Clause 45 - Application of FSMA 2000 to FMI functions

Financial Services and Markets Bill – in the House of Commons at 5:45 pm on 7 December 2022.

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Amendment made: 16, page 67, line 39, at end insert—

“Other reports

33A Paragraph 21A of Schedule 1ZB (other reports by PRA) applies in relation to the Bank, but as if—

(a) the reference in sub-paragraph (1)(a) to paragraphs (a) to (f) of paragraph 19(1) were a reference to those paragraphs as substituted in relation to the Bank under paragraph 33 of this Schedule;

(b) the reference in sub-paragraph (1)(b) to such other matters were a references to such other matters so far as relating to the exercise of the Bank’s FMI functions;

(c) the reference in sub-paragraph (5)(b) to section 348 were a reference to that section as it applies in relation to the Bank under paragraph 23 of this Schedule.”—(Andrew Griffith.)

This amendment confers a power on the Treasury to require the Bank of England to publish information at any time on any requested matters, in addition to the current requirement to provide an annual report to the Chancellor of the Exchequer. Paragraph 21A of schedule 1ZB to the Financial Services and Markets Act 2000 is inserted by NC17.