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The Bank of England Act 1998 (Macro-prudential Measures) Order 2016
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Amendments to the Bank of England Act 1998 (Macro-prudential Measures) Order 2013U.K.
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5.—(1) The Bank of England Act 1998 (Macro-prudential Measures) Order 2013 M1 is amended as follows—
(2) In article 1(2), after the definition of “financial sector exposure”, insert—
““FSMA cost benefit analysis” means—
(a)an analysis of the costs (including the costs to business activity and the impact on economic growth) and the benefits of any change in rules made pursuant to Part 9A of the Financial Services and Markets Act 2000 M2; and
(b)where those costs and benefits can reasonably be estimated, an estimate of those costs and benefits;”.
(3) For article 3(2) substitute—
“(2) To the extent that the PRA is implementing the subsequent direction, sections 138J and 138K of the Financial Services and Markets Act 2000 do not apply, but the PRA must undertake and publish, at the same time as the subsequent direction is implemented, a FSMA cost-benefit analysis to changes implemented pursuant to the subsequent direction.”
(4) After article 3 insert—
“Review
4.—(1) The Treasury must from time to time—
(a)carry out a review of articles 1 to 3,
(b)set out the conclusions of the review in a report, and
(c)publish the report.
(2) The report must in particular—
(a)set out the objectives intended to be achieved by the regulatory system established by those articles,
(b)assess the extent to which those objectives are achieved, and
(c)assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.
(3) The first report under this article must be published before the end of the period of five years beginning with the day on which this article comes into force.
(4) Reports under this article are afterwards to be published at intervals not exceeding five years.”
Marginal Citations
M1S.I. 2013/644, to which there are amendments not relevant to this Order.
M2Inserted by section 24 of the Financial Services Act 2012.
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