(1) The Bank of England Act 1998 [1998 c. 11.] is amended as follows.

(2) In section 2AA [Section 2AA was inserted by S.I. 2013/3115.] (macro-prudential measures: Article 458 of the capital requirements regulation), after subsection (2) insert -

"(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 any case where they are requested to do so by the Financial Policy Committee in connection with recommendations that the Committee has made or proposes to make under section 9Q.

(5) Subsections (3) and (4) do not require the Bank or the Treasury to undertake the Article 458 notification process if -

(a) the Financial Policy Committee revokes the request, or