(1) The Treasury may by direction require the Bank of England to carry out a review of specified rules made by the Bank under this Act if -
(a) the rules have been in force for at least 12 months,
(b) the Treasury consider that it is in the public interest that the rules are reviewed, and
(c) it does not appear to the Treasury that -
(i) the Bank is carrying out, or plans to carry out, a review of those rules, or
(ii) if the Bank proposes to carry out a review, the proposals are appropriate for the purposes of carrying out an effective review.
(2) Subsection (1) only applies to rules falling within section 300I(1).
(3) The Treasury must consult the Bank before giving a direction under subsection (1).
(4) In exercising the power under this section, the Treasury must have regard to the desirability of minimising any adverse effect that the carrying out of the review may have on the exercise by the Bank of any of its other functions.
(5) A direction under subsection (1) may -
(a) specify
…