- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These Regulations amend the Banking Appeal Tribunal Regulations 1987. The major amendments are as follows—
(i)the time limit for lodging an appeal is extended, in cases where the Bank of England has to serve notice confirming its decision, to 10 days from the date on which the Bank serves that notice;
(ii)in cases of urgency the chairman can direct that a preliminary hearing should be held less than 21 days after receipt of the notice of appeal;
(iii)the chairman of the tribunal is now required to take into account, when making directions on discovery of evidence, the need to protect information relating to a person not a party to an appeal which is commercially sensitive or was communicated or obtained in confidence (previously he was only required to take into account whether the material was commercially sensistive);
(iv)the provision on consolidation of appeals are amended to provide for cases where an institution appeals against a decision of the Bank and an individual appeals against a finding by the Bank; and
(v)procedural effect is given to the extension of the rights of appeal under section 27 of the Banking Act 1987 by the Banking Coordination (Second Council Directive) Regulations 1992 (S.I. 1992/3218) to decisions of the Bank under those Regulations to impose prohibitions or restrictions on the activities of European credit insitutions in the UK, to refuse to give notices to UK credit insitutions or financial institutions which are their UK subsidiaries to enable them to carry on activities in other EC member States and to impose prohibitions or restrictions on the activities which financial institutions, being UK subsidiaries of UK credit insitutions, may carry on in the UK.