Part I

Constitution, regulation and financial arrangements

Constitution and regulation

Reviews
3C
1
In the discharge of any of its
oversight
functions, the
court of directors
may arrange—
a
for a review to be conducted under this section in relation to any matter by a person appointed by the
court of directors
, and
b
for the person conducting the review to make one or more reports to the
court of directors
.
1A
Where they consider that to do so would contribute to the discharge by the court of directors of any of its oversight functions, the non-executive directors of the Bank (or a majority of them) may arrange—
a
for a review to be conducted under this section in relation to any matter by a person appointed by those directors, and
b
for the person conducting the review to make one or more reports to the court of directors.
2
The persons who may be appointed to conduct a review include an officer or employee of the Bank.
3
A review under this section is a “performance review” if it—
a
is arranged
in relation to the discharge of any of the court's
functions under section 3A(2)(a) and (b), and
b
relates to past events.
4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
In the case of a performance review,
regard must be had
to the desirability of ensuring that sufficient time has elapsed—
a
for the review to be effective, and
b
to avoid the review having a material adverse effect on the exercise by the Bank of its functions.
Ss. 3A-3F substituted for s. 3 (1.4.2013) by
Financial Services Act 2012 (c. 21)
,
ss. 3(2)
,
122(3)
(with
Sch. 20
);
S.I. 2013/423
,
art. 3
,
Word in s. 3C(1) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(2)(a) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
Words in s. 3C(1) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(2)(b) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
Words in s. 3C(1)(a) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(2)(c) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
Words in s. 3C(1)(b) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(2)(c) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
Words in s. 3C(3)(a) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
S. 3C(4) omitted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(4) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
Words in s. 3C(5) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 5(5) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(b)
S. 3C(1A) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(5) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)