- Latest available (Revised)
- Original (As enacted)
Bank of England Act 1998, Cross Heading: Power of Bank to require FCA ... to provide information is up to date with all changes known to be in force on or before 24 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
Textual Amendments
F1Pt. 1A inserted (24.1.2013 for the insertion of ss. 9I(2), 9L, 9N for specified purposes and for the insertion of s. 9ZA, 19.2.2013 for the insertion of s. 9B for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 4(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.
F2Words in s. 9Y cross-heading omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 13(5) (with Sch. 3); S.I. 2017/43, reg. 2(g)
(1)The Bank may exercise the powers conferred by this section where it considers that information or documents are reasonably required in connection with the exercise by the Bank of its functions in pursuance of the Financial Stability Objective.
(2)The Bank may give a direction to the FCA [F3requiring it] —
(a)to provide the Bank with specified information or information of a specified description, or
(b)to produce to the Bank specified documents or documents of a specified description.
(3)The direction may relate to information or documents which are held by persons other than the [F4FCA] and which the [F4FCA] has power to obtain or whose production the [F4FCA] has power to require.
(4)Any information or documents to which the direction relates are—
(a)where the information or documents are held by a person in relation to whom the powers conferred by subsections (1) and (3) of section 165 of FSMA 2000 are exercisable, to be taken to be information or documents to which that section applies by virtue of subsection (4) of that section, F5...
F6(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)The information or documents must be provided or produced before the end of such period as may be specified.
(6)The Bank may require any information provided under this section to be provided in such form as it may require.
(7)The Bank may require—
(a)any information provided, whether in a document or otherwise, to be verified in such manner as it may require;
(b)any document produced to be authenticated in such manner as it may require.
Textual Amendments
F3Words in s. 9Y(2) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 13(2) (with Sch. 3); S.I. 2017/43, reg. 2(g)
F4Word in s. 9Y(3) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 13(3) (with Sch. 3); S.I. 2017/43, reg. 2(g)
F5Word in s. 9Y(4)(a) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 13(4)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)
F6S. 9Y(4)(b) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 13(4)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)
(1)In the exercise of its functions under section 9Y, the Bank must have regard to the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction.
(2)Before giving a direction under section 9Y to the FCA F7..., the Bank must consult the [F8FCA] .
(3)A direction under section 9Y must be in writing, and may be revoked by a notice in writing.
(4)As soon as practicable after giving a direction under section 9Y, the Bank must publish the direction in such manner as it thinks appropriate for bringing the direction to the attention of persons (other than the [F9FCA] ) who may be affected by it.
(5)Subsection (4) does not require the publication of information whose publication at the time required by that subsection would in the opinion of the Bank be against the public interest.
(6)Where the Bank decides under subsection (5) that publication of any information would be against the public interest, it must from time to time review that decision and if it subsequently decides that publication is no longer against the public interest it must comply with subsection (4).]
Textual Amendments
F7Words in s. 9Z(2) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 14(2)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)
F8Word in s. 9Z(2) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 14(2)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)
F9Word in s. 9Z(4) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 14(3) (with Sch. 3); S.I. 2017/43, reg. 2(g)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: