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(1) | Paragraph 12 of Schedule 1 to the Bank of England 1998 (court of directors: |
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meetings) is amended as follows. |
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(2) | In sub-paragraph (1) for “once a month” substitute “7 times in each calendar |
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(3) | For sub-paragraph (2) substitute— |
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“(2) | Either of the following may summon a meeting at any time on giving |
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such notice as the circumstances appear to require— |
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(a) | the Governor of the Bank (or in his absence a Deputy |
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(b) | the chair of the court.” |
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(1) | For paragraph 13(3) of Schedule 1 to the Bank of England Act 1998 (court of |
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directors: chairing meetings) substitute— |
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“(3) | The Chancellor of the Exchequer may designate— |
| 15 |
(a) | a member of the court to chair its meetings (“the chair of the |
| |
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(b) | one or more members of the court as deputies to chair its |
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meetings in the absence of the chair of the court.” |
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(2) | For section 3(4) of that Act (sub-committee: chair) substitute— |
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“(4) | The chair of the court (designated under paragraph 13 of Schedule 1) |
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shall chair meetings of the sub-committee (when present).” |
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(1) | The Bank of England Act 1998 is amended as follows. |
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(2) | In section 3 (functions delegated to sub-committee)— |
| 25 |
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(b) | in subsection (7) for “(3)” substitute “(4)”, and |
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(c) | at the end of subsection (7) add “(including quorum)”. |
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(3) | In paragraph 13 of Schedule 1 (court of directors: proceedings)— |
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(a) | omit sub-paragraph (2), |
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(b) | in sub-paragraph (6) for “(2)” substitute “(3)”, and |
| |
(c) | at the end of sub-paragraph (6) add “(including quorum)”. |
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| |
(1) | At the end of paragraph 1 of Schedule 1 to the Bank of England Act 1998 |
| |
(Governor and Deputies: appointment) add— |
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“(3) | A person may not be appointed as Governor more than twice. |
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(4) | A person may not be appointed as Deputy Governor more than |
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|
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(2) | At the end of paragraph 6 of that Schedule (re-appointment) insert “(subject to |
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paragraph 1(3) and (4))”. |
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(3) | After paragraphs 1 and 2 of Schedule 3 to that Act (Monetary Policy |
| |
Committee: appointment) insert— |
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“2A | A person may not be appointed as a member of the Committee under |
| 5 |
section 13(2)(c) more than twice.” |
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(4) | At the end of paragraph 6 of that Schedule (re-appointment) insert “(subject to |
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(1) | The Bank of England has immunity in its capacity as a monetary authority. |
| 10 |
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(a) | a reference to the Bank of England is a reference to the Bank and anyone |
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who acts or purports to act as a director, officer, servant or agent of the |
| |
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(b) | “immunity” means immunity from liability in damages in respect of |
| 15 |
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(c) | a reference to the Bank’s capacity as a monetary authority includes a |
| |
reference to functions exercised by the Bank for the purpose of or in |
| |
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(i) | acting as the central bank of the United Kingdom, or |
| 20 |
(ii) | protecting or enhancing the stability of the financial systems of |
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(3) | The immunity does not extend to action or inaction— |
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(b) | in contravention of section 6(1) of the Human Rights Act 1998. |
| 25 |
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Section 6 of the Bank Charter Act 1844 (Bank to produce weekly account) shall |
| |
| |
| |
(1) | The Bank of England may disclose information that it thinks relevant to the |
| 30 |
| |
(a) | individual financial institutions, or |
| |
(b) | one or more aspects of the financial systems of the United Kingdom. |
| |
(2) | Information about the business or other affairs of a specified or identifiable |
