Banking Act 2009 (c. 1)

[F1 PART 5A U.K. Wholesale cash distribution

Textual Amendments

F1 Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1

Miscellaneous U.K.

206Z Fees U.K.

(1) The Bank of England may require a recognised person to pay fees.

(2) A requirement under subsection (1) must relate to a scale of fees approved by the Treasury by regulations.

(3) Regulations under subsection (2)—

(a) are to be made by statutory instrument, and

(b) are subject to annulment in pursuance of a resolution of either House of Parliament.

(4) A requirement under subsection (1) may be enforced by the Bank as a civil debt owed to the Bank.

206Z1 Records U.K.

The Bank of England must maintain satisfactory arrangements for—

(a) recording decisions made in the exercise of functions under this Part, and

(b) the safe-keeping of those records which it considers ought to be preserved.

206Z2 Annual report U.K.

(1) At least once a year the Bank of England must make a report to the Treasury on—

(a) the discharge of its functions under this Part, and

(b) such other matters as the Treasury may from time to time direct.

(2) A report on the discharge of the Bank’s functions under this Part must, in particular, include the Bank’s opinion as to—

(a) the extent to which risks to the effectiveness, resilience and sustainability of wholesale cash distribution throughout the United Kingdom, or throughout any part of the United Kingdom, have been managed, and

(b) the extent to which, in relation to the exercise of functions in relation to persons recognised as having systemic significance, risks to the stability of the UK financial system have been managed.

(3) This section does not require the inclusion in a report of any information the publication of which would, in the opinion of the Bank, be against the public interest.

(4) The Treasury must lay before Parliament a copy of each report received under this section.

206Z3 Requirement to provide information U.K.

(1) The Bank of England may by notice in writing require a person to provide information—

(a) which the Bank thinks will help the Treasury in determining whether to make a wholesale cash oversight order, or

(b) which the Bank otherwise requires in connection with its functions under this Part.

(2) The Bank of England may by notice in writing require a person who performs a relevant function in relation to wholesale cash distribution activity to provide information which the Bank requires in connection with the exercise of its functions (whether under this Part or otherwise) in pursuance of—

(a) the purpose mentioned in section 206C(2), or

(b) the Bank’s Financial Stability Objective (see section 2A of the Bank of England Act 1998).

(3) In particular, a notice under subsection (1) or (2) may require the person to notify the Bank if events of a specified kind occur.

(4) A notice under subsection (1) or (2) may require information to be provided—

(a) in a specified form or manner;

(b) at, or by, a specified time;

(c) in respect of a specified period.

(5) It is an offence—

(a) to fail without reasonable excuse to comply with a requirement under this section;

(b) knowingly or recklessly to give false information in pursuance of this section.

(6) A person who commits an offence under this section is liable—

(a) on summary conviction in England and Wales, to a fine;

(b) on summary conviction in Scotland, to a fine not exceeding the statutory maximum;

(c) on summary conviction in Northern Ireland, to a fine not exceeding the statutory maximum;

(d) on conviction on indictment, to a fine.

(7) In this section, “specified” means specified in the notice.

206Z4 Disclosure of information U.K.

(1) The Bank of England may disclose information obtained by virtue of section 206Z3 to—

(a) the Treasury;

(b) the FCA;

(c) the PRA;

(d) the Mint.

(2) Subsection (1)—

(a) overrides a contractual or other requirement to keep information in confidence, and

(b) is without prejudice to any other power to disclose information.

(3) The Treasury may by regulations—

(a) permit the disclosure by the Bank of information obtained by virtue of section 206Z3 to specified persons;

(b) permit the publication of specified information and make provision about the manner and extent of publication.

(4) In subsection (3), “specified” means specified in the regulations.

(5) Regulations under subsection (3)—

(a) are to be made by statutory instrument, and

(b) are subject to annulment in pursuance of a resolution of either House of Parliament.

206Z5 Saving for informal oversight U.K.

Nothing in this Part prevents the Bank of England—

(1) from having dealings with persons who are not recognised persons for the purposes of this Part;

(a) from having dealings with recognised persons other than through the provisions of this Part.]