Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

The Bank of England and Financial Services (Consequential Amendments) Regulations 2017

Consolidated Text As Enacted Cited authorities 112 Cited in Amendments 46 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2017/80
  • These Regulations may be cited as the Bank of England and Financial Services (Consequential Amendments) Regulations 2017 and come into force on 1st March 2017.
  • The Schedule has effect.
    • In the Companies Act 1985In this Act references to the Bank of England do not include the Bank acting in its capacity as the Prudential Regulation Authority.In section 119 of the Building Societies Act 1986In this Act references to the Bank of England do not include the Bank acting in its capacity as the Prudential Regulation Authority.before section 212 (but after the italic heading before section 212) insert—
      (211A) “Bank of England”In this Act references to the Bank of England do not include the Bank acting in its capacity as the Prudential Regulation Authority.
    ; and    In this Act references to the Bank of England do not include the Bank acting in its capacity as the Prudential Regulation Authority.in section 213 (provisions extending to Northern Ireland) , in subsection (8) after “(miscellaneous and general provisions) ,” insert “section 211A,”.In section 174 of the Water Act 1989In this section the reference to the Bank of England does not include the Bank acting in its capacity as the Prudential Regulation Authority.In section 206 of the Water Industry Act 1991In this section the reference to the Bank of England does not include the Bank acting in its capacity as the Prudential Regulation Authority.In section 204 of the Water Resources Act 1991In this section the reference to the Bank of England does not include the Bank acting in its capacity as the Prudential Regulation Authority.in section 13A (payment out of benefit of sums in respect of mortgage interest, etc.) , in subsection (4) , in the definitions of “deposit taker” and “insurer”, for “Part 4” substitute “Part 4A”; andin section 103B (power to require information) , in subsection (7) , in the definitions of “bank” and “insurer”, for “Part IV” substitute “Part 4A”.in section 149 (procedure on an investigation) , in subsection (6) (eb) , after the words “Bank of England” insert “(acting otherwise than in its capacity as the Prudential Regulation Authority) ”; andin section 158A (other disclosures by the Secretary of State) , in the Table in subsection (1) , in the entry relating to the Bank of England, in the second column, after the word “functions” insert “, apart from its functions as the Prudential Regulation Authority”.in section 145 (procedure on an investigation) , in subsection (6) , for paragraph (e) substitute—
    • (e) the Financial Conduct Authority,
    • (ea) the Prudential Regulation Authority,
    • (eb) the Bank of England (acting otherwise than in its capacity as the Prudential Regulation Authority) ,
    ;    the Financial Conduct Authority,the Prudential Regulation Authority,the Bank of England (acting otherwise than in its capacity as the Prudential Regulation Authority) ,in the entry relating to the Bank of England, in the second column, after the word “functions” insert “, apart from its functions as the Prudential Regulation Authority”; andin the entry relating to the Financial Services Authority, in the first column, for the words “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”;in section 175A (insurer and long-term insurance business) , in subsection (1) (a) , for “Part 4” substitute “Part 4A”; andin subsection (1) , for the words “Financial Services Authority” substitute “appropriate regulator”; andafter that subsection insert—
    • (1A) “The appropriate regulator” means—
    • (a) where the group insurance business to which the regulations relate consists only of activities which are PRA-regulated activities, the Prudential Regulation Authority,
    • (b) where the group insurance business to which the regulations relate consists partly of activities which are PRA-regulated activities and partly of other regulated activities, the Prudential Regulation Authority and the Financial Conduct Authority, or
    • (c) in any other case, the Financial Conduct Authority.
    where the group insurance business to which the regulations relate consists only of activities which are PRA-regulated activities, the Prudential Regulation Authority,where the group insurance business to which the regulations relate consists partly of activities which are PRA-regulated activities and partly of other regulated activities, the Prudential Regulation Authority and the Financial Conduct Authority, orin any other case, the Financial Conduct Authority.In subsection (1A) “regulated activities” and “PRA-regulated activities” have the same meaning as in the Financial Services and Markets Act 2000

    To continue reading

    Request your trial
    Navigation index

    VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT