Financial Services and Markets Act 2023

April 10, 2024

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<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-1"><num>PART 1</num><heading>Regulatory framework</heading><chapter eId="part-1-chapter-1"><num>CHAPTE

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-1-chapter-1"><num>CHAPTER 1</num><heading>Revocation of <ins class="substitution first last" ukl:C

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-1"><num>1</num><heading>Revocation of <ins class="substitution first last" ukl:ChangeId="key-fa

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-1"><num>(1)</num><content>The legislation referred to in Schedule 1 is revoked.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-1-2"><num>(2)</num><intro>In that Schedule—</intro><level class="para1" eId="section-1

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-1-2-a"><num>(a)</num><content>Part 1 refers to <ins class="substitution first las

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-b"><num>(b)</num><content>Part 2 refers to subordinate legislation;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-c"><num>(c)</num><content>Part 3 refers to EU tertiary legislation and subordinate legislation made under an instrument referred to in Part 2;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-d"><num>(d)</num><content>Part 4 refers to primary legislation;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-e"><num>(e)</num><content>Part 5 refers to other EU-derived legislation not covered by Parts 1 to 3.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-1-3"><num><noteRef href="#key-ea154ad41eb84682dc6823deb0c2a569" uk:name="commentary" ukl:Name

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-3-a"><num>(a)</num><content>continue to be recognised and available in domestic law by virtue of section 4 of the European Union (Withdrawal) Act 2018, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-3-b"><num>(b)</num><content>are derived from any provision of legislation referred to in Schedule 1,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-4"><num>(4)</num><content>The revocation of any legislation in accordance with this section does not affect the continued effect of any amendments to other legislation made by that revoked legislation (as those am

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-5"><num>(5)</num><content>The Treasury may by regulations provide for specified subordinate legislation, or for subordinate legislation of a specified description, otherwise falling within Part 5 of Schedule 1, no

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-6"><num>(6)</num><content>Regulations under subsection (5) are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2"><num>2</num><heading>Transitional amendments</heading><subsection eId="section-2-1"><num>(1)</num><content>Schedule 2 amends particular legislation referred to in Schedule 1 in relation to the transitional period.</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-1"><num>(1)</num><content>Schedule 2 amends particular legislation referred to in Schedule 1 in relation to the transitional period.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-2"><num>(2)</num><content>In this Chapter “<term refersTo="#term-the-transitional-period" eId="term-the-transitional-period">the transitional period</term>”, in relation to any legislation, means the period ending

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-3"><num>(3)</num><content>The amendments in Schedule 2 do not restrict the power in section 3 to modify legislation as amended by that Schedule.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3"><num>3</num><heading>Power to make further transitional amendments</heading><subsection eId="section-3-1"><num>(1)</num><content>The Treasury may by regulations modify legislation referred to in Schedule 1 in relati

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-1"><num>(1)</num><content>The Treasury may by regulations modify legislation referred to in Schedule 1 in relation to the transitional period.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-2"><num>(2)</num><intro>The power under subsection (1) is exercisable only by making such modifications as the Treasury consider necessary or desirable for or in connection with one or more of the following purpos

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-a"><num>(a)</num><content>protecting and enhancing the integrity or stability of the financial system operating in the United Kingdom;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-b"><num>(b)</num><content>promoting the safety and soundness of persons providing financial services;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-c"><num>(c)</num><content>promoting effectiveness in the functioning of financial markets;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-d"><num>(d)</num><content>promoting effective competition in the interests of consumers in financial services and markets or persons who use, or are likely to use, services provided by payment systems i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-e"><num>(e)</num><content>facilitating the international competitiveness of the economy of the United Kingdom and its growth in the medium to long term;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-f"><num>(f)</num><content>protecting consumers and those who are, or may become, insurance policyholders;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-g"><num>(g)</num><content>providing for efficient and effective arrangements in relation to the exercise of functions under the Banking Act 2009 or Part 4 of this Act;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-h"><num>(h)</num><content>protecting public funds;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-i"><num>(i)</num><content>implementing, or making changes to reflect, developments in international standards and practices relating to, or applied for the purposes of, the provision of financial servic

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-j"><num>(j)</num><content>providing for efficient and effective regulatory, enforcement, investigatory and supervisory arrangements in relation to the provision of financial services or the operation of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-k"><num>(k)</num><content>removing provisions that are yet to be commenced or changing the timing of their commencement.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-3"><num>(3)</num><intro>In subsection (2)—</intro><level class="para1" eId="section-3-3-a"><num>(a)</num><content>the integrity of the financial system operating in the United Kingdom includes the matters l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-3-a"><num>(a)</num><content>the integrity of the financial system operating in the United Kingdom includes the matters listed in section 1D(2) of FSMA 2000;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-3-b"><num>(b)</num><content>references to financial markets include references to financial exchanges;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-3-c"><num>(c)</num><content>“<term refersTo="#term-consumer" eId="term-consumer">consumer</term>” has the meaning given by section 1G(1) of FSMA 2000;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-3-d"><num>(d)</num><content>“<term refersTo="#term-payment-system" eId="term-payment-system">payment system</term>” has the same meaning as in Part 5 of the Financial Services (Banking Reform) Act 2013 (s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-3-e"><num>(e)</num><content>the reference to regulatory arrangements includes (among other things) a reference to arrangements for the making of rules.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-4"><num>(4)</num><intro>In modifying legislation for or in connection with a purpose mentioned in subsection (2) regulations under this section may—</intro><level class="para1" eId="section-3-4-a"><num>(a)</nu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-4-a"><num>(a)</num><content>confer powers on the Treasury or on a regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-4-b"><num>(b)</num><content>authorise the making of subordinate legislation by the Treasury;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-4-c"><num>(c)</num><content>authorise the making of rules or other instruments by a regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-4-d"><num>(d)</num><content>provide for fees to be charged by a regulator in connection with the carrying out of its functions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-4-e"><num>(e)</num><content>apply (with or without modifications), or make equivalent or similar provision to, provisions made by or under FSMA 2000 (including criminal offences created by that Act).<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-5"><num>(5)</num><content>The power under section 84(2)(c) to make supplementary, incidental, consequential, transitional, transitory or saving provision includes, in relation to regulations under this section, po

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-6"><num>(6)</num><content>Before making regulations under this section the Treasury must consult the regulators.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-7"><num>(7)</num><content>The duty under subsection (6), so far as relating to the Bank of England or the Payment Systems Regulator, applies only if, and to the extent that, the Treasury think it appropriate to co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-8"><num>(8)</num><intro>The power under subsection (1) to modify legislation does not include power to modify—</intro><level class="para1" eId="section-3-8-a"><num>(a)</num><content>primary legislation refe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-8-a"><num>(a)</num><content>primary legislation referred to in Part 4 of Schedule 1;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-8-b"><num>(b)</num><content>technical standards of the kind mentioned in section 138P(2)(a) of FSMA 2000;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-8-c"><num>(c)</num><content>EU tertiary legislation of the kind mentioned in section 138P(2)(b) of FSMA 2000.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-9"><num>(9)</num><intro>Regulations under this section that modify only the following kinds of legislation referred to in Schedule 1 are subject to the negative procedure—</intro><level class="para1" eId="sect

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-9-a"><num>(a)</num><content>EU tertiary legislation;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-9-b"><num>(b)</num><content>subordinate legislation that was not subject to affirmative resolution on being made.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-10"><num>(10)</num><content>Regulations under this section to which subsection (9) does not apply are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-4"><num>4</num><heading>Power to restate and modify saved legislation</heading><subsection eId="

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-1"><num>(1)</num><intro>The power under section 86(5) to make saving provision in connection with the revocation of any legislation referred to in Schedule 1 includes power to restate that legislation (as it has e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-1-a"><num>(a)</num><content>by amending primary legislation or subordinate legislation, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-1-b"><num>(b)</num><content>by making new subordinate legislation.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-2"><num>(2)</num><intro>Regulations made by virtue of subsection (1) may make such modifications of the legislation being restated as the Treasury consider necessary or desirable for or in connection with—</in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-a"><num>(a)</num><content>the purpose of making the law clearer or more accessible, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-b"><num>(b)</num><content>any of the purposes mentioned in section 3(2).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-4-3"><num>(3)</num><content>Legislation restated by virtue of subsection (1) is not <ins

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-4"><num>(4)</num><content>Where legislation is restated by virtue of subsection (1), the Treasury may by regulations make such further modifications of that legislation as they consider necessary or desirable for

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-5"><num>(5)</num><content>Subsection (4) of section 3 applies to regulations made under, or by virtue of, this section as it applies to regulations made under that section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-6"><num>(6)</num><content>The power conferred by virtue of subsection (1) to restate legislation may be exercised in relation to the entirety of that legislation or in relation to such parts of it as the Treasury

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-7"><num>(7)</num><intro>The power conferred by virtue of subsection (1) to restate legislation does not include power to restate—</intro><level class="para1" eId="section-4-7-a"><num>(a)</num><content>techn

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-7-a"><num>(a)</num><content>technical standards of the kind mentioned in section 138P(2)(a) of FSMA 2000, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-7-b"><num>(b)</num><content>EU tertiary legislation of the kind mentioned in section 138P(2)(b) of FSMA 2000.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-8"><num>(8)</num><intro>Regulations made by virtue of this section that do not amend primary legislation and contain provision restating only the following kinds of legislation referred to in Schedule 1 are subjec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-8-a"><num>(a)</num><content>EU tertiary legislation;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-8-b"><num>(b)</num><content>subordinate legislation that was not subject to affirmative resolution on being made;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-8-c"><num>(c)</num><content>any other legislation, so far as restated without any modifications made for a purpose mentioned in section 3(2).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-9"><num>(9)</num><content>Regulations made by virtue of this section to which subsection (8) does not apply are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5"><num>5</num><heading>Power to replace references to EU directives</heading><subsection eId="section-5-1"><num>(1)</num><content>The Treasury may by regulations modify legislation for or in connection with the purpos

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-1"><num>(1)</num><content>The Treasury may by regulations modify legislation for or in connection with the purpose of replacing any reference (however expressed) to an EU directive referred to in Part 3 of Schedul

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-2"><num>(2)</num><intro>The power under subsection (1) is exercisable only if the Treasury consider it necessary or desirable to replace the reference for or in connection with—</intro><level class="para1" eId

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-2-a"><num>(a)</num><content>the purpose of making the law clearer or more accessible, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-2-b"><num>(b)</num><content>any of the purposes mentioned in section 3(2).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-3"><num>(3)</num><content>Regulations under this section are subject to the affirmative procedure if they amend primary legislation.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-4"><num>(4)</num><content>Regulations under this section to which subsection (3) does not apply are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-6"><num>6</num><heading>Restatement in rules: exemption from consultation requirements etc</head

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-1"><num>(1)</num><intro>A relevant requirement does not apply to the making of rules by a regulator if and to the extent that—</intro><level class="para1" eId="section-6-1-a"><num>(a)</num><content>the prop

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-1-a"><num>(a)</num><content>the proposed rules make excluded provision in relation to provisions of legislation referred to in Schedule 1, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-1-b"><num>(b)</num><content>those provisions of legislation are specified, or fall within a description of provisions specified, in relation to the making of rules by the regulator in regulations made by

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-6-2"><num>(2)</num><intro>A relevant requirement does not apply to the making of rules by

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-6-2-a"><num>(a)</num><content>the proposed rules make excluded changes to provisi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-6-2-b"><num>(b)</num><content> <ins class="substitution first last" ukl:ChangeId=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-6-3"><num>(3)</num><intro>A relevant requirement does not apply to the revocation of rules

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-6-3-a"><num>(a)</num><content>the rules being revoked make provision containing

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-3-b"><num>(b)</num><content>the rules are revoked without being replaced by other rules made by the regulator.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-4"><num>(4)</num><intro>For the purposes of subsection (1), rules make excluded provision in relation to provisions of legislation if, in the opinion of the regulator making the rules, the rules reproduce those pr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-4-a"><num>(a)</num><content>without any changes that are material, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-4-b"><num>(b)</num><content>with changes that are material but their effect is to reduce a regulatory burden without having any other effects that are material.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-5"><num>(5)</num><intro>For the purposes of subsection (2), rules make excluded changes to provision of existing rules if, in the opinion of the regulator making the rules—</intro><level class="para1" eId="sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-5-a"><num>(a)</num><content>the effect of the changes is to reduce a regulatory burden, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-5-b"><num>(b)</num><content>the changes have no other effects that are material.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-6"><num>(6)</num><intro>In this section references to a “regulatory burden” include (among other things) references to—</intro><level class="para1" eId="section-6-6-a"><num>(a)</num><content>a financial cos

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-6-a"><num>(a)</num><content>a financial cost;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-6-b"><num>(b)</num><content>an administrative inconvenience;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-6-c"><num>(c)</num><content>an obstacle to trade or innovation;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-6-d"><num>(d)</num><content>an obstacle to efficiency, productivity or profitability.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-7"><num>(7)</num><content>Where a relevant requirement does not apply to the making or revocation of rules by virtue of subsection (1), (2) or (3), the requirement also does not apply to any rules that contain inc

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-8"><num>(8)</num><intro>“<term refersTo="#term-relevant-requirement" eId="term-relevant-requirement">Relevant requirement</term>” means—</intro><level class="para1" eId="section-6-8-a"><num>(a)</num><intro>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-8-a"><num>(a)</num><intro>in relation to rules made by the FCA, the requirements imposed by—</intro><level class="para2" eId="section-6-8-a-i"><num>(i)</num><content>section 138I of FSMA 2000, exce

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-8-a-i"><num>(i)</num><content>section 138I of FSMA 2000, except for subsection (1)(a), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-8-a-ii"><num>(ii)</num><content>section 138K of FSMA 2000;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-8-b"><num>(b)</num><intro>in relation to rules made by the PRA, the requirements imposed by—</intro><level class="para2" eId="section-6-8-b-i"><num>(i)</num><content>section 138J of FSMA 2000, exce

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-8-b-i"><num>(i)</num><content>section 138J of FSMA 2000, except for subsection (1)(a), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-8-b-ii"><num>(ii)</num><content>section 138K of FSMA 2000;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-8-c"><num>(c)</num><content>in relation to rules made by the Bank of England, the requirements imposed by paragraph 10(1)(i) of Schedule 17A to FSMA 2000;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-8-d"><num>(d)</num><content>in relation to rules made by the Payment Systems Regulator, the requirements imposed by section 104 of the Financial Services (Banking Reform) Act 2013, except for subsection (

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-6-9"><num>(9)</num><intro>Where a regulator makes or revokes rules without complying with

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-9-a"><num>(a)</num><content>in a case falling within subsection (1), list the provisions of legislation that have been restated by the rules;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-6-9-b"><num>(b)</num><content>in a case falling within subsection (2), specify or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-6-9-c"><num>(c)</num><content>in a case falling within subsection (3), specify or

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-10"><num>(10)</num><intro>Where the statement relates to the making of rules that include provision of a kind mentioned in subsection (4)(b) or (5)(a) and (b), the statement must—</intro><level class="para1" e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-10-a"><num>(a)</num><content>if made by the FCA, include an explanation of the FCA’s reasons for believing that making the proposed rules is compatible with its duties under section 1B(1), (4A) and (5)(a)

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-10-b"><num>(b)</num><intro>if made by the PRA, include an explanation of the PRA’s reasons for believing that making the proposed rules is compatible with its duties under—</intro><level class="para2"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-10-b-i"><num>(i)</num><content>section 2B(1) or, as the case requires, section 2C(1) or 2D(3) of FSMA 2000, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-10-b-ii"><num>(ii)</num><content>section 2H of FSMA 2000;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-10-c"><num>(c)</num><intro>if made by the Bank of England, include an explanation of the Bank’s reasons for believing that making the proposed rules is compatible with—</intro><level class="para2" eId

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-10-c-i"><num>(i)</num><content>the Bank’s financial stability objective under section 2A of the Bank of England Act 1998, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-10-c-ii"><num>(ii)</num><content>the Bank’s duties under section 30D(1)(a) of that Act;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-10-d"><num>(d)</num><content>if made by the Payment Systems Regulator, include an explanation of the Regulator’s reasons for believing that making the proposed rules is compatible with its duties under se

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-11"><num>(11)</num><content>The statement must be published in the way appearing to the regulator to be best calculated to bring the statement to the attention of the public.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-12"><num>(12)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-13"><num>(13)</num><intro>In this section “rules”—</intro><level class="para1" eId="section-6-13-a"><num>(a)</num><intro>in relation to the Payment Systems Regulator, means—</intro><level class="para2"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-13-a"><num>(a)</num><intro>in relation to the Payment Systems Regulator, means—</intro><level class="para2" eId="section-6-13-a-i"><num>(i)</num><content>generally applicable requirements within th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-13-a-i"><num>(i)</num><content>generally applicable requirements within the meaning of Part 5 of the Financial Services (Banking Reform) Act 2013 (as amended by Schedule 7 to this Act), or</content></

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-13-a-ii"><num>(ii)</num><content>directions of general application imposed under any other enactment;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-13-b"><num>(b)</num><content>in relation to any other regulator, means rules made by that regulator under FSMA 2000 or any other enactment.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-7"><num>7</num><heading>Interpretation of Chapter</heading><subsection eId="section-7-1"><num>(1

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-7-1"><num>(1)</num><intro>In this Chapter—</intro><hcontainer name="definition"><conte

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" eId="schedule-12-

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-14-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-14-paragraph-2-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-14-paragraph-7" class="schProv1"><num>7</num><subparagraph eId="schedule-14-paragraph-7-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-14-paragraph-10" class="schProv1"><num>10</num><intro>In section 12 (power to hold land fo

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-14-paragraph-10-a"><num>(a)</num><content>the words from “making loans” to the end become paragraph (a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-14-paragraph-10-b"><num>(b)</num><content><mod>at the end of that paragraph inse

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-14-paragraph-3" class="schProv1"><num>3</num><content><mod>After section 1 insert—<quotedS

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-14-paragraph-11" class="schProv1"><num>11</num><content>In section 23A (power to make provision corresponding to provision applying to building societies), omit subsection (5).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-14-paragraph-4" class="schProv1"><num>4</num><intro>In section 2 (supplementary and transitional provisions as to registration), in subsection (3)—</intro><level class="para1" eId="schedule-14-paragraph-4-a"><nu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-14-paragraph-4-a"><num>(a)</num><content><mod>for “those” substitute <quotedText>“the mandatory objects”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-14-paragraph-4-b"><num>(b)</num><content><mod>after “section 1(3) above” insert <quotedText>“(whether or not the society also has the optional object specified in section 1<ref href="#d25e55251">(3ZZA)</re

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-14-paragraph-12" class="schProv1"><num>12</num><content><mod>In section 29 (orders and regulations), in subsection (2) for “section” substitute <quotedText>“sections <ref href="#d25e55329">1ZB</ref><ref href="#d25e5

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-14-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-14-paragraph-13-1"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-14-paragraph-14" class="schProv1"><num>14</num><content><mod>In Schedule 1 (matters to be provided for in rules of credit union), in paragraph 9, after “members”, in both places, insert <quotedText>“or other credit

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>exercises executive functions within that CCP, and</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-11-paragraph-2-1"><num>(1)</num><content>The Bank may give directions to a CCP to take measures which the Bank considers are required to addre

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-7" class="schProv1"><num>7</num><subparagraph eId="schedule-11-paragraph-7-1"><num>(1)</num><intro>The condition in this sub-paragraph is met if—</intro><level class="para1" eId="schedule-11-paragra

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-10" class="schProv1"><num>10</num><subparagraph eId="schedule-11-paragraph-10-1"><num>(1)</num><intro>A CCP which is aggrieved by one of the following may refer the matter to the Tribunal—</intro><l

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-11-paragraph-13-1"><num>(1)</num><content>The Bank may by direction restrict or prohibit for a specified period discretionary payments to sp

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-16" class="schProv1"><num>16</num><subparagraph eId="schedule-11-paragraph-16-1"><num>(1)</num><content>The Treasury must issue a code of practice about the use of the stabilisation powers.</content

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-19" class="schProv1"><num>19</num><subparagraph eId="schedule-11-paragraph-19-1"><num>(1)</num><content>In a financial assistance case, the Bank may exercise a stabilisation power in respect of the CCP

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-22" class="schProv1"><num>22</num><subparagraph eId="schedule-11-paragraph-22-1"><num>(1)</num><content>Before the Bank exercises a stabilisation power in respect of a CCP, it must ensure that the asset

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-25" class="schProv1"><num>25</num><subparagraph eId="schedule-11-paragraph-25-1"><num>(1)</num><content>An independent valuer may do anything necessary or desirable for the purposes of or in connection

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-28" class="schProv1"><num>28</num><subparagraph eId="schedule-11-paragraph-28-1"><num>(1)</num><intro>Subject to sub-paragraph <ref href="#schedule-11-paragraph-28-4">(4)</ref> and <ref href="#schedule-

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-31" class="schProv1"><num>31</num><subparagraph eId="schedule-11-paragraph-31-1"><num>(1)</num><content>The fourth stabilisation option is to make one or more tear-up instruments for the purpose of ensu

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-34" class="schProv1"><num>34</num><subparagraph eId="schedule-11-paragraph-34-1"><num>(1)</num><content>The seventh stabilisation option is for the Bank to make one or more write-down instruments.</

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-37" class="schProv1"><num>37</num><subparagraph eId="schedule-11-paragraph-37-1"><num>(1)</num><content>The Treasury may, for the purpose of ensuring that the treatment of any claims in respect of a CCP

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-40" class="schProv1"><num>40</num><subparagraph eId="schedule-11-paragraph-40-1"><num>(1)</num><content>In this Schedule “<term refersTo="#term-securities" eId="term-securities">securities</term>” inclu

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-43" class="schProv1"><num>43</num><subparagraph eId="schedule-11-paragraph-43-1"><num>(1)</num><content>A share transfer instrument may provide for a transferee to be treated for any purpose connected w

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-46" class="schProv1"><num>46</num><subparagraph eId="schedule-11-paragraph-46-1"><num>(1)</num><content>A share transfer instrument may permit or require the execution, issue or delivery of an instrumen

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-49" class="schProv1"><num>49</num><subparagraph eId="schedule-11-paragraph-49-1"><num>(1)</num><content>This paragraph applies where the Bank has made a share transfer instrument, in respect of securiti

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-52" class="schProv1"><num>52</num><subparagraph eId="schedule-11-paragraph-52-1"><num>(1)</num><content>This paragraph applies where the Bank has made a property transfer instrument or share transfer in

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-55" class="schProv1"><num>55</num><subparagraph eId="schedule-11-paragraph-55-1"><num>(1)</num><content>In this paragraph “<term refersTo="#term-transfer" eId="term-transfer">transfer</term>” means a tr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-58" class="schProv1"><num>58</num><subparagraph eId="schedule-11-paragraph-58-1"><num>(1)</num><intro>A property transfer instrument may enable the Bank—</intro><level class="para1" eId="schedule-11

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-61" class="schProv1"><num>61</num><subparagraph eId="schedule-11-paragraph-61-1"><num>(1)</num><content>A licence in respect of anything transferred by a property transfer instrument continues to have e

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-64" class="schProv1"><num>64</num><subparagraph eId="schedule-11-paragraph-64-1"><num>(1)</num><intro>As soon as is reasonably practicable after making a property transfer instrument in respect of a CCP

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-67" class="schProv1"><num>67</num><subparagraph eId="schedule-11-paragraph-67-1"><num>(1)</num><content>This paragraph applies where the Bank has made a property transfer instrument in accordance with p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-70" class="schProv1"><num>70</num><subparagraph eId="schedule-11-paragraph-70-1"><num>(1)</num><content>This paragraph applies where the Bank has made a property transfer instrument in accordance with p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-73" class="schProv1"><num>73</num><subparagraph eId="schedule-11-paragraph-73-1"><num>(1)</num><content>This paragraph applies where the Bank has made a share transfer instrument in accordance with para

