Statutory Instrument 1998 No. 1129

      The Bank of England Act 1998 (Consequential Amendments of Subordinate Legislation) Order 1998

      © Crown Copyright 1998

       

       

       

STATUTORY INSTRUMENTS

1998 No. 1129

BANKS AND BANKING

The Bank of England Act 1998 (Consequential Amendments of Subordinate Legislation) Order 1998

  Made 24th April 1998 
  Laid before Parliament 27th April 1998 
  Coming into force 1st June 1998 

The Treasury, in exercise of the powers conferred on them by section 23(2) of the Bank of England Act 1998[1], hereby make the following Order: - 

Citation and commencement
     1. This Order may be cited as the Bank of England Act 1998 (Consequential Amendments of Subordinate Legislation) Order 1998 and shall come into force on 1st June 1998.

Consequential amendments and revocations
     2. The instruments specified in Schedule 1 hereto are hereby amended as specified in that Schedule.

     3. The instruments specified in Schedule 2 hereto are hereby revoked to the extent specified in the final column of that Schedule.


Graham Allen

Jim Dowd
Two of the Lords Commissioners of Her Majesty's Treasury

24th April 1998



SCHEDULE 1
Article 2


CONSEQUENTIAL AMENDMENTS OF SUBORDINATE LEGISLATION


Rules of the Supreme Court (Revision) 1965

     1. In the Rules of the Supreme Court (Revision) 1965[2], in - 

    (a) Order 92, rule 3A, and

    (b) Order 93, rule 23(4),

for "Bank of England" there is substituted "Financial Services Authority".

Restrictive Trade Practices (Services) Order 1976

     2. In the Restrictive Trade Practices (Services) Order 1976[3], after paragraph 6 of the Schedule, there is inserted - 

         " 6A. An agreement to which the Financial Services Authority is a party and which relates exclusively to the exercise of control by the Authority over financial institutions pursuant to the transfer of functions by Part III of the Bank of England Act 1998.".

Rules of the Supreme Court (Northern Ireland) 1980

     3. In the Rules of the Supreme Court (Northern Ireland) 1980[4], in - 

    (a) Order 92, rule 3A, and

    (b) Order 93, rule 8(4),

for "Bank of England" there is substituted "Financial Services Authority".

Insolvency Rules 1986

     4.  - (1) The Insolvency Rules 1986[5] are amended as follows.

    (2) In rule 4.1(1)(b), for "Bank of England" there is substituted "the Financial Services Authority".

    (3) In rule 4.7(4)(e) - 

    (a) for "Bank of England" there is substituted "Financial Services Authority", and

    (b) for "Bank" there is substituted "Authority".

    (4) In rule 4.10(4), for "Bank of England", in both places, there is substituted "Financial Services Authority".

    (5) In rule 4.72 - 

    (a) in paragraph (2), for "Bank of England" there is substituted "Financial Services Authority", and

    (b) in paragraphs (3), (4), (5) and (6), for "Bank" there is substituted "Authority".

    Banking Appeal Tribunal Regulations 1987

     5.  - (1) The Banking Appeal Tribunal Regulations 1987[6] are amended as follows.

    (2) In regulation 2(1) - 

    (a) in the definition of "appellant", for "Bank" there is substituted "Authority", and

    (b) for the definition of "the Bank" there is substituted - 

      " "the Authority" means the Financial Services Authority;".

    (3) In regulation 20(1)(c), for the words from "the Bank" to the end there is substituted "the Authority, to the Director, Banking, The Financial Services Authority, Gavrelle House, 2-14 Bunhill Row, London EC1Y 8RA;".

    (4) In the other provisions of the Regulations, for "Bank", wherever occurring, there is substituted "Authority".

Banking Appeal Tribunal (Scottish Appeals) Regulations 1987

     6.  - (1) The Banking Appeal Tribunal (Scottish Appeals) Regulations 1987[7] are amended as follows.

    (2) In regulation 2(1) - 

    (a) in the definition of "appellant", for "Bank" there is substituted "Authority", and

    (b) for the definition of "the Bank" there is substituted - 

      " "the Authority" means the Financial Services Authority;".

    (3) In regulation 20(1)(c), for the words from "the Bank" to the end there is substituted "the Authority, to the Director, Banking, The Financial Services Authority, Gavrelle House, 2-14 Bunhill Row, London EC1Y 8RA;".

