Schedule 3 Financial Conduct Authority and Prudential Regulation Authority: Schedules to be substituted as Schedules 1ZA and 1ZB to FSMA 2000

Section 6.

These are the Schedules 1ZA and 1ZB to be substituted for Schedule 1 to FSMA 2000 -

"Schedule 1ZA The Financial Conduct Authority            Section 1A

Part 1 General

Interpretation

1 In this Schedule -

"the Bank" means the Bank of England;

"functions", in relation to the FCA, means functions conferred on the FCA by or under any provision of this Act (see section 1A(6) which affects the meaning of references to such functions).

Constitution

2

(1) The constitution of the FCA must provide for the FCA to have a governing body.

(2) The governing body must consist of -

(a) a chair appointed by the Treasury,

(b) a chief executive appointed by the Treasury,

(c) the Bank's Deputy Governor for prudential regulation,

(d) 2 members appointed jointly by the Secretary of State and the Treasury, and

(e) at least one other member appointed by the Treasury.

(3) The members referred to in sub-paragraph (2)(a), (c) and (d) are to be non-executive members.

(4) In exercising its pow

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