(1)In the discharge of any of its[F2oversight] functions, the [F3court of directors] may arrange—
(a)for a review to be conducted under this section in relation to any matter by a person appointed by the [F4court of directors], and
(b)for the person conducting the review to make one or more reports to the [F5court of directors ].
[F6(1A)Where they consider that to do so would contribute to the discharge by the court of directors of any of its oversight functions, the non-executive directors of the Bank (or a majority of them) may arrange—
(a)for a review to be conducted under this section in relation to any matter by a person appointed by those directors, and
(b)for the person conducting the review to make one or more reports to the court of directors.]
(2)The persons who may be appointed to conduct a review include an officer or employee of the Bank.
(3)A review under this section is a “performance review” if it—
(a)is arranged [F7in relation to the discharge of any of the court's] functions under section 3A(2)(a) and (b), and
(b)relates to past events.
F8( 4 ). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)In the case of a performance review, [F9regard must be had ] to the desirability of ensuring that sufficient time has elapsed—
(a)for the review to be effective, and
(b)to avoid the review having a material adverse effect on the exercise by the Bank of its functions.]
Textual Amendments
F1 Ss. 3A-3F substituted for s. 3 (1.4.2013) by Financial Services Act 2012 (c. 21) , ss. 3(2) , 122(3) (with Sch. 20 ); S.I. 2013/423 , art. 3 ,
F2 Word in s. 3C(1) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(2)(a) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
F3 Words in s. 3C(1) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(2)(b) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
F4 Words in s. 3C(1)(a) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(2)(c) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
F5 Words in s. 3C(1)(b) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(2)(c) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
F6 S. 3C(1A) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(5) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)
F7 Words in s. 3C(3)(a) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
F8 S. 3C(4) omitted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(4) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
F9 Words in s. 3C(5) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(5) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)