Part 1: Regulatory Framework Financial market infrastructure: general rules and requirements Section 12: Treasury directions to Bank of England: restrictions
Section 4 of the Bank of England Act 1946 contains provisions for HM Treasury to be able to give directions to the Bank where it considers it necessary in the public interest to do so. Section 12 of this Act amends section 4 of the Bank of England Act 1946, so that it no longer applies to the Bank’s functions in relation to recognised central counterparties, recognised CSDs, third country central counterparties or third country CSDs. Instead, the Bank will be subject to the transparency and accountability requirements set out elsewhere in these Notes.