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Changes over time for: Section 99
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 31/12/2020.
Changes to legislation:
Financial Services (Banking Reform) Act 2013, Section 99 is up to date with all changes known to be in force on or before 13 November 2024. 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.
Changes to Legislation
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99Memorandum of understandingU.K.
This section has no associated Explanatory Notes
(1)The following are regulators for the purposes of this section—
(a)the Payment Systems Regulator;
(b)the Bank of England;
(c)the FCA;
(d)the PRA.
(2)The regulators must prepare and maintain a memorandum which describes in general terms—
(a)the role of each regulator in relation to the exercise of relevant functions which relate to matters of common regulatory interest, and
(b)how the regulators intend to comply with section 98 in relation to the exercise of such functions.
(3)The regulators must review the memorandum at least once in each calendar year.
(4)The regulators must give the Treasury a copy of the memorandum and any revised memorandum.
(5)The Treasury must lay before Parliament a copy of any document received by them under this section.
(6)The regulators must ensure that the memorandum as currently in force is published in the way appearing to them to be best calculated to bring it to the attention of the public.
(7)The memorandum need not relate to any aspect of compliance with section 98 if the regulators consider—
(a)that publication of information about that aspect would be against the public interest, or
(b)that that aspect is a technical or operational matter not affecting the public.
(8)In this section—
(a)the reference in subsection (2)(a) to matters of common regulatory interest is to be read in accordance with section 98(4), and
(b)references to relevant functions are to be read in accordance with section 98(5).
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