There was published on the legislation.gov.uk website a draft version of the Bank of England and Financial Services Act 2016 (Consequential Amendments) Regulations 2017, together with an explanatory memorandum.

The Bank of England and Financial Services Act 2016 (the Act) ends the status of the PRA as a subsidiary of the Bank of England (BoE) by making the BoE the PRA. The Act also creates the Prudential Regulation Committee, through which the BoE must exercise its functions as the PRA.

The draft Regulation makes consequential changes to references to the BoE and the PRA in various enactments to account for the change in status of the PRA.

The draft Regulation comes into force on 1 March 2017.

View The Bank of England and Financial Services (Consequential Amendments) Regulations 2017, 2 December 2016

View Explanatory memorandum to the Bank of England and Financial Services (Consequential Amendments) Regulations 2017, 2 December 2016