Bank of England Act 1998, Section 40 is up to date with all changes known to be in force on or before 05 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)Any power of the Treasury to make an order under this Act shall be exercisable by statutory instrument.
(2)An order under—[F1section 1A(1), ]
shall not be made unless a draft of the order has been laid before and approved by resolution of each House of Parliament.
(3)A statutory instrument containing an order under—
section 23(2),
F4...
paragraph 1(5) of Schedule 4, or
paragraph 3(3) of Schedule 7,
shall be subject to annulment in pursuance of a resolution of either House of Parliament.
(4)A statutory instrument containing an order under section 33 shall be subject to annulment in pursuance of a resolution of the House of Commons.
[F5(4A)Section 9N contains its own provisions about parliamentary procedure in relation to an order under section 9L.]
(5)Section 19 contains its own provisions about parliamentary procedure in relation to an order under that section.
Textual Amendments
F1Words in s. 40(2) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 18 (with Sch. 3); S.I. 2016/627, reg. 2(2)(f)
F2Word in s. 40(2) inserted (1.3.2024) by Financial Services and Markets Act 2023 (c. 29), ss. 71(4)(a)(i), 86(3); S.I. 2024/250, reg. 2(c)
F3Words in s. 40(2) omitted (1.3.2024) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 71(4)(a)(ii), 86(3); S.I. 2024/250, reg. 2(c)
F4Words in s. 40(3) omitted (1.3.2024) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 71(4)(b), 86(3); S.I. 2024/250, reg. 2(c)
F5S. 40(4A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 1 para. 3 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
