Miscellaneous Banking Act 2009: miscellaneous amendments
Section 7A(1) of the Banking Act 2009 requires the Bank of England, where it is considering the imposition of a requirement under certain direction-making powers in section 3A of that Act, to consult the PRA and the FCA, and to have regard to certain potential impacts of those directions. When section 3A was amended in December 2020 to implement an update of the EU Bank Recovery and Resolution Directive, the cross-reference made to section 3A in section 7A(1) was not updated to reflect that amendment. This provision updates that cross-reference in section 7A(1). This restores the obligation for the Bank of England to consult other regulators (and have regard to specific impacts) in relation to the amended parts of section 3A.
	Section 83ZD of the Banking Act 2009 allows the Bank of England to appoint persons to conduct an investigation where there are circumstances suggesting that a person may have failed to comply with any requirement imposed by the Bank of England under Part 1 of the Banking Act. An exception to this is where the requirement is imposed by the Bank in relation to regulatory sanctions. This provision corrects the cross-reference to the provision related to regulatory sanctions.
	Section 89H of the Banking Act 2009 provides for the recognition by the Bank of England of resolution actions undertaken in a country or territory outside the United Kingdom. This provision provides for the removal of certain words used in subsection (7) which have no legal effect and may reduce clarity of the recognition process.
	Part 5 of the Banking Act 2009 provides the Bank of England with regulatory powers over payment systems that may pose financial stability risks to the UK. For those powers to be engaged, the payment system must be recognised by HM Treasury as suitable for such regulation, under section 182 of that Act.
	Section 244 of the Banking Act 2009 provides that the Bank, its directors, officers, employees and agents are immune from liability in damages for anything done or not done in the exercise of its functions, as described in that section.