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Bank of England and Financial Services Act 2016
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Bank of England and Financial Services Act 2016, Paragraph 59 is up to date with all changes known to be in force on or before 10 November 2024. 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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Changes and effects yet to be applied to Schedule 2 Paragraph 59:
- specified provision(s) amendment to earlier commencing S.I. 2019/1136 by S.I. 2020/929 reg. 2
This section has no associated Explanatory Notes
59(1)In section 129A (modifications for banks not regulated by PRA), the table in subsection (2) is amended as follows.U.K.
(2)In the entry for section 96, in column 2, for paragraphs (a) and (b) substitute—
“(a)Read subsection (2)(a) as “the FCA has informed the Bank of England that the FCA is satisfied that Condition 1 in section 7 is met,”.
(b)Treat the references to the PRA in subsection (3) as references to the FCA.
(ba)Read subsection (3)(a) as “the Bank of England—(i) has informed the FCA that it is satisfied that Condition 2 in section 7 is met, and (ii) has consented to the application,”.”
(3)In the entry for section 108, in column 2—
(a)for paragraph (b) substitute—
“(b)Treat the reference in subsection (2) to the FCA as a reference to the Bank of England.”;
(b)omit paragraph (c).
(4)In the entry for section 117, in column 2, for paragraph (b) substitute—
“(b)Treat the reference in subsection (2) to the FCA as a reference to the Bank of England.”
Commencement Information
I1Sch. 2 para. 59 in force at 1.3.2017 by S.I. 2017/43, reg. 2(g)
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