    (4) In the other provisions of the Regulations, for "Bank", wherever occurring, there is substituted "Authority".

Data Protection (Regulation of Financial Services etc.) (Subject Access Exemption) Order 1987

     7. In the Data Protection (Regulation of Financial Services etc.) (Subject Access Exemption) Order 1987[8], in column 2 of Schedule 1, in - 

    (a) the 27th description of functions conferred by the Insolvency Act 1986[9],

    (b) the sixth description of functions conferred by the Financial Services Act 1986[10],

    (c) the first three descriptions of functions conferred by the Banking Act 1987[11], and

    (d) the description of functions conferred by the Banking Coordination (Second Council Directive) Regulations 1992[12],

for "Bank of England" there is substituted "Financial Services Authority".

Building Societies (Supplementary Capital) Order 1988

     8.  - (1) The Building Societies (Supplementary Capital) Order 1988[13] is amended as follows.

    (2) In Part II of the Schedule, in - 

    (a) paragraph 2(2)(d)(i), and

    (b) paragraph 2(3)(b),

for "Bank of England" there is substituted "Financial Services Authority".

    (3) In paragraph 4 of Part III of the Schedule, in paragraph (b) of the definition of "supervisory authority", for "Bank of England" there is substituted "Financial Services Authority".

Banks (Administration Proceedings) Order 1989

     9. In the Banks (Administration Proceedings) Order 1989[14], for "Bank of England", wherever occurring in the Schedule, there is substituted "Financial Services Authority".

Local Authorities (Borrowing) Regulations 1990

     10. In the Local Authorities (Borrowing) Regulations 1990[15], in regulation 7(9)(e), for "Bank of England" there is substituted "Financial Services Authority".

Building Societies (Designated Capital Resources) (Permanent Interest Bearing Shares) Order 1991

     11. In the Building Societies (Designated Capital Resources) (Permanent Interest Bearing Shares) Order 1991[16], in sub-paragraph (a) of the definition of "subordinated debt" in article 2(1), for "Bank of England" there is substituted "Financial Services Authority".

Building Societies (Liquid Asset) Regulations 1991

     12. In the Building Societies (Liquid Asset) Regulations 1991[17], in Part III of the Schedule - 

    (a) in paragraph (a) of the definition of "gilt-edged market maker", for "Bank of England", where it occurs for the first time, there is substituted "Financial Services Authority", and

    (b) in the definition of "Stock Exchange money broker", for "Bank of England" there is substituted "Financial Services Authority".

    Money Laundering Regulations 1993

     13. In the Money Laundering Regulations 1993[18] - 

    (a) in regulation 8(4)(a), for "Bank of England" there is inserted "Financial Services Authority";

    (b) in regulation 15(2), after sub-paragraph (a) there is inserted:

      " (aa) the Financial Services Authority;".

    Accountants (Banking Act 1987) Regulations 1994

     14.  - (1) The Accountants (Banking Act 1987) Regulations 1994[19] are amended as follows.

    (2) In regulation 2, for the definition of "the Bank" there is substituted - 

      " "the Authority" means the Financial Services Authority;".

    (3) In regulation 3 - 

    (a) in paragraph (1), for "Bank" there is substituted "Authority", and

    (b) in paragraph (2)(b), for "Bank's" there is substituted "Authority's".

    Building Societies (Undated Subordinated Debt) Order 1994

     15. In the Building Societies (Undated Subordinated Debt) Order 1994[20], in - 

    (a) the definition of "supervisory authority" in article 2, and

    (b) paragraph 3(1)(d)(i) and (2)(b) of Schedule 2,

for "Bank of England" there is substituted "Financial Services Authority".

Drug Trafficking Offences Act 1986 (Crown Servants and Regulators etc.) Regulations 1994

     16. In the Drug Trafficking Offences Act 1986 (Crown Servants and Regulators etc.) Regulations 1994[21], in regulation 4(1), after sub-paragraph (a) there is inserted - 

      " (aa) the Financial Services Authority;".

    Prevention of Terrorism (Temporary Provisions) Act 1989 (Crown Servants and Regulators etc.) Regulations 1994

     17. In the Prevention of Terrorism (Temporary Provisions) Act 1989 (Crown Servants and Regulators etc.) Regulations 1994[22], in regulation 4(1), after sub-paragraph (a) there is inserted - 

      " (aa) the Financial Services Authority;".