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-76" class="schProv1"><num>76</num><subparagraph eId="schedule-11-paragraph-76-1"><num>(1)</num><intro>In this paragraph—</intro><level class="para1" eId="schedule-11-paragraph-76-1-a"><num>(a)</num>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-79" class="schProv1"><num>79</num><subparagraph eId="schedule-11-paragraph-79-1"><num>(1)</num><intro>In this Schedule “<term refersTo="#term-resolution-instrument" eId="term-resolution-instrument">reso

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-82" class="schProv1"><num>82</num><subparagraph eId="schedule-11-paragraph-82-1"><num>(1)</num><content>This paragraph applies where the Bank has made a resolution instrument (“the original instrument”)

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-85" class="schProv1"><num>85</num><subparagraph eId="schedule-11-paragraph-85-1"><num>(1)</num><content>The Treasury may by regulations make provision for and in connection with the suspension or waiver

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-88" class="schProv1"><num>88</num><subparagraph eId="schedule-11-paragraph-88-1"><num>(1)</num><content>This paragraph applies where the Bank has applied one or more of the stabilisation options in resp

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-91" class="schProv1"><num>91</num><subparagraph eId="schedule-11-paragraph-91-1"><num>(1)</num><intro>In this paragraph—</intro><level class="para1" eId="schedule-11-paragraph-91-1-a"><num>(a)</num>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-94" class="schProv1"><num>94</num><subparagraph eId="schedule-11-paragraph-94-1"><num>(1)</num><intro>In this paragraph “<term refersTo="#term-onward-transfer" eId="term-onward-transfer">onward transfer

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-97" class="schProv1"><num>97</num><subparagraph eId="schedule-11-paragraph-97-1"><num>(1)</num><content>Where the Bank is exercising a stabilisation power in respect of a CCP (a “CCP under resolution”)

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-100" class="schProv1"><num>100</num><intro>For the purposes of paragraphs <ref href="#schedule-11-paragraph-97">97</ref> to <ref href="#schedule-11-paragraph-99">99</ref>—</intro><hcontainer name="d

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><intro>“<term refersTo="#term-excluded-person" eId="term-excluded-person">excluded person</term>” means—</intro><level class="para1"><num>(a)</num><content>a person who has been declared to be, or who is

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-103" class="schProv1"><num>103</num><subparagraph eId="schedule-11-paragraph-103-1"><num>(1)</num><intro>This paragraph applies to—</intro><level class="para1" eId="schedule-11-paragraph-103-1-a"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-106" class="schProv1"><num>106</num><subparagraph eId="schedule-11-paragraph-106-1"><num>(1)</num><intro>This paragraph applies where—</intro><level class="para1" eId="schedule-11-paragraph-106-1-a"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-109" class="schProv1"><num>109</num><subparagraph eId="schedule-11-paragraph-109-1"><num>(1)</num><content>The Bank may not exercise a stabilisation power in respect of a CCP if the Treasury notify the

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-112" class="schProv1"><num>112</num><subparagraph eId="schedule-11-paragraph-112-1"><num>(1)</num><content>This paragraph applies where the Bank has transferred all or part of a CCP’s business to a brid

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-115" class="schProv1"><num>115</num><subparagraph eId="schedule-11-paragraph-115-1"><num>(1)</num><content>This paragraph applies where the Bank makes one or more resolution instruments in respect of a

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-118" class="schProv1"><num>118</num><subparagraph eId="schedule-11-paragraph-118-1"><num>(1)</num><content>In paragraph <ref href="#schedule-11-paragraph-117">117</ref> references to CCPs includes refer

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-159" class="schProv1"><num>159</num><intro>In section 7D of the Bank of Engla

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-11-paragraph-159-a"><num>(a)</num><content><mod>in the definition of “resolution

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-11-paragraph-159-b"><num>(b)</num><content><mod>for the definition of “stabilisa

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-162" class="schProv1"><num>162</num><subparagraph eId="schedule-11-paragraph-162-1"><num>(1)</num><content>The Banking Act 2009 is amended as follows.</content></subparagraph><subparagraph eId="sche

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-165" class="schProv1"><num>165</num><subparagraph eId="schedule-11-paragraph-165-1"><num>(1)</num><content>The Treasury may by regulations provide for a relevant enactment to apply for the purposes of t

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-legislation" eId="term-legislation">legislation</term>” means primary legislation, retained direct EU legislation or subordinate legislation;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-eu-directive" eId="term-eu-directive">EU directive</term>” means a directive within the meaning of Article 288 of the Treaty on the Functioning of the European Union;</conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(c)</num><content>an Act or Measure of Senedd Cymru, or</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-1" class="schProv1"><num>1</num><subparagraph eId="schedule-11-paragraph-1-1"><num>(1)</num><content>The purpose of the special resolution regime for CCPs (see Part 5 of this Schedule) is to address the

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-119" class="schProv1"><num>119</num><subparagraph eId="schedule-11-paragraph-119-1"><num>(1)</num><content>This paragraph applies only to information and documents reasonably required in connection with

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-122" class="schProv1"><num>122</num><subparagraph eId="schedule-11-paragraph-122-1"><num>(1)</num><content>This paragraph applies if it appears to the Bank that there are circumstances suggesting that a

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-125" class="schProv1"><num>125</num><subparagraph eId="schedule-11-paragraph-125-1"><num>(1)</num><content>This paragraph applies to an investigator appointed under paragraph <ref href="#schedule-11-par

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-128" class="schProv1"><num>128</num><subparagraph eId="schedule-11-paragraph-128-1"><num>(1)</num><content>If the Bank has power under this Schedule to require a person to produce a document but if it a

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-131" class="schProv1"><num>131</num><subparagraph eId="schedule-11-paragraph-131-1"><num>(1)</num><content>Any document of which possession is taken under paragraph <ref href="#schedule-11-paragraph-130

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-134" class="schProv1"><num>134</num><subparagraph eId="schedule-11-paragraph-134-1"><num>(1)</num><intro>If an offence under paragraph <ref href="#schedule-11-paragraph-132">132</ref> committed by a bod

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-137" class="schProv1"><num>137</num><intro>When determining the type of sanction, and level of any penalty, to be imposed on a person under paragraph <ref href="#schedule-11-paragraph-136">136</ref>, th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-137-a"><num>(a)</num><content>the gravity and the duration of the failure,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-137-b"><num>(b)</num><content>the degree of responsibility of the person,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-137-c"><num>(c)</num><content>the financial strength of the person,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-137-d"><num>(d)</num><content>the amount of profits gained or losses avoided by the person,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-137-e"><num>(e)</num><content>the losses for third parties caused by the failure,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-137-f"><num>(f)</num><content>the level of co-operation of the person with the Bank,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-137-g"><num>(g)</num><content>previous failures by the person, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-137-h"><num>(h)</num><content>any potential systemic consequences of the failure.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-140" class="schProv1"><num>140</num><subparagraph eId="schedule-11-paragraph-140

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-143" class="schProv1"><num>143</num><subparagraph eId="schedule-11-paragraph-143-1"><num>(1)</num><intro>In the case of a warning notice under paragraph <ref href="#schedule-11-paragraph-138">138</ref>—

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-146" class="schProv1"><num>146</num><subparagraph eId="schedule-11-paragraph-146

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-149" class="schProv1"><num>149</num><subparagraph eId="schedule-11-paragraph-149

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-152" class="schProv1"><num>152</num><subparagraph eId="schedule-11-paragraph-152-1"><num>(1)</num><content>In this Schedule “<term refersTo="#term-financial-assistance" eId="term-financial-assistance">f

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-155" class="schProv1"><num>155</num><subparagraph eId="schedule-11-paragraph-155-1"><num>(1)</num><content>In this Schedule “<term refersTo="#term-recognised-central-counterparty" eId="term-recognised-c

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-158" class="schProv1"><num>158</num><subparagraph eId="schedule-11-paragraph-158-1"><num>(1)</num><content>Where the Treasury propose to make a loan to or in respect of a CCP, they may arrange for money

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-uk-financial-system" eId="term-uk-financial-system">UK financial system</term>” has the meaning given by section 1I of FSMA 2000;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“known close associate”.</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-7" class="schProv1"><num>7</num><content><mod>For Articles 8 to 11 substitute—

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-2-paragraph-13-1"><num>(1)</num><content>Article 23 (trading obligation for investment firms) is amended as follows.</content></subparagr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-34" class="schProv1"><num>34</num><content>The EU Securitisation Regulation 2017 is amended in accordance with paragraphs <ref href="#schedule-2-paragraph-35">35</ref> to <ref href="#schedule-2-paragraph

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(b)</num><content>the Bank of England, or</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-14" class="schProv1"><num>14</num><content>In Article 1(2E), omit “Article 23,”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-35" class="schProv1"><num>35</num><intro>In Article 4 (requirements for securitisation special purpose entities)—</intro><level class="para1" eId="schedule-2-paragraph-35-a"><num>(a)</num><content><p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-35-a"><num>(a)</num><content><mod>in the words before point (a), for “third country” substitute <quotedText>“country or territory outside the United Kingdom”</quotedText>;</mod></content></

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-35-b"><num>(b)</num><content><mod>in point (a), for “third country” substitute <quotedText>“country or territory”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-35-c"><num>(c)</num><content><mod>in point (b), for “third country”, in both places, substitute <quotedText>“country or territory”</quotedText>.</mod></content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-ccp" eId="term-ccp">CCP</term>” means a recognised central counterparty (see paragraph <ref href="#schedule-11-paragraph-155">155</ref>);</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-31" class="schProv1"><num>31</num><content><ref eId="c00336" href="http://www.legislation.gov.uk/european/regulation/2017/2402">Regulation (EU) 2017/2402</ref> of the European Parliament and of the Counc

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-11-paragraph-5-1"><num>(1)</num><intro>If the Bank is satisfied that the conditions in paragraph <ref href="#schedule-11-paragraph-7">7</ref>(

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-8" class="schProv1"><num>8</num><subparagraph eId="schedule-11-paragraph-8-1"><num>(1)</num><intro>Before appointing a person to act as a temporary manager, the Bank must be satisfied that the person—</

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-11" class="schProv1"><num>11</num><subparagraph eId="schedule-11-paragraph-11-1"><num>(1)</num><content>A requirement under paragraph <ref href="#schedule-11-paragraph-5">5</ref> or <ref href="#schedule

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-11-paragraph-14-1"><num>(1)</num><content>This paragraph applies where a direction has been given under paragraph <ref href="#schedule-11-pa

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-157" class="schProv1"><num>157</num><subparagraph eId="schedule-11-paragraph-157-1"><num>(1)</num><intro>There is to be paid out of money provided by Parliament expenditure incurred—</intro><level c

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-160" class="schProv1"><num>160</num><subparagraph eId="schedule-11-paragraph-160-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subparagraph><subparagraph eId="schedule-11-par

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-163" class="schProv1"><num>163</num><subparagraph eId="schedule-11-paragraph-163

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-8" class="schProv1"><num>8</num><content>FSMA 2000 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-14-paragraph-15" class="schProv1"><num>15</num><content>The amendments made by paragraphs <ref href="#schedule-14-paragraph-7-3">7(3)</ref> and <ref href="#schedule-14-paragraph-14">14</ref> do not apply in relation

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-12-paragraph-9-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-14-paragraph-16" class="schProv1"><num>16</num><content>The amendment made by paragraph <ref href="#schedule-14-paragraph-13-4-b">13(4)(b)</ref> does not apply in relation to a year of account of a credit union begi

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-10" class="schProv1"><num>10</num><content><mod>In section 429 (Parliamentary

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-11" class="schProv1"><num>11</num><content><mod>In Schedule 1ZB (the PRA), in paragraph 33(2) (exemption from liability in damages), for “and 284” insert <quotedText>“, 284 and <ref href="#d25e52156">37

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-36" class="schProv1"><num>36</num><subparagraph eId="schedule-2-paragraph-36-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-37" class="schProv1"><num>37</num><subparagraph eId="schedule-2-paragraph-37-1"><num>(1)</num><content>Article 46 (Treasury review) is amended as follows.</content></subparagraph><subparagraph eId="s

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-38" class="schProv1"><num>38</num><intro>In <ref eId="c00343" href="http://www

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-38-a"><num>(a)</num><content>the words from “a securitisation” to the end become paragraph (a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-38-b"><num>(b)</num><content><mod>at the end of that paragraph, inse

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-39" class="schProv1"><num>39</num><intro>In <ref eId="c00346" href="http://www

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-39-a"><num>(a)</num><content>the words from “a securitisation” to the end become paragraph (a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-39-b"><num>(b)</num><content><mod>at the end of that paragraph, inse

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-40" class="schProv1"><num>40</num><content><mod>In Article 11(1) of <ref eId="

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-41" class="schProv1"><num>41</num><content>The Securitisation Regulations 2018 (<ref eId="c00351" href="http://www.legislation.gov.uk/id/uksi/2018/1288">S.I. 2018/1288</ref>) are amended in accordance wi

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-42" class="schProv1"><num>42</num><content><mod>In regulation 2 (interpretation), in the definition of “SRUP”, in paragraph (c), for “third country” substitute <quotedText>“country or territory outside t

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-43" class="schProv1"><num>43</num><content><mod>In regulation 4 (designation of competent authorities), in paragraph (1)(b), for “third country” substitute <quotedText>“country or territory outside the U

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(d)</num><content>a central bank.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-45" class="schProv1"><num>45</num><content><mod>In Part 3 (position limits and

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-46" class="schProv1"><num>46</num><subparagraph eId="schedule-2-paragraph-46-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-47" class="schProv1"><num>47</num><subparagraph eId="schedule-2-paragraph-47-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-48" class="schProv1"><num>48</num><subparagraph eId="schedule-2-paragraph-48-1"><num>(1)</num><content>Regulation 28 (FCA power to intervene) is amended as follows.</content></subparagraph><subparagr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-49" class="schProv1"><num>49</num><intro>In regulation 29 (interpretation of P

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-49-a"><num>(a)</num><content><mod>before the definition of “position

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-49-b"><num>(b)</num><content><mod>after the definition of “position

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-2"><num>(2)</num><content>For the purposes of this Chapter, references to legislation do not include references to rules made by a regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-3"><num>(3)</num><content>For the purposes of this Chapter, subordinate legislation was subject to affirmative resolution on being made if it was made with approval given by a resolution of each House of Parliamen

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-4"><num>(4)</num><content>References in this Chapter to the revocation of legislation are, in relation to the legislation referred to in Part 4 of Schedule 1, to be read as references to its repeal.</content><

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-1-chapter-2"><num>CHAPTER 2</num><heading>New regulatory powers</heading><hcontainer name="crosshea

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-1-chapter-2-crossheading-designated-activities-regime"><he

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8"><num>8</num><heading>Designated activities</heading><subsection eId="section-8-1"><num>(1)</n

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8-2"><num>(2)</num><content><mod>After Part 5 insert—<quotedStructure startQuote="“

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-3"><num>(3)</num><content>The following amendments are related to the new Part 5A of FSMA 2000 inserted by subsection (2).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8-4"><num>(4)</num><content><mod>In section 3E (memorandum of understanding), in subsectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8-5"><num>(5)</num><intro>In section 3I (power of PRA to require the FCA to refrain from s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-5-a"><num>(a)</num><content>the words from “its powers in relation to the” to the end become sub-paragraph (i), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-8-5-b"><num>(b)</num><content><mod>after that sub-paragraph insert <quotedText st

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8-6"><num>(6)</num><content><mod>In section 138D (actions for damages), in subsection (5)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8-7"><num>(7)</num><content><mod>In section 417 (definitions), at the appropriate place in

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8-8"><num>(8)</num><intro>In section 429 (Parliamentary control of statutory instruments)—

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-8-8-a"><num>(a)</num><content><mod>in subsection (2B), after paragraph (a) insert

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-8-b"><num>(b)</num><content><mod>in subsection (8), in the list of sections beginning with “22B,”, insert at the appropriate place <quotedText>“, 71S”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-8-c"><num>(c)</num><content><mod>in subsection (9) (as inserted by the Financial Services Act 2021), for the words from “which” to the end substitute <quotedText>“which is subject to a procedure before Pa

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-9"><num>(9)</num><content>After Schedule 6A insert the Schedule 6B set out in Schedule 3 to this Act.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-9"><num>9</num><heading>Rules relating to central counterparties and central securities deposito

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-9-2"><num>(2)</num><content><mod>After section 300E (power to disallow excessive regulator

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-3"><num>(3)</num><content>In section 165 (regulators’ power to require information: authorised persons etc) omit subsection (8A).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-4"><num>(4)</num><content>In section 165A (PRA’s power to require information: financial stability) omit subsection (7A).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-5"><num>(5)</num><intro>In section 293 (notification requirements)—</intro><level class="para1" eId="section-9-5-a"><num>(a)</num><content><mod>in subsection (7A) at the end insert <quotedText>“and a third

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-5-a"><num>(a)</num><content><mod>in subsection (7A) at the end insert <quotedText>“and a third country central counterparty”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-5-b"><num>(b)</num><content><mod>in subsection (8) for “or an overseas clearing house” substitute <quotedText>“, an overseas clearing house or a third country central counterparty”</quotedText>.</mod>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-9-6"><num>(6)</num><content><mod>In section 417(1) (definitions), at the appropriate place

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-10"><num>10</num><heading>Central counterparties and central securities depositories: other requ

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-11"><num>11</num><heading>Rules relating to investment exchanges and data reporting service prov

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-11-2"><num>(2)</num><content><mod>After section 300G (section 300F: rules in relation to o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-11-3"><num>(3)</num><content><mod>In section 166A (appointment of skilled person to collec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-4"><num>(4)</num><content><mod>In section 168 (appointment of persons to carry out investigations in particular cases), in subsection (4)(ca), at the end insert <quotedText>“or a rule made by the FCA under sectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-11-5"><num>(5)</num><intro>In section 312E (public censure)—</intro><level class="para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-5-a"><num>(a)</num><intro>in subsection (1)—</intro><level class="para2" eId="section-11-5-a-i"><num>(i)</num><content><mod>after “recognised body” insert <quotedText>“or data reporting service pr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-5-a-i"><num>(i)</num><content><mod>after “recognised body” insert <quotedText>“or data reporting service provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-5-a-ii"><num>(ii)</num><content><mod>after “the body” insert <quotedText>“or provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-5-b"><num>(b)</num><content><mod>in subsection (2)(a) after “exchange” insert <quotedText>“or data reporting service provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-11-5-c"><num>(c)</num><content><mod>after subsection (3) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-6"><num>(6)</num><intro>In section 312F (financial penalties), in subsection (1)—</intro><level class="para1" eId="section-11-6-a"><num>(a)</num><content><mod>after “recognised body” insert <quotedText>“or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-6-a"><num>(a)</num><content><mod>after “recognised body” insert <quotedText>“or data reporting service provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-6-b"><num>(b)</num><content><mod>after “the body”, in both places, insert <quotedText>“or provider”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-7"><num>(7)</num><intro>In section 312G (proposal to take disciplinary measures), in subsection (1)—</intro><level class="para1" eId="section-11-7-a"><num>(a)</num><content><mod>in paragraph (a), after “re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-7-a"><num>(a)</num><content><mod>in paragraph (a), after “recognised body” insert <quotedText>“or data reporting service provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-7-b"><num>(b)</num><content><mod>in the words after paragraph (b), after “body” insert <quotedText>“, provider”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-8"><num>(8)</num><intro>In section 312H (decision notice)—</intro><level class="para1" eId="section-11-8-a"><num>(a)</num><intro>in subsection (1)—</intro><level class="para2" eId="section-11-8-a-i"><n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-8-a"><num>(a)</num><intro>in subsection (1)—</intro><level class="para2" eId="section-11-8-a-i"><num>(i)</num><content><mod>in paragraph (a), after “recognised body” insert <quotedText>“or data re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-8-a-i"><num>(i)</num><content><mod>in paragraph (a), after “recognised body” insert <quotedText>“or data reporting service provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-8-a-ii"><num>(ii)</num><content><mod>in the words after paragraph (b), after “body” insert <quotedText>“, provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-8-b"><num>(b)</num><intro>in subsection (4)—</intro><level class="para2" eId="section-11-8-b-i"><num>(i)</num><content><mod>in paragraph (a), after “recognised body” insert <quotedText>“or data re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-8-b-i"><num>(i)</num><content><mod>in paragraph (a), after “recognised body” insert <quotedText>“or data reporting service provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-11-8-b-ii"><num>(ii)</num><content><mod>in the words after paragraph (b), after “body” insert <quotedText>“, provider”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-9"><num>(9)</num><content><mod>In section 312I(a) (publication), after “recognised body” insert <quotedText>“, data reporting service provider”</quotedText>.</mod></content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-12"><num>12</num><heading>Treasury directions to Bank of England: restrictions</heading><subsect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-1"><num>(1)</num><content>Section 4 of the Bank of England Act 1946 (Treasury directions to the Bank) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-12-2"><num>(2)</num><content><mod>In subsection (1), after paragraph (b) insert—<quotedStr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-12-3"><num>(3)</num><content><mod>After subsection (1) insert—<quotedStructure startQuote=

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13"><num>13</num><heading>Testing of FMI technologies or practices</heading><subsection eId="section-13-1"><num>(1)</num><intro>The Treasury may by regulations make provision for the purposes of—</intro><level clas

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-1"><num>(1)</num><intro>The Treasury may by regulations make provision for the purposes of—</intro><level class="para1" eId="section-13-1-a"><num>(a)</num><content>testing, for a limited period, the effici

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-1-a"><num>(a)</num><content>testing, for a limited period, the efficiency or effectiveness of the carrying on of FMI activities in a particular way, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-1-b"><num>(b)</num><content>assessing whether or how relevant enactments should apply in relation to FMI activities carried on in that way.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-2"><num>(2)</num><intro>The reference in subsection (1)(a) to FMI activities being carried on in a particular way includes a reference to—</intro><level class="para1" eId="section-13-2-a"><num>(a)</num><conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-2-a"><num>(a)</num><content>the use of developing technology in the carrying on of FMI activities;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-2-b"><num>(b)</num><content>the adoption of new or different practices in the carrying on of FMI activities.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-3"><num>(3)</num><content>Provision made in regulations under subsection (1) is referred to in this group of sections as an FMI sandbox.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-4"><num>(4)</num><intro>An FMI sandbox must specify or otherwise provide for—</intro><level class="para1" eId="section-13-4-a"><num>(a)</num><content>the FMI activities to which the FMI sandbox arrangement

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-4-a"><num>(a)</num><content>the FMI activities to which the FMI sandbox arrangements relate;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-4-b"><num>(b)</num><intro>the description—</intro><level class="para2" eId="section-13-4-b-i"><num>(i)</num><content>of FMI entities eligible to participate in the FMI sandbox arrangements, and</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-4-b-i"><num>(i)</num><content>of FMI entities eligible to participate in the FMI sandbox arrangements, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-4-b-ii"><num>(ii)</num><content>of any other persons (including in particular the users of services provided by FMI entities) eligible to so participate;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-4-c"><num>(c)</num><content>the limited period for which the FMI sandbox arrangements apply.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-5"><num>(5)</num><content>An FMI sandbox may confer functions on the appropriate regulator in connection with the implementation and operation of the FMI sandbox arrangements.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-6"><num>(6)</num><intro>An FMI sandbox may—</intro><level class="para1" eId="section-13-6-a"><num>(a)</num><content>provide for a relevant enactment not to apply for the purposes of the FMI sandbox arrange

