2.—(1) The Bank of England Act 1998 (Macro-prudential Measures) Order 2013(1) 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”(2);
(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.”.
S.I. 2013/644, as amended by S.I. 2016/1240, section 24 of the Financial Services Act 2012 and to which there are other amendments not relevant to this Order.
Section 192XA was inserted by Part 1, Schedule 3 to the Financial Services Act 2021 (c. 22).