Bank of England Act 1998

[F1 17 (1) The Committee may delegate such of its functions as it thinks fit to— U.K.

(a) a member of the Committee,

(b) a sub-committee of the Committee consisting of—

(i) members of the Committee, or

(ii) one or more members of the Committee and one or more officers, employees or agents of the Bank,

(c) an officer, employee or agent of the Bank, or

(d) a committee consisting of officers, employees or agents of the Bank.

This is subject to sub-paragraphs (2) and (9).

(2) The Committee must delegate to the chief executive for prudential regulation the following functions—

(a) preparing for consideration by the Committee drafts of a prudential regulation strategy and any proposed revisions to that strategy;

(b) preparing for consideration by the Committee drafts of the annual budget required by paragraph 18 and any proposed variations of that budget;

(c) the day to day management of the Bank's functions as the Prudential Regulation Authority;

(d) the day to day implementation of the prudential regulation strategy.

This is subject to sub-paragraph (9).

(3) A delegation under sub-paragraph (2)—

(a) must identify any decisions (within sub-paragraph (9) or otherwise) that are not included in the delegation;

(b) may be on such terms and subject to such conditions as the Committee thinks fit.

(4) Those terms and conditions—

(a) may include provision about the manner of the exercise of the delegated functions;

(b) may be revised by the Committee from time to time.

(5) Sub-paragraph (2) does not apply in the event of a vacancy in the office of Deputy Governor for prudential regulation.

(6) The Bank must publish a statement setting out—

(a) the functions which the Committee has delegated to the chief executive for prudential regulation,

(b) the terms and conditions on which each delegation is made, and

(c) any decisions (within sub-paragraph (9) or otherwise) that are not included in the delegations.

(7) If there is a material change to any of those matters, the Bank must publish a revised statement.

(8) The requirement to delegate the functions mentioned in sub-paragraph (2) to the chief executive for prudential regulation does not prevent further delegation of those functions by the chief executive.

(9) The Committee may not delegate the following functions—

(a) reporting to the Chancellor of the Exchequer under paragraph 19;

(b) making rules under the Financial Services and Markets Act 2000;

(c) determining, reviewing and revising the prudential regulation strategy under section 2E of that Act;

(d) giving and reviewing guidance under section 2I of that Act;

(e) giving and revoking directions under section 3I, 3J, 3M, 316 or 318 of that Act;

(f) issuing statements under section 63ZD, 63C, 69, 142V, 192H, 192N, 210 or 345D of that Act;

[F2 (fa) making technical standards in accordance with Chapter 2A of Part 9A of that Act;]

(g) issuing statements under section 80 of the Financial Services Act 2012.

[F3 (h) making EU Exit instruments under the Financial Regulators’ Powers (Technical Standards) (Amendment etc.) (EU Exit) Regulations 2018.]]

Textual Amendments

F1 Sch. 6A inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 1 (with Sch. 3); S.I. 2017/43, reg. 2(d)

F2 Sch. 6A para. 17(9)(fa) inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 6(a)

F3 Sch. 6A para. 17(9)(h) inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 6(b)

Modifications etc. (not altering text)

C1 Sch. 6A para. 17(9)(b) excluded (31.12.2020) by S.I. 2015/575, reg. 4B(2) (as inserted by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 8(3) (as amended by S.I. 2020/1385, regs. 1(2), 54(2)))

C2 Sch. 6A para. 17(9)(b) excluded (30.6.2024) by The Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023 (S.I. 2023/1347), regs. 1(2), 3(2)