TITLE IX

TRANSITIONAL AND FINAL PROVISIONS

Bank of England rules
Article 84c
1
The provisions of Part 9A of FSMA (rules and guidance) listed in paragraph 2 apply in relation to rules made by the Bank of England under Article 6b, subject to the modifications in paragraphs 3 to 5.
2
The provisions are—
a
section 137T (general supplementary powers);
b
sections 138A and 138B (modification or waiver of rules), but with the omission of subsection (4)(b) of section 138A and subsection (4) of section 138B;
c
section 138C (evidential provisions);
d
section 138E (limits on effect of contravening rules);
e
section 138F (notification of rules);
f
section 138G (rule-making instruments);
g
section 138H (verification of rules);
h
section 138J (consultation by the PRA), but with the omission of subsections (2)(c) and (5)(b);
i
section 138L (consultation: general exceptions), but with the omission of subsection (1).
3
Any reference in any of those provisions to an authorised person is to be read as a reference to a person to whom the clearing obligation referred to in Article 4(1) applies.
4
Section 138J(2)(d) has effect in relation to rules proposed to be made by the Bank of England as if the reference to the compatibility of the proposed rules with the provisions mentioned in section 138J(2)(d) were a reference to their compatibility with the Bank of England’s financial stability objective under section 2A of the Bank of England Act 1998.
5
Section 138L(2) has effect as if for paragraphs (a) and (b) there were substituted
“be prejudicial to financial stability”
.
Art. 84c inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 30 (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(ii)