12.—(1) Paragraphs (2) and (3) have effect until the commencement date.
(2) Paragraphs 5 and 9 of Schedule 2A to the Bank of England Act 1998(1) (the Financial Policy Committee) have effect as if for “the Oversight Committee”, in each place, there were substituted “the sub-committee constituted under section 3 of that Act”.
(3) Paragraph 15 of Schedule 1ZB to FSMA 2000(2) has effect as if—
(a)in sub-paragraph (1) of that paragraph, for “the Oversight Committee” there were substituted “the sub-committee of the court of directors of the Bank constituted under section 3 of the Bank of England Act 1998”; and
(b)in sub-paragraph (2) of that paragraph, for “that Committee” there were substituted “that sub-committee”.
1998 c.11. Schedule 2A is inserted by Schedule 1 to the 2012 Act.
Schedule 1ZB is inserted by Schedule 3 to the 2012 Act.