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-6-a"><num>(a)</num><content>provide for a relevant enactment not to apply for the purposes of the FMI sandbox arrangements;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-6-b"><num>(b)</num><content>provide for modifications in the application of a relevant enactment for those purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-6-c"><num>(c)</num><content>provide for the application of a relevant enactment (with or without modifications) for those purposes;</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-7"><num>(7)</num><content>In the case of a relevant enactment that is a rule or another instrument made by an appropriate regulator, provision under subsection (6) may provide for the powers under that subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-8"><num>(8)</num><content>Schedule 4 contains further examples of types of provision that an FMI sandbox may make.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-9"><num>(9)</num><intro>An FMI sandbox—</intro><level class="para1" eId="section-13-9-a"><num>(a)</num><content>may be replaced by another FMI sandbox of the same or similar effect;</content></level><l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-9-a"><num>(a)</num><content>may be replaced by another FMI sandbox of the same or similar effect;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-9-b"><num>(b)</num><content>may have effect at the same time as one or more other FMI sandboxes.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-10"><num>(10)</num><content>Regulations under this section are subject to the negative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-11"><num>(11)</num><intro>For the purposes of this group of sections—</intro><level class="para1" eId="section-13-11-a"><num>(a)</num><intro>“<term refersTo="#term-fmi-entity" eId="term-fmi-entity">FMI ent

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-11-a"><num>(a)</num><intro>“<term refersTo="#term-fmi-entity" eId="term-fmi-entity">FMI entity</term>” means—</intro><level class="para2" eId="section-13-11-a-i"><num>(i)</num><content>a recognise

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-11-a-i"><num>(i)</num><content>a recognised investment exchange that is not an overseas investment exchange;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-11-a-ii"><num>(ii)</num><content>a recognised CSD;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-11-a-iii"><num>(iii)</num><content>the operator of a multilateral trading facility;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-11-a-iv"><num>(iv)</num><content>the operator of an organised trading facility;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-13-11-a-v"><num>(v)</num><content>such other persons as may be specified in regulations under this section as eligible to participate in the FMI sandbox arrangements concerned;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-11-b"><num>(b)</num><content>“FMI activities” are any activities carried on as part of the business of an FMI entity;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-11-c"><num>(c)</num><content>“<term refersTo="#term-fmi-sandbox-arrangements" eId="term-fmi-sandbox-arrangements">FMI sandbox arrangements</term>” means any arrangements implemented as part of an FMI san

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14"><num>14</num><heading>Reports on FMI sandboxes</heading><subsection eId="section-14-1"><num>(1)</num><content>This section applies where the Treasury make regulations under section 13 implementing FMI sandbox arran

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-1"><num>(1)</num><content>This section applies where the Treasury make regulations under section 13 implementing FMI sandbox arrangements.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-2"><num>(2)</num><content>The Treasury must prepare and publish a report on the FMI sandbox arrangements.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-3"><num>(3)</num><content>The report must be prepared by a date no later than the date specified in the regulations.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-4"><num>(4)</num><intro>The report must contain—</intro><level class="para1" eId="section-14-4-a"><num>(a)</num><content>a description of the FMI sandbox arrangements;</content></level><level class="pa

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-4-a"><num>(a)</num><content>a description of the FMI sandbox arrangements;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-4-b"><num>(b)</num><content>an assessment of the efficiency or effectiveness of those arrangements;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-4-c"><num>(c)</num><content>whether, and if so how, the Treasury propose exercising the power under section 15 in relation to those arrangements.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-5"><num>(5)</num><content>The Treasury must consult the appropriate regulator in preparing the report.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-6"><num>(6)</num><content>The appropriate regulator must provide to the Treasury such information or other assistance as the Treasury may require for the purposes of preparing the report.</content></subsectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-7"><num>(7)</num><content>The Treasury must lay a copy of the report before Parliament.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15"><num>15</num><heading>Permanent implementation of arrangements tested under an FMI sandbox</heading><subsection eId="section-15-1"><num>(1)</num><content>This section applies where, after testing the efficiency or

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-1"><num>(1)</num><content>This section applies where, after testing the efficiency or effectiveness of FMI sandbox arrangements implemented under an FMI sandbox, the Treasury determine that arrangements of the sa

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-2"><num>(2)</num><intro>The Treasury may by regulations make provision implementing the FMI sandbox arrangements—</intro><level class="para1" eId="section-15-2-a"><num>(a)</num><content>as tested under the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-2-a"><num>(a)</num><content>as tested under the FMI sandbox, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-2-b"><num>(b)</num><content>with such variations as the Treasury consider appropriate.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-3"><num>(3)</num><content>Regulations under this section that implement FMI sandbox arrangements may be made before (as well as after) the expiry of the FMI sandbox concerned.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-4"><num>(4)</num><content>Regulations under this section may include provision that amends, repeals or revokes a relevant enactment.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-5"><num>(5)</num><content>Regulations under this section that amend, repeal or revoke any provision of primary legislation are subject to the affirmative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-6"><num>(6)</num><content>Regulations under this section to which subsection (5) does not apply are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16"><num>16</num><heading>Regulations</heading><subsection eId="section-16-1"><num>(1)</num><content>A power to make regulations under this group of sections includes power conferring a discretion on an appropriate reg

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-1"><num>(1)</num><content>A power to make regulations under this group of sections includes power conferring a discretion on an appropriate regulator, or another specified person, to do anything under, or for the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-2"><num>(2)</num><intro>Before making regulations under this group of sections the Treasury must consult—</intro><level class="para1" eId="section-16-2-a"><num>(a)</num><content>the appropriate regulators;

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-2-a"><num>(a)</num><content>the appropriate regulators;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-2-b"><num>(b)</num><content>such other persons as the Treasury consider appropriate.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-17"><num>17</num><heading>Interpretation</heading><subsection eId="section-17-1"><num>(1)</num><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-1"><num>(1)</num><content>This section applies for the purposes of this section and sections 13 to 16.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-2"><num>(2)</num><intro>The “<term refersTo="#term-appropriate-regulator" eId="term-appropriate-regulator">appropriate regulator</term>”, in relation to an FMI sandbox, means the regulator specified in that sandb

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-2-b"><num>(b)</num><content>the Bank of England.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-17-3"><num>(3)</num><intro>“<term refersTo="#term-relevant-enactment" eId="term-relevant-e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-3-b"><num>(b)</num><content>the Companies Act 2006;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-3-c"><num>(c)</num><content>the Financial Markets Insolvency (Settlement Finality) Regulations 1999 (<ref eId="c00003" href="http://www.legislation.gov.uk/id/uksi/1999/2979">S.I. 1999/2979</ref>);</c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-17-3-ba"><num><ins class="first" ukl:ChangeId="key-741437abb3f0cc4361e1da0c26c5eaa8-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-3-d"><num>(d)</num><content>the Uncertificated Securities Regulations 2001 (<ref eId="c00004" href="http://www.legislation.gov.uk/id/uksi/2001/3755">S.I. 2001/3755</ref>);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-3-e"><num>(e)</num><content>the Financial Collateral Arrangements (No. 2) Regulations 2003 (<ref eId="c00005" href="http://www.legislation.gov.uk/id/uksi/2003/3226">S.I. 2003/3226</ref>);</content></

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-3-f"><num>(f)</num><content><ref eId="c00006" href="http://www.legislation.gov.uk/european/regulation/2014/0596">Regulation (EU) No 596/2014</ref> of the European Parliament and of the Council of 16 Apri

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-3-g"><num>(g)</num><content><ref eId="c00007" href="http://www.legislation.gov.uk/european/regulation/2014/0600">Regulation (EU) No 600/2014</ref> of the European Parliament and of the Council of 15 May

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-17-3-ea"><num><ins class="first" ukl:ChangeId="key-a7ddc4cafb938ebba1ddeb6ce5a355b9-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-3-h"><num>(h)</num><content><ref eId="c00008" href="http://www.legislation.gov.uk/european/regulation/2014/0909">Regulation (EU) No 909/2014</ref> of the European Parliament and of the Council of 23 July

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-17-3-eb"><num><ins ukl:ChangeId="key-a7ddc4cafb938ebba1ddeb6ce5a355b9-1734697820033" ukl:CommentaryRef="key-a7ddc4cafb938ebba1ddeb6ce5a355b9">(e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-3-i"><num>(i)</num><content><ref eId="c00009" href="http://www.legislation.gov.uk/european/regulation/2017/0565">Commission Delegated Regulation (EU) 2017/565</ref> of 25 April 2016 supplementing <ref eI

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="section-17-3-j"><num><ins class="first" ukl:ChangeId="key-75b876f833a7611c05165f3cdb2c18f7-1

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-4"><num>(4)</num><intro>The following terms are defined as follows—</intro><hcontainer name="definition"><content>“<term refersTo="#term-fmi-activities" eId="term-fmi-activities">FMI activities</term>” has

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-clearing-member" eId="term-clearing-member">clearing member</term>” has the meaning given in Article 2 of EMIR and, unless otherwise provided, includes an interoperable CCP;<

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-21" class="schProv1"><num>21</num><subparagraph eId="schedule-10-paragraph-21-1"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-11-paragraph-4-1"><num>(1)</num><content>The Treasury may by regulations make provision requiring the Bank to create and maintain a resolution

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-148" class="schProv1"><num>148</num><subparagraph eId="schedule-11-paragraph-148-1"><num>(1)</num><intro>The Bank may disclose information that it thinks relevant to the financial stability of—</int

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-151" class="schProv1"><num>151</num><content>Regulations under section 414 of FSMA 2000 (service of notices), and subsection (4) of that section, apply in relation to any notice, direction or document o

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-154" class="schProv1"><num>154</num><intro>In this Schedule—</intro><hcontainer name="definition"><content>“<term refersTo="#term-

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-161" class="schProv1"><num>161</num><subparagraph eId="schedule-11-paragraph-161-1"><num>(1)</num><content>The Companies Act 2006 is amended as follows.</content></subparagraph><subparagraph eId="sc

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-164" class="schProv1"><num>164</num><subparagraph eId="schedule-11-paragraph-164-1"><num>(1)</num><content>The Financial Services (Banking Reform) Act 2013 is amended as follows.</content></subparag

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><intro>“<term refersTo="#term-relevant-regulator" eId="term-relevant-regulator">relevant regulator</term>” means—</intro><level class="para1"><num>(a)</num><content>the FCA,</content></level><level c

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-2" class="schProv1"><num>2</num><content>The particular kinds of technology that may be used under the FMI sandbox arrangements for the purposes of assessing their efficiency or effectiveness.</conte

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-4-paragraph-5-1"><num>(1)</num><content>How payments are to be settled in respect of transactions taking place under the FMI sandbox arrangemen

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-8" class="schProv1"><num>8</num><subparagraph eId="schedule-4-paragraph-8-1"><num>(1)</num><content>Publication of specified details of the FMI sandbox arrangements by the Treasury or the appropriate reg

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-13" class="schProv1"><num>13</num><content>The Financial Services Act 2012 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-2" class="schProv1"><num>2</num><content>FSMA 2000 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-11-paragraph-6-1"><num>(1)</num><content>If the Bank is satisfied that the conditions in paragraph <ref href="#schedule-11-paragraph-7">7</ref

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-11-paragraph-9-1"><num>(1)</num><content>The power in paragraph 6(1) is to be exercised by an instrument of appointment.</content></subpar

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-11-paragraph-12-1"><num>(1)</num><intro>A notice under paragraph <ref href="#schedule-11-paragraph-11-2">11(2)</ref> must—</intro><level

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-17" class="schProv1"><num>17</num><subparagraph eId="schedule-11-paragraph-17-1"><num>(1)</num><content>A stabilisation power may be exercised in respect of a CCP only if the Bank is satisfied that each

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-20" class="schProv1"><num>20</num><subparagraph eId="schedule-11-paragraph-20-1"><num>(1)</num><intro>The Treasury must make arrangements for a panel to advise the Treasury about the effect of the speci

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-23" class="schProv1"><num>23</num><subparagraph eId="schedule-11-paragraph-23-1"><num>(1)</num><content>Where the Bank has carried out a provisional valuation under paragraph <ref href="#schedule-11-par

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-26" class="schProv1"><num>26</num><subparagraph eId="schedule-11-paragraph-26-1"><num>(1)</num><intro>Where the independent valuation carried out under paragraph <ref href="#schedule-11-paragraph-23-1">

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-29" class="schProv1"><num>29</num><subparagraph eId="schedule-11-paragraph-29-1"><num>(1)</num><content>The second stabilisation option is to transfer all or part of the business of the CCP to a company

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-32" class="schProv1"><num>32</num><subparagraph eId="schedule-11-paragraph-32-1"><num>(1)</num><content>The fifth stabilisation option is to make one or more cash call instruments.</content></subpar

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-35" class="schProv1"><num>35</num><subparagraph eId="schedule-11-paragraph-35-1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-35-a"><num>(a)</num><content>cancel, transfer, dilute or modify any securities to which this sub-paragraph applies;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-35-b"><num>(b)</num><content>convert any such securities from one form or class into another.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-38" class="schProv1"><num>38</num><subparagraph eId="schedule-11-paragraph-38-1"><num>(1)</num><content>The eighth stabilisation option is for the Bank to make one or more instruments of control.</c

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-41" class="schProv1"><num>41</num><subparagraph eId="schedule-11-paragraph-41-1"><num>(1)</num><intro>A share transfer instrument is for purposes of this Schedule an instrument which—</intro><level

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-44" class="schProv1"><num>44</num><subparagraph eId="schedule-11-paragraph-44-1"><num>(1)</num><content>A share transfer instrument may provide for securities to be converted from one form or class to a

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-47" class="schProv1"><num>47</num><subparagraph eId="schedule-11-paragraph-47-1"><num>(1)</num><content>A share transfer instrument may include incidental, consequential or transitional provision.</

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-50" class="schProv1"><num>50</num><subparagraph eId="schedule-11-paragraph-50-1"><num>(1)</num><content>This paragraph applies where the Bank has made a share transfer instrument, in respect of securiti

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-53" class="schProv1"><num>53</num><subparagraph eId="schedule-11-paragraph-53-1"><num>(1)</num><content>This paragraph applies where the Bank has made a bridge central counterparty share transfer instru

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-56" class="schProv1"><num>56</num><intro>A property transfer instrument may transfer any property, rights or liabilities including, in particular—</intro><level class="para1" eId="schedule-11-paragr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-56-a"><num>(a)</num><content>property, rights and liabilities acquired or arising between the making of the instrument and the transfer date,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-56-b"><num>(b)</num><content>rights and liabilities arising on or after the transfer date in respect of matters occurring before that date,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-56-c"><num>(c)</num><content>property outside the United Kingdom,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-56-d"><num>(d)</num><content>rights and liabilities under the law of a country or territory outside the United Kingdom, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-56-e"><num>(e)</num><content>rights and liabilities under an enactment.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-59" class="schProv1"><num>59</num><subparagraph eId="schedule-11-paragraph-59-1"><num>(1)</num><content>A property transfer instrument made in respect of a CCP may make provision about the consequences

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-62" class="schProv1"><num>62</num><subparagraph eId="schedule-11-paragraph-62-1"><num>(1)</num><content>This paragraph applies where a property transfer instrument transfers foreign property.</conte

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-65" class="schProv1"><num>65</num><subparagraph eId="schedule-11-paragraph-65-1"><num>(1)</num><content>A property transfer instrument may provide for the listing of securities, under section 74 of FSMA

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-68" class="schProv1"><num>68</num><subparagraph eId="schedule-11-paragraph-68-1"><num>(1)</num><content>This paragraph applies where the Bank has made a property transfer instrument in accordance with p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-71" class="schProv1"><num>71</num><subparagraph eId="schedule-11-paragraph-71-1"><num>(1)</num><content>This paragraph applies where the Bank has made a share transfer instrument, in respect of securiti

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-74" class="schProv1"><num>74</num><subparagraph eId="schedule-11-paragraph-74-1"><num>(1)</num><content>This paragraph applies where the Bank has made a bridge central counterparty supplemental property

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-77" class="schProv1"><num>77</num><subparagraph eId="schedule-11-paragraph-77-1"><num>(1)</num><content>The provision that may be made by a property transfer instrument in reliance on paragraph <ref hre

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-80" class="schProv1"><num>80</num><subparagraph eId="schedule-11-paragraph-80-1"><num>(1)</num><content>A write-down instrument may permit or require the execution, issue or delivery of an instrument.</

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-83" class="schProv1"><num>83</num><subparagraph eId="schedule-11-paragraph-83-1"><num>(1)</num><intro>A resolution instrument may enable the Bank—</intro><level class="para1" eId="schedule-11-paragr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-86" class="schProv1"><num>86</num><subparagraph eId="schedule-11-paragraph-86-1"><num>(1)</num><content>The Bank may, in making a resolution instrument, share transfer instrument or property transfer in

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-89" class="schProv1"><num>89</num><subparagraph eId="schedule-11-paragraph-89-1"><num>(1)</num><intro>In this paragraph—</intro><level class="para1" eId="schedule-11-paragraph-89-1-a"><num>(a)</num>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-92" class="schProv1"><num>92</num><subparagraph eId="schedule-11-paragraph-92-1"><num>(1)</num><intro>In this paragraph and paragraph <ref href="#schedule-11-paragraph-93">93</ref>—</intro><level cl

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-95" class="schProv1"><num>95</num><subparagraph eId="schedule-11-paragraph-95-1"><num>(1)</num><intro>The Treasury may by regulations specify matters which are to be or not to be considered in determini

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-98" class="schProv1"><num>98</num><subparagraph eId="schedule-11-paragraph-98-1"><num>(1)</num><content>Where the Bank is exercising a stabilisation power in respect of a CCP (a “CCP under resolution”)

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-101" class="schProv1"><num>101</num><subparagraph eId="schedule-11-paragraph-101-1"><num>(1)</num><content>This paragraph applies where the Bank has made a resolution instrument, share transfer instrume

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-104" class="schProv1"><num>104</num><subparagraph eId="schedule-11-paragraph-104-1"><num>(1)</num><intro>This paragraph applies to—</intro><level class="para1" eId="schedule-11-paragraph-104-1-a"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-107" class="schProv1"><num>107</num><subparagraph eId="schedule-11-paragraph-107-1"><num>(1)</num><intro>This paragraph applies to a CCP if—</intro><level class="para1" eId="schedule-11-paragraph-10

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-110" class="schProv1"><num>110</num><subparagraph eId="schedule-11-paragraph-110-1"><num>(1)</num><content>This paragraph applies where the Bank has transferred all or part of a CCP’s business to a brid

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-113" class="schProv1"><num>113</num><subparagraph eId="schedule-11-paragraph-113-1"><num>(1)</num><content>This paragraph applies where the Bank sells all or part of a CCP’s business to a commercial pur

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-116" class="schProv1"><num>116</num><subparagraph eId="schedule-11-paragraph-116-1"><num>(1)</num><content>This paragraph applies where the Bank makes one or more share transfer instruments in respect o

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-121" class="schProv1"><num>121</num><subparagraph eId="schedule-11-paragraph-121-1"><num>(1)</num><content>This paragraph applies only for the purposes of the functions of the Bank conferred by or under

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-124" class="schProv1"><num>124</num><subparagraph eId="schedule-11-paragraph-124-1"><num>(1)</num><content>This paragraph applies if the Bank appoints one or more competent persons (“investigators”) und

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-127" class="schProv1"><num>127</num><subparagraph eId="schedule-11-paragraph-127-1"><num>(1)</num><content>A statement made to an investigator appointed under paragraph <ref href="#schedule-11-paragraph

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-130" class="schProv1"><num>130</num><subparagraph eId="schedule-11-paragraph-130-1"><num>(1)</num><content>A justice of the peace may issue a warrant under this paragraph if satisfied on information on

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-133" class="schProv1"><num>133</num><subparagraph eId="schedule-11-paragraph-133-1"><num>(1)</num><intro>Proceedings for an offence under paragraph <ref href="#schedule-11-paragraph-132">132</ref> may b

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-136" class="schProv1"><num>136</num><subparagraph eId="schedule-11-paragraph-136-1"><num>(1)</num><intro>If the Bank considers that a person has failed to comply with a relevant requirement imposed on t

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-139" class="schProv1"><num>139</num><subparagraph eId="schedule-11-paragraph-139-1"><num>(1)</num><content>If the Bank decides to impose a sanction on a person under paragraph <ref href="#schedule-11-pa

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-142" class="schProv1"><num>142</num><subparagraph eId="schedule-11-paragraph-142-1"><num>(1)</num><intro>If, on the application of the Bank, the court is satisfied—</intro><level class="para1" eId="

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-147" class="schProv1"><num>147</num><subparagraph eId="schedule-11-paragraph-147-1"><num>(1)</num><content>Paragraph <ref href="#schedule-11-paragraph-47">47</ref> (incidental provision) applies to a th

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-9-paragraph-14-1"><num>(1)</num><content>Section 85 (relevant functions in relation to complaints scheme) is amended as follows.</content

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-10-paragraph-3-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-15" class="schProv1"><num>15</num><subparagraph eId="schedule-9-paragraph-15-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-10-paragraph-4-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-5" class="schProv1"><num>5</num><content><mod>In section 59AB(1) (specifying functions as controlled functions: transitional provision), after “this Part”, in both places, insert <quotedText>“or Chapter

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-6" class="schProv1"><num>6</num><content><mod>In section 133(7A) (proceedings

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-7" class="schProv1"><num>7</num><content><mod>In section 138A (modification o

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-8" class="schProv1"><num>8</num><subparagraph eId="schedule-10-paragraph-8-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-9" class="schProv1"><num>9</num><content><mod>In the heading of Chapter 3B of Part 18, at the end insert <quotedText>“in respect of recognised bodies”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-10" class="schProv1"><num>10</num><content>Section 312FA is omitted.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-11" class="schProv1"><num>11</num><intro>In section 313 (interpretation of Part 18), in subsection (1)—</intro><level class="para1" eId="schedule-10-paragraph-11-a"><num>(a)</num><content>omit th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-10-paragraph-11-a"><num>(a)</num><content>omit the definition of “application”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-10-paragraph-11-b"><num>(b)</num><content>omit the definition of “applicant”.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-10-paragraph-12-1"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-13" class="schProv1"><num>13</num><content><mod>In section 391 (publication o

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-10-paragraph-14-1"><num>(1)</num><content>Section 392 (application of sections 393 and 394) is amended as follows.</content></subparagra

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-15" class="schProv1"><num>15</num><content><mod>In section 395 (the FCA’s and

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-16" class="schProv1"><num>16</num><subparagraph eId="schedule-10-paragraph-16-1"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-17" class="schProv1"><num>17</num><intro>In section 429 (Parliamentary contro

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-10-paragraph-17-a"><num>(a)</num><content><mod>in subsection (2), in the list of sections beginning with “90B” insert at the appropriate place <quotedText>“<ref href="#d25e33670">309Z8</ref>,”</quotedText>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-10-paragraph-17-b"><num>(b)</num><content><mod>in subsection (2B), after paragra

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-18" class="schProv1"><num>18</num><subparagraph eId="schedule-10-paragraph-18-1"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-19" class="schProv1"><num>19</num><intro>In Schedule 2A (Gibraltar-based pers

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-10-paragraph-19-a"><num>(a)</num><content><mod>omit the “or” at the end of parag

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-10-paragraph-19-b"><num>(b)</num><content><mod>in paragraph (iii) for “or 143S” substitute <quotedText>“, 143S or <ref href="#d25e30337">309B</ref>”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-20" class="schProv1"><num>20</num><subparagraph eId="schedule-10-paragraph-20-1"

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-5"><num>(5)</num><intro>The following terms have the same meanings as in Part 18 of FSMA 2000—</intro><hcontainer name="definition"><content>“multilateral trading facility”;</content></hcontainer><hcon

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-resolution-instrument" eId="term-resolution-instrument">resolution instrument</term>” has the meaning given by paragraph <ref href="#schedule-11-paragraph-79">79</ref>;</cont

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-2" class="schProv1"><num>2</num><content><mod>In Article 3 (pre-trade transpar

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-19" class="schProv1"><num>19</num><intro>In Article 2(1) (definitions), in point (17) (“liquid market”)—</intro><level class="para1" eId="schedule-2-paragraph-19-a"><num>(a)</num><content>omit par

