Date-stamp loading
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 29 August 2023 - onwards
  Version 2 of 2    

206I. Procedure

(1) Before making a wholesale cash oversight order in respect of a person the Treasury must -

(a) consult the Bank of England,

(b) notify the person, and

(c) consider any representations made.

(2) In addition, the Treasury must -

(a) consult the FCA before making a wholesale cash oversight order in respect of a person who is, or has applied to be, an FCA-regulated person;

(b) consult the PRA before making a wholesale cash oversight order in respect of a person who has, or has applied for, Part 4A permission for the carrying on of a PRA-regulated activity;

(c) consult the Payment Systems Regulator before making a wholesale cash oversight order in respect of a person who is a participant in a regulated payment system.

(3) In subsection (2)(c), "participant" and "regulated payment system" have the same meanings as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 110 of that Act).

(4) In considering whether to make the order, the Treasury may rely on information p

Comparing proposed amendment...