Search Legislation

Bank of England and Financial Services Act 2016

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: SCHEDULE 3

 Help about opening options

Changes to legislation:

Bank of England and Financial Services Act 2016, SCHEDULE 3 is up to date with all changes known to be in force on or before 17 September 2019. 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. Help about Changes to Legislation

Close

Changes to Legislation

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.

View outstanding changes

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Section 17

SCHEDULE 3U.K.Saving and transitional provision relating to Part 1

This schedule has no associated Explanatory Notes

InterpretationU.K.

1In this Schedule—

  • the Bank” means the Bank of England;

  • the company” means the body corporate originally incorporated as the Prudential Regulation Authority Limited and renamed as the Prudential Regulation Authority by section 2A of the Financial Services and Markets Act 2000 (as it had effect before section 12 came into force);

  • enactment” has the same meaning as in Part 1A of that Act (see section 3T);

  • transferred function” means a function transferred from the company to the Bank by virtue of section 12;

  • transferred property” means any property, right or liability transferred from the company to the Bank by virtue of section 15.

Commencement Information

I1Sch. 3 para. 1 in force at 6.7.2016 for specified purposes by S.I. 2016/627, reg. 2(3)(a)

I2Sch. 3 para. 1 in force at 1.3.2017 in so far as not already in force by S.I. 2017/43, reg. 2(h)

Saving for orders under section 2A(6)(d) of the Financial Services and Markets Act 2000U.K.

2An order made under section 2A(6)(d) of the Financial Services and Markets Act 2000 before section 12 of this Act comes into force—

(a)is not revoked by virtue of section 12 coming into force, and

(b)may be amended or revoked as if made under section 2AB(3)(d) of the Financial Services and Markets Act 2000 (inserted by section 12).

Commencement Information

I3Sch. 3 para. 2 in force at 1.3.2017 by S.I. 2017/43, reg. 2(h)

Prudential regulation strategyU.K.

3(1)Sub-paragraph (2) applies to the strategy determined by the company under section 2E of the Financial Services and Markets Act 2000 which is in effect immediately before section 12 comes into force.U.K.

(2)After section 12 comes into force the strategy is to continue to have effect, and is to be treated as having been determined under section 2E of that Act by the Bank in its capacity as the Prudential Regulation Authority.

Commencement Information

I4Sch. 3 para. 3 in force at 1.3.2017 by S.I. 2017/43, reg. 2(h)

Prudential regulation budgetU.K.

4(1)Sub-paragraph (2) applies to the budget adopted by the company under paragraph 18 of Schedule 1ZB to the Financial Services and Markets Act 2000 for the financial year in which section 12 comes into force.U.K.

(2)After section 12 comes into force the budget is to be treated as the budget for the Bank's functions as the Prudential Regulation Authority for the financial year to which it relates, adopted by the Prudential Regulation Committee of the Bank under paragraph 18 of Schedule 6A to the Bank of England Act 1998.

Commencement Information

I5Sch. 3 para. 4 in force at 1.3.2017 by S.I. 2017/43, reg. 2(h)

Annual reportU.K.

5(1)Sub-paragraphs (2) and (3) apply to the first report under paragraph 19 of Schedule 1ZB to the Financial Services and Markets Act 2000 made by the Bank in its capacity as the Prudential Regulation Authority.U.K.

(2)The report must be made not later than a year after the last report made under that paragraph by the company.

(3)If section 12 came into force during the period to which the report relates (“the reporting period”), the report must deal with things done by the company during the reporting period before that section came into force (as well as things done by the Bank in its capacity as the Prudential Regulation Authority after that section came into force).

Commencement Information

I6Sch. 3 para. 5 in force at 1.3.2017 by S.I. 2017/43, reg. 2(h)

InformationU.K.

6(1)The company may disclose to the Bank any information which the company considers that it is necessary or expedient to disclose to the Bank in preparation for the commencement of section 12.U.K.

(2)Section 348 of the Financial Services and Markets Act 2000 (restrictions on disclosure of confidential information) has effect subject to sub-paragraph (1).

Commencement Information

I7Sch. 3 para. 6 in force at 6.7.2016 by S.I. 2016/627, reg. 2(3)(b)

Corporation tax: intangible assetsU.K.

7(1)This paragraph applies for the purposes of Part 8 of the Corporation Tax Act 2009.U.K.

(2)Expressions used in this paragraph have the same meaning as in that Part.

(3)The transfer of a chargeable intangible asset is a tax-neutral transfer.

(4)An intangible fixed asset which is a pre-FA 2002 asset of the company at the time of the transfer is to be treated, on and after the transfer, as a pre-FA 2002 asset of the Bank.

(5)Transfer” means a transfer from the company to the Bank by virtue of section 15.

Commencement Information

I8Sch. 3 para. 7 in force at 1.3.2017 by S.I. 2017/43, reg. 2(h)

Construction of enactmentsU.K.

8(1)Section 2A(1) and (3) of the Financial Services and Markets Act 2000 (meaning of “Prudential Regulation Authority”) does not apply to an enactment if and to the extent that the enactment makes provision about a time before section 12 came into force.U.K.

(2)In relation to such a time references to the Prudential Regulation Authority are to the company.

Commencement Information

I9Sch. 3 para. 8 in force at 1.3.2017 by S.I. 2017/43, reg. 2(h)

Construction of other documentsU.K.

9(1)Sub-paragraph (2) applies to any provision in a document other than an enactment that—U.K.

(a)relates to a transferred function and is in effect immediately before the function is transferred, or

(b)relates to transferred property and is in effect immediately before the property is transferred.

(2)After the function or the property is transferred, any references in the provision (however expressed)—

(a)to or including the company, or

(b)having effect as references to or including the company,

are to be read, so far as is appropriate in consequence of the transfer, as to or including the Bank in its capacity as the Prudential Regulation Authority.

Commencement Information

I10Sch. 3 para. 9 in force at 1.3.2017 by S.I. 2017/43, reg. 2(h)

Continuity: general provisionU.K.

10(1)The transfer of functions from the company to the Bank by virtue of section 12 does not affect the validity of anything done (or having effect as if done) by or in relation to the company before that section comes into force.U.K.

(2)The transfer of property, rights and liabilities from the company to the Bank by virtue of section 15 does not affect the validity of anything done (or having effect as if done) by or in relation to the company before that section comes into force.

Commencement Information

I11Sch. 3 para. 10 in force at 1.3.2017 by S.I. 2017/43, reg. 2(h)

11(1)Sub-paragraph (2) applies to anything that—U.K.

(a)is done (or has effect as if done) by or in relation to the company for the purposes of, or otherwise in connection with, a transferred function or transferred property, and

(b)is in effect immediately before the function or property is transferred.

(2)Anything to which this sub-paragraph applies is to be treated, so far as is appropriate in consequence of the transfer, as done by or in relation to the Bank, in its capacity as the Prudential Regulation Authority.

Commencement Information

I12Sch. 3 para. 11 in force at 1.3.2017 by S.I. 2017/43, reg. 2(h)

12There may be continued by or in relation to the Bank, in its capacity as the Prudential Regulation Authority, anything (including legal proceedings) that—

(a)relates to a transferred function or transferred property, and

(b)is in the process of being done by or in relation to the company immediately before the function or property is transferred.

Commencement Information

I13Sch. 3 para. 12 in force at 1.3.2017 by S.I. 2017/43, reg. 2(h)

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

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.

Close

See additional information alongside the content

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.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

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.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources