Amendment of the Bank of England Act 1998 (Macro-prudential Measures) Order 20132

1

The Bank of England Act 1998 (Macro-prudential Measures) Order 20134 is amended as follows.

2

In article 1(2)—

a

in the definition of “FSMA cost benefit analysis”, after “Part 9A” insert “or section 192XA”5;

b

after the definition of “FSMA cost benefit analysis” insert—

  • “holding company” means a financial holding company or a mixed financial holding company;

c

omit the definition of “mixed financial holding company”.

3

At the start of article 2(2), insert “Subject to paragraph (3),”.

4

In the table in article 2(2), after “UK banks” each time it occurs insert “, or their holding companies,”.

5

In the table in article 2(2), after “UK investment firms which are PRA-authorised persons” each time it occurs insert “, or their holding companies,”.

6

In the table in article 2(2), after “on such UK investment firms” insert “, or their holding companies,”.

7

After article 2(2), insert—

3

Where a measure listed in the table is applied to the holding company of a UK bank or of a UK investment firm which is a PRA-authorised person, the measure may only be applied to that holding company on, or by reference to, a consolidated basis.