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-19-a"><num>(a)</num><content>omit paragraph (a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-19-b"><num>(b)</num><content><mod>in paragraph (b), for “Articles 4, 5 and 14” substitute <quotedText>“Article 14”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-3" class="schProv1"><num>3</num><content><mod>For Article 4 substitute—<quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-20" class="schProv1"><num>20</num><content><mod>In Article 12(1) after “accordance with” insert <quotedText>“, or with rules made under,”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-4" class="schProv1"><num>4</num><content><mod>After Article 4 insert—<quotedSt

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-21" class="schProv1"><num>21</num><content><mod>In Article 13(1) after “accordance with” insert <quotedText>“, or with rules made under,”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-5" class="schProv1"><num>5</num><content>Omit Article 5 (volume cap mechanism).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-22" class="schProv1"><num>22</num><content>Omit Article 19.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-2-paragraph-6-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-23" class="schProv1"><num>23</num><content>In Article 26(3), omit “and Article 21(5)(a)”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-24" class="schProv1"><num>24</num><content><mod>In Article 47(1A)(a), after “Regulation” insert <quotedText>“or in rules made by the FCA under this Regulation”</quotedText>.</mod></content></paragrap

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-25" class="schProv1"><num>25</num><content>In Article 50B (FCA directions), omit “Article 5, Article 9 or”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-26" class="schProv1"><num>26</num><subparagraph eId="schedule-2-paragraph-26-1"><num>(1)</num><content>Article 50C (other FCA directions) is amended as follows.</content></subparagraph><subparagraph

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-27" class="schProv1"><num>27</num><subparagraph eId="schedule-2-paragraph-27-1"><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-6"><num>(6)</num><content>The Treasury may by regulations amend subsection (3) so as to add to the list of relevant enactments.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-7"><num>(7)</num><content>Regulations under subsection (6) are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-18"><num>18</num><heading>Critical third parties: designation and powers</heading><subsection eI

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18-2"><num>(2)</num><content><mod>In the heading to Part 18, for “and CSDs” substitute <quotedText>“, CSDs and other parties”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-18-3"><num>(3)</num><content><mod>After section 312K (statement of policy: procedure) inse

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-19"><num>19</num><heading>Critical third parties: related amendments</heading><subsection eId="s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-19-2"><num>(2)</num><content><mod>In section 313 (interpretation of Part 18), in subsectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-3"><num>(3)</num><content><mod>In section 380 (injunctions), in subsection (11) after “requirement” insert <quotedText>“, other than a case falling within paragraph 26 of Schedule 17A”</quotedText>.</mod></co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-19-4"><num>(4)</num><content><mod>In section 391 (publication), in subsection (1ZB) after

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-5"><num>(5)</num><intro>In section 392 (third party rights and access to evidence)—</intro><level class="para1" eId="section-19-5-a"><num>(a)</num><content><mod>in paragraph (a), after “312(G)(1),” insert

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-5-a"><num>(a)</num><content><mod>in paragraph (a), after “312(G)(1),” insert <quotedText>“312S(1),”</quotedText>, and</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-5-b"><num>(b)</num><content><mod>in paragraph (b) after “312H(1),” insert <quotedText>“312S(3),”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-6"><num>(6)</num><content><mod>In section 429 (Parliamentary control of statutory instruments), in subsection (8), in the list of sections beginning with “3G(1),”, insert at the appropriate place <quotedText>“, 3

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-7"><num>(7)</num><content>The following amendments are to Schedule 17A (application of provisions to Bank).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-19-8"><num>(8)</num><content><mod>In paragraph 10 (rules), after sub-paragraph (4) insert—

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-19-9"><num>(9)</num><content><mod>After paragraph 10 insert—<quotedStructure startQuote="&

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-10"><num>(10)</num><content><mod>In paragraph 23(1) (public record and disclosure of information), after “discharge of,” insert <quotedText>“any of its functions under Chapter 3C of Part 18 of this Act,”</quotedT

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-19-11"><num>(11)</num><content><mod>In paragraph 26(2) (injunctions), after paragraph (a)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-12"><num>(12)</num><intro>In paragraph 28 (restitution)—</intro><level class="para1" eId="section-19-12-a"><num>(a)</num><content><mod>in sub-paragraph (2), in the words before paragraph (a), for “or a rec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-12-a"><num>(a)</num><content><mod>in sub-paragraph (2), in the words before paragraph (a), for “or a recognised CSD” substitute <quotedText>“, a recognised CSD or a critical third party”</quotedText>;</m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-12-b"><num>(b)</num><content><mod>in sub-paragraph (2)(a) for “or the recognised CSD” substitute <quotedText>“, the recognised CSD or the critical third party”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-12-c"><num>(c)</num><content><mod>in sub-paragraph (4)(a) for “or the recognised CSD” substitute <quotedText>“, the recognised CSD or the critical third party”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-13"><num>(13)</num><content><mod>In paragraph 29 (notices) for “or 312H” substitute <quotedText>“, 312H or 312S”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-19-14"><num>(14)</num><content><mod>In paragraph 30 (offences), after sub-paragraph (a) in

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-15"><num>(15)</num><content><mod>In paragraph 32 (records) after “recognised CSDs” insert <quotedText>“, critical third parties”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-16"><num>(16)</num><content><mod>In paragraph 33(a) (annual report), in the substituted paragraph (a), after <quotedText>“recognised CSDs”</quotedText> insert <quotedText>“, critical third parties”</quotedText>.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-17"><num>(17)</num><content>See also Part <ref href="#schedule-2-part-6">6</ref> of Schedule 2.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-20"><num>20</num><heading>Financial promotion</heading><subsection eId="section-20-1"><num>(1)</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-20-2"><num>(2)</num><content><mod>In section 21 (restrictions on financial promotion), aft

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-20-3"><num>(3)</num><content><mod>After section 55N insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-4"><num>(4)</num><content>Schedule 5 contains amendments related to this section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-5"><num>(5)</num><intro>The amendments made by this section and Schedule 5—</intro><level class="para1" eId="section-20-5-a"><num>(a)</num><content>apply to an authorised person whether the person became a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-5-a"><num>(a)</num><content>apply to an authorised person whether the person became authorised before or after the coming into force of this section;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-5-b"><num>(b)</num><content>do not affect the approval of a communication given before the coming into force of this section.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-21"><num>21</num><heading>Sustainability disclosure requirements</heading><subsection eId="secti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-21-2"><num>(2)</num><content><mod>After section 416 insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-21-3"><num>(3)</num><intro>In Schedule 1ZA (the Financial Conduct Authority), in paragraph

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-21-3-a"><num>(a)</num><content><mod>after paragraph (ha) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-21-3-b"><num>(b)</num><content><mod>after paragraph (ia) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-21-4"><num>(4)</num><intro>In Schedule 1ZB (the Prudential Regulation Authority), in parag

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-21-4-a"><num>(a)</num><content><mod>after paragraph (e) insert—<quotedStructure s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-21-4-b"><num>(b)</num><content><mod>after paragraph (fa) insert—<quotedStructure

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22"><num>22</num><heading>Digital settlement assets</heading><intro>In Schedule 6, which provides for the regulation of digital settlement assets—</intro><level class="para1" eId="section-22-a"><num>(a)</num><conte

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-a"><num>(a)</num><content>Part 1 extends Part 5 of the Banking Act 2009 (Bank of England oversight of payment systems) to payment systems using digital settlement assets and DSA service providers, and ma

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-b"><num>(b)</num><content>Part 2 extends Part 5 of the Financial Services (Banking Reform) Act 2013 (regulation of payment systems) to payment systems using digital settlement assets.</content></leve

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-23"><num>23</num><heading>Digital settlement assets: power to make regulations</heading><subsect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-1"><num>(1)</num><intro>The Treasury may by regulations make such provision as they consider appropriate for the purpose of, or in connection with—</intro><level class="para1" eId="section-23-1-a"><num>(a)</n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-a"><num>(a)</num><content>the regulation of payments that include digital settlement assets,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-b"><num>(b)</num><intro>the regulation of—</intro><level class="para2" eId="section-23-1-b-i"><num>(i)</num><content>recognised payment systems that include arrangements using digital settlement

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-1-b-i"><num>(i)</num><content>recognised payment systems that include arrangements using digital settlement assets,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-1-b-ii"><num>(ii)</num><content>recognised DSA service providers, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-1-b-iii"><num>(iii)</num><content>service providers connected with, or in relation to, the systems and providers mentioned in sub-paragraphs (i) and (ii),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-c"><num>(c)</num><content>making insolvency arrangements (including administration, restructuring and any similar procedure) in respect of the systems and providers mentioned in paragraph (b).</con

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-2"><num>(2)</num><intro>In this section, “<term refersTo="#term-digital-settlement-asset" eId="term-digital-settlement-asset">digital settlement asset</term>” means a digital representation of value or rights, wh

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-2-a"><num>(a)</num><content>can be used for the settlement of payment obligations,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-2-b"><num>(b)</num><content>can be transferred, stored or traded electronically, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-2-c"><num>(c)</num><content>uses technology supporting the recording or storage of data (which may include distributed ledger technology).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-3"><num>(3)</num><intro>The provision that may be made by regulations under this section includes provision—</intro><level class="para1" eId="section-23-3-a"><num>(a)</num><content>applying legislation rel

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-a"><num>(a)</num><content>applying legislation relating to the regulation of electronic money and payments to digital settlement assets (subject to whatever modifications the Treasury consider appropri

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-b"><num>(b)</num><content>applying legislation relating to insolvency arrangements and interactions between different arrangements to the systems and providers mentioned in subsection (1) (subject to w

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-c"><num>(c)</num><content>conferring powers on the Treasury (including a power to legislate);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-d"><num>(d)</num><content>conferring powers, or imposing duties, on a relevant regulator (including a power to make rules or other instruments);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-e"><num>(e)</num><content>about fees or other charges payable to a relevant regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-f"><num>(f)</num><content>about recognition orders and recognition criteria in Part 5 of the Banking Act 2009;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-g"><num>(g)</num><content>about the enforcement of obligations arising under or by virtue of the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-h"><num>(h)</num><content>about appeals in respect of decisions made under or by virtue of the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-i"><num>(i)</num><content>about the sharing of information.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-4"><num>(4)</num><intro>Provision under subsection (3)(g) may include provision creating offences punishable on summary conviction—</intro><level class="para1" eId="section-23-4-a"><num>(a)</num><content>i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-4-a"><num>(a)</num><content>in England and Wales, with imprisonment for a term not exceeding 3 months or a fine, or both;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-4-b"><num>(b)</num><content>in Scotland and Northern Ireland, with imprisonment for a term not exceeding 3 months or a fine not exceeding level 5 on the standard scale, or both.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-5"><num>(5)</num><content>The power to make regulations under this section includes power to modify legislation.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-6"><num>(6)</num><content>The power under subsection (5) includes power to modify the definition of “digital settlement asset” in subsection (2).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-7"><num>(7)</num><intro>Regulations under this section are—</intro><level class="para1" eId="section-23-7-a"><num>(a)</num><content>subject to the affirmative procedure, or</content></level><level clas

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-7-a"><num>(a)</num><content>subject to the affirmative procedure, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-7-b"><num>(b)</num><content>if the Treasury consider it necessary for the regulations to come into force without delay, subject to the made affirmative procedure.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-8"><num>(8)</num><intro>Before making regulations under this section, the Treasury must consult—</intro><level class="para1" eId="section-23-8-a"><num>(a)</num><content>the FCA,</content></level><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-8-b"><num>(b)</num><content>the Bank of England, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-8-c"><num>(c)</num><content>in relation to regulations that refer to the PRA or to the Payment Systems Regulator, those bodies.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-9"><num>(9)</num><content>Where regulations under this section are subject to the made affirmative procedure the statutory instrument containing them must be laid before Parliament after being made.</content>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-10"><num>(10)</num><content>Regulations contained in a statutory instrument laid before Parliament under subsection (9) cease to have effect at the end of the period of 28 days beginning with the day on which the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-11"><num>(11)</num><intro>In calculating the period of 28 days, no account is to be taken of any whole days that fall within a period during which—</intro><level class="para1" eId="section-23-11-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-11-a"><num>(a)</num><content>Parliament is dissolved or prorogued, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-11-b"><num>(b)</num><content>either House of Parliament is adjourned for more than four days.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-12"><num>(12)</num><intro>If regulations cease to have effect as a result of subsection (10), that does not—</intro><level class="para1" eId="section-23-12-a"><num>(a)</num><content>affect the validity of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-12-a"><num>(a)</num><content>affect the validity of anything previously done under the regulations, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-12-b"><num>(b)</num><content>prevent the making of new regulations.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-23-13"><num>(13)</num><intro>In this section—</intro><hcontainer name="definition"><co

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-eu-tertiary-legislation" eId="term-eu-tertiary-legislation">EU tertiary legislation</term>” has the same meaning as in the European Union (Withdrawal) Act 2018 (see section 20(1)

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-15" class="schProv1"><num>15</num><content><mod>In Article 1(3) (subject matter and scope), for “financial counterparties” to the end substitute <quotedText>“counterparties that are relevant financial co

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-14-paragraph-5" class="schProv1"><num>5</num><intro>In section 7 (shares), in subsection (

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-14-paragraph-5-a"><num>(a)</num><content><mod>at the beginning insert <quotedText>“Subsection (5A) applies”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-14-paragraph-5-b"><num>(b)</num><content>the words from “made a loan” to “secured loan” become paragraph (a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-14-paragraph-5-c"><num>(c)</num><content><mod>at the end of that paragraph inser

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-14-paragraph-5-d"><num>(d)</num><content>the words from “the member” to the end become subsection (5A).</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-14-paragraph-8" class="schProv1"><num>8</num><content><mod>Before section 12 (power to hol

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-16" class="schProv1"><num>16</num><subparagraph eId="schedule-2-paragraph-16-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-17" class="schProv1"><num>17</num><content><mod>After Article 28 insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-18" class="schProv1"><num>18</num><content><mod>For Article 31 substitute—<quo

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-24"><num>24</num><heading>Implementation of mutual recognition agreements</heading><subsection e

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-1"><num>(1)</num><content>The Treasury may by regulations make such provision as they consider appropriate for the purpose of, or in connection with, implementing any mutual recognition agreement to which the Uni

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-2"><num>(2)</num><intro>The reference in subsection (1) to a “<term refersTo="#term-mutual-recognition-agreement" eId="term-mutual-recognition-agreement">mutual recognition agreement</term>” is a reference to any

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-2-a"><num>(a)</num><content>the recognition that the law and practice of a foreign country is, in respect of relevant matters, equivalent to the law and practice of the United Kingdom, and</content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-2-b"><num>(b)</num><content>the recognition that the law and practice of the United Kingdom is, in respect of relevant matters, equivalent to the law and practice of that foreign country.</content></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-3"><num>(3)</num><content>Matters are “<term refersTo="#term-relevant-matters" eId="term-relevant-matters">relevant matters</term>” for the purposes of subsection (2) if they relate to financial services or marke

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-4"><num>(4)</num><intro>The provision that may be made by regulations under this section includes provision—</intro><level class="para1" eId="section-24-4-a"><num>(a)</num><content>conferring powers on the

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-4-a"><num>(a)</num><content>conferring powers on the Treasury (including a power to legislate);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-4-b"><num>(b)</num><content>conferring powers, or imposing duties, on a relevant regulator (including a power to make rules or other instruments);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-4-c"><num>(c)</num><content>about fees or other charges payable to a relevant regulator;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-4-d"><num>(d)</num><content>about the enforcement of obligations arising under or by virtue of the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-4-e"><num>(e)</num><content>about appeals in respect of decisions made under or by virtue of the regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-4-f"><num>(f)</num><content>about the sharing of information.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-5"><num>(5)</num><content>The reference in this section to a mutual recognition agreement to which the United Kingdom is, or is expected to become, a party includes a reference to such an agreement as modified or

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-6"><num>(6)</num><content>The power to make regulations under this section includes power to modify legislation.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-7"><num>(7)</num><content>Before making provision under subsection (4)(b) that imposes a duty on a relevant regulator the Treasury must consult the regulator.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-8"><num>(8)</num><intro>Provision under subsection (4)(b) that imposes a duty on a relevant regulator to make rules may (among other things)—</intro><level class="para1" eId="section-24-8-a"><num>(a)</num><co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-8-a"><num>(a)</num><content>specify matters that the rules must cover;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-8-b"><num>(b)</num><content>specify a period within which the rules must be made.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-9"><num>(9)</num><content>But except so far as permitted by subsection (8), such provision may not require rules to be made in a specified form or with specified content.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-10"><num>(10)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-24-11"><num>(11)</num><intro>In this section—</intro><hcontainer name="definition"><co

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“recognised CSD”.</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-44" class="schProv1"><num>44</num><content>The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (<ref eId="c00352" href="http://www.legislation.gov.uk/id/uksi/2

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-1" class="schProv1"><num>1</num><subparagraph eId="schedule-4-paragraph-1-1"><num>(1)</num><content>Eligibility for participation in the FMI sandbox arrangements for FMI entities and persons other than F

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-4-paragraph-4-1"><num>(1)</num><content>Descriptions of financial instrument (“the FMI sandbox instruments”) that may be traded under the FMI s

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-7" class="schProv1"><num>7</num><content>Duties of the appropriate regulators to cooperate with each other for the purposes of implementing and operating the FMI sandbox arrangements.</content></para

<chapter xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-1-chapter-3"><num>CHAPTER 3</num><heading>Accountability of regulators</heading><hcontainer name="c

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25"><num>25</num><heading>Competitiveness and growth objective</heading><subsection eId="section

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-2"><num>(2)</num><content><mod>In section 1B (FCA’s general duties), after subsection (

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-3"><num>(3)</num><content><mod>After section 1E insert—<quotedStructure startQuote="&#x

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-4"><num>(4)</num><intro>In section 2H—</intro><level class="para1" eId="section-25-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-4-a"><num>(a)</num><content><mod>in the title, for “competition objective” substitute <quotedText>“objectives”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-25-4-b"><num>(b)</num><content><mod>for subsection (1) substitute—<quotedStructur

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26"><num>26</num><heading>Competitiveness and growth objective: reporting requirements</heading><subsection eId="section-26-1"><num>(1)</num><content>Each regulator must make two reports to the Treasury on how it has c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-1"><num>(1)</num><content>Each regulator must make two reports to the Treasury on how it has complied with its duty to advance the competitiveness and growth objective.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-2"><num>(2)</num><intro>The reports prepared by each regulator under subsection (1) must in particular explain—</intro><level class="para1" eId="section-26-2-a"><num>(a)</num><content>the action taken by t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-2-a"><num>(a)</num><content>the action taken by the regulator to ensure that the competitiveness and growth objective is embedded in its operations, processes and decision-making, and</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-2-b"><num>(b)</num><content>how any rules and guidance that the regulator has made advance that objective.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-3"><num>(3)</num><content>The first report under this section must be made before the end of 12 months beginning with the first day on which section 25 of this Act comes into force, and must relate to that period

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-4"><num>(4)</num><content>The second report under this section must be made before the end of 24 months beginning with the first day on which section 25 of this Act comes into force, and must relate to the period

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-5"><num>(5)</num><content>The Treasury must lay a copy of each report prepared under this section before Parliament.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-6"><num>(6)</num><content>Each regulator must publish its reports prepared under this section in such manner as it thinks fit.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-7"><num>(7)</num><intro>In this section—</intro><level class="para1" eId="section-26-7-a"><num>(a)</num><content>“<term refersTo="#term-regulator" eId="term-regulator">regulator</term>” means the FCA and t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-7-a"><num>(a)</num><content>“<term refersTo="#term-regulator" eId="term-regulator">regulator</term>” means the FCA and the PRA;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-7-b"><num>(b)</num><intro>references to the competitiveness and growth objective, and the duty to advance that objective, are—</intro><level class="para2" eId="section-26-7-b-i"><num>(i)</num><conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-26-7-b-i"><num>(i)</num><content>in relation to the FCA, references to its objective in section 1EB of FSMA 2000 and to its duty to advance that objective under section 1B(4A) of that Act, and</content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-26-7-b-ii"><num>(ii)</num><content>in relation to the PRA, references to its objective in section 2H(1B) of FSMA 2000 and to its duty to advance that objective under section 2H(1)(b) of that Act.</conte

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-27"><num>27</num><heading>Regulatory principles</heading><content><mod>In section 3B of FSMA

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-28"><num>28</num><heading>Sections 25 and 27: consequential amendments</heading><subsection eId=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-28-2"><num>(2)</num><content><mod>In section 1JA (Treasury recommendations in connection w

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-28-3"><num>(3)</num><content><mod>In section 1K (guidance about objectives), after subsect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-28-4"><num>(4)</num><content><mod>In section 2I (guidance about objectives), after subsect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-28-5"><num>(5)</num><content><mod>In section 3B (regulatory principles to be applied by bo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-28-6"><num>(6)</num><content><mod>In section 3D (duty of FCA and PRA to ensure co-ordinate

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-7"><num>(7)</num><content><mod>In section 138I (consultation by the FCA), in subsection (2)(d) after “1B(1)” insert <quotedText>“, (4A)”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-8"><num>(8)</num><intro>In section 143G (matters to consider when making Part 9C rules)—</intro><level class="para1" eId="section-28-8-a"><num>(a)</num><intro>in subsection (1)—</intro><level class="pa

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-8-a"><num>(a)</num><intro>in subsection (1)—</intro><level class="para2" eId="section-28-8-a-i"><num>(i)</num><content><mod>insert <quotedText>“and”</quotedText> after paragraph (a), and</mod>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-28-8-a-i"><num>(i)</num><content><mod>insert <quotedText>“and”</quotedText> after paragraph (a), and</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-28-8-a-ii"><num>(ii)</num><content>omit paragraphs (b) and (c);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-8-b"><num>(b)</num><content>omit subsection (2).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-28-9"><num>(9)</num><intro>In section 232A (scheme operator’s duty to provide information

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-9-a"><num>(a)</num><content>the existing words become subsection (1), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-28-9-b"><num>(b)</num><content><mod>after that subsection insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-28-10"><num>(10)</num><content><mod>In paragraph 11 of Schedule 1ZA (FCA annual report), i

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-11"><num>(11)</num><content><mod>In paragraph 20 of Schedule 1ZB (consultation about PRA annual report), in sub-paragraph (1)(c) for “and the PRA has facilitated effective competition in accordance with” substitu

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-29"><num>29</num><heading>Review of rules</heading><subsection eId="section-29-1"><num>(1)</num>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-29-2"><num>(2)</num><content><mod>After section 3R (arrangements for provision of services

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-30"><num>30</num><heading>Treasury power in relation to rules</heading><subsection eId="section-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-30-2"><num>(2)</num><content><mod>After section 3RD (inserted by section 29) insert—<quote

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-3"><num>(3)</num><content><mod>In section 429 (Parliamentary control of statutory instruments) in subsection (2) after “section” insert <quotedText>“3RE,”</quotedText>.</mod></content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-31"><num>31</num><heading>Matters to consider when making rules</heading><subsection eId="sectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-31-2"><num>(2)</num><content><mod>Before section 138F (under the italic heading “Procedura

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-31-3"><num>(3)</num><intro>In section 138I (consultation by the FCA)—</intro><level cl

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-31-3-a"><num>(a)</num><content><mod>in subsection (2) after paragraph (b) insert—

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-31-3-b"><num>(b)</num><content><mod>after subsection (8) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-31-4"><num>(4)</num><intro>In section 138J (consultation by the PRA)—</intro><level cl

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-31-4-a"><num>(a)</num><content><mod>in subsection (2) after paragraph (b) insert—

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-31-4-b"><num>(b)</num><content><mod>after subsection (8) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-5"><num>(5)</num><content><mod>In section 429 (Parliamentary procedure for statutory instruments), in subsection (2), in the list of sections beginning with “90B” insert at the appropriate place <quotedText>“138E

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-32"><num>32</num><heading>Effect of rules etc on deference decisions</heading><subsection eId="s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-2"><num>(2)</num><content><mod>In the italic heading before section 410, after “international” insert <quotedText>“powers and”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-32-3"><num>(3)</num><content><mod>Before section 410 insert—<quotedStructure startQuote="&

