SCHEDULES

[F1SCHEDULE 17AU.K. Further provision in relation to exercise of Part 18 functions by Bank of England

Textual Amendments

F1Sch. 17A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

Part 2U.K.Application of provisions of this Act in relation to Bank of England

RulesU.K.

10(1)The following provisions of Part 9A of this Act are to apply in relation to rules made by the Bank under any provision made by or under this Act—U.K.

(a)section 137T (general supplementary powers);

(b)sections 138A and 138B (modification or waiver of rules), but with the omission of subsection (4)(b) of section 138A and subsection (4) of section 138B;

(c)section 138C (evidential provisions);

(d)section 138D (actions for damages), but with the omission of subsection (2);

(e)section 138E (limits on effect of contravening rules);

(f)section 138F (notification of rules);

(g)section 138G (rule-making instruments);

(h)section 138H (verification of rules);

(i)section 138J (consultation), but with the omission of subsections (1)(a), (2)(c) and (5)(b); and

(j)section 138L (consultation: general exemptions), but with the omission of [F2subsection (1)].

(2)Any reference in any of those provisions to an authorised person is to be read as a reference to a recognised clearing house [F3F4...or a recognised CSD].

(3)Section 138J(2)(d) has effect in relation to rules proposed to be made by the Bank as if the reference to the compatibility of the proposed rules with the provisions mentioned in section 138J(2)(d) were a reference to their compatibility with the Bank's financial stability objective.

(4)Section 138L(2) has effect as if for paragraphs (a) and (b) there were substituted “be prejudicial to financial stability”.

[F5(5) Rules made by the Bank under any provision made by or under this Act may not modify, amend or revoke any retained direct EU legislation (except retained direct EU legislation which takes the form of rules made by the Bank).]]

Textual Amendments

F2Words in Sch. 17A para. 10(1)(j) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 5; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

F3Words in Sch. 17A para. 10(2) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(b) (with regs. 7(4), 9(1))