PART 8Regulators’ fees

Meaning of “qualifying functions” in this Part206

1

For the purposes of this Part, the “qualifying functions” of the Bank of England, or of the Financial Conduct Authority or the Prudential Regulation Authority, are—

a

its functions under or as a result of a qualifying provision that is specified, or of a description specified, for the purposes of this paragraph by the Treasury by order, and

b

its functions under or as a result of regulations made under section 8 of the European Union (Withdrawal) Act 2018.

2

In paragraph (1)(a) “qualifying provision” has the meaning given by section 425C of the Act (as substituted by these Regulations).

3

An order under paragraph (1) may—

a

contain such incidental, supplemental, consequential and transitional provision as the person making it considers appropriate, and

b

make different provision for different cases.

4

Power to make an order under paragraph (1) is exercisable by statutory instrument.

5

A statutory instrument containing an order under paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.