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-33"><num>33</num><heading>Effect of rules etc on international trade obligations</heading><conte

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-34"><num>34</num><heading>Power to disapply or modify rules</heading><subsection eId="section-34

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-34-2"><num>(2)</num><content><mod>After section 138B insert—<quotedStructure startQuote="&

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-3"><num>(3)</num><content><mod>In section 429 (Parliamentary control of statutory instruments), in subsection (2), in the list of sections beginning with “90B” insert at the appropriate place <quotedText>“138BA,”

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-35"><num>35</num><heading>Responses to recommendations of the Treasury</heading><subsection eId=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-1"><num>(1)</num><content>Section 1JA of FSMA 2000 (recommendations by Treasury in connection with general duties) is amended in accordance with subsections <ref href="#section-35-2">(2)</ref> and (3).</conte

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-35-2"><num>(2)</num><content><mod>After subsection (2) insert—<quotedStructure startQuote=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-3"><num>(3)</num><content><mod>In subsection (3), for “subsection (1)” substitute <quotedText>“subsection (1), (2A) or (2C)”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-4"><num>(4)</num><content>Section 30B of the Bank of England Act 1998 (recommendations by Treasury) is amended in accordance with subsections <ref href="#section-35-5">(5)</ref> and (6).</content></subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-35-5"><num>(5)</num><content><mod>After subsection (2) insert—<quotedStructure startQuote=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-6"><num>(6)</num><content><mod>In subsection (3), for “subsection (1)” substitute <quotedText>“subsection (1), (2A) or (2C)”</quotedText>.</mod></content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-36"><num>36</num><heading>Public consultation requirements</heading><subsection eId="section-36-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-36-1"><num>(1)</num><content><mod>After section 1RA of FSMA 2000 (inserted by section 45)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-36-2"><num>(2)</num><content><mod>After section 2NA of FSMA 2000 (inserted by section 45)

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-37"><num>37</num><heading>Engagement with statutory panels</heading><subsection eId="section-37-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-1"><num>(1)</num><content>Paragraph 11 of Schedule 1ZA to FSMA 2000 (annual report of the Financial Conduct Authority) is amended in accordance with subsections <ref href="#section-37-2">(2)</ref> and <ref href="

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-37-2"><num>(2)</num><intro>In sub-paragraph (1)—</intro><level class="para1" eId="sect

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-2-a"><num>(a)</num><content>omit the “and” at the end of paragraph (ia), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-37-2-b"><num>(b)</num><content><mod>after paragraph (ia) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-37-3"><num>(3)</num><content><mod>After sub-paragraph (4) insert—<quotedStructure startQuo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-4"><num>(4)</num><content>Paragraph 19 of Schedule 1ZB to FSMA 2000 (annual report of the PRA) is amended in accordance with subsections <ref href="#section-37-5">(5)</ref> and <ref href="#section-37-6">(6)</ref>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-37-5"><num>(5)</num><intro>In sub-paragraph (1)—</intro><level class="para1" eId="sect

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-37-5-a"><num>(a)</num><content><mod>after paragraph (ba) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-5-b"><num>(b)</num><content>omit the “and” at the end of paragraph (f), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-37-5-c"><num>(c)</num><content><mod>after paragraph (f) insert—<quotedStructure s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-37-6"><num>(6)</num><content><mod>After sub-paragraph (5) insert—<quotedStructure startQuo

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-38"><num>38</num><heading>Engagement with Parliamentary Committees</heading><subsection eId="sec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-38-2"><num>(2)</num><content><mod>In Part 4 of Schedule 1ZA (miscellaneous provisions rela

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-38-3"><num>(3)</num><content><mod>In Part 4 of Schedule 1ZB (miscellaneous provisions rela

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-39"><num>39</num><heading>Reporting requirements</heading><subsection eId="section-39-1"><num>(1

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-39-2"><num>(2)</num><content><mod>After paragraph 11 of Schedule 1ZA insert—<quotedStructu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-39-3"><num>(3)</num><content><mod>After paragraph 21 of Schedule 1ZB insert—<quotedStructu

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40"><num>40</num><heading>Duty to co-operate and consult in exercising functions</heading><subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-2"><num>(2)</num><content><mod>In the italic heading before section 415B, at the end insert <quotedText>“and co-operation”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-3"><num>(3)</num><content><mod>After section 415B (consultation) insert—<quotedStructur

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-41"><num>41</num><heading>Listing Authority Advisory Panel</heading><content><mod>In FSMA 200

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-42"><num>42</num><heading>Insurance Practitioner Panel</heading><content><mod>In FSMA 2000, a

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-43"><num>43</num><heading>Cost Benefit Analysis Panels</heading><subsection eId="section-43-1"><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-43-2"><num>(2)</num><content><mod>After section 138I insert—<quotedStructure startQuote="&

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-43-3"><num>(3)</num><content><mod>After section 138J insert—<quotedStructure startQuote="&

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-44"><num>44</num><heading>Statement of policy on cost benefit analyses</heading><subsection eId=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-44-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-44-2"><num>(2)</num><content><mod>After section 138IA (inserted by section 43) insert—<quo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-44-3"><num>(3)</num><content><mod>After section 138JA (inserted by section 43) insert—<quo

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-45"><num>45</num><heading>Statement of policy on panel appointments</heading><subsection eId="se

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-45-2"><num>(2)</num><content><mod>After section 1R insert—<quotedStructure startQuote="&#x

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-45-3"><num>(3)</num><content><mod>After section 2N insert—<quotedStructure startQuote="&#x

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46"><num>46</num><heading>Composition of panels</heading><subsection eId="section-46-1"><num>(1)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-1"><num>(1)</num><content>FSMA 2000 is amended in accordance with subsections (2) to (8).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46-2"><num>(2)</num><content><mod>After section 1M (FCA’s general duty to consult) insert—

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46-3"><num>(3)</num><content><mod>In section 1N (FCA Practitioner Panel), after subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46-4"><num>(4)</num><content><mod>In section 1O (Smaller Business Practitioner Panel), aft

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46-5"><num>(5)</num><content><mod>In section 1P (Markets Practitioner Panel), after subsec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46-6"><num>(6)</num><content><mod>In section 1Q (Consumer Panel), after subsection (4) ins

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46-7"><num>(7)</num><content><mod>After section 2L (PRA’s general duty to consult) insert—

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46-8"><num>(8)</num><content><mod>In section 2M (the PRA Practitioner Panel), after subsec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-46-9"><num>(9)</num><content><mod>In section 103 of the Financial Services (Banking Reform

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47"><num>47</num><heading>Panel reports</heading><subsection eId="section-47-1"><num>(1)</num><content>The Treasury may by regulations require specified statutory panels of the regulator to produce an annual report on

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-1"><num>(1)</num><content>The Treasury may by regulations require specified statutory panels of the regulator to produce an annual report on their work and provide that report to the Treasury.</content></subs

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-2"><num>(2)</num><content>Regulations under subsection (1) may make provision about the content of the annual report.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-3"><num>(3)</num><content>The Treasury must lay a copy of each report prepared by virtue of this section before Parliament.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-4"><num>(4)</num><content>Each specified statutory panel of the regulator must publish its reports prepared by virtue of this section in such manner as it thinks fit.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-5"><num>(5)</num><intro>In this section—</intro><level class="para1" eId="section-47-5-a"><num>(a)</num><intro>“<term refersTo="#term-statutory-panels-of-the-regulator" eId="term-statutory-panels-of-the-re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-5-a"><num>(a)</num><intro>“<term refersTo="#term-statutory-panels-of-the-regulator" eId="term-statutory-panels-of-the-regulator">statutory panels of the regulator</term>” means—</intro><level class="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-47-5-a-i"><num>(i)</num><content>in relation to the FCA, the panels mentioned in section 1RA(8) of FSMA 2000,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-47-5-a-ii"><num>(ii)</num><content>in relation to the PRA, the panels mentioned in section 2NA(8) of FSMA 2000, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-47-5-a-iii"><num>(iii)</num><content>in relation to the Payment Systems Regulator, a panel established under section 103(3) of the Financial Services (Banking Reform) Act 2013;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-47-5-b"><num>(b)</num><content>“<term refersTo="#term-specified" eId="term-specified">specified</term>” means specified in regulations under this section.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-47-6"><num>(6)</num><content>Regulations under this section are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-48"><num>48</num><heading>Exercise of FMI regulatory powers</heading><content><mod>After sect

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-49"><num>49</num><heading>Bank of England: rule-making powers</heading><subsection eId="section-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-49-2"><num>(2)</num><content><mod>After section 300H (inserted by section 11) insert—<quot

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-3"><num>(3)</num><content><mod>In section 429 (Parliamentary control of statutory instruments), in subsection (2), in the list of sections beginning with “90B” insert at the appropriate place <quotedText>“300M,”<

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-50"><num>50</num><heading>Application of FSMA 2000 to FMI functions</heading><subsection eId="se

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-2"><num>(2)</num><intro>In section 285A (powers exercisable in relation to recognised bodies)—</intro><level class="para1" eId="section-50-2-a"><num>(a)</num><content><mod>in the title at the end insert <q

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-2-a"><num>(a)</num><content><mod>in the title at the end insert <quotedText>“etc”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-2-b"><num>(b)</num><content><mod>in subsection (3), at the end of paragraph (b) insert <quotedText>“or as a consequence of conferring other FMI functions on the Bank”</quotedText>.</mod></content></l

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-50-3"><num>(3)</num><content><mod>In section 313(1) (interpretation of Part 18), insert at

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-4"><num>(4)</num><content>Schedule 17A to FSMA 2000 (further provision in relation to exercise of Bank of England functions under Part 18 of that Act) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-5"><num>(5)</num><content><mod>In the title to the Schedule, after “functions” insert <quotedText>“, or other FMI functions,”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-50-6"><num>(6)</num><content><mod>After paragraph 9 insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-50-7"><num>(7)</num><intro>In paragraph 10—</intro><level class="para1" eId="section-5

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-7-a"><num>(a)</num><content><mod>in sub-paragraph (1)(b), for the words from “subsection (4)(b)” to the end substitute <quotedText>“subsection (5) of section 138A, subsection (4) of section 138B, and, ap

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-50-7-b"><num>(b)</num><content><mod>after sub-paragraph (1)(b) insert—<quotedStru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-7-c"><num>(c)</num><content><mod>in sub-paragraph (1)(d) for “subsection (2)” substitute <quotedText>“subsections (2) and (3), and any references to those subsections”</quotedText>;</mod></content></

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-50-7-d"><num>(d)</num><content><mod>after sub-paragraph (1)(e) insert—<quotedStru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-7-e"><num>(e)</num><content><mod>at the end of sub-paragraph (1)(f) insert <quotedText>“but with the omission of subsections (1A) and (2)”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-7-f"><num>(f)</num><content>at the end of sub-paragraph (1)(i) omit “and”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-50-7-g"><num>(g)</num><content><mod>after sub-paragraph (1)(i) insert—<quotedStru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-50-7-h"><num>(h)</num><content><mod>after sub-paragraph (1)(j) insert—<quotedStru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-7-i"><num>(i)</num><content><mod>in sub-paragraph (2) at the end insert <quotedText>“or other persons in respect of whom FMI functions are exercised”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-50-7-j"><num>(j)</num><content><mod>after sub-paragraph (2) insert—<quotedStructu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-50-7-k"><num>(k)</num><content><mod>after sub-paragraph (3) insert—<quotedStructu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-50-8"><num>(8)</num><content><mod>After paragraph 12 insert—<quotedStructure startQuote="&

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-50-9"><num>(9)</num><intro>In paragraph 14(2)—</intro><level class="para1" eId="sectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-9-a"><num>(a)</num><content>in paragraph (a) omit “an offence under section 398(1) or”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-50-9-b"><num>(b)</num><content><mod>for paragraph (g) substitute—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-10"><num>(10)</num><content><mod>In paragraph 29 before “192L,” insert <quotedText>“55X(2) or (4),”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-50-11"><num>(11)</num><content><mod>After paragraph 31 insert—<quotedStructure startQuote=

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-50-12"><num>(12)</num><content><mod>In paragraph 33(a), for “(f)” substitute <quotedText>“

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-50-a"><num>(a)</num><content><mod>for “financial stability objective has been met” substitute <quotedText>“Financial Stability Objective and its objective under section 30D(2) of the Bank of England Act 199

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-50-b"><num>(b)</num><content><mod>after “been met,” insert—<quotedStructure start

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50-13"><num>(13)</num><content><mod>In paragraph 33(b), for “sub-paragraph (3)” substitute <quotedText>“sub-paragraphs (1A), (1B), (3) and (6)”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-50-14"><num>(14)</num><content><mod>After paragraph 33 insert—<quotedStructure startQuote=

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-51"><num>51</num><heading>Payment Systems Regulator</heading><content>Schedule 7 makes provision corresponding or similar to provision made by preceding provisions of this Chapter relating to the accountability of the

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-52"><num>52</num><heading>Chair of the Payment Systems Regulator as member of FCA Board</heading

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-52-2"><num>(2)</num><content><mod>In section 417(1) (definitions), at the appropriate plac

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-3"><num>(3)</num><content>Schedule 1ZA (FCA: constitution etc) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-52-4"><num>(4)</num><intro>In paragraph 2—</intro><level class="para1" eId="section-52

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-52-4-a"><num>(a)</num><content><mod>in sub-paragraph (2), after paragraph (c) ins

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-4-b"><num>(b)</num><content><mod>in sub-paragraph (3), after “(c)” insert <quotedText>“, (ca)”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-5"><num>(5)</num><intro>In paragraph 3—</intro><level class="para1" eId="section-52-5-a"><num>(a)</num><content><mod>in sub-paragraph (6) after “PRA” insert <quotedText>“or of the Payment Systems Regulator

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-5-a"><num>(a)</num><content><mod>in sub-paragraph (6) after “PRA” insert <quotedText>“or of the Payment Systems Regulator”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-52-5-b"><num>(b)</num><content><mod>in sub-paragraph (7) for “the Bank’s Deputy Governor for prudential regulation” substitute <quotedText>“a person holding an office mentioned in paragraph 2(2)(c) or (ca)”

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-52-6"><num>(6)</num><content><mod>In paragraph 5(a) for “or (c)” substitute <quotedText>“, (c) or (ca)”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-52-7"><num>(7)</num><content><mod>After paragraph 6 insert—<quotedStructure startQuote="&#

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-53"><num>53</num><heading>Consultation on rules</heading><subsection eId="section-53-1"><num>(1)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-53-1"><num>(1)</num><content><mod>In section 138I of FSMA 2000 (consultation by the FCA),

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-53-2"><num>(2)</num><content><mod>In section 138J of FSMA 2000 (consultation by the PRA),

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-53-3"><num>(3)</num><content><mod>In section 104 of the Financial Services (Banking Reform

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-2"><num>PART 2</num><heading>Access to cash</heading><section eId="section-54"><num>54</num><heading>Cash access services</heading><content>Schedule 8 makes provision about the provision of cash deposit and withdrawal servic

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-54"><num>54</num><heading>Cash access services</heading><content>Schedule 8 makes provision about the provision of cash deposit and withdrawal services in the United Kingdom or a part of the United Kingdom.</conten

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-55"><num>55</num><heading>Wholesale cash distribution</heading><content>Schedule 9 makes provision about persons involved in wholesale cash distribution (as that term is defined in the Schedule).</content></section

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-3"><num>PART 3</num><heading>Performance of functions relating to financial market infrastructure</heading><section eId="section-56"><num>56</num><heading>Recognised bodies: senior managers and certification</heading><content><

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-56"><num>56</num><heading>Recognised bodies: senior managers and certification</heading><content>Schedule 10 amends FSMA 2000 to make provision about the performance, by senior managers and others, of functions in rela

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-4"><num>PART 4</num><heading>Central counterparties in financial difficulties</heading><section eId="section-57"><num>57</num><heading>Central counterparties in financial difficulties</heading><content>Schedule 11 makes prov

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-57"><num>57</num><heading>Central counterparties in financial difficulties</heading><content>Schedule 11 makes provision for a special resolution regime for central counterparties where all or part of its business has

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="part-5"><num>PART 5</num><heading>Insurers in financial difficulties</heading><section eId="section-58"><num>58</num><heading>Insurers in financial difficulties</heading><subsection eId="section-58-1"><num>(1)</num><content>Sched

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-58"><num>58</num><heading>Insurers in financial difficulties</heading><subsection eId="section-58-1"><num>(1)</num><content>Schedule 12 makes provision about the powers of the court in relation to liabilities of an ins

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-58-1"><num>(1)</num><content>Schedule 12 makes provision about the powers of the court in relation to liabilities of an insurer that is, or is likely to become, unable to pay its debts (an order made in exercise of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-58-2"><num>(2)</num><content>Schedule 13 makes provision about the enforcement of contracts to which an insurer is a party, where the insurer is subject to a write-down order or to certain insolvency proceedings.</p

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-6"><num>PART 6</num><heading>Miscellaneous</heading><hcontainer name="crossheading" ukl:Name="Pblock"

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-6-crossheading-amendments-to-fsma-2000"><heading>Amendment

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-59"><num>59</num><heading>Application of provisions to regulatory functions under this Act</head

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-59-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-59-2"><num>(2)</num><content><mod>In section 1A (the FCA), in subsection (6) after paragra

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-59-3"><num>(3)</num><content><mod>In section 2AB (functions of the PRA), in subsection (3)

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-60"><num>60</num><heading>Formerly authorised persons</heading><subsection eId="section-60-1"><n

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-2"><num>(2)</num><content><mod>In section 404C after “(which” insert <quotedText>“, subject to section 415AA(1),”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-60-3"><num>(3)</num><content><mod>After section 415A insert—<quotedStructure startQuote="&

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-60-4"><num>(4)</num><content>The amendments made by this section have effect only in relation to persons who cease to be authorised persons on or after 20 July 2022.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-61"><num>61</num><heading>Control over authorised persons</heading><intro>In Part 12 of FSMA

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-61-a"><num>(a)</num><content>at the end of paragraph (a) omit “or”, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-61-b"><num>(b)</num><content><mod>after that paragraph insert—<quotedStructure st

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62"><num>62</num><heading>Financial services compensation scheme</heading><subsection eId="section-62-1"><num>(1)</num><content>FSMA 2000 is amended as set out in subsections <ref href="#section-62-2">(2)</ref> and <re

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-1"><num>(1)</num><content>FSMA 2000 is amended as set out in subsections <ref href="#section-62-2">(2)</ref> and <ref href="#section-62-3">(3)</ref>.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-2"><num>(2)</num><content>In section 212 (the scheme manager), in subsection (3)(aa) omit the words “(who is to be the accounting officer)”.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-3"><num>(3)</num><content>Omit section 218B (Treasury’s power to receive information).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-62-4"><num>(4)</num><content>Omit section 15 of the Financial Services (Banking Reform) Act 2013 (which inserted section 218B of FSMA 2000).</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-63"><num>63</num><heading>The Ombudsman scheme</heading><subsection eId="section-63-1"><num>(1)<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-63-2"><num>(2)</num><content><mod>In section 429 (Parliamentary control of statutory instr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-3"><num>(3)</num><content>Paragraph 15 of Schedule 17 (the Ombudsman scheme: power of scheme operator to charge fees) is amended as set out in subsections (4) and (5).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-63-4"><num>(4)</num><content><mod>In sub-paragraph (1) after “respondent” insert <quotedText>“or other persons of a specified description”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-63-5"><num>(5)</num><content><mod>After sub-paragraph (2) insert—<quotedStructure startQuo

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-64"><num>64</num><heading>Unauthorised co-ownership AIFs</heading><subsection eId="section-64-1"

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-64-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-64-2"><num>(2)</num><intro>In section 261E (authorised contractual schemes: holding of uni

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-64-2-a"><num>(a)</num><content><mod>before subsection (1) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-64-2-b"><num>(b)</num><content><mod>in subsection (1) for “a contractual” substitute <quotedText>“the”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-64-3"><num>(3)</num><content><mod>After section 261Z5 insert—<quotedStructure startQuote="

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-65"><num>65</num><heading>Power to amend enactments in consequence of rules</heading><subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-65-2"><num>(2)</num><content><mod>After section 141A insert—<quotedStructure startQuote="&

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-3"><num>(3)</num><content>Omit section 144F (power to consequentially amend enactments).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-65-4"><num>(4)</num><intro>In section 429 (Parliamentary control of statutory instruments), in subsection (2), in the list of sections beginning with “90B”—</intro><level class="para1" eId="section-65-4-a"><num>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-65-4-a"><num>(a)</num><content><mod>insert at the appropriate place <quotedText>“141B,”</quotedText>;</mod></content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-66"><num>66</num><heading>Ambulatory references</heading><subsection eId="section-66-1"><num>(1)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-66-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-66-2"><num>(2)</num><content><mod>In section 137T (regulator rules: general supplementary

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-66-3"><num>(3)</num><intro>In section 428 (regulations and orders)—</intro><level clas

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-66-3-a"><num>(a)</num><content><mod>in subsection (3) before paragraph (a) insert

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-66-3-b"><num>(b)</num><content><mod>after subsection (3) insert—<quotedStructure

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-67"><num>67</num><heading>Power to amend or repeal certain provisions of FSMA 2000</heading><subsection eId="section-67-1"><num>(1)</num><intro>The Treasury may by regulations amend or repeal the following provisions i

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-67-1"><num>(1)</num><intro>The Treasury may by regulations amend or repeal the following provisions in Part 9C of FSMA 2000—</intro><level class="para1" eId="section-67-1-a"><num>(a)</num><content>section 143

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-1-a"><num>(a)</num><content>section 143C (duty to make rules applying to FCA investment firms);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-1-b"><num>(b)</num><content>section 143D (duty to make rules applying to parent undertakings);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-67-1-c"><num>(c)</num><content>section 143G (matters to consider when making Part 9C rules).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-67-2"><num>(2)</num><content>In consequence of provision made in regulations under subsection (1), the Treasury may by regulations amend or repeal other provisions of FSMA 2000.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-67-3"><num>(3)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-68"><num>68</num><heading>Power under FSMA 2000 to make transitional provisions</heading><subsec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-68-2"><num>(2)</num><intro>In section 427 (transitional provisions)—</intro><level class="para1" eId="section-68-2-a"><num>(a)</num><content><mod>in subsection (2)(a) to (c), for “the Authority”, in each plac

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-2-a"><num>(a)</num><content><mod>in subsection (2)(a) to (c), for “the Authority”, in each place, substitute <quotedText>“a regulator”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-2-b"><num>(b)</num><content><mod>in subsection (2)(f), for “the Authority’s” substitute <quotedText>“the FCA’s”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-68-2-c"><num>(c)</num><content><mod>in subsection (3)(a), for “the Authority” substitute <quotedText>“a regulator”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-68-3"><num>(3)</num><content><mod>In Schedule 17A, after paragraph 31A (inserted by sectio

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-69"><num>69</num><heading>Cryptoassets</heading><subsection eId="section-69-1"><num>(1)</num><co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-1"><num>(1)</num><content>FSMA 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-2"><num>(2)</num><content><mod>In section 21 (restrictions on financial promotion), in subsection (14) at end insert <quotedText>“(including where an asset, right or interest is, or comprises or represents, a cry

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-3"><num>(3)</num><content><mod>In section 22 (regulated activities), in subsection (4) at end insert <quotedText>“(including where an asset, right or interest is, or comprises or represents, a cryptoasset)”</quot

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-69-4"><num>(4)</num><intro>In section 417 (definitions)—</intro><level class="para1" e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-69-4-a"><num>(a)</num><content><mod>in subsection (1), insert at the appropriate

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-69-4-b"><num>(b)</num><content><mod>at end insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-69-5"><num>(5)</num><content><mod>In section 429 (Parliamentary control of statutory instruments), in subsection (2) leave out “or 333T” and insert <quotedText>“, 333T or 417(5)”</quotedText>.</mod></content></s

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-6-crossheading-bank-of-england-levy"><heading>Bank of Engl

