Part I

Constitution, regulation and financial arrangements

Financial arrangements

Memorandum of understanding
7E
1
The Bank and the Comptroller must prepare and maintain a memorandum of understanding about examinations under section 7D.
2
The memorandum must in particular include provision—
a
as to functions of the Bank in respect of which the Comptroller will not usually consider it appropriate to carry out an examination;
b
identifying the committees or other bodies referred to in section 7D(4)(b) and (5);
c
establishing a procedure for resolving in a timely fashion any dispute between the Bank and the Comptroller as to whether a matter is (under section 7D(3) to (6)) a matter with which an examination under section 7D is not to be concerned;
d
for the publication of the views of the Bank and the Comptroller as to whether a matter is such a matter, in cases where a dispute between them cannot be resolved.
Ss. 7D-7H inserted (6.7.2016 for the insertion of ss. 7D, 7E, 7G, 7H, 1.3.2017 in so far as not already in force) by Bank of England and Financial Services Act 2016 (c. 14), ss. 11, 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(l); S.I. 2017/43, reg. 2(b)