There has been published on The Bank of England and Financial Services (Consequential Amendments) Regulations 2017. The Regulations make consequential amendments to references to the Bank of England (BoE) and the PRA in various enactments to account for the change in status of the PRA. In some cases, references to the BoE are amended to exclude the BoE when it is acting as the PRA, to reflect an existing difference in the way that the enactment is intended to apply to the BoE and the PRA. In other cases, references to the PRA are removed and references to the BoE are clarified as including the BoE when acting as the PRA, to reflect that the enactment should now apply to the BoE, including its new functions as the PRA, without distinction. Other amendments are included to remove ambiguity over how a reference to the BoE should be interpreted.

The Regulations also make minor amendments in consequence of the Financial Services Act 2012 (2012 Act). The 2012 Act replaced the FSA with the PRA and FCA, and introduced new enforcement functions for the BoE. It also made amendments to the Financial Services and Markets Act 2002 (FSMA). The amendments made by the Regulations in consequence of the 2012 Act replace out-of-date references to the FSA and update references to certain FSMA provisions that the 2012 Act amended. The Regulations will come into force on 1 March 2017.

View Bank of England and Financial Services (Consequential Amendments) Regulation 2017, 1 February 2017