Bank of England Act 1998 (c. 11)

Part III U.K. Transfer of supervisory functions of the Bank to the Financial Services Authority

Transfer of functions to the Authority U.K.

21 Transfer. U.K.

The following functions of the Bank are hereby transferred to the Authority—

(a) its functions under—

F1 (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (ii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(iii) section 101(4) of the M1 Building Societies Act 1986,

(banking supervision functions),

F1 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 21(a)(i)(ii)(b)(c) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(a)

Marginal Citations

M1 1986 c. 53.

22 Supplementary provisions. U.K.

Schedule 4 (transfer of functions: supplementary provisions) shall have effect.

23 Consequential amendments. U.K.

[F2 (1) Schedule 5 (amendments of primary, and other principal, legislation consequential on the transfer of functions by section 21) shall have effect.]

(2) The Treasury may by order make such amendments or revocations of any instrument made under an Act as they think necessary or expedient in consequence of the transfer of functions by this Part.

(3) If a reference in a relevant provision to the Bank is predicated on the continuing exercise by the Bank of any of the transferred functions, it shall, in relation to any time after the coming into force of this Act, have effect as a reference to the Authority.

(4) In subsection (3), “relevant provision” means a provision which—

(a) has effect before, as well as after, the coming into force of this Act, and

(b) is contained in a document other than an Act or an instrument made under an Act.

Textual Amendments

F2 S. 23(1) repealed (for specified purposes) (1.12.2001) by S.I. 2001/3649, arts. 1, 162(b)

Authority’s position in relation to transferred functions U.K.

24 Status. U.K.

In relation to the carrying out of any of the transferred functions—

(a) the Authority shall not be regarded as acting on behalf of the Crown, and

(b) its members, officers and servants shall not be regarded as Crown servants.

F3 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F3 S. 25 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(c)

F4 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F4 S. 26 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(d)

F5 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F5 S. 27 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(e)

Consequential changes to banking bodies U.K.

F6 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F6 S. 28 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(e)

F7 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F7 S. 29 repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 162(e)

Supplementary U.K.

30 Interpretation of Part III. U.K.

In this Part—

• “the Authority” means the Financial Services Authority;

• “transferred functions” means the functions transferred to the Authority by this Part.