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Changes over time for: Section 3


Timeline of Changes
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.
Status:
Point in time view as at 06/07/2016.
Changes to legislation:
Bank of England and Financial Services Act 2016, Section 3 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.

Changes to Legislation
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3Abolition of Oversight CommitteeU.K.
This section has no associated Explanatory Notes
(1)The Bank of England Act 1998 is amended as follows.
(2)In section 2(2) (functions of court of directors)—
(a)the words from “determining the Bank's objectives” to the end become paragraph (a);
(b)after that paragraph insert—
“(b)the functions mentioned in section 3A(2) (the “oversight functions”).”
(3)In section 3A (Oversight Committee)—
(a)omit subsection (1);
(b)in subsection (2), in the words before paragraph (a) for “functions of the Oversight Committee” substitute “ oversight functions of the court of directors ”;
(c)in subsection (2)(d) for “Oversight Committee” substitute “ court of directors ”;
(d)omit subsection (3);
(e)in the heading for “Committee” substitute “ functions of court of directors ”.
(4)Omit section 3B (Oversight Committee: procedure).
(5)In section 3C (reviews) after subsection (1) insert—
“(1A)Where they consider that to do so would contribute to the discharge by the court of directors of any of its oversight functions, the non-executive directors of the Bank (or a majority of them) may arrange—
(a)for a review to be conducted under this section in relation to any matter by a person appointed by those directors, and
(b)for the person conducting the review to make one or more reports to the court of directors.”
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