- Latest available (Revised)
- Point in Time (22/04/2011)
- Original (As enacted)
Version Superseded: 01/04/2013
Point in time view as at 22/04/2011. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Bank of England Act 1998, Section 17 is up to date with all changes known to be in force on or before 16 August 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
(1)The Bank may by notice in writing require an undertaking to which this section applies to provide the Bank with such information as may be specified in the notice, being information about the relevant financial affairs of the undertaking which the Bank considers it necessary or expedient to have for the purposes of its functions under this Part.
(2)A notice under subsection (1) may require information to be provided—
(a)in such form or manner as may be specified in the notice;
(b)at such time or times as may be so specified;
(c)in relation to such period or periods as may be so specified.
[F1(3)An undertaking is one to which this section applies if—
(a)it has a place of business in the United Kingdom; and
(b)it falls within subsection (3A), (3B), (3C) or (3D).
(3A)An undertaking falls within this subsection if it is a deposit-taker.
(3B)An undertaking falls within this subsection if it is not a deposit-taker but it—
(a) falls within the subsector “other monetary financial institution”, as defined by paragraph 2.48 of Annex A to Council Regulation ( EC ) No. 2223/96 ,
(b)carries on a business of granting credits secured on land used for residential purposes,
(c)has issued a debt security, or
(d)has acted as an agent in connection with arranging or managing the issue of a debt security.
(3C)An undertaking falls within this subsection if it is a financial holding company.
(3D)An undertaking falls within this subsection if it is not a deposit-taker but continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987 or a permission under Part 4 of the Financial Services and Markets Act 2000.]
(4)The Treasury may by order provide which financial affairs of an undertaking are relevant for the purposes of this section, and may make different provision for different undertakings or classes of undertaking.
(5)The Treasury may by order amend [F2subsections (3) to (3D)].
(6)Before making an order under this section, the Treasury shall consult—
(a)the Bank,
(b)the [F3Statistics Board],
(c)such persons as appear to them to be representative of persons likely to be materially affected by the order, and
(d)such other persons as they consider appropriate.
[F4(7)“Deposit taker” means—
(a)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(b) an EEA firm of the kind mentioned in paragraph 5(b) or (c) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits or other repayable funds.
(7A)“Debt security” means any instrument creating or acknowledging indebtedness (including a government or public security).
(7B)Subsections (7) and (7A) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.
[F5(7C) ”Financial holding company” has the meaning given by Article 4(19) of Directive 2006/48/ EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions.]
(7D)“Undertaking” has the meaning given by [F6section 1161(1) of the Companies Act 2006].]
Textual Amendments
F1S. 17(3)-(3D) substituted (1.12.2001) for s. 17(3) by S.I. 2001/3649, arts. 1, 161(2)
F2Words in s. 17(5) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 161(3)
F3Words in s. 17(6)(b) substituted (1.4.2008) by Statistics and Registration Service Act 2007 (c. 18), s. 74(1), Sch. 3 para. 10; S.I. 2008/839, art. 2
F4Words in s. 17(7)-(7D) substituted (1.12.2001) for s. 17(7) by S.I. 2001/3649, arts. 1, 161(4)
F5S. 17(7C) substituted (1.1.2007) by The Capital Requirements Regulations 2006 (S.I. 2006/3221), reg. 1(1), Sch. 4 para. 4
F6Words in s. 17(7D) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 205(2) (with arts. 6, 11, 12)
Modifications etc. (not altering text)
C1S. 17(7A) extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), reg. 1(1), Sch. 2 para. 8(2)(g)
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: