- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (13/01/2018)
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Bank of England Act 1998
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Rhagor o Adnoddau
Changes over time for: Section 7A
Version Superseded: 31/12/2023
Alternative versions:
- 01/03/2014- Amendment
- 01/03/2017- Amendment
- 13/01/2018
Point in time - 31/12/2023- Amendment
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Point in time view as at 13/01/2018. This version of this provision has been superseded.
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Bank of England Act 1998, Section 7A is up to date with all changes known to be in force on or before 01 January 2025. 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.
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[F17AAccounts of companies wholly owned by the BankU.K.
(1)If the Bank considers it necessary to do so having regard to the Financial Stability Objective, the Bank may by direction to a qualifying company exclude the application to the qualifying company of any of the relevant Companies Act requirements.
(2)The relevant Companies Act requirements are the requirements to which the directors of the qualifying company would otherwise be subject under the Companies Act 2006 (except sections 412 and 413 (directors' benefits)) in relation to the preparation of accounts under section 394 of that Act.
(3)A direction under subsection (1) may relate to one or more specified accounting periods of the qualifying company, or to a specified accounting period and all subsequent accounting periods of the qualifying company.
(4)The Bank must consult the Treasury before giving a direction under subsection (1).
(5)The Treasury may by notice in writing to the Bank require it to publish in such manner as it thinks fit such information relating to the accounts of a qualifying company as the Treasury may specify in the notice.
(6)The information specified in a notice under subsection (5) may include information which as a result of a direction under subsection (1) was excluded from accounts prepared in accordance with the Companies Act 2006.
(7)The Treasury must consult the Bank before giving a notice under subsection (5).
(8)A direction under subsection (1) or a notice under subsection (5) may be revoked by a subsequent direction or notice (as the case may be).
(9) “ Qualifying company ” means any company which is wholly owned by the Bank other than—
F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)a company which is a bridge bank for the purposes of section 12(3) of the Banking Act 2009.
(10)For the purposes of subsection (9), a company is wholly owned by the Bank if—
(a)it is a company of which no person other than the Bank or a nominee of the Bank is a member, or
(b)it is a wholly-owned subsidiary of a company within paragraph (a).]
Textual Amendments
F1S. 7A inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 137(3), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F2S. 7A(9)(a) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 10 (with Sch. 3); S.I. 2017/43, reg. 2(g)
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