[F1MeetingsU.K.
Textual Amendments
F1Sch. 6A inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 1 (with Sch. 3); S.I. 2017/43, reg. 2(d)
11U.K.The Governor of the Bank or any Deputy Governor of the Bank who is a member of the Committee may summon a meeting at any time by giving such notice as the person giving the notice thinks the circumstances require.
12(1)At a meeting of the Committee, the proceedings are to be regulated as follows.U.K.
(2)The quorum is to be determined by the Committee, but it must be not less than 3 and of those 3—
(a)one must be the Governor of the Bank, the Bank's Deputy Governor for financial stability or the Bank's Deputy Governor for markets and banking,
(b)unless both the Governor and the Bank's Deputy Governor for financial stability are present, one must be the Bank's Deputy Governor for prudential regulation, and
(c)one must be a member appointed under section 30A(2)(g).
(3)The chair is to be taken by the Governor of the Bank or, if the Governor is not present, by the Deputy Governor for financial stability or the Deputy Governor for markets and banking.
(4)The person chairing the meeting must seek to ensure that decisions of the Committee are reached by consensus wherever possible.
(5)Where that person forms the opinion that consensus cannot be reached, a decision is to be taken by a vote of all those members present at the meeting (subject to paragraphs 13 and 14).
(6)In the event of a tie, the person chairing the meeting is to have a second casting vote.
13U.K.The chief executive of the Financial Conduct Authority must not take part in any discussion by or decision of the Committee which relates to—
(a)the exercise of any functions of the Prudential Regulation Authority in relation to a particular person, or
(b)a decision not to exercise those functions.
14(1)If a member of the Committee (“M”) has any direct or indirect interest (including any reasonably likely future interest) in any dealing or business which falls to be considered by the Committee—U.K.
(a)M must disclose that interest to the Committee when it considers the dealing or business, and
(b)the Committee must decide whether M is to be permitted to participate in any proceedings of the Committee relating to any question arising from its consideration of the dealing or business, and if so to what extent and subject to what conditions (if any).
(2)The Bank must issue and maintain a code of practice describing how members of the Committee and the Committee are to comply with sub-paragraph (1).
(3)The Bank may at any time revise or replace the code.
(4)Before issuing, revising or replacing the code, the Bank must consult the Treasury.
(5)The Bank must publish the current version of the code in whatever manner it sees fit.
(6)The Committee must comply with the code when taking decisions under sub-paragraph (1)(b).
15(1)The Committee may determine circumstances in which a member who is not present at, but is in communication with, a meeting is to be treated as present at it for the purposes of paragraph 12.U.K.
(2)The Committee may invite other persons to attend, or to attend and speak at, any meeting of the Committee.]