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-70"><num>70</num><heading>Bank of England levy</heading><subsection eId="section-70-1"><num>(1)<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-1"><num>(1)</num><content>The Bank of England Act 1998 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-70-2"><num>(2)</num><content>Omit section 6 and Schedule 2 (cash ratio deposits).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-70-3"><num>(3)</num><content><mod>Before section 7 insert—<quotedStructure startQuote="&#x

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-70-4"><num>(4)</num><content><mod>Before Schedule 2A (financial policy committee) insert—<

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71"><num>71</num><heading>Bank of England levy: consequential amendments</heading><subsection eId="section-71-1"><num>(1)</num><content>The Bank of England Act 1998 is amended as follows in consequence of provision mad

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-1"><num>(1)</num><content>The Bank of England Act 1998 is amended as follows in consequence of provision made by section 70.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-2"><num>(2)</num><content><mod>In section 37 (restriction on disclosure of information), for “cash ratio deposit” substitute <quotedText>“Bank of England levy”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-3"><num>(3)</num><content><mod>In section 38 (offences in relation to supplying information to the Bank), in each of subsections (1) and (3), for “paragraph 9 of Schedule 2” substitute <quotedText>“paragraph <ref

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-4"><num>(4)</num><intro>In section 40 (orders)—</intro><level class="para1" eId="section-71-4-a"><num>(a)</num><intro>in subsection (2)—</intro><level class="para2" eId="section-71-4-a-i"><num>(i)</num

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-4-a"><num>(a)</num><intro>in subsection (2)—</intro><level class="para2" eId="section-71-4-a-i"><num>(i)</num><content><mod>after “section 17(4) or (5),” insert <quotedText>“or”</quotedText>;</mod

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-71-4-a-i"><num>(i)</num><content><mod>after “section 17(4) or (5),” insert <quotedText>“or”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-71-4-a-ii"><num>(ii)</num><content>omit “paragraph 1(2) or 5 of Schedule 2, or”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-71-4-b"><num>(b)</num><content>in subsection (3) omit “paragraph 2(2) or 8 of Schedule 2,”.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-5"><num>(5)</num><content>Schedule 7 (restriction on disclosure of information) is amended in accordance with subsections <ref href="#section-71-6">(6)</ref> to <ref href="#section-71-8">(8)</ref>.</content><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-6"><num>(6)</num><content><mod>In paragraph 1(1)(a), for “paragraph 9 of Schedule 2” substitute <quotedText>“paragraph <ref href="#d25e13603">9</ref> of Schedule 2ZA”</quotedText>.</mod></content></subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-7"><num>(7)</num><content><mod>In paragraph 2(1)(c), for “Schedule 2” substitute <quotedText>“Schedule 2ZA”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-71-8"><num>(8)</num><content><mod>In paragraph 5(a), for “Schedule 2 (payment in lieu of cash ratio deposit)” substitute <quotedText>“Schedule 2ZA (Bank of England levy)”</quotedText>.</mod></content></subsectio

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-6-crossheading-other-miscellaneous-provisions"><heading>Ot

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-72"><num>72</num><heading>Liability of payment service providers for fraudulent transactions</he

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-1"><num>(1)</num><content>The Payment Systems Regulator must prepare and publish a draft of a relevant requirement for reimbursement in such qualifying cases of payment orders as the Regulator considers should be

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-2"><num>(2)</num><intro>A case is a “<term refersTo="#term-qualifying-case" eId="term-qualifying-case">qualifying case</term>” for the purposes of this section if—</intro><level class="para1" eId="section-72-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-2-a"><num>(a)</num><content>the case relates to a payment order executed over the Faster Payments Scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-2-b"><num>(b)</num><content>the payment order was executed subsequent to fraud or dishonesty.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-3"><num>(3)</num><intro>The draft of the relevant requirement must—</intro><level class="para1" eId="section-72-3-a"><num>(a)</num><content>be published in the way appearing to the Payment Systems Regulato

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-3-a"><num>(a)</num><content>be published in the way appearing to the Payment Systems Regulator to be best calculated to bring it to the attention of the public;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-3-b"><num>(b)</num><content>be accompanied by notice that representations about the proposed relevant requirement may be made to the Payment Systems Regulator within a specified time.</content></leve

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-4"><num>(4)</num><content>The duty imposed by subsection (1) must be carried out before the end of two months beginning with the day on which this section comes into force.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-5"><num>(5)</num><content>The Payment Systems Regulator must impose a relevant requirement, in whatever way and to whatever extent it considers appropriate, for reimbursement to be made in qualifying cases of pay

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-6"><num>(6)</num><content>In complying with the duty imposed by subsection (5) the Payment Systems Regulator must have regard to any representations made in accordance with subsection (3)(b).</content></subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-7"><num>(7)</num><content>The duty imposed by subsection (5) must be carried out before the end of 6 months beginning with the day on which this section comes into force.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-8"><num>(8)</num><content>The duty under subsections (1) to (3), and under section 104(2) of the Financial Services (Banking Reform) Act 2013 in the application of that section to a relevant requirement imposed u

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-9"><num>(9)</num><intro>Nothing in subsections (1) to (8) is to be taken as limiting the power of the Payment Systems Regulator—</intro><level class="para1" eId="section-72-9-a"><num>(a)</num><content>to v

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-9-a"><num>(a)</num><content>to vary or revoke a relevant requirement imposed under the duty imposed by subsection (5), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-72-9-b"><num>(b)</num><content>to impose further relevant requirements (after that duty is complied with) in connection with reimbursement of payment orders executed subsequent to fraud or dishonesty.</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-72-10"><num>(10)</num><intro>In subsections (1) to (9)—</intro><hcontainer name="definition"><content>“<term refersTo="#term-the-faster-payments-scheme" eId="term-the-faster-payments-scheme">the Faster Paymen

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-director" eId="term-director">director</term>” includes, in relation to a CCP which has no board of directors, a member of the equivalent management body responsible for the mana

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-72-11"><num>(11)</num><content><mod>In regulation 90 of the Payment Services Regulations 2

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-73"><num>73</num><heading>Credit unions</heading><content>Schedule 14 amends the Credit Unions Act 1979 to make provision about additional financial activities credit unions may choose to carry on.</content></secti

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-74"><num>74</num><heading>Reinsurance for acts of terrorism</heading><subsection eId="section-74

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-74-1"><num>(1)</num><content>The Reinsurance (Acts of Terrorism) Act 1993 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-74-2"><num>(2)</num><content><mod>After section 2, insert—<quotedStructure startQuote="&#x

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-75"><num>75</num><heading>Banking Act 2009: miscellaneous amendments</heading><subsection eId="s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-1"><num>(1)</num><content>The Banking Act 2009 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-75-2"><num>(2)</num><intro>In section 7A (effect on other group members, financial stabili

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-2-a"><num>(a)</num><content><mod>in subsection (1), for “(4)(b)(ii)” substitute <quotedText>“(4), (4B)(b),”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-75-2-b"><num>(b)</num><content><mod>after subsection (1) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-3"><num>(3)</num><content><mod>In section 83ZD (appointment of person to carry out investigations in particular cases), in subsection (3)(a), for “83ZN” substitute <quotedText>“83ZR”</quotedText>.</mod></cont

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-4"><num>(4)</num><intro>In section 89H (recognition of third-country resolution actions), in subsection (7), in the definition of “third-country resolution action”—</intro><level class="para1" eId="section-75

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-4-a"><num>(a)</num><content><mod>in the words before paragraph (a), for “, third country parent undertaking or a bank, building society, credit union or investment firm” substitute <quotedText>“or third-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-4-b"><num>(b)</num><content>in paragraph (a), omit “or a bank, building society, credit union or investment firm”.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-5"><num>(5)</num><intro>In section 182 (interpretation: “payment system”)—</intro><level class="para1" eId="section-75-5-a"><num>(a)</num><content><mod>in subsection (1), after “arrangements” insert <quote

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-5-a"><num>(a)</num><content><mod>in subsection (1), after “arrangements” insert <quotedText>“, or proposed arrangements,”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-75-5-b"><num>(b)</num><content><mod>in subsection (5), after “operates” insert <quotedText>“, or is intended to operate,”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-75-6"><num>(6)</num><content><mod>In section 244 (immunity), in subsection (2)(c) after “2000,” insert <quotedText>“of its functions under, or as a result of regulations made under, the Financial Services and Market

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-76"><num>76</num><heading>Arrangements for the investigation of complaints</heading><subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-76-1"><num>(1)</num><content>The Financial Services Act 2012 is amended in accordance with subsections (2) and (3).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-76-2"><num>(2)</num><intro>In section 84 (arrangements for the investigation of complaints

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-2-a"><num>(a)</num><content>omit the “and” at the end of subsection (1)(a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-2-b"><num>(b)</num><content>omit subsection (1)(b);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-76-2-c"><num>(c)</num><content><mod>after subsection (1) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-2-d"><num>(d)</num><content>omit subsection (4);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-76-2-e"><num>(e)</num><content><mod>in subsection (5), in the opening words, for “regulators” substitute <quotedText>“Treasury”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-76-3"><num>(3)</num><intro>In section 87 (investigation of complaints)—</intro><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-76-3-a"><num>(a)</num><content><mod>in subsection (9A), after paragraph (b) inser

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-76-3-b"><num>(b)</num><content><mod>in subsection (9B), after paragraph (e) inser

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-76-3-c"><num>(c)</num><content><mod>after subsection (9B) insert—<quotedStructure

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77"><num>77</num><heading>Politically exposed persons: money laundering and terrorist financing</heading><subsection eId="section-77-1"><num>(1)</num><content>The Treasury must exercise the power conferred by section 4

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-1"><num>(1)</num><content>The Treasury must exercise the power conferred by section 49 of the Sanctions and Anti-Money Laundering Act 2018 (power of appropriate Minister to make regulations about money laundering

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-2"><num>(2)</num><content>The purpose is to make provision amending Part 3 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (<ref eId="c00014" href="h

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-3"><num>(3)</num><intro>The result required by this subsection is that, where a customer is a domestic PEP, or a family member or a known close associate of a domestic PEP—</intro><level class="para1" eId="se

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-3-a"><num>(a)</num><content>the starting point for the relevant person’s assessment under regulation 35(3) of the 2017 Regulations is that the customer presents a lower level of risk than a non-domestic

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-3-b"><num>(b)</num><content>if no enhanced risk factors are present, the extent of enhanced customer due diligence measures to be applied in relation to that customer is less than the extent to be applie

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-4"><num>(4)</num><intro>In this section—</intro><level class="para1" eId="section-77-4-a"><num>(a)</num><content>“<term refersTo="#term-customer" eId="term-customer">customer</term>” includes a potential c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-4-a"><num>(a)</num><content>“<term refersTo="#term-customer" eId="term-customer">customer</term>” includes a potential customer;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-4-b"><num>(b)</num><content>“<term refersTo="#term-domestic-pep" eId="term-domestic-pep">domestic PEP</term>” means a politically exposed person entrusted with prominent public functions by the United Ki

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-4-c"><num>(c)</num><content>“<term refersTo="#term-enhanced-risk-factors" eId="term-enhanced-risk-factors">enhanced risk factors</term>”, in relation to a customer who is a domestic PEP or a family membe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-4-d"><num>(d)</num><content>“<term refersTo="#term-non-domestic-pep" eId="term-non-domestic-pep">non-domestic PEP</term>” means a politically exposed person who is not a domestic PEP;</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-4-e"><num>(e)</num><intro>the following terms have the same meaning as in regulation 35(12) of the 2017 Regulations—</intro><hcontainer name="definition"><content>“politically exposed person” or “

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-5"><num>(5)</num><content>Section 55 of the Sanctions and Anti-Money Laundering Act 2018 (Parliamentary procedure for regulations) does not apply to regulations made in compliance with the duty imposed by subsect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-6"><num>(6)</num><intro>Regulations made in compliance with the duty imposed by subsection (1)—</intro><level class="para1" eId="section-77-6-a"><num>(a)</num><content>are subject to the negative procedure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-6-a"><num>(a)</num><content>are subject to the negative procedure, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-77-6-b"><num>(b)</num><content>must be laid before Parliament in accordance with paragraph (a) before the end of 12 months starting with the day on which this section comes into force.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-7"><num>(7)</num><content>The Treasury must, before the end of 6 months starting with the day on which this section comes into force, lay before Parliament a statement setting out what progress has been made towa

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-77-8"><num>(8)</num><content>The duty in subsection (7) does not apply where the regulations have been laid before Parliament in accordance with subsection (6)(a) before the end of 6 months starting with the day on

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78"><num>78</num><heading>Politically exposed persons: review of guidance</heading><subsection eId="section-78-1"><num>(1)</num><content>The FCA must review its guidance on politically exposed persons (“PEPs”) given un

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-1"><num>(1)</num><content>The FCA must review its guidance on politically exposed persons (“PEPs”) given under section 139A of FSMA 2000 and in compliance with the requirements under regulation 48 of the Money La

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-2"><num>(2)</num><intro>The review required under subsection (1) must include—</intro><level class="para1" eId="section-78-2-a"><num>(a)</num><content>an assessment of the extent to which the guidance is f

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-2-a"><num>(a)</num><content>an assessment of the extent to which the guidance is followed by those persons to whom it is given under regulation 48 of the 2017 Regulations, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-2-b"><num>(b)</num><content>in the light of that assessment, consideration as to whether the guidance remains appropriate or whether it should be revised.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-3"><num>(3)</num><intro>The FCA must—</intro><level class="para1" eId="section-78-3-a"><num>(a)</num><content>before the end of 3 months beginning with the day on which this section comes into force, publi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-3-a"><num>(a)</num><content>before the end of 3 months beginning with the day on which this section comes into force, publish an update on the FCA’s plan for the review required under subsection (1), and

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-3-b"><num>(b)</num><intro>before the end of 12 months beginning with the day on which this section comes into force—</intro><level class="para2" eId="section-78-3-b-i"><num>(i)</num><content>publi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-78-3-b-i"><num>(i)</num><content>publish the conclusions of the review, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-78-3-b-ii"><num>(ii)</num><content>where the FCA concludes that the guidance should be revised, publish draft revised guidance for consultation.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-4"><num>(4)</num><content>Publication as required by subsection (3) must be in the way appearing to the FCA to be best calculated to bring the publication to the attention of persons likely to be affected by it.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-5"><num>(5)</num><content>The FCA is not required under this section to publish any information whose publication would be against the public interest.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-78-6"><num>(6)</num><intro>In this section—</intro><level class="para1" eId="section-78-6-a"><num>(a)</num><content>“<term refersTo="#term-domestic-pep" eId="term-domestic-pep">domestic PEP</term>” means a po

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-6-a"><num>(a)</num><content>“<term refersTo="#term-domestic-pep" eId="term-domestic-pep">domestic PEP</term>” means a politically exposed person entrusted with prominent public functions by the United Ki

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-78-6-b"><num>(b)</num><intro>the following terms have the same meaning as in regulation 35(12) of the 2017 Regulations—</intro><hcontainer name="definition"><content>“politically exposed person” or “

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>an Act of Parliament,</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-50" class="schProv1"><num>50</num><intro>The following provisions are revoked—</intro><level class="para1" eId="schedule-2-paragraph-50-a"><num>(a)</num><content>paragraph 7BA of the Schedule to t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-50-a"><num>(a)</num><content>paragraph 7BA of the Schedule to the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securit

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-50-b"><num>(b)</num><intro>in the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017—</intro><level class="para2" eId="schedule-2-paragraph-50-b-i">

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-2-paragraph-50-b-i"><num>(i)</num><content>regulation 17;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-2-paragraph-50-b-ii"><num>(ii)</num><content>regulation 18;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-2-paragraph-50-b-iii"><num>(iii)</num><content>regulation 19;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-2-paragraph-50-b-iv"><num>(iv)</num><content>regulation 25;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-2-paragraph-50-b-v"><num>(v)</num><content>regulation 29(1);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-50-c"><num>(c)</num><intro>in <ref eId="c00354" href="http://www.legislation.gov.uk/european/regulation/2014/0600">Regulation (EU) No 600/2014</ref> of the European Parliament and of the Counci

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-2-paragraph-50-c-i"><num>(i)</num><content>in Article 26(3), the last sentence;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-2-paragraph-50-c-ii"><num>(ii)</num><content>in Schedule 3, paragraphs 31 and 32;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-50-d"><num>(d)</num><content><ref eId="c00355" href="http://www.legislation.gov.uk/european/regulation/2017/0591">Commission Delegated Regulation (EU) 2017/591</ref> of 1 December 2016 suppleme

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-14-paragraph-1" class="schProv1"><num>1</num><content>The Credit Unions Act 1979 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-14-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-14-paragraph-6-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-14-paragraph-9" class="schProv1"><num>9</num><content><mod>After section <ref href="#d25e5

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79"><num>79</num><heading>Forest risk commodities: review</heading><subsection eId="section-79-1"><num>(1)</num><content>The Treasury must carry out a review to assess the extent to which regulation of the UK financial

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-1"><num>(1)</num><content>The Treasury must carry out a review to assess the extent to which regulation of the UK financial system is adequate for the purpose of eliminating the financing of the use of prohibited

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-2"><num>(2)</num><content>In subsection (1) the reference to “prohibited” forest risk commodities is a reference to forest risk commodities, or products derived from forest risk commodities, the use of which is p

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-3"><num>(3)</num><intro>Having carried out a review the Treasury must lay before Parliament, and publish, a report stating—</intro><level class="para1" eId="section-79-3-a"><num>(a)</num><content>the concl

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-3-a"><num>(a)</num><content>the conclusions of the review, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-79-3-b"><num>(b)</num><content>the steps the Treasury consider it appropriate to take to improve the effectiveness of the regulation of the UK financial system for the purpose stated in subsection (1).<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-4"><num>(4)</num><content>Subsection (3) must be complied with before the end of 9 months beginning with the day on which the first regulations under paragraph 1 of Schedule 17 to the Environment Act 2021 are mad

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-79-5"><num>(5)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-forest-risk-commodities" eId="term-forest-risk-commodities">forest risk commodities</term>” has

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-this-group-of-sections" eId="term-this-group-of-sections">this group of sections</term>” means the sections referred to in subsection (1).</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-4-paragraph-3-1"><num>(1)</num><content>The particular kinds of practices that may be adopted under the FMI sandbox arrangements for the purpos

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-4-paragraph-6-1"><num>(1)</num><intro>Requirements applicable—</intro><level class="para1" eId="schedule-4-paragraph-6-1-a"><num>(a)</num><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-4-paragraph-9-1"><num>(1)</num><content>How requirements imposed by or under the FMI sandbox arrangements are to be enforced.</content></su

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-recognition-requirements" eId="term-recognition-requirements">recognition requirements</term>” means the requirements resulting from section 286 of FSMA 2000;</content></hcon

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-7"><num>PART 7</num><heading>General</heading><section eId="section-80"><num>80</num><heading>Interpre

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-80"><num>80</num><heading>Interpretation</heading><subsection eId="section-80-1"><num>(1)</num><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-80-2"><num><noteRef href="#key-8562cbf997ecefc08f007ef74738318f" uk:name="commentary" ukl:Nam

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81"><num>81</num><heading>Pre-commencement consultation</heading><subsection eId="section-81-1"><num>(1)</num><intro>Subsection (2) applies to a duty to consult, so far as applying to or in connection with, or otherwis

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-1"><num>(1)</num><intro>Subsection (2) applies to a duty to consult, so far as applying to or in connection with, or otherwise arising in consequence of, a provision of an enactment as modified or made—</intr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-1-a"><num>(a)</num><content>by or under this Act, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-1-b"><num>(b)</num><content>by or under another Act as amended by this Act.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-2"><num>(2)</num><content>The duty to consult may be satisfied by things done before the commencement date (as well as by things done on or after that date).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-81-3"><num>(3)</num><intro>The “<term refersTo="#term-commencement-date" eId="term-commencement-date">commencement date</term>”, in relation to a provision of an enactment as modified or made—</intro><level clas

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-3-a"><num>(a)</num><content>by or under this Act, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-81-3-b"><num>(b)</num><content>by or under another Act as amended by this Act,</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-82"><num>82</num><heading>Financial provision</heading><content>There is to be paid out of money provided by Parliament any expenditure incurred by the Treasury for any purpose in connection with this Act.</content

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83"><num>83</num><heading>Power to make consequential provision</heading><subsection eId="section-83-1"><num>(1)</num><content>The Treasury may by regulations make provision that is consequential on this Act or on any

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-1"><num>(1)</num><content>The Treasury may by regulations make provision that is consequential on this Act or on any provision made under it.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-2"><num>(2)</num><content>The power to make regulations under this section may (among other things) be exercised by modifying any provision made by or under an enactment (including this Act).</content></subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-3"><num>(3)</num><content>Regulations under this section are subject to the affirmative procedure if they amend, repeal or revoke any provision of primary legislation.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-83-4"><num>(4)</num><content>Regulations under this section to which subsection (3) does not apply are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84"><num>84</num><heading>Regulations</heading><subsection eId="section-84-1"><num>(1)</num><content>Any power to make regulations under this Act is exercisable by statutory instrument.</content></subsection><subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-1"><num>(1)</num><content>Any power to make regulations under this Act is exercisable by statutory instrument.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-2"><num>(2)</num><intro>Any power to make regulations under this Act includes power—</intro><level class="para1" eId="section-84-2-a"><num>(a)</num><content>to make provision by reference to any rules or o

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-2-a"><num>(a)</num><content>to make provision by reference to any rules or other instruments as they have effect from time to time;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-2-b"><num>(b)</num><content>to make different provision for different purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-84-2-c"><num>(c)</num><content>to make supplementary, incidental, consequential, transitional, transitory or saving provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-3"><num>(3)</num><content>Where regulations under this Act are subject to “the affirmative procedure”, the regulations may not be made unless a draft of the statutory instrument containing them has been laid befo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-4"><num>(4)</num><content>Where regulations under this Act are subject to “the negative procedure”, the statutory instrument containing them is subject to annulment in pursuance of a resolution of either House of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-5"><num>(5)</num><content>Any provision that may be made by regulations under this Act, or under any other enactment, subject to the negative procedure may be made in regulations, made under or by virtue of this

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-6"><num>(6)</num><content>If an instrument, or a draft of an instrument, containing regulations under this Act would, apart from this subsection, be treated as a hybrid instrument for the purposes of the standing

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-84-7"><num>(7)</num><content>This section does not apply to regulations under section 86, except so far as making provision by virtue of section 4(1).</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85"><num>85</num><heading>Extent</heading><subsection eId="section-85-1"><num>(1)</num><content>This Act extends to England and Wales, Scotland and Northern Ireland except as provided by subsection (2).</content></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-1"><num>(1)</num><content>This Act extends to England and Wales, Scotland and Northern Ireland except as provided by subsection (2).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-2"><num>(2)</num><intro>The following extend to England and Wales and Scotland only—</intro><level class="para1" eId="section-85-2-a"><num>(a)</num><content>section 73;</content></level><level class="p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-85-2-a"><num>(a)</num><content>section 73;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-85-2-b"><num>(b)</num><content>section 74.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-85-3"><num>(3)</num><content>The power under section 430(3) of FSMA 2000 may be exercised so as to extend to any of the Channel Islands or the Isle of Man any amendment or repeal made by or under this Act of any par

