(1) The Bank is responsible for the application of Article 458 of the capital requirements regulation so far as it relates to measures which are prescribed by order under section 9L (macro-prudential measures).
(2) The Treasury are responsible for the application of Article 458 of the capital requirements regulation so far as it relates to measures which are not so prescribed.
(3) The Bank must undertake (in relation to a measure falling within subsection (1)) the notification process required by Article 458 of the capital requirements regulation (''the Article 458 notification process'') in any case where it is requested to do so by the Financial Policy Committee in connection with -
(a) a direction that the Committee has given or proposes to give under section 9H, or
(b) recommendations that the Committee has made or proposes to make under section 9Q.
(4) The Treasury must undertake (in relation to a measure falling within subsection (2)) the Article 458 notification process in