(1)The Bank may by notice in writing require an undertaking to which this section applies to provide the Bank with such information as may be specified in the notice, being information about the relevant financial affairs of the undertaking which the Bank considers it necessary or expedient to have for the purposes of its functions under this Part.
(2)A notice under subsection (1) may require information to be provided—
(a)in such form or manner as may be specified in the notice;
(b)at such time or times as may be so specified;
(c)in relation to such period or periods as may be so specified.
[F1(3)An undertaking is one to which this section applies if—
(a)it has a place of business in the United Kingdom; and
(b)it falls within subsection (3A), (3B), (3C) or (3D).
(3A)An undertaking falls within this subsection if it is a deposit-taker.
(3B)An undertaking falls within this subsection if it is not a deposit-taker but it—
(a) falls within the subsector “other monetary financial institution”, as defined by paragraph 2.48 of Annex A to Council Regulation ( EC ) No. 2223/96 ,
(b)carries on a business of granting credits secured on land used for residential purposes,
(c)has issued a debt security, or
(d)has acted as an agent in connection with arranging or managing the issue of a debt security.
(3C)An undertaking falls within this subsection if it is a financial holding company.
(3D)An undertaking falls within this subsection if it is not a deposit-taker but continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987 or a permission under Part 4 of the Financial Services and Markets Act 2000.]
(4)The Treasury may by order provide which financial affairs of an undertaking are relevant for the purposes of this section, and may make different provision for different undertakings or classes of undertaking.
(5)The Treasury may by order amend [F2subsections (3) to (3D)].
(6)Before making an order under this section, the Treasury shall consult—
(a)the Bank,
(b)the Office for National Statistics,
(c)such persons as appear to them to be representative of persons likely to be materially affected by the order, and
(d)such other persons as they consider appropriate.
[F3(7)“Deposit taker” means—
(a)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(b) an EEA firm of the kind mentioned in paragraph 5(b) or (c) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits or other repayable funds.
(7A)“Debt security” means any instrument creating or acknowledging indebtedness (including a government or public security).
(7B)Subsections (7) and (7A) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.
(7C) “Financial holding company” has the meaning given by Article 1(21) of Council Directive 2000/12/ EC of the European Parliament and the Council [F4 (as last amended by Directive 2002/87/ EC of the European Parliament and of the Council)].
(7D)“Undertaking” has the meaning given by section 259 of the Companies Act 1985.]
Textual Amendments
F1S. 17(3)-(3D) substituted (1.12.2001) for s. 17(3) by S.I. 2001/3649, arts. 1, 161(2)
F2Words in s. 17(5) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 161(3)
F3Words in s. 17(7)-(7D) substituted (1.12.2001) for s. 17(7) by S.I. 2001/3649, arts. 1, 161(4)
F4Words in s. 17(7C) inserted (10.8.2004) by Financial Conglomerates and Other Financial Groups Regulations 2004 (S.I. 2004/1862), regs. 1(1), 14(2)
Modifications etc. (not altering text)
C1S. 17(7A) extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), reg. 1(1), Sch. 2 para. 8(2)(g)