PART 2Bank of England
Rules3
1
The Bank of England may, subject to the provisions of these Regulations, make rules about any aspect of the treatment, holding or issuing of banknotes by authorised banks.
2
3
The Bank of England must consult an authorised bank which is or may be affected by—
a
a proposed rule; or
b
the proposed amendment or revocation of a rule.
4
Rules (including any rule amending or revoking a rule) may only be made with the approval of the Treasury.
5
Rules must be published by the Bank of England.
Bank of England approval4
1
Where these Regulations confer a power of approval on the Bank of England, the Bank of England may grant approval subject to conditions.
2
The Bank of England may amend or revoke a condition to which an approval is subject.
3
The Bank of England must consult an authorised bank which is or may be affected by—
a
a proposed condition to which an approval may be subject;
b
the proposed withdrawal of an approval; or
c
the proposed amendment or revocation of a condition to which an approval is subject.
4
An authorised bank must comply with any conditions to which an approval is subject.