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86"><num>86</num><heading>Commencement</heading><subsection eId="section-86-1"><num>(1)</num><intro>The following come into force on the day on which this Act is passed—</intro><level class="para1" eId="section-86-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-1"><num>(1)</num><intro>The following come into force on the day on which this Act is passed—</intro><level class="para1" eId="section-86-1-a"><num>(a)</num><content>this Part;</content></level><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-b"><num>(b)</num><content>Part 5 of Schedule 2, and section 2 so far as relating to that Part;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-c"><num>(c)</num><content>section 20(3), so far as conferring a power to make regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-d"><num>(d)</num><content>section 24;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-e"><num>(e)</num><content>section 56 and Schedule 10, so far as conferring power to make regulations;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-f"><num>(f)</num><content>section 77;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-1-g"><num>(g)</num><content>section 78.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-2"><num>(2)</num><intro>The following provisions come into force two months after Royal Assent—</intro><level class="para1" eId="section-86-2-a"><num>(a)</num><content>section 22;</content></level><lev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-a"><num>(a)</num><content>section 22;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-b"><num>(b)</num><content>section 52;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-c"><num>(c)</num><content>section 54;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-d"><num>(d)</num><content>section 55;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-e"><num>(e)</num><content>section 58;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-f"><num>(f)</num><content>section 60;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-g"><num>(g)</num><content>section 61;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-h"><num>(h)</num><content>section 62;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-i"><num>(i)</num><content>section 72;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-86-2-j"><num>(j)</num><content>section 74.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-3"><num>(3)</num><content>The rest of this Act comes into force on such day as the Treasury may by regulations appoint.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-4"><num>(4)</num><content>Different days may be appointed for different purposes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-5"><num>(5)</num><content>The Treasury may by regulations make transitional or saving provision in connection with the coming into force of any provision of this Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-6"><num>(6)</num><content>The power to make regulations under subsection <ref href="#section-86-5">(5)</ref> includes power to make different provision for different purposes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-86-7"><num>(7)</num><content>Regulations under this section are to be made by statutory instrument.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-87"><num>87</num><heading>Short title</heading><content>This Act may be cited as the Financial Services and Markets Act 2023.</content></section>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" name="schedules"

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="schedule" eId="schedule-1"><num>SCHEDULE 1<authorialNote class="referenceNote">Section 1</aut

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="schedule-1-part-1"><num>PART 1</num><heading><ins class="substitution first last" ukl:ChangeId="key-dc5027f

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-part-2"><num>PART 2</num><heading>Subordinate legislation</heading><content><blockList class="unordered none" ukl:Name="UnorderedList" ukl:Decoration="none"

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-part-3"><num>PART 3</num><heading>EU tertiary legislation etc</heading><intro>Any provision made under any of the following EU directives—</intro><level class="para1" eId="schedule-1-part-3-paragraph-a"><num>(a)</n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-3-paragraph-a"><num>(a)</num><content><ref eId="c00301" href="http://www.legislation.gov.uk/european/directive/1998/0026">Directive 98/26/EC</ref> of the European Parliament and of the Council of 19

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-3-paragraph-b"><num>(b)</num><content><ref eId="c00302" href="http://www.legislation.gov.uk/european/directive/2001/0024">Directive 2001/24/EC</ref> of the European Parliament and of the Council of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-3-paragraph-c"><num>(c)</num><content><ref eId="c00303" href="http://www.legislation.gov.uk/european/directive/2001/0034">Directive 2001/34/EC</ref> of the European Parliament and of the Council of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-3-paragraph-d"><num>(d)</num><content><ref eId="c00304" href="http://www.legislation.gov.uk/european/directive/2002/0047">Directive 2002/47/EC</ref> of the European Parliament and of the Council of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-3-paragraph-e"><num>(e)</num><content><ref eId="c00305" href="http://www.legislation.gov.uk/european/directive/2002/0065">Directive 2002/65/EC</ref> of the European Parliament and of the Council of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-3-paragraph-f"><num>(f)</num><content><ref eId="c00306" href="http://www.legislation.gov.uk/european/directive/2002/0087">Directive 2002/87/EC</ref> of the European Parliament and of the Council of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-3-paragraph-g"><num>(g)</num><content><ref eId="c00307" href="http://www.legislation.gov.uk/european/directive/2004/0109">Directive 2004/109/EC</ref> of the European Parliament and of the Council of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-3-paragraph-h"><num>(h)</num><content><ref eId="c00308" href="http://www.legislation.gov.uk/european/directive/2008/0048">Directive 2008/48/EC</ref> of the European Parliament and of the Council of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-3-paragraph-i"><num>(i)</num><content><ref eId="c00309" href="http://www.legislation.gov.uk/european/directive/2009/0065">Directive 2009/65/EC</ref> of the European Parliament and of the Council of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-3-paragraph-j"><num>(j)</num><content><ref eId="c00310" href="http://www.legislation.gov.uk/european/directive/2009/0103">Directive 2009/103/EC</ref> of the European Parliament and of the Council of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-k"><num>(k)</num><content><ref eId="c00311" href="http://www.legislation.gov.uk/european/directive/2009/0110">Directive 2009/110/EC</ref> of the European Parliament and of the Council of 16 Sep

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-l"><num>(l)</num><content><ref eId="c00312" href="http://www.legislation.gov.uk/european/directive/2009/0138">Directive 2009/138/EC</ref> of the European Parliament and of the Council of 25 Nov

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-m"><num>(m)</num><content><ref eId="c00313" href="http://www.legislation.gov.uk/european/directive/2011/0061">Directive 2011/61/EU</ref> of the European Parliament and of the Council of 8 June

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-n"><num>(n)</num><content><ref eId="c00314" href="http://www.legislation.gov.uk/european/directive/2011/0089">Directive 2011/89/EU</ref> of the European Parliament and of the Council of 16 Nove

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-o"><num>(o)</num><content><ref eId="c00319" href="http://www.legislation.gov.uk/european/directive/2013/0036">Directive 2013/36/EU</ref> of the European Parliament and of the Council of 26 June

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-p"><num>(p)</num><content><ref eId="c00320" href="http://www.legislation.gov.uk/european/directive/2014/0017">Directive 2014/17/EU</ref> of the European Parliament and of the Council of 4 Febru

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-q"><num>(q)</num><content><ref eId="c00321" href="http://www.legislation.gov.uk/european/directive/2014/0049">Directive 2014/49/EU</ref> of the European Parliament and of the Council of 16 Apri

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-r"><num>(r)</num><content><ref eId="c00322" href="http://www.legislation.gov.uk/european/directive/2014/0057">Directive 2014/57/EU</ref> of the European Parliament and of the Council of 16 Apri

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-s"><num>(s)</num><content><ref eId="c00323" href="http://www.legislation.gov.uk/european/directive/2014/0059">Directive 2014/59/EU</ref> of the European Parliament and of the Council of 15 May

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-t"><num>(t)</num><content><ref eId="c00324" href="http://www.legislation.gov.uk/european/directive/2014/0065">Directive 2014/65/EU</ref> of the European Parliament and of the Council of 15 May

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-u"><num>(u)</num><content><ref eId="c00325" href="http://www.legislation.gov.uk/european/directive/2014/0092">Directive 2014/92/EU</ref> of the European Parliament and of the Council of 23 July

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-v"><num>(v)</num><content><ref eId="c00326" href="http://www.legislation.gov.uk/european/directive/2015/2366">Directive (EU) 2015/2366</ref> of the European Parliament and of the Council of 25

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-w"><num>(w)</num><content><ref eId="c00327" href="http://www.legislation.gov.uk/european/directive/2016/0097">Directive (EU) 2016/97</ref> of the European Parliament and of the Council of 20 Ja

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-x"><num>(x)</num><content><ref eId="c00328" href="http://www.legislation.gov.uk/european/directive/2016/2341">Directive (EU) 2016/2341</ref> of the European Parliament and of the Council of 14

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-y"><num>(y)</num><content><ref eId="c00329" href="http://www.legislation.gov.uk/european/directive/2019/2034">Directive (EU) 2019/2034</ref> of the European Parliament and of the Council of 27

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-part-4"><num>PART 4</num><heading>Primary legislation</heading><intro>In FSMA 2000—</intro><level class="para1" eId="schedule-1-part-4-paragraph-a"><num>(a)</num><content>section 55J(7A) to (7C);</content></

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-4-paragraph-a"><num>(a)</num><content>section 55J(7A) to (7C);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-4-paragraph-b"><num>(b)</num><content>section 55KA;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-4-paragraph-c"><num>(c)</num><content>section 137A(6) and (7);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-4-paragraph-d"><num>(d)</num><content>section 137G(6) and (7);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-4-paragraph-e"><num>(e)</num><content>Chapter 2A of Part 9A;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-4-paragraph-g"><num>(g)</num><content>section 192XA(3) and (4);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-4-paragraph-h"><num>(h)</num><content>section 300H(4) (as inserted by section 11(2) of this Act);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-4-paragraph-i"><num>(i)</num><content>section 367(3)(za);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-4-paragraph-j"><num>(j)</num><content>paragraph 10(5) of Schedule 17A.</content></level>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="schedule-1-part-5"><num>PART 5</num><heading>Other EU-derived legislation</heading><intro>EU-derived leg

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1" eId="schedule-1-part-5-paragraph-a"><num>(a)</num><intro>“<term refersTo="#term-eu-derived-leg

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para2" eId="schedule-1-paragraph-a-i"><num>(i)</num><content> <ins class="substitution first last" uk

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-1-paragraph-a-ii"><num>(ii)</num><content>subordinate legislation so far as it contains provision for the purpose of implementing, or otherwise in relation to, an EU directive or any other obligation that

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-1-paragraph-a-iii"><num>(iii)</num><content>subordinate legislation made under section 3, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-1-paragraph-a-iv"><num>(iv)</num><content>subordinate legislation made under the European Union (Withdrawal) Act 2018;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-part-5-paragraph-b"><num>(b)</num><content>EU-derived legislation is to be taken as “relating” to financial services or markets if its purpose, or one of its main purposes, is for or in connection with t

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-2"><num>SCHEDULE 2<authorialNote class="referenceNote">Section 2</aut

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-part-1"><num>PART 1</num><heading>Amendments to the Markets in Financial Instruments Regulation<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>a person who has been declared to be, or who is an operator of, a designated system under regulation 4 of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (<ref eId="c00

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-1" class="schProv1"><num>1</num><content><ref eId="c00330" href="http://www.legislation.gov.uk/european/regulation/2014/0600">Regulation (EU) No 600/2014</ref> of the European Parliament and of the Counc

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-8" class="schProv1"><num>8</num><content><mod>In Article 2(1) (definitions), f

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-9" class="schProv1"><num>9</num><content>In Article 17a (tick sizes), in the second paragraph, omit “large in scale”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-10" class="schProv1"><num>10</num><content><mod>For Article 18 substitute—<quo

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-11" class="schProv1"><num>11</num><content><mod>For Article 21 substitute—<quo

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-12" class="schProv1"><num>12</num><content>In Article 22 (providing information for the purposes of transparency and other calculations), in paragraph 1 omit “and for determining whether an investment fi

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e17616"><heading>Introductory</heading><paragraph eId="schedule-2-paragraph-1" class="schProv1"><num>1</num><content><ref eId="c00330" href="http://www.legislation.gov.uk/european/re

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e17634"><heading>Transparency requirements for equities</hea

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e17871"><heading>Transparency requirements for fixed income

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e18286"><heading>Systematic internalisers and other investme

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e18732"><heading>Systematic internalisers and other investment firms</heading><paragraph eId="schedule-2-paragraph-12" class="schProv1"><num>12</num><content>In Article 22 (providing

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e18744"><heading>Share trading obligation</heading><paragraph eId="schedule-2-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-2-paragraph-13-1"><num>(1)</num><co

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e18782"><heading>Derivatives trading obligation</heading><paragraph eId="schedule-2-paragraph-15" class="schProv1"><num>15</num><content><mod>In Article 1(3) (subject matter and scop

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e19190"><heading>Consequential amendments relating to this Part</heading><paragraph eId="schedule-2-paragraph-19" class="schProv1"><num>19</num><intro>In Article 2(1) (definitions),

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-part-2"><num>PART 2</num><heading>Amendments to the European Market Infrastructure Regulation</h

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-28" class="schProv1"><num>28</num><content><ref eId="c00335" href="http://www.legislation.gov.uk/european/regulation/2012/0648">Regulation (EU) No 648/2012</ref> on OTC derivatives, central counterpartie

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-29" class="schProv1"><num>29</num><content><mod>After Article 6a insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-30" class="schProv1"><num>30</num><content><mod>After Article 84b insert—<quot

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-part-3"><num>PART 3</num><heading>Amendments to the EU Securitisation Regulation</heading><hcont

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e19591"><heading>Introductory</heading><paragraph eId="schedule-2-paragraph-31" class="schProv1"><num>31</num><content><ref eId="c00336" href="http://www.legislation.gov.uk/european/

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(d)</num><content>Northern Ireland legislation;</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-32" class="schProv1"><num>32</num><subparagraph eId="schedule-2-paragraph-32-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-15" class="schProv1"><num>15</num><subparagraph eId="schedule-11-paragraph-15-1"><num>(1)</num><content>This paragraph sets out the special resolution objectives.</content></subparagraph><subparagra

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-18" class="schProv1"><num>18</num><intro>Where the Bank is considering the exercise of a stabilisation power in respect of a CCP which is a member of a group, the Bank must have regard to—</intro><l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-18-a"><num>(a)</num><content>the need to minimise the effect of the exercise of the power on other undertakings in the same group, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-18-b"><num>(b)</num><content>the potential effect of the exercise of the power on the financial stability of countries other than the United Kingdom (particularly those countries in which any

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-21" class="schProv1"><num>21</num><subparagraph eId="schedule-11-paragraph-21-1"><num>(1)</num><content>Where the Bank has exercised the first stabilisation option (private sector purchaser) in respect

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-24" class="schProv1"><num>24</num><subparagraph eId="schedule-11-paragraph-24-1"><num>(1)</num><content>The Bank must make arrangements for the appointment of a person to act as an independent valuer fo

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-27" class="schProv1"><num>27</num><subparagraph eId="schedule-11-paragraph-27-1"><num>(1)</num><content>The first stabilisation option is to sell all or part of the business of the CCP to a commercial p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-30" class="schProv1"><num>30</num><subparagraph eId="schedule-11-paragraph-30-1"><num>(1)</num><content>The third stabilisation option is to transfer ownership of the CCP to any person other than a brid

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-33" class="schProv1"><num>33</num><subparagraph eId="schedule-11-paragraph-33-1"><num>(1)</num><content>The sixth stabilisation option is to make one or more variation instruments.</content></subpar

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-36" class="schProv1"><num>36</num><subparagraph eId="schedule-11-paragraph-36-1"><num>(1)</num><content>This paragraph applies to a relevant provision in a write-down instrument.</content></subparag

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-39" class="schProv1"><num>39</num><subparagraph eId="schedule-11-paragraph-39-1"><num>(1)</num><content>This paragraph applies where the Bank uses one or more of the stabilisation options mentioned in p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-42" class="schProv1"><num>42</num><subparagraph eId="schedule-11-paragraph-42-1"><num>(1)</num><content>In this paragraph “<term refersTo="#term-transfer" eId="term-transfer">transfer</term>” means a tr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-45" class="schProv1"><num>45</num><subparagraph eId="schedule-11-paragraph-45-1"><num>(1)</num><intro>A share transfer instrument may enable the Bank—</intro><level class="para1" eId="schedule-11-pa

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-48" class="schProv1"><num>48</num><subparagraph eId="schedule-11-paragraph-48-1"><num>(1)</num><intro>As soon as is reasonably practicable after making a share transfer instrument in respect of a CCP, t

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-51" class="schProv1"><num>51</num><subparagraph eId="schedule-11-paragraph-51-1"><num>(1)</num><content>This paragraph applies where the Bank has made a share transfer instrument in accordance with para

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-54" class="schProv1"><num>54</num><subparagraph eId="schedule-11-paragraph-54-1"><num>(1)</num><intro>A property transfer instrument is an instrument which—</intro><level class="para1" eId="schedule

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-57" class="schProv1"><num>57</num><subparagraph eId="schedule-11-paragraph-57-1"><num>(1)</num><intro>A property transfer instrument may provide—</intro><level class="para1" eId="schedule-11-paragra

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-60" class="schProv1"><num>60</num><subparagraph eId="schedule-11-paragraph-60-1"><num>(1)</num><content>A property transfer instrument made in respect of a CCP may make provision about the consequences

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-63" class="schProv1"><num>63</num><subparagraph eId="schedule-11-paragraph-63-1"><num>(1)</num><content>A property transfer instrument may include incidental, consequential or transitional provision.</p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-66" class="schProv1"><num>66</num><subparagraph eId="schedule-11-paragraph-66-1"><num>(1)</num><content>This paragraph applies where the Bank has made a resolution instrument.</content></subparagrap

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-69" class="schProv1"><num>69</num><subparagraph eId="schedule-11-paragraph-69-1"><num>(1)</num><content>This paragraph applies where the Bank has made a property transfer instrument in respect of a brid

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-72" class="schProv1"><num>72</num><subparagraph eId="schedule-11-paragraph-72-1"><num>(1)</num><content>This paragraph applies where the Bank has made a property transfer instrument in accordance with p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-75" class="schProv1"><num>75</num><subparagraph eId="schedule-11-paragraph-75-1"><num>(1)</num><content>In this Schedule, “<term refersTo="#term-partial-property-transfer" eId="term-partial-property-tra

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-78" class="schProv1"><num>78</num><subparagraph eId="schedule-11-paragraph-78-1"><num>(1)</num><content>In this paragraph “<term refersTo="#term-protected-arrangements" eId="term-protected-arrangements"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-81" class="schProv1"><num>81</num><subparagraph eId="schedule-11-paragraph-81-1"><num>(1)</num><intro>As soon as is reasonably practicable after making a resolution instrument in respect of a CCP, the B

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-84" class="schProv1"><num>84</num><subparagraph eId="schedule-11-paragraph-84-1"><num>(1)</num><intro>In this paragraph—</intro><hcontainer name="definition"><intro>“<term refersTo="#term-resolut

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-87" class="schProv1"><num>87</num><subparagraph eId="schedule-11-paragraph-87-1"><num>(1)</num><content>The Treasury may by regulations make provision for protecting the financial interests of relevant

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-90" class="schProv1"><num>90</num><subparagraph eId="schedule-11-paragraph-90-1"><num>(1)</num><content>Expressions in this paragraph have the same meaning as in paragraph <ref href="#schedule-11-paragr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-93" class="schProv1"><num>93</num><subparagraph eId="schedule-11-paragraph-93-1"><num>(1)</num><content>Expressions in this paragraph have the same meaning as in paragraph <ref href="#schedule-11-paragr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-96" class="schProv1"><num>96</num><subparagraph eId="schedule-11-paragraph-96-1"><num>(1)</num><content>The Bank may by notice terminate an obligation arising under paragraph <ref href="#schedule-11-par

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-99" class="schProv1"><num>99</num><subparagraph eId="schedule-11-paragraph-99-1"><num>(1)</num><content>The Bank may suspend the termination right of any party to a qualifying contract (other than a par

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-102" class="schProv1"><num>102</num><subparagraph eId="schedule-11-paragraph-102-1"><num>(1)</num><content>The Bank may restrict or prohibit for a specified period discretionary payments to specified em

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-105" class="schProv1"><num>105</num><subparagraph eId="schedule-11-paragraph-105-1"><num>(1)</num><content>The Treasury may by regulations make provision about the fiscal consequences of the exercise of

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-108" class="schProv1"><num>108</num><subparagraph eId="schedule-11-paragraph-108-1"><num>(1)</num><intro>The Bank may provide for a company to which the business of a CCP is transferred in accordance wi

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-111" class="schProv1"><num>111</num><subparagraph eId="schedule-11-paragraph-111-1"><num>(1)</num><content>The Bank may not exercise a stabilisation power in respect of a CCP without the Treasury’s cons

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-114" class="schProv1"><num>114</num><subparagraph eId="schedule-11-paragraph-114-1"><num>(1)</num><content>Where the Bank transfers all or part of a CCP’s business to a bridge central counterparty, the

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-117" class="schProv1"><num>117</num><subparagraph eId="schedule-11-paragraph-117-1"><num>(1)</num><content>The Bank may exercise a stabilisation power in respect of a CCP group company in accordance wit

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-120" class="schProv1"><num>120</num><subparagraph eId="schedule-11-paragraph-120-1"><num>(1)</num><content>This paragraph applies where the Bank has required or could require a person to whom sub-paragr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-123" class="schProv1"><num>123</num><subparagraph eId="schedule-11-paragraph-123-1"><num>(1)</num><intro>On receiving a request to which sub-paragraph <ref href="#schedule-11-paragraph-123-3">(3)</ref>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-126" class="schProv1"><num>126</num><subparagraph eId="schedule-11-paragraph-126-1"><num>(1)</num><content>This paragraph applies to an investigator appointed under paragraph <ref href="#schedule-11-par

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-129" class="schProv1"><num>129</num><subparagraph eId="schedule-11-paragraph-129-1"><num>(1)</num><content>A person may not be required under this Schedule to produce, disclose or permit the inspection

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-132" class="schProv1"><num>132</num><subparagraph eId="schedule-11-paragraph-132-1"><num>(1)</num><content>If a person other than the investigator (“<term refersTo="#term-the-defaulter" eId="term-the-de

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-135" class="schProv1"><num>135</num><subparagraph eId="schedule-11-paragraph-135-1"><num>(1)</num><content>If, on the application of the Bank, the court is satisfied that there is a reasonable likelihoo

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-138" class="schProv1"><num>138</num><subparagraph eId="schedule-11-paragraph-138-1"><num>(1)</num><content>If the Bank proposes to impose a sanction on a person under paragraph <ref href="#schedule-11-p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-141" class="schProv1"><num>141</num><subparagraph eId="schedule-11-paragraph-141-1"><num>(1)</num><content>If the Bank decides to impose a sanction on a person under paragraph <ref href="#schedule-11-pa

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-144" class="schProv1"><num>144</num><intro>In connection with the exercise of its powers to impose sanctions under paragraph <ref href="#schedule-11-paragraph-136">136</ref>, the Bank must take such ste

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-144-b"><num>(b)</num><content>any person who exercises functions outside the United Kingdom equivalent to those exercisable by the Bank under this Schedule.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-33" class="schProv1"><num>33</num><content><mod>After Article 28 (third party

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e19619"><heading>STS equivalent non-UK securitisations</head

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e19806"><heading>Minor and consequential amendments</heading

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-part-4"><num>PART 4</num><heading>Amendments to the Financial Services and Markets Act 2000 (Mar

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e20076"><heading>Introductory</heading><paragraph eId="schedule-2-paragraph-44" class="schProv1"><num>44</num><content>The Financial Services and Markets Act 2000 (Markets in Financi

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e20091"><heading>Position limits for commodity derivatives</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e20420"><heading>Consequential revocations relating to this Part</heading><paragraph eId="schedule-2-paragraph-50" class="schProv1"><num>50</num><intro>The following provisions are r

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-part-5"><num>PART 5</num><heading>Amendments to the Central Counterparties (Amendment, etc., and

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-51" class="schProv1"><num>51</num><subparagraph eId="schedule-2-paragraph-51-1"><

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-part-6"><num>PART 6</num><heading>Amendments relating to critical third parties</heading><paragr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-52" class="schProv1"><num>52</num><content>The Electronic Money Regulations 2011 (<ref eId="c00358" href="http://www.legislation.gov.uk/id/uksi/2011/99">S.I. 2011/99</ref>) are amended in accordance with

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-53" class="schProv1"><num>53</num><content><mod>In regulation 48 (monitoring a

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-54" class="schProv1"><num>54</num><content><mod>In regulation 49 (reporting re

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-55" class="schProv1"><num>55</num><content><mod>In regulation 50 (public censure), after “Regulations” insert <quotedText>“or, in the case of an electronic money institution, section 312R of the 2000 Act

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-56" class="schProv1"><num>56</num><intro>In regulation 51 (financial penalties

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-56-a"><num>(a)</num><content>omit “or” at the end of paragraph (1)(a), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-56-b"><num>(b)</num><content><mod>after that paragraph insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-57" class="schProv1"><num>57</num><content><mod>In regulation 52 (suspending authorisation etc), in paragraph (1) after “Regulations” insert <quotedText>“or by or under section 312R of the 2000 Act”</quo

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-58" class="schProv1"><num>58</num><intro>In regulation 54 (injunctions)—</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-58-a"><num>(a)</num><content>omit “or” at the end of paragraph (1)(a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-58-b"><num>(b)</num><content><mod>after paragraph (1)(b) insert—<quo

