Bank of England Act 1998

[F1 9Q Recommendations to FCA and PRA U.K.

(1) The Financial Policy Committee may make recommendations to the FCA and the PRA about the exercise of their respective functions.

(2) The recommendations may relate to all regulated persons or to regulated persons of a specified description, but may not relate to the exercise of the functions of the FCA or the PRA in relation to a specified regulated person.

(3) If the recommendations are expressed to be recommendations to which this subsection applies, the body to which they are made must as soon as reasonably practicable—

(a) act in accordance with the recommendations, or

(b) if to any extent it does not, notify the Committee of the extent to which it has not acted in accordance with the recommendations and of the reasons for its decision.

(4) The recommendations, and any notification under subsection (3)(b), must be made or confirmed in writing.

[F2 (4A) Before making recommendations under this section, the Financial Policy Committee—

(a) must consider whether acting in accordance with the recommendations would involve a measure to which Article 458 of the capital requirements regulation applies, and

(b) if the Committee is of the opinion that it would, may—

(i) where the measure falls within section 2AA(1), request the Bank to complete the notification process required by that Article, or

(ii) where the measure falls within section 2AA(2), request the Treasury to complete that process.

(4B) If the body to which recommendations under this section are made is of the opinion that the implementation of the recommendations would involve a measure to which Article 458 of the capital requirements regulation applies, that body must—

(a) state that opinion to the Financial Policy Committee, and

(b) indicate to the Financial Policy Committee whether it intends to act in accordance with the recommendations if the measure is authorised in accordance with Article 458.

(4C) Subsection (4B)(b) is to be read in accordance with section 9I(4A).]

(5) “ Regulated person ” has the same meaning as in section 9H. ]

Textual Amendments

F1 Pt. 1A inserted (24.1.2013 for the insertion of ss. 9I(2), 9L, 9N for specified purposes and for the insertion of s. 9ZA, 19.2.2013 for the insertion of s. 9B for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 4(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.

F2 S. 9Q(4A)-(4C) inserted (1.5.2014) by The Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (S.I. 2014/894), regs. 1(2), 36(5)