The Banking Coordination (Second Council Directive) Regulations 1992

1. Introductory Text

2. PART I GENERAL

   1. 1. Citation and commencement.

   2. 2. Interpretation: general.

3. PART II RECOGNITION IN UK OF EUROPEAN INSTITUTIONS

   1. Preliminary

      1. 3. European institutions.

      2. 4. Authorised and permitted activities.

   2. Effect of recognition

      1. 5. Authorisations and licences not required.

      2. 6. Procedural requirements for carrying on listed activities.

   3. Effect of non-recognition

      1. 7. Prohibition on carrying on certain listed activities.

   4. Functions of Bank

      1. 8. Duty to prepare for supervision.

      2. 9. Power to prohibit the acceptance of deposits.

      3. 10. Power to restrict listed activities.

      4. 11. Limitations on Bank’s powers.

      5. 12. Prohibition or restriction on information from supervisory authority.

      6. 13. Obligation of Bank where institution ceases to be a European institution etc.

   5. Functions of Board

      1. 14. Duty to prepare for supervision.

      2. 15. Power to prohibit the carrying on of investment business.

      3. 16. Power to restrict the carrying on of investment business.

      4. 17. Limitations on Board’s powers.

   6. Functions of Director

      1. 18. Power to prohibit the carrying on of Consumer Credit Act business.

      2. 19. Power to restrict the carrying on of Consumer Credit Act business.

4. PART III RECOGNITION IN OTHER MEMBER STATES OF UK INSTITUTIONS

   1. Preliminary

      1. 20. UK institutions etc.

      2. 21. Authorised and permitted activities.

   2. Procedural requirements

      1. 22. Procedural requirements for carrying on certain listed activities.

   3. Regulation of UK subsidiaries for recognition purposes

      1. 23. Restriction on activities of UK subsidiaries.

      2. 24. Restriction on information from supervisory authority.

5. PART IV AMENDMENTS OF BANKING ACT

   1. Authorisations

      1. 25. Applications for authorisation.

      2. 26. Grant and refusal of authorisation.

      3. 27. Minimum criteria for authorisation.

      4. 28. Revocation of authorisation.

      5. 29. Revocation or restriction on information from supervisory authority.

      6. 30. Notice of revocation, restriction or surrender.

   2. Objections to controllers

      1. 31. Objections to controllers.

   3. Implementation of certain EC decisions

      1. 32. Implementation of certain EC decisions.

   4. Information and investigations

      1. 33. Notification of controllers.

      2. 34. Notification of acquisition of significant shareholding.

      3. 35. Prior notification of ceasing to be a relevant controller.

      4. 36. Information and production of documents.

      5. 37. Investigations on behalf of the Bank.

   5. Restrictions on disclosure of information

      1. 38. Disclosure for facilitating discharge of functions by the Bank.

      2. 39. Disclosure for facilitating discharge of functions by other supervisory bodies.

      3. 40. Other permitted disclosures.

      4. 41. Information supplied to Bank by relevant overseas authority etc.

      5. 42. Disclosure of information obtained under other Acts.

   6. Interpretation

      1. 43. Meaning of “controller” and “associate”.

      2. 44. Meaning of “related company”.

      3. 45. Other interpretation of Banking Act.

   7. Miscellaneous

      1. 46. Savings for certain institutions.

      2. 47. Other amendments of Banking Act.

6. PART V AMENDMENTS OF FINANCIAL SERVICES ACT

   1. 48. Authorisation by membership of recognised self-regulating organisations.

   2. 49. Applications for authorisation.

   3. 50. Grant and refusal of authorisation.

   4. 51. Authorisation in other member State.

   5. 52. Exempted persons.

   6. 53. Reciprocal facilities for banking business.

   7. 54. The Board’s functions under the Regulations.

   8. 55. Other amendments of Financial Services Act.

   9. 56. Construction of Part V.

7. PART VI AMENDMENTS OF CONSUMER CREDIT ACT

   1. 57. Effect of standard licence.

   2. 58. Grant of standard licence.

   3. 59. Conduct of business.

   4. 60. The register.

   5. 61. Enforcement of agreements.

   6. 62. Restrictions on disclosure of information.

   7. 63. Power to modify subordinate legislation in relation to European institutions.

8. PART VII AMENDMENTS OF INSURANCE COMPANIES ACT

   1. 64. Withdrawal of authorisation.

   2. 65. Application of Part II of Act.

   3. 66. Meaning of “insurance business”.

9. PART VIII AMENDMENTS OF BUILDING SOCIETIES ACT

   1. Constitution

      1. 67. Establishment of building societies.

      2. 68. Initial authorisation to raise funds and borrow money.

   2. Powers of control of Commission

      1. 69. Power to direct application to renew authorisation.

      2. 70. Imposition of conditions on current authorisation.

      3. 71. Revocation of authorisation.

      4. 72. Reauthorisation.

      5. 73. Criteria for prudent management.

      6. 74. Exercise of powers on information from supervisory authority.

   3. Information

      1. 75. Powers of Commission to obtain information and documents etc.

      2. 76. Confidentiality of certain information obtained by Commission.

      3. 77. Information disclosed to Commission from other sources.

   4. Accounts and audit

      1. 78. Accounting records and systems of business control etc.

   5. Miscellaneous and supplemental

      1. 79. Service of notices.

      2. 80. Meaning of “associate”.

      3. 81. Other interpretation of Building Societies Act.

10. PART IX SUPPLEMENTAL

    1. 82. Minor and consequential amendments.

    2. 83. Transitional provisions and savings.

11. Signature

12. SCHEDULES:

    1. Schedule 1

       Annex to the Second Council Directive.

    2. Schedule 2

       Requirements as respects European institutions.

    3. Schedule 3

       Prohibitions and restrictions by the Bank.

    4. Schedule 4

       Prohibitions by the Board.

    5. Schedule 5

       Prohibitions and restrictions by the Director.

    6. Schedule 6

       Requirements as respects UK institutions.

    7. Schedule 7

       Restrictions by the UK authority.

    8. Schedule 8

       Amendments of Banking Act.

    9. Schedule 9

       Amendments of Financial Services Act.

    10. Schedule 10

        Minor and consequential amendments.

    11. Schedule 11

        Transitional provisions and savings.

13. Explanatory Note