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Change 1
As published
62A Independent valuer: sections 6E and 48X
(1) The Bank of England must make arrangements for the appointment of a person to act as independent valuer for the purposes of a valuation to be conducted under section 6E or 48X.
(1A) The Bank may require the bank to which the valuation relates to reimburse the Bank for costs it incurs in relation to the independent valuer (including remuneration and allowances paid to the valuer and the valuer's staff).
(2) A person may not be appointed as independent valuer under subsection (1) unless that person—
(a) qualifies as “independent” in accordance with regulatory technical standards ..., or
(b) if no such regulatory technical standards exist, satisfies the independence requirement set out in section 1151 of the Companies Act 2006.
(2A) In subsection (2) “regulatory technical standards” means—
(a) any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are assimilated law, or
(b) technical standards made under subsection (2B).
(2B) The Bank of England may make technical standards specifying the circumstances in which for the purposes of this section a person is to be considered independent from the Bank of England and the bank to which the valuation relates.
(3) An independent valuer is to hold and vacate office in accordance with the terms of his or her appointment.
(4) An independent valuer may be removed from office only on the grounds of incapacity or serious misconduct.
(5) In the event of the death of an independent valuer, or an independent valuer being removed from office or resigning, a new independent valuer must be appointed by the Bank in accordance with this section.
(6) Section 55(1) to (5) and (7) to (10) ... apply in relation to an independent valuer appointed in accordance with this section as they apply to an independent valuer appointed by virtue of section 54.
Your change, as a redline
62A Independent valuer: sections 6E and 48X
(1) The Bank of England must make arrangements for the appointment of a person to act as independent valuer for the purposes of a valuation to be conducted under section 6E or 48X.
(1A) The Bank may require the bank to which the valuation relates to reimburse the Bank for costs it incurs in relation to the independent valuer (including remuneration and allowances paid to the valuer and the valuer's staff).
(2) A person may not be appointed as independent valuer under subsection (1) unless that person—
(a) qualifies as “independent” in accordance with regulatory technical standards ..., or
(b) if no such regulatory technical standards exist, satisfies the independence requirement set out in section 1151 of the Companies Act 2006.
(2A) In subsection (2) “regulatory technical standards” means—
(a) any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are assimilated law, or
(b) technical standards made under subsection (2B).
(2B) The Bank of England may make technical standards specifying the circumstances in which for the purposes of this section a person is to be considered independent from the Bank of England and the bank to which the valuation relates.
(3) An independent valuer is to hold and vacate office in accordance with the terms of his or her appointment.
(4) An independent valuer may be removed from office only on the grounds of incapacity or serious misconduct.
(5) In the event of the death of an independent valuer, or an independent valuer being removed from office or resigning, a new independent valuer must be appointed by the Bank in accordance with this section.
(6) Section 55(1) to (5) and (7) to (10) ... apply in relation to an independent valuer appointed in accordance with this section as they apply to an independent valuer appointed by virtue of section 54.
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