    Northern Ireland (Emergency Provisions) Act 1991 (Crown Servants and Regulators etc.) Regulations 1994

     18. In the Northern Ireland (Emergency Provisions) Act 1991 (Crown Servants and Regulators etc.) Regulations 1994[23], in regulation 4(1), after sub-paragraph (a) there is inserted - 

      " (aa) the Financial Services Authority;".

    Credit Institutions (Protection of Depositors) Regulations 1995

     19.  - (1) The Credit Institutions (Protection of Depositors) Regulations 1995[24] are amended as follows.

    (2) In regulation 2(1), for the definition of "the Bank" there is substituted - 

      " "the Authority" means the Financial Services Authority;".

    (3) In the following regulations, for "Bank", wherever occurring, there is substituted "Authority" - 

    (a) regulation 3(5)(b) and (6)(a),

    (b) regulation 9(2) and (3),

    (c) regulation 17(4)(a),

    (d) regulation 19(3)(b) and (4)(a),

    (e) regulation 46(9)(a), and

    (f) regulation 49(3).

    Financial Markets and Insolvency (Money Markets) Regulations 1995

     20.  - (1) The Financial Markets and Insolvency (Money Markets) Regulations 1995[25] are amended as follows.

    (2) In the definition of "the list" in regulation 2, for "Bank of England" there is substituted "Financial Services Authority".

    (3) In the following regulations, for "Bank of England", wherever occurring, there is substituted "Financial Services Authority" - 

    (a) regulation 7(a) and (b),

    (b) regulation 8(c) and (d),

    (c) regulation 9(a),

    (d) regulation 10(a),

    (e) regulation 11(a),

    (f) regulation 12(a),

    (g) regulation 13(b),

    (h) regulation 14(a),

    (i) regulation 15,

    (j) regulation 16(a) and (b),

    (k) regulation 17(b), (c) and (d),

    (l) regulation 18(a),

    (m) regulation 19(2)(a), and

    (n) regulation 28(a).

    (4) In regulation 27, for "Bank of England", wherever occurring, there is substituted "Financial Services Authority" and for "Bank", wherever occurring, there is substituted "Authority".

    (5) Regulation 29 shall continue to have effect only - 

    (a) in relation to things done or omitted before the day on which this Order comes into force, and

    (b) in relation to anything done on or after that day for the purposes of, or in connection with, any proceedings arising from anything done or omitted before that day.

    Financial Institutions (Prudential Supervision) Regulations 1996

     21.  - (1) The Financial Institutions (Prudential Supervision) Regulations 1996[26] are amended as follows.

    (2) In regulation 1(3) - 

    (a) for the definition of "the Bank" there is substituted - 

      " "the Authority" means the Financial Services Authority (formerly known as the Securities and Investments Board);", and

    (b) in the definition of "the Board", at the end there is inserted "(now known as the Financial Services Authority)".

    (3) In regulation 9(3), for "Bank", wherever occurring, there is substituted "Authority".

    (4) In paragraph 1(2)(b) of Schedule 4, for "Bank", there is substituted "Authority".



