Schedule 9: Wholesale cash distribution Part 1 – New Part 5A of the Banking Act 2009 Regulation Section 206L: Code of Practice
This section gives the Bank the power to publish codes of practice about the performance by recognised persons of relevant functions in relation to wholesale cash distribution activities (see subsection (1)). Codes of practice are intended to set out binding requirements, whereas principles (made under section 206K) are intended to provide high-level over-arching guidance.
	Codes of general application may be published. Alternatively, subsection (2) provides that different codes of practice may be published in relation to different wholesale cash distribution activities; different relevant functions; and persons recognised as having market significance only and persons recognised as also having systemic significance.
	Subsection (3) provides that before publishing a code of practice, the Bank must consult such persons as appear to the Bank to be representative of persons likely to be affected by the code.