Banking Act 2009 (c. 1)

[F1 PART 5A U.K. Wholesale cash distribution

Textual Amendments

F1 Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1

Companies wholly owned by the Crown U.K.

206Z6 Power to disapply regulation and enforcement provisions U.K.

(1) The Treasury may by regulations provide for any provision of sections 206K to 206Z4 not to apply (insofar as it would otherwise do so), or to apply with modifications, in relation to recognised persons that are companies wholly owned by the Crown.

(2) Regulations under subsection (1) may modify legislation (including any provision of, or made under, this Act).

(3) In subsection (2)—

• “legislation” means primary legislation, subordinate legislation (within the meaning of the Interpretation Act 1978) and [F2 assimilated direct] legislation, but does not include rules or other instruments made by any regulator;

• “modify” includes amend, repeal or revoke.

(4) Before making regulations under this section, the Treasury must consult the Bank of England.

(5) Regulations under subsection (1)—

(a) are to be made by statutory instrument, and

(b) may not be made unless a draft has been laid before, and approved by a resolution of, each House of Parliament.]

Textual Amendments

F2 Words in s. 206Z6(3) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 68(3)