SCHEDULE 2
Article 3


CONSEQUENTIAL REVOCATIONS OF SUBORDINATE LEGISLATION


Number Title Extent of revocation
S.I. 1990/1904 The Non-Domestic Rating (Payment of Interest) Regulations 1990[27] In regulation 4(2)(b)(i), the words "by the Bank of England".
S.I. 1992/46 The Opencast Coal (Rate of Interest on Compensation) Order 1992 In article 2(2)(b)(i), the words "by the Bank of England".
S.I. 1992/280 The Teachers' Superannuation (Scotland) Regulations 1992[28] In regulation E31A(6)(a), the words "by the Bank of England".
S.I. 1992/1816 The Child Support (Arrears, Interest and Adjustment of Maintenance Assessments) Regulations 1992 In regulation 6(3)(b)(i), the words "by the Bank of England".
S.I. 1992/2184 The Non-Domestic Rating (Payment of Interest) (Scotland) Regulations 1992 In regulation 4(3)(a), the words "by the Bank of England".
S.I. 1992/2257 The Education (London Residuary Body) (Transfer of Functions and Property) (No. 2) Order 1992 In article 1(7)(b)(i), the words "by the Bank of England".
S.I. 1992/2428 The Local Authorities (Funds) (England) Regulations 1992 In regulation 8(3)(a), the words "by the Bank of England".
S.I. 1992/2903 The Levying Bodies (General) Regulations 1992 In regulation 10(3)(a)(i), the words "by the Bank of England".
S.I. 1992/2929 The Local Authorities (Funds) (Wales) Regulations 1992[29] In regulation 8(3)(a), the words "by the Bank of England".
S.I. 1993/1244 The Iraq (United Nations) (Sequestration of Assets) Order 1993 In article 2(1), in sub-paragraphs (b) and (d) of the definition of "relevant institution", the words "by the Bank".
S.I. 1993/2807 The Libya (United Nations Sanctions) Order 1993 In article 12(5), in sub-paragraphs (b) and (d) of the definition of "relevant institution", the words "by the Bank".
S.I. 1994/3024 The Charitable Institutions (Fund-Raising) Regulations 1994 In regulation 1(2)(b), the words "by the Bank of England".
S.I. 1995/401 The Local Government Residuary Body (England) Order 1995 In article 24(3)(a)(i), the words "by the Bank of England".
S.I. 1995/402 The Local Government Changes for England (Property Transfer and Transitional Payments) Regulations 1995 In regulation 18(3)(a), the words "by the Bank of England".
S.I. 1995/1019 The Local Government Pension Scheme Regulations 1995[30] In paragraph (a) of the definition of "The reference banks" in Schedule A1, the words "by the Bank of England".
S.I. 1995/2262 The Acquisition of Land (Rate of Interest after Entry) Regulations 1995 In regulation 2(5)(a)(i), the words "by the Bank of England".
S.I. 1995/2306 The Residuary Body for Wales (Levies) Regulations 1995 In regulation 9(3)(a)(i), the words "by the Bank of England".
S.I. 1995/2562 The Local Authorities (Precepts) (Wales) Regulations 1995[31] In regulation 8(3)(a), the words "by the Bank of England".
S.I. 1995/2724 The Charities (Accounts and Reports) Regulations 1995 In paragraph 3(c)(ii) of Part III of Schedule 2, the words "by the Bank of England".
S.I. 1995/2791 The Acquisition of Land (Rate of Interest after Entry) (Scotland) Regulations 1995 In regulation 2(5)(a)(i), the words "by the Bank of England".
S.I. 1995/2895 The Local Government Changes for England (Payments to Designated Authorities) (Minimum Revenue Provision) Regulations 1995 In regulation 7(3)(a), the words "by the Bank of England".
S.I. 1995/3019 The National Park Authorities (Levies) (Wales) Regulations 1995 In regulation 9(3)(a)(i), the words "by the Bank of England".
S.I. 1996/2475 The Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996 In regulation 6(2)(b)(i), the words "by the Bank of England".
S.I. 1996/2794 The National Park Authorities (Levies) (England) Regulations 1996 In regulation 8(3)(a)(i), the words "by the Bank of England".
S.I. 1996/2900 The Residuary Body for Wales (Levies) Regulations 1996 In regulation 9(3)(a)(i), the words "by the Bank of England".
S.R. (NI) 1997 No. 39 The Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations (Northern Ireland) 1997 In regulation 6(2)(b)(i), the words "by the Bank of England".
S.I. 1997/316 The Independent Qualified Conveyancers (Scotland) Regulations 1997 In sub-paragraph (a) of the definition of "recognised financial institution" in regulation 2(1), the words "by the Bank of England".
S.I. 1997/317 The Executry Practitioners (Scotland) Regulations 1997 In sub-paragraph (a) of the definition of "recognised financial institution" in regulation 2(1), the words "by the Bank of England".
S.I. 1997/665 The Occupational Pension Schemes (Pensions Compensation Provisions) Regulations 1997 In sub-paragraph (a) of the definition of "reference banks" in regulation 1(2), the words "by the Bank of England".
S.I. 1997/1612 The Local Government Pension Scheme Regulations 1997 In paragraph (a) of the definition of "Reference Banks" in Schedule 1, the words "by the Bank of England".
S.I. 1997/2283 The National Crime Squad Service Authority (Levying) Order 1997 In article 14(2)(a)(i), the words "by the Bank of England".
S.I. 1997/2284 The NCIS Service Authority (Levying) Order 1997 In article 14(2)(a)(i), the words "by the Bank of England".
S.I. 1997/3001 The Teachers' Pensions Regulations 1997 In regulation E34(5)(b)(i), the words "by the Bank of England".
S.I. 1998/366 The Local Government Pension Scheme (Scotland) Regulations 1998 In the definition of "the Reference banks" in Schedule 1, the words "by the Bank of England".


