SCHEDULES

F1SCHEDULE 17A Further provision in relation to exercise of Part 18 functions by Bank of England

Annotations:
Amendments (Textual)
F1

Sch. 17A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

Part 1Co-operation between appropriate regulators

Memorandum of understanding between appropriate regulators and PRA

1

1

The appropriate regulators must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to persons who are recognised bodies.

2

The memorandum must in particular make provision about—

a

the need for each party when exercising a function in relation to any person (“A”) who is a recognised body, or any member of A's group, to have regard to the exercise (or possible exercise) of any function by the other party in relation to A or any member of A's group;

b

the role of each party in cases where they are both exercising functions in relation to the same persons;

c

the obtaining and disclosure of information;

d

the co-ordination by the parties of the exercise of their powers to appoint competent persons under Part 11 (information gathering and investigations) to conduct investigations on their behalf.

3

In this paragraph any reference to a function is to any function whether conferred by or under any provision of this Part of this Act or any other provision of this Act or otherwise.