Schedule A1, the words “by the Bank of England”.
S.I. 1995/2262The Acquisition of Land (Rate of Interest after Entry) Regulations 1995In regulation 2(5)(a)(i), the words “by the Bank of England”.
S.I. 1995/2306The Residuary Body for Wales (Levies) Regulations 1995In regulation 9(3)(a)(i), the words “by the Bank of England”.
S.I. 1995/2562The Local Authorities (Precepts) (Wales) Regulations 1995f5In regulation 8(3)(a), the words “by the Bank of England”.
S.I. 1995/2724The Charities (Accounts and Reports) Regulations 1995In paragraph 3(c)(ii) of Part III of Schedule 2, the words “by the Bank of England”.
S.I. 1995/2791The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1995In regulation 2(5)(a)(i), the words “by the Bank of England”.
S.I. 1995/2895The Local Government Changes for England (Payments to Designated Authorities) (Minimum Revenue Provision) Regulations 1995In regulation 7(3)(a), the words “by the Bank of England”.
S.I. 1995/3019The National Park Authorities (Levies) (Wales) Regulations 1995In regulation 9(3)(a)(i), the words “by the Bank of England”.
S.I. 1996/2475The Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996In regulation 6(2)(b)(i), the words “by the Bank of England”.
S.I. 1996/2794The National Park Authorities (Levies) (England) Regulations 1996In regulation 8(3)(a)(i), the words “by the Bank of England”.
S.I. 1996/2900The Residuary Body for Wales (Levies) Regulations 1996In regulation 9(3)(a)(i), the words “by the Bank of England”.
S.R. (NI) 1997 No. 39The Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations (Northern Ireland) 1997In regulation 6(2)(b)(i), the words “by the Bank of England”.
S.I. 1997/316The Independent Qualified Conveyancers (Scotland) Regulations 1997In sub-paragraph (a) of the definition of “recognised financial institution” in regulation 2(1), the words “by the Bank of England”.
S.I. 1997/317The Executry Practitioners (Scotland) Regulations 1997In sub-paragraph (a) of the definition of “recognised financial institution” in regulation 2(1), the words “by the Bank of England”.
S.I. 1997/665The Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997In sub-paragraph (a) of the definition of “reference banks” in regulation 1(2), the words “by the Bank of England”.
S.I. 1997/1612The Local Government Pension Scheme Regulations 1997In paragraph (a) of the definition of “Reference Banks” in Schedule 1, the words “by the Bank of England”.
S.I. 1997/2283The National Crime Squad Service Authority (Levying) Order 1997In article 14(2)(a)(i), the words “by the Bank of England”.
S.I. 1997/2284The NCIS Service Authority (Levying) Order 1997In article 14(2)(a)(i), the words “by the Bank of England”.
S.I. 1997/3001The Teachers' Pensions Regulations 1997In regulation E34(5)(b)(i), the words “by the Bank of England”.
S.I. 1998/366The Local Government Pension Scheme (Scotland) Regulations 1998In the definition of “the Reference banks” in Schedule 1, the words “by the Bank of England”.

Explanatory note

(This note is not part of the Order)

This Order amends or revokes references to the Bank of England in subordinate legislation in consequence of the Bank of England Act 1998 (“the Act”).

Part III of the Act transfers from the Bank of England to the Financial Services Authority banking supervision functions, functions relating to the listing of money market institutions and functions relating to the listing of persons providing settlement arrangements. By the Bank of England Act 1998 (Commencement) Order 1998 (S.I. 1998/1120 (C.25)), the Act comes into force on 1st June 1998.

The effect of this Order is that on and after 1st June 1998 references in subordinate legislation to the Bank of England in the context of the functions transferred by the Act are either replaced by references to the Financial Services Authority or, where appropriate, revoked.