EXPLANATORY NOTE

(This note is not part of the Order)


This Order amends or revokes references to the Bank of England in subordinate legislation in consequence of the Bank of England Act 1998 ("the Act").

Part III of the Act transfers from the Bank of England to the Financial Services Authority banking supervision functions, functions relating to the listing of money market institutions and functions relating to the listing of persons providing settlement arrangements. By the Bank of England Act 1998 (Commencement) Order 1998 (S.I. 1998/1120 (C.25)), the Act comes into force on 1st June 1998.

The effect of this Order is that on and after 1st June 1998 references in subordinate legislation to the Bank of England in the context of the functions transferred by the Act are either replaced by references to the Financial Services Authority or, where appropriate, revoked.

Notes:

[1] 1998 c.11.back

[2] S.I. 1965/1776; relevant amending instrument is S.I. 1988/298.back

[3] S.I. 1976/98, to which there are amendments not relevant to this Order.back

[4] S.R. (NI) 1980 No. 346; relevant amending instrument is S.R. (NI) 1992 No. 399.back

[5] S.I. 1986/1925; relevant amending instrument is S.I. 1987/1919.back

[6] S.I. 1987/1299; relevant amending instrument is S.I. 1993/982.back

[7] S.I. 1987/1336; relevant amending instrument is S.I. 1993/1061.back

[8] S.I. 1987/1905; relevant amending instrument is S.I. 1992/3218.back

[9] 1986 c.45; section 422 was amended by the Banking Act 1987 (c.22), Schedule 6, paragraph 25(2) and the Bank of England Act 1998 (c.11), Schedule 5, paragraph 37.back

[10] 1986 c.60; section 43 was modified by S.I. 1990/696 and 1992/3218 and amended by the Bank of England Act 1998 (c.11), Schedule 5, paragraph 44.back

[11] 1987 c.22; as amended by S.I. 1989/2405 (NI 19), 1992/3179, 1992/3218, 1995/1442, 1995/3275, 1996/1669 and the Bank of England Act 1998 (c.11), Schedule 5, paragraphs 1-20.back

[12] S.I. 1992/3218; relevant amendments were made by S.I. 1993/1819, 1993/3225, 1995/1217, 1995/1442, 1995/3275, 1996/1669 and the Bank of England Act 1998 (c.11), Schedule 5, paragraphs 21-35.back

[13] S.I. 1988/777, to which there are amendments not relevant to this Order.back

[14] S.I. 1989/1276.back

[15] S.I. 1990/767; relevant amending instrument is S.I. 1991/551.back

[16] S.I. 1991/702; the definition of "subordinated debt" was modified by S.I. 1994/749.back

[17] S.I. 1991/2580, to which there are amendments not relevant to this Order.back

[18] S.I. 1993/1933.back

[19] S.I. 1994/524; regulations 2 and 3 were modified by S.I. 1996/1669.back

[20] S.I. 1994/749.back

[21] S.I. 1994/1757; authority changed as a result of the consolidation of certain enactments relating to drug trafficking in the Drug Trafficking Act 1994 (c.37).back

[22] S.I. 1994/1758.back

[23] S.I. 1994/1760.back

[24] S.I. 1995/1442.back

[25] S.I. 1995/2049.back

[26] S.I. 1996/1669.back

[27] Relevant amending instrument is S.I. 1991/2111.back

[28] Relevant amending instrument is S.I. 1997/676.back

[29] These Regulations cease to have effect in relation to any financial year beginning in or after 1996 by virtue of S.I. 1995/2562, regulation 9. However, they continue to be capable of effect in respect of any interest which may have become due before that date.back

[30] These Regulations cease to apply in respect of active members of the Local Government Pension Scheme by virtue of S.I. 1997/1613, regulation 3(1).back

[31] These Regulations do not apply in respect of any financial year beginning on or after 1st April 1997 by virtue of S.I. 1996/2900, regulation 11, but continue to be capable of effect in respect of any interest which may have become due before that date.back


ISBN 0 11 079029 4


 

© Crown copyright 1998
Prepared 27 May 1998