Version Superseded: 09/06/2021
Point in time view as at 31/12/2020. This version of this provision has been superseded.
Bank of England Act 1998, Section 9H is up to date with all changes known to be in force on or before 08 March 2025. 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.
(1)The Financial Policy Committee may give a direction to the FCA or the PRA (“the regulator”) requiring the regulator to exercise its functions so as to ensure the implementation, by or in relation to a specified class of regulated persons, of a macro-prudential measure described in the direction.
(2) “ Regulated person ” means—
(a)in relation to the FCA—
(i)an authorised person within the meaning of FSMA 2000, [F2or]
(ii)a recognised investment exchange within the meaning of that Act, F3...
F4(iii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)in relation to the PRA, a PRA-authorised person within the meaning of that Act.
(3) “ Macro-prudential measure ” is to be read in accordance with section 9L.
(4)The direction may relate to all regulated persons or to regulated persons of a specified description, but may not relate to a specified regulated person.
(5)The direction—
(a)may refer to the opinion of the regulator or require or authorise the exercise of a discretion by the regulator;
(b)may be expressed to remain in force for a specified period or until revoked.
(6)The direction may not require its provisions to be implemented by specified means or within a specified period, but may include recommendations as to the means to be used and the timing of implementation.
(7)A recommendation made under subsection (6) may be expressed to be one to which section 9Q(3) (duty to comply or explain) applies.
(8)The direction may not require the regulator to do anything that it has no power to do, but the existence of the direction is relevant to the exercise of any discretion conferred on the regulator.
(9)The direction may specify particular matters to which the regulator is or is not to have regard in complying with the direction, but those matters must be specified in relation to all regulated persons or a class of regulated person rather than a specified regulated person.
(10)The direction may refer to a publication issued by the FCA, the PRA, another body in the United Kingdom or an international organisation, as the publication has effect from time to time.
F5(11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F1Pt. 1A inserted (24.1.2013 for the insertion of ss. 9I(2), 9L, 9N for specified purposes and for the insertion of s. 9ZA, 19.2.2013 for the insertion of s. 9B for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 4(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.
F2Word in s. 9H(2)(a)(i) inserted (31.12.2020) by The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 4(1)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)
F3Word in s. 9H(2)(a)(ii) omitted (31.12.2020) by virtue of The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 4(1)(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)
F4S. 9H(2)(a)(iii) omitted (31.12.2020) by virtue of The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 4(1)(a)(iii); 2020 c. 1, Sch. 5 para. 1(1)
F5S. 9H(11) omitted (31.12.2020) by virtue of The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 4(1)(b); 2020 c. 1, Sch. 5 para. 1(1)
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
