5(1)The Authority may make arrangements for any of its functions to be discharged by a committee, sub-committee, officer or member of staff of the Authority.U.K.
[F1(2)But—
(a)in exercising the legislative functions mentioned in paragraph 1(2)(a) to (d) [F2or in determining or reviewing its strategy in relation to the financial stability objective], the Authority must act through its governing body; and
(b)the legislative function mentioned in paragraph 1(2)(e) may not be discharged by an officer or member of staff of the Authority.]
(3)Sub-paragraph (1) does not apply to the non-executive functions.
Textual Amendments
F1Sch. 1 para. 5(2) substituted (12.7.2007) by The Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (S.I. 2007/1973), art. 14
F2Words in Sch. 1 para. 5(2)(a) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(1)(g)(l), Sch. 2 para. 34(2)
Modifications etc. (not altering text)
C1Sch. 1 para. 5 extended (18.6.2001) by S.I. 2001/1821, arts. 1(1), 2(1)(b)(c)
C2Sch. 1 para. 5(1) excluded by Serious Organised Crime and Police Act 2005 (c. 15), s. 71(6B) (as inserted (6.4.2010) by Coroners and Justice Act 2009 (c. 25) {ss. 113(4)}, 182(5) (with s. 180); S.I. 2010/816, art. 2, Sch. para. 6)