PART 3B

Central counterparties and central securities depositories

Recommendations by Treasury
30I
1
The Treasury may at any time by notice in writing to the FMI Committee make recommendations about aspects of the economic policy of His Majesty’s Government to which the Bank should have regard—
a
when considering how to advance the Financial Stability Objective and the objective under section 30D(2), and
b
when considering the application of the regulatory principles set out in section 30E.
2
The Treasury must make recommendations under subsection (1) at least once in each Parliament.
3
The Treasury must—
a
publish in such manner as they think fit any notice given under subsection (1), and
b
lay a copy of it before Parliament.
4
The FMI Committee must respond to each recommendation made under subsection (1) by notifying the Treasury in writing of—
a
action that the Bank has taken or intends to take in accordance with the recommendation, or
b
the reasons why the Bank has not acted or does not intend to act in accordance with the recommendation.
5
The notice under subsection (4) must be given before the end of 12 months beginning with the date the notice containing the recommendation was given under subsection (1).
6
Where the FMI Committee has given notice under subsection (4) in relation to a recommendation, it must by notice in writing update the Treasury on the matters mentioned in subsection (4)(a) and (b) before the end of each subsequent period of 12 months.
7
Subsection (6) does not apply if the Treasury have notified the FMI Committee in writing that no update (or further update) is required.
8
The FMI Committee is not required under subsection (4) or (6) to provide any information whose publication would in the opinion of the Committee be against the public interest.
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))