Banking Act 2009

• (a) to fail without reasonable excuse to comply with a requirement under this section;

• (b) knowingly or recklessly to give false information in pursuance of this section.

• (6) A person who commits an offence under this section is liable—

• (a) on summary conviction in England and Wales, to a fine;

• (b) on summary conviction in Scotland, to a fine not exceeding the statutory maximum;

• (c) on summary conviction in Northern Ireland, to a fine not exceeding the statutory maximum;

• (d) on conviction on indictment, to a fine.

• (7) In this section, “specified” means specified in the notice.

Disclosure of information

206Z4

• (1) The Bank of England may disclose information obtained by virtue of section 206Z3 to—

• (a) the Treasury;

• (b) the FCA;

• (c) the PRA;

• (d) the Mint.

• (2) Subsection (1)—

• (a) overrides a contractual or other requirement to keep information in confidence, and

• (b) is without prejudice to any other power to disclose information.

• (3) The Treasury may by regulations—

• (a) permit the disclosure by the Bank of information obtained by virtue of section 206Z3 to specified persons;

• (b) permit the publication of specified information and make provision about the manner and extent of publication.

• (4) In subsection (3), “specified” means specified in the regulations.

• (5) Regulations under subsection (3)—

• (a) are to be made by statutory instrument, and

• (b) are subject to annulment in pursuance of a resolution of either House of Parliament.

206Z5

Nothing in this Part prevents the Bank of England—

• (1) from having dealings with persons who are not recognised persons for the purposes of this Part;

• (a) from having dealings with recognised persons other than through the provisions of this Part.

Companies wholly owned by the Crown

Power to disapply regulation and enforcement provisions

206Z6

• (1) The Treasury may by regulations provide for any provision of sections 206K to 206Z4 not to apply (insofar as it would otherwise do so), or to apply with modifications, in relation to recognised persons that are companies wholly owned by the Crown.

• (2) Regulations under subsection (1) may modify legislation (including any provision of, or made under, this Act).

• (3) In subsection (2)—

• “legislation” means primary legislation, subordinate legislation (within the meaning of the Interpretation Act 1978) and assimilated direct legislation, but does not include rules or other instruments made by any regulator;

• “modify” includes amend, repeal or revoke.

• (4) Before making regulations under this section, the Treasury must consult the Bank of England.

• (5) Regulations under subsection (1)—

• (a) are to be made by statutory instrument, and

• (b) may not be made unless a draft has been laid before, and approved by a resolution of, each House of Parliament.

Insolvency Proceedings

Partnerships

Special resolution regime