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Bank of England Act 1998, Section 2AA is up to date with all changes known to be in force on or before 08 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.
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(1)The Bank is responsible for the application of Article 458 of the capital requirements regulation so far as it relates to measures which are prescribed by order under section 9L (macro-prudential measures).
(2)The Treasury are responsible for the application of Article 458 of the capital requirements regulation so far as it relates to measures which are not so prescribed.
[F2(3)The Bank must undertake (in relation to a measure falling within subsection (1)) the notification process required by Article 458 of the capital requirements regulation (“the Article 458 notification process”) in any case where it is requested to do so by the Financial Policy Committee in connection with—
(a)a direction that the Committee has given or proposes to give under section 9H, or
(b)recommendations that the Committee has made or proposes to make under section 9Q.
(4)The Treasury must undertake (in relation to a measure falling within subsection (2)) the Article 458 notification process in any case where they are requested to do so by the Financial Policy Committee in connection with recommendations that the Committee has made or proposes to make under section 9Q.
(5)Subsections (3) and (4) do not require the Bank or the Treasury to undertake the Article 458 notification process if—
(a)the Financial Policy Committee revokes the request, or
(b) the Bank considers (in a case within subsection (3)), or the Treasury consider (in a case within subsection (4)), that the measure is incompatible with EU law.
(6)Neither the Bank nor the Treasury may undertake the Article 458 notification process except in accordance with subsection (3) or (4).
(7)Where the Bank undertakes the Article 458 notification process, it must consult the Treasury about the assessment required by Article 458(2)(f) of the capital requirements regulation.
(8)Where the Financial Policy Committee requests the Treasury to undertake the Article 458 notification process, it must include in the request any information that would in its opinion be relevant to any notification by the Treasury.]]
Textual Amendments
F1 S. 2AA inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115) , reg. 1(2) , Sch. 2 para. 38(2)
F2 S. 2AA(3)-(8) inserted (1.5.2014) by The Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (S.I. 2014/894) , regs. 1(2) , 36(2)
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