Bank of England Act 1998

[F1 30F Financial Market Infrastructure Committee U.K.

(1) There is to be a committee of the Bank known as the Financial Market Infrastructure Committee (the “FMI Committee”).

(2) The FMI Committee is to consist of—

(a) a chair appointed by the Bank;

(b) at least three independent members appointed by the Bank;

(c) such other members as may be appointed from time to time by the Bank.

(3) The person appointed as chair under subsection (2)(a) must be the Governor, or a Deputy Governor, of the Bank.

(4) A person is an independent member for the purposes of subsection (2)(b) if the person is an officer, employee or agent of the Bank—

(a) as a result only of their membership of one or more of the Bank’s committees, or

(b) is appointed as an independent member to the FMI Committee with the consent of the Treasury.

(5) For the purposes of subsection (4)(a)—

(a) the Bank’s committees are—

(i) the FMI Committee,

(ii) the Financial Policy Committee,

(iii) the Monetary Policy Committee, and

(iv) the Prudential Regulation Committee;

(b) the reference to a person who is an officer, employee or agent of the Bank as result of their membership of one or more of those committees includes a reference to a person who becomes such an officer, employee or agent as a result of their appointment to the FMI Committee under this section.

(6) Before appointing a person under subsection (2)(b) the Bank must—

(a) be satisfied that the person has knowledge or experience which is likely to be relevant to the FMI Committee’s functions, and

(b) consider whether the person has any financial or other interests that could substantially affect the functions as member that it would be proper for the person to discharge.]

Textual Amendments

F1 Pt. 3B inserted (1.1.2024 at 1.00 a.m. for the insertion of ss. 30E(1)(c), 30I(2) for specified purposes, 1.1.2025 for the insertion of s. 30E(1)(c) for specified purposes, 1.2.2025 for the insertion of s. 30I(2) so far as not already on force) by Financial Services and Markets Act 2023 (c. 29), ss. 48, 86(3); S.I. 2023/1382, regs. 10(d), 12(b), 13 (with reg. 16(1))