| |
person may be disclosed under subsection (1) only to— |
| 35 |
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(b) | the Financial Services Authority; |
| |
(c) | an authority in a country or territory outside the United Kingdom |
| |
which exercises functions similar to those of the Treasury, the Bank of |
| |
England or the Financial Services Authority in relation to financial |
| 40 |
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(d) | the European Central Bank. |
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| |
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|
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(a) | overrides a contractual or other requirement to keep information in |
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(b) | is without prejudice to any other power to disclose information. |
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234 | Bank of England Act 1946 |
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Nothing in this Act affects the generality of section 4 of the Bank of England |
| |
Act 1946 (directions and relations with other banks). |
| |
Financial Services Authority |
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235 | Variation of permission |
| |
At the end of section 45(1)(c) of the Financial Services and Markets Act 2000 |
| 10 |
(variation of permission to carry on regulated activities) add “(whether of the |
| |
services of the authorised person or of the services of other authorised |
| |
| |
| |
(1) | A reference in an enactment to functions conferred on the Financial Services |
| 15 |
Authority by or under the Financial Services and Markets Act 2000 (or any part |
| |
of it) includes a reference to functions conferred on the Authority by or under |
| |
| |
(2) | A reference in an enactment to functions of the Financial Services Authority |
| |
includes a reference to functions conferred by or under this Act (irrespective of |
| 20 |
whether the enactment was passed or made before or after the commencement |
| |
| |
(3) | The Treasury may by order disapply subsection (1) or (2) to a specified extent; |
| |
| |
(a) | shall be made by statutory instrument, and |
| 25 |
(b) | may not be made unless a draft has been laid before and approved by |
| |
resolution of each House of Parliament. |
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(4) | At the end of section 1 of the Financial Services and Markets Act 2000 (the |
| |
| |
“(4) | Section 236 of the Banking Act 2008 provides for references to functions |
| 30 |
of the Authority (whether generally or under this Act) to include |
| |
references to functions conferred on the Authority by that Act (subject |
| |
to any order under that section).” |
| |
| |
(1) | The Financial Services Authority shall collect information that it thinks is or |
| 35 |
may be relevant to the stability of— |
| |
(a) | individual financial institutions, or |
| |
(b) | one or more aspects of the financial systems of the United Kingdom. |
| |
(2) | The Authority may perform its function under subsection (1) by the exercise of |
| |
the power in section 165 of the Financial Services and Markets Act 2000 (power |
| 40 |
to require information - as qualified by section 236 above) or in any other way. |
| |
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|
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238 | Financial assistance to building societies |
| |
(1) | The Treasury may by order modify the Building Societies Act 1986 for the |
| |
purpose of facilitating, or in connection with, the provision of financial |
| |
assistance to building societies by— |
| 5 |
| |
| |
(c) | another central bank of a Member State of the European Economic |
| |
| |
(d) | the European Central Bank. |
| 10 |
(2) | An order may affect any provision of the Building Societies Act 1986 which |
| |
appears to the Treasury otherwise capable of preventing, impeding or affecting |
| |
the provision of financial assistance; including, in particular, provision— |
| |
(a) | about the establishment, constitution or powers of building societies, |
| |
(b) | restricting or otherwise dealing with raising funds or borrowing, |
| 15 |
(c) | restricting or otherwise dealing with what may be done by or in |
| |
relation to building societies, |
| |
| |
(e) | about the application of insolvency law or other legislation relating to |
| |
| 20 |
| |
(a) | may disapply or modify a provision; |
| |
(b) | may (but need not) take the form of textual amendment. |
| |
(4) | Incidental provision of an order (included in reliance on section 246(1)(c)) may, |
| |
| 25 |
(a) | impose conditions, limits or other restrictions on what may be done in |
| |
reliance on a provision of the order; |
| |
(b) | confer a discretion on the Treasury, the Bank of England or another |
| |
person or class of person. |
| |
(5) | Incidental or consequential provision of an order (included in reliance on |
| 30 |
section 246(1)(c)) may disapply or modify an enactment, whether by textual |
| |
| |
| |
(a) | shall be made by statutory instrument, and |
| |
(b) | may not be made unless a draft has been laid before and approved by |
| 35 |
resolution of each House of Parliament. |
| |
239 | Registration of charges |
| |
Part 25 of the Companies Act 2006 (registration of charges) does not apply to a |
| |
charge if the person entitled to it is— |
| |
| 40 |
(b) | the central bank of a country or territory outside the United Kingdom, |
| |
| |
(c) | the European Central Bank. |
| |
| |
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|
