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

• Citation: S.I. 1998/1129
• Sections: 24

Section 1 Citation and commencement

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.

Section 2 Consequential amendments and revocations

The instruments specified in Schedule 1 hereto are hereby amended as specified in that Schedule.

Section 3 Consequential amendments and revocations

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

Section 1

In the Rules of the Supreme Court (Revision) 1965 , in—

(a) Order 92, rule 3A, and

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

for “Bank of England” there is substituted “Financial Services Authority”.

Section 2

In the Restrictive Trade Practices (Services) Order 1976 , 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.

Section 3

In the Rules of the Supreme Court (Northern Ireland) 1980 , in—

(a) Order 92, rule 3A, and

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

for “Bank of England” there is substituted “Financial Services Authority”.

Section 4

(1) The Insolvency Rules 1986 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”.

Section 5

(1) The Banking Appeal Tribunal Regulations 1987 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”.

Section 6

(1) The Banking Appeal Tribunal (Scottish Appeals) Regulations 1987 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”.

Section 7

In the Data Protection (Regulation of Financial Services etc.) (Subject Access Exemption) Order 1987 , in column 2 of Schedule 1, in—

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

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

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

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

for “Bank of England” there is substituted “Financial Services Authority”.

Section 8

(1) The Building Societies (Supplementary Capital) Order 1988 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”.

Section 9

In the Banks (Administration Proceedings) Order 1989 , for “Bank of England”, wherever occurring in the Schedule, there is substituted “Financial Services Authority”.

Section 10

In the Local Authorities (Borrowing) Regulations 1990 , in regulation 7(9)(e), for “Bank of England” there is substituted “Financial Services Authority”.

Section 11

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

Section 12

In the Building Societies (Liquid Asset) Regulations 1991 , 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”.

Section 13

In the Money Laundering Regulations 1993 —

(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;

Section 14

(1) The Accountants (Banking Act 1987) Regulations 1994 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”.

Section 15

In the Building Societies (Undated Subordinated Debt) Order 1994 , 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”.

Section 16

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

(aa) the Financial Services Authority;

Section 17

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

(aa) the Financial Services Authority;

Section 18

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

(aa) the Financial Services Authority;

Section 19

(1) The Credit Institutions (Protection of Depositors) Regulations 1995 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).

Section 20

(1) The Financial Markets and Insolvency (Money Markets) Regulations 1995 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.

Section 21

(1) The Financial Institutions (Prudential Supervision) Regulations 1996 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);

(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”.