SCHEDULES
F1SCHEDULE 17A Further provision in relation to exercise of Part 18 functions by Bank of England
Part 2Application of provisions of this Act in relation to Bank of England
Powers in relation to parent undertakings
17
1
The following provisions of Part 12A of this Act are to apply in relation to the Bank—
a
section 192C (power to direct qualifying parent undertaking);
b
section 192D (requirements that may be imposed);
c
section 192E (direction: procedure);
d
section 192G (references to Tribunal);
e
section 192H (statement of policy);
f
section 192I (statement of policy: procedure);
g
section 192J (rules requiring provision of information);
h
sections 192K to 192N (enforcement).
2
For the purposes of those provisions section 192B (meaning of “qualifying parent undertaking”) is to apply as if the reference in subsection (1) to a qualifying authorised person or recognised UK investment exchange were a reference to a recognised clearing house other than an overseas clearing house.
3
Section 192C has effect as if—
a
the general condition in subsection (2) were that the Bank considers that it is desirable to give the direction for the purpose of the effective regulation of one or more recognised clearing houses in the group of the qualifying parent undertaking,
b
subsections (3) and (4) were omitted, and
c
the reference in subsection (5)(a) to authorised persons or recognised investment exchanges were a reference to recognised clearing houses.
4
Section 192E has effect as if the reference in subsection (1) to an authorised person or recognised investment exchange were a reference to a recognised clearing house.
5
Section 192I has effect as if the reference in subsection (1)(a) to the other regulator and the Bank were a reference to the FCA and the PRA.
6
Before the Bank gives a notice under section 192E(1) or (8)(b)—
a
if the notice relates to the parent undertaking of an authorised person or recognised investment exchange, the Bank must consult the FCA, and
b
if the notice relates to the parent undertaking of a PRA-authorised person, the Bank must also consult the PRA.
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.