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-58-c"><num>(c)</num><content><mod>in paragraph (2)(a) after “Regulations” insert <quotedText>“or an electronic money institution has contravened a requirement imposed on it by or under section

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-58-d"><num>(d)</num><content><mod>in the words after paragraph (2)(b), after “that person” insert <quotedText>“or institution”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-58-e"><num>(e)</num><content>omit “or” at the end of paragraph (3)(a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-58-f"><num>(f)</num><content><mod>after that paragraph insert—<quote

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-58-g"><num>(g)</num><content><mod>in paragraph (3)(b) for “such a requirement” substitute <quotedText>“a requirement described in sub-paragraph (a) or (aa)”</quotedText>.</mod></content></l

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-59" class="schProv1"><num>59</num><content><mod>In regulation 55 (power to require restitution), in paragraph (1) after “requirement,” insert <quotedText>“or, where the electronic money issuer is an elec

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-60" class="schProv1"><num>60</num><content><mod>In regulation 57 (restitution orders), in paragraph (1) after “requirement,” insert <quotedText>“or, where the electronic money issuer is an electronic mon

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-61" class="schProv1"><num>61</num><intro>In regulation 58 (complaints), in par

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-61-a"><num>(a)</num><content>the words from “a requirement” to the end become sub-paragraph (a), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-61-b"><num>(b)</num><content><mod>after that sub-paragraph insert <q

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-62" class="schProv1"><num>62</num><intro>In Schedule 3 (application and modifi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-62-a"><num>(a)</num><intro>in paragraph 1(b), in the inserted text s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-2-paragraph-62-a-i"><num>(i)</num><content>in subsection (1), the words from “a contravention” to the end become sub-paragraph (a),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="schedule-2-paragraph-62-a-ii"><num>(ii)</num><content><mod>after that paragraph insert <q

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="schedule-2-paragraph-62-a-iii"><num>(iii)</num><content><mod>for subsection (2) substitut

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-62-b"><num>(b)</num><content><mod>in paragraph 3(d)(i), in the inserted subsection (1)(ab), after “2011” insert <quotedText>“or section 312R”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-63" class="schProv1"><num>63</num><content>The Payment Services Regulations 2017 (<ref eId="c00359" href="http://www.legislation.gov.uk/id/uksi/2017/752">S.I. 2017/752</ref>) are amended in accordance wi

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-64" class="schProv1"><num>64</num><content><mod>In regulation 108 (monitoring

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-65" class="schProv1"><num>65</num><content><mod>In regulation 109 (reporting r

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-66" class="schProv1"><num>66</num><content><mod>In regulation 110 (public censure), after “Regulations” insert <quotedText>“or, in the case of an authorised payment institution, small payment institution

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-67" class="schProv1"><num>67</num><intro>In regulation 111 (financial penaltie

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-67-a"><num>(a)</num><content>omit “or” at the end of paragraph (1)(a), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-67-b"><num>(b)</num><content><mod>after that paragraph insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-68" class="schProv1"><num>68</num><intro>In regulation 113 (injunctions)—<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-68-a"><num>(a)</num><content>omit “or” at the end of paragraph (1)(a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-68-b"><num>(b)</num><content><mod>after paragraph (1)(b) insert—<quo

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-68-c"><num>(c)</num><content><mod>in paragraph (2)(a) after “Regulations” insert <quotedText>“or an authorised payment institution, small payment institution, or registered account information

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-68-d"><num>(d)</num><content><mod>in the words after paragraph (2)(b), after “that person” insert <quotedText>“or institution or provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-68-e"><num>(e)</num><content>omit “or” at the end of paragraph (3)(a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-68-f"><num>(f)</num><content><mod>after that paragraph insert—<quote

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-68-g"><num>(g)</num><content><mod>in paragraph (3)(b) for “such a requirement” substitute <quotedText>“a requirement described in sub-paragraph (a) or (aa)”</quotedText>.</mod></content></l

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-69" class="schProv1"><num>69</num><content><mod>In regulation 114 (power to require restitution), in paragraph (1) after “requirement,” insert <quotedText>“or, where the payment service provider is an au

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-70" class="schProv1"><num>70</num><content><mod>In regulation 116 (restitution orders), in paragraph (1) after “requirement,” insert <quotedText>“or, where the payment service provider is an authorised p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-71" class="schProv1"><num>71</num><intro>In regulation 117 (complaints), in pa

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-71-a"><num>(a)</num><content>the words from “a requirement” to the end become sub-paragraph (a), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-71-b"><num>(b)</num><content><mod>after that sub-paragraph insert <q

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-72" class="schProv1"><num>72</num><intro>In Schedule 6 (application and modifi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-2-paragraph-72-a"><num>(a)</num><intro>in paragraph 1, in the inserted text subs

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-2-paragraph-72-a-i"><num>(i)</num><content>in subsection (1), the words from “a contravention” to the end become sub-paragraph (a), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="schedule-2-paragraph-72-a-ii"><num>(ii)</num><content><mod>after that paragraph insert <q

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="schedule-2-paragraph-72-a-iii"><num>(iii)</num><content><mod>for subsection (2) substitut

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-72-b"><num>(b)</num><content><mod>in paragraph 4(e), in the inserted subsection (1)(c), after “2017” insert <quotedText>“or section 312R”</quotedText>.</mod></content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-3"><num>SCHEDULE 3<authorialNote class="referenceNote">Section 8</aut

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="schedule" eId="schedule-4"><num>SCHEDULE 4<authorialNote class="referenceNote">Section 13</authorialNote></num><heading>FMI Sandboxes</heading><hcontainer name="crossheading" class="schGroup7" eId="d25e21381"><heading>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e21381"><heading>Participation</heading><paragraph eId="schedule-4-paragraph-1" class="schProv1"><num>1</num><subparagraph eId="schedule-4-paragraph-1-1"><num>(1)</num><content>Eligi

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e21438"><heading>Technology</heading><paragraph eId="schedule-4-paragraph-2" class="schProv1"><num>2</num><content>The particular kinds of technology that may be used under the FMI s

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e21449"><heading>Practices</heading><paragraph eId="schedule-4-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-4-paragraph-3-1"><num>(1)</num><content>The parti

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e21470"><heading>Financial instruments</heading><paragraph eId="schedule-4-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-4-paragraph-4-1"><num>(1)</num><content>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e21509"><heading>Settlement of payments</heading><paragraph eId="schedule-4-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-4-paragraph-5-1"><num>(1)</num><content

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e21530"><heading>Requirements</heading><paragraph eId="schedule-4-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-4-paragraph-6-1"><num>(1)</num><intro>Requirem

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e21563"><heading>Cooperation</heading><paragraph eId="schedule-4-paragraph-7" class="schProv1"><num>7</num><content>Duties of the appropriate regulators to cooperate with each other

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e21574"><heading>Transparency and reporting</heading><paragraph eId="schedule-4-paragraph-8" class="schProv1"><num>8</num><subparagraph eId="schedule-4-paragraph-8-1"><num>(1)</num><con

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e21601"><heading>Enforcement</heading><paragraph eId="schedule-4-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-4-paragraph-9-1"><num>(1)</num><content>How req

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-5"><num>SCHEDULE 5<authorialNote class="referenceNote">Section 20</au

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-1" class="schProv1"><num>1</num><content>FSMA 2000 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-2" class="schProv1"><num>2</num><content><mod>In section 1H (further interpretative provisions for sections 1B to 1G), in subsection (2)(c) after “invitations” insert <quotedText>“or inducements”</quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-3" class="schProv1"><num>3</num><content><mod>In section 25 (contravention of section 21), in subsection (2)(a) after “section 21” insert <quotedText>“in accordance with subsection (2A) of that section”<

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 55A (application for

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-5-paragraph-5-1"><num>(1)</num><content>Section 55O (imposition of requirements on acquisition of control) is amended as follows.</content>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-6" class="schProv1"><num>6</num><content><mod>In section 55R (persons connecte

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-7" class="schProv1"><num>7</num><content><mod>In section 55U (applications und

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-8" class="schProv1"><num>8</num><intro>In section 55V (determination of applic

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-5-paragraph-8-a"><num>(a)</num><content>omit “or” at the end of paragraph (c);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-5-paragraph-8-b"><num>(b)</num><content><mod>after paragraph (d) insert <quotedT

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-5-paragraph-9-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-10" class="schProv1"><num>10</num><subparagraph eId="schedule-5-paragraph-10-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-11" class="schProv1"><num>11</num><subparagraph eId="schedule-5-paragraph-11-1"><num>(1)</num><content>Section 55Z (cancellation of Part 4A permission: procedure) is amended as follows.</content></su

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-12" class="schProv1"><num>12</num><content><mod>In section 55Z3 (right to refe

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" name="schedule"

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" eId="schedule-6-part-1

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-1" class="schProv1"><num>1</num><content>The Banking Act 2009 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-2" class="schProv1"><num>2</num><content><mod>In the heading to Part 5 (payment systems), after “systems” insert <quotedText>“and service providers”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-3" class="schProv1"><num>3</num><content><mod>In section 181 (overview), after “services” insert <quotedText>“, including”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-6-paragraph-4-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-6-paragraph-5-1"><num>(1)</num><content>Section 183 (interpretation of other expressions) is amended as follows.</content></subparagraph><s

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-6" class="schProv1"><num>6</num><content><mod>In the cross-heading before section 184 (recognition order), after “systems” insert <quotedText>“and service providers”</quotedText>.</mod></content></pa

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-7" class="schProv1"><num>7</num><content><mod>In the heading to section 184 , after “order” insert <quotedText>“: payment system”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-8" class="schProv1"><num>8</num><content><mod>In section 184, in subsection (4), after “constituting” insert <quotedText>“or connected with”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-9" class="schProv1"><num>9</num><content><mod>After section 184 insert—<quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-10" class="schProv1"><num>10</num><content><mod>In the heading to section 185 (recognition criteria) after “criteria” insert <quotedText>“: payment system”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-11" class="schProv1"><num>11</num><content><mod>After section 185 insert—<quot

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-6-paragraph-12-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-6-paragraph-13-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-6-paragraph-14-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-15" class="schProv1"><num>15</num><subparagraph eId="schedule-6-paragraph-15-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-16" class="schProv1"><num>16</num><intro>In section 189 (codes of practice)—</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-16-a"><num>(a)</num><content>the words after “about” to the first “systems” become paragraph (a);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-6-paragraph-16-b"><num>(b)</num><content><mod>after that paragraph, insert <quot

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-16-d"><num>(d)</num><content>the words after “and” become paragraph (c);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-16-e"><num>(e)</num><content><mod>at end insert <quotedText>“or to such DSA service providers”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-17" class="schProv1"><num>17</num><intro>In section 190 (system rules), in subsection (1)(a)—</intro><level class="para1" eId="schedule-6-paragraph-17-a"><num>(a)</num><content><mod>after “constit

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-17-a"><num>(a)</num><content><mod>after “constituting” insert <quotedText>“, or connected with,”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-17-b"><num>(b)</num><content><mod>at end insert <quotedText>“, or a DSA service provider”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-18" class="schProv1"><num>18</num><content><mod>After section 190 insert—<quot

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-19" class="schProv1"><num>19</num><subparagraph eId="schedule-6-paragraph-19-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-20" class="schProv1"><num>20</num><content><mod>After section 192 (role of FCA

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-21" class="schProv1"><num>21</num><subparagraph eId="schedule-6-paragraph-21-1"><num>(1)</num><content>Section 193 (inspection) is amended as follows.</content></subparagraph><subparagraph eId="sched

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-22" class="schProv1"><num>22</num><subparagraph eId="schedule-6-paragraph-22-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-23" class="schProv1"><num>23</num><subparagraph eId="schedule-6-paragraph-23-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-24" class="schProv1"><num>24</num><intro>In section 196 (compliance failure)—</intro><level class="para1" eId="schedule-6-paragraph-24-a"><num>(a)</num><content><mod>after first “system” insert <q

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-24-a"><num>(a)</num><content><mod>after first “system” insert <quotedText>“, a recognised DSA service provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-24-b"><num>(b)</num><content><mod>after second “system” insert <quotedText>“or such a DSA service provider”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-25" class="schProv1"><num>25</num><intro>In section 197 (publication), in subsection (1)—</intro><level class="para1" eId="schedule-6-paragraph-25-a"><num>(a)</num><content><mod>after first “syste

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-25-a"><num>(a)</num><content><mod>after first “system” insert <quotedText>“, a recognised DSA service provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-25-b"><num>(b)</num><content><mod>after second “system” insert <quotedText>“or such a DSA service provider”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-26" class="schProv1"><num>26</num><intro>In section 198 (penalty), in subsection (1)—</intro><level class="para1" eId="schedule-6-paragraph-26-a"><num>(a)</num><content><mod>after first “system” i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-26-a"><num>(a)</num><content><mod>after first “system” insert <quotedText>“, a recognised DSA service provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-26-b"><num>(b)</num><content><mod>after second “system” insert <quotedText>“or such a DSA service provider”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-27" class="schProv1"><num>27</num><subparagraph eId="schedule-6-paragraph-27-1"><num>(1)</num><content>Section 199 (closure) is amended as follows.</content></subparagraph><subparagraph eId="schedule

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-28" class="schProv1"><num>28</num><subparagraph eId="schedule-6-paragraph-28-1"><num>(1)</num><content>Section 200 (management disqualification) is amended as follows.</content></subparagraph><subpar

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-29" class="schProv1"><num>29</num><subparagraph eId="schedule-6-paragraph-29-1"><num>(1)</num><content>Section 201 (warning) is amended as follows.</content></subparagraph><subparagraph eId="schedule

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-30" class="schProv1"><num>30</num><intro>In section 202 (appeal), in subsection (2)—</intro><level class="para1" eId="schedule-6-paragraph-30-a"><num>(a)</num><content><mod>after first “system” in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-30-a"><num>(a)</num><content><mod>after first “system” insert <quotedText>“or recognised DSA service provider”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-30-b"><num>(b)</num><content><mod>after second “system” insert <quotedText>“or DSA service provider (as the case may be)”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-31" class="schProv1"><num>31</num><subparagraph eId="schedule-6-paragraph-31-1"><num>(1)</num><content>Section 202A (injunctions) is amended as follows.</content></subparagraph><subparagraph eId="sch

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-32" class="schProv1"><num>32</num><intro>In section 203 (fees), in subsection (1)—</intro><level class="para1" eId="schedule-6-paragraph-32-a"><num>(a)</num><content><mod>after first “systems” ins

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-32-a"><num>(a)</num><content><mod>after first “systems” insert <quotedText>“, recognised DSA service providers,”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-6-paragraph-32-b"><num>(b)</num><content><mod>after second “systems” insert <quotedText>“or such DSA service providers”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-33" class="schProv1"><num>33</num><content><mod>After section 203B (annual rep

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-34" class="schProv1"><num>34</num><subparagraph eId="schedule-6-paragraph-34-1"><num>(1)</num><content>Section 204 (information) is amended as follows.</content></subparagraph><subparagraph eId="sche

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-35" class="schProv1"><num>35</num><subparagraph eId="schedule-6-paragraph-35-1"><num>(1)</num><content>Section 205 (pretending to be recognised) is amended as follows.</content></subparagraph><subpar

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-36" class="schProv1"><num>36</num><subparagraph eId="schedule-6-paragraph-36-1"><num>(1)</num><content>Section 206 (saving for informal oversight) is amended as follows.</content></subparagraph><subp

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-37" class="schProv1"><num>37</num><subparagraph eId="schedule-6-paragraph-37-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-38" class="schProv1"><num>38</num><content><mod>After section 206A insert—<quo

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-part-2"><num>PART 2</num><heading>Amendments to the Financial Services (Banking Reform) Act 2013

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-40" class="schProv1"><num>40</num><content>The Financial Services (Banking Reform) Act 2013 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-41" class="schProv1"><num>41</num><subparagraph eId="schedule-6-paragraph-41-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-42" class="schProv1"><num>42</num><subparagraph eId="schedule-6-paragraph-42-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-43" class="schProv1"><num>43</num><content><mod>In section 98 (duty of regulat

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-44" class="schProv1"><num>44</num><content><mod>In section 110 (interpretation

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-45" class="schProv1"><num>45</num><content><mod>In section 112 (interpretation

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-46" class="schProv1"><num>46</num><content><mod>In section 113 (interpretation

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-6-paragraph-47" class="schProv1"><num>47</num><subparagraph eId="schedule-6-paragraph-47-1"><num>(1)</num><content>Section 115 (objective of FMI administration) is amended as follows.</content></subparagraph><su

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-6-paragraph-48" class="schProv1"><num>48</num><content><mod>In section 143 (Parliamentary

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-7"><num>SCHEDULE 7<authorialNote class="referenceNote">Section 51</au

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-7-paragraph-1" class="schProv1"><num>1</num><content>The Financial Services (Banking Reform) Act 2013 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-2" class="schProv1"><num>2</num><intro>In section 39 (overview)—</intro><l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-7-paragraph-2-a"><num>(a)</num><content><mod>after subsection (11) insert—<quote

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-7-paragraph-2-b"><num>(b)</num><content><mod>in subsection (12) for “107” substitute <quotedText>“107A”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-7-paragraph-3" class="schProv1"><num>3</num><content><mod>In section 53 (regulatory principles), in paragraph (c) at the end insert <quotedText>“, including in a way consistent with contributing towards achieving co

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-4" class="schProv1"><num>4</num><content><mod>After section 102 (power of PRA

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-5" class="schProv1"><num>5</num><content><mod>Before section 103 (regulator’s

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-6" class="schProv1"><num>6</num><intro>In section 104 (consultation in relatio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-7-paragraph-6-a"><num>(a)</num><content><mod>in subsection (1), in the words before paragraph (a) for “section” substitute <quotedText>“Part”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-7-paragraph-6-b"><num>(b)</num><content><mod>in subsection (3) after paragraph (

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-7-paragraph-6-c"><num>(c)</num><content><mod>after subsection (12) insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-7" class="schProv1"><num>7</num><content><mod>After section 104 insert—<quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-8" class="schProv1"><num>8</num><content><mod>After section 107 insert—<quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-9" class="schProv1"><num>9</num><content><mod>In section 110(1) (interpretatio

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-10" class="schProv1"><num>10</num><content><mod>In section 143 (orders and reg

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-11" class="schProv1"><num>11</num><content><mod>In Schedule 4 (the Payment Sys

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-12" class="schProv1"><num>12</num><content><mod>In Schedule 4, after paragraph

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-7-paragraph-13" class="schProv1"><num>13</num><content><mod>In Schedule 4, after paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-8"><num>SCHEDULE 8<authorialNote class="referenceNote">Section 54</au

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-part-1"><num>PART 1</num><heading>New Part 8B of FSMA 2000</heading><paragraph eId="schedule-8-p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-1" class="schProv1"><num>1</num><content><mod>After Part 8A of FSMA 2000 (shor

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-part-2"><num>PART 2</num><heading>Consequential amendments to FSMA 2000</heading><paragraph eId=

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-2" class="schProv1"><num>2</num><content>FSMA 2000 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-3" class="schProv1"><num>3</num><content><mod>In section 3D (duty of FCA and PRA to ensure co-ordinated exercise of functions), in subsection (4), after “operational objectives”, insert <quotedText>“, or

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 55H (variation by FCA at request of authorised person), in subsection (4), after “objectives” insert <quotedText>“, or the purpose for which the F

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-5" class="schProv1"><num>5</num><content><mod>In section 55L (imposition of requirements by FCA), in subsection (6), after “objectives” insert <quotedText>“, or the purpose for which the FCA must exercis

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-6" class="schProv1"><num>6</num><content><mod>In section 55T (persons whose interests are protected), after “operational objectives,” insert <quotedText>“the purpose for which the FCA must exercise its f

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-7" class="schProv1"><num>7</num><content><mod>In section 232A (ombudsman scheme operator’s duty to provide information to FCA), after “objectives,” insert <quotedText>“, or the purpose for which the FCA

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-8" class="schProv1"><num>8</num><content><mod>In section 395 (the FCA’s and PR

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-9" class="schProv1"><num>9</num><content><mod>In section 429 (Parliamentary control of statutory instruments), in subsection (2), in the list of sections beginning with “90B” insert at the appropriate pl

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" name="schedule"

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-part-1"><num>PART 1</num><heading>New Part 5A of the Banking Act 2009</heading><paragraph eId="s

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-1" class="schProv1"><num>1</num><content><mod>After Part 5 of the Banking Act

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-part-2"><num>PART 2</num><heading>Amendments to Part 6 of the Financial Services (Banking Reform

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-2" class="schProv1"><num>2</num><content>Part 6 of the Financial Services (Banking Reform) Act 2013 (special administration for operators of certain infrastructure systems) is amended as follows.</co

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-3" class="schProv1"><num>3</num><content><mod>In section 111 (financial market infrastructure administration), in the heading, after “market” insert <quotedText>“and cash”</quotedText>.</mod></conten

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-9-paragraph-4-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-5" class="schProv1"><num>5</num><intro>In section 113 (interpretation: other e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-9-paragraph-5-a"><num>(a)</num><content><mod>in the definition of “the relevant

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-9-paragraph-5-b"><num>(b)</num><content><mod>at the end insert—<quotedStructure

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-6" class="schProv1"><num>6</num><content><mod>In section 115 (objective of FMI

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-7" class="schProv1"><num>7</num><content><mod>In section 119 (continuity of su

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-8" class="schProv1"><num>8</num><content><mod>In section 120 (power to direct FMI administrator), in subsection (8), at the end insert <quotedText>“or section <ref href="#d25e28209">206M</ref> of that Ac

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-9" class="schProv1"><num>9</num><content><mod>In section 127 (interpretation o

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" eId="schedule-9-part-3

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-payment-systems-regulator" eId="term-payment-systems-regulator">Payment Systems Regulator</term>” means the body established under section 40(1) of the Financial Services (Bankin

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-10" class="schProv1"><num>10</num><content>The Banking Act 2009 is amended as follows.</content></paragraph>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>ordinary market assistance offered by the Bank on its usual terms, or</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“family member”;</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-12" class="schProv1"><num>12</num><intro>In section 261 (index of defined terms)—</intro><level class="para1" eId="schedule-9-paragraph-12-a"><num>(a)</num><content><mod>in the entry for “FCA”, in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-12-a"><num>(a)</num><content><mod>in the entry for “FCA”, in the second column, for “& 183” substitute <quotedText>“, 183 & <ref href="#d25e27653">206F</ref>”</quotedText>;</mod></c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-12-b"><num>(b)</num><content><mod>in the entry for “Payment Systems Regulator”, in the second column, after “183” insert <quotedText>“& <ref href="#d25e27653">206F</ref>”</quotedText>;</mod

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-12-c"><num>(c)</num><content><mod>in the entry for “PRA”, in the second column, for “& 183” substitute <quotedText>“, 183 & <ref href="#d25e27653">206F</ref>”</quotedText>.</mod></c

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" name="crossheadi

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e30073"><heading>Financial Services Act 2012</heading><parag

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-16" class="schProv1"><num>16</num><content><mod>In section 98 of the Financial Services (Banking Reform) Act 2013 (duty of regulators to ensure co-ordinated exercise of functions), in subsection (5)(b),

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-11-paragraph-3-1"><num>(1)</num><intro>A direction given to a relevant person under paragraph <ref href="#schedule-11-paragraph-2">2</ref> mus

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-145" class="schProv1"><num>145</num><subparagraph eId="schedule-11-paragraph-145-1"><num>(1)</num><content>This paragraph applies where the Bank is notified of third-country resolution action in respect

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-150" class="schProv1"><num>150</num><subparagraph eId="schedule-11-paragraph-150-1"><num>(1)</num><intro>Where an application is made for judicial review of a decision of the Bank to exercise the stabil

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-153" class="schProv1"><num>153</num><subparagraph eId="schedule-11-paragraph-153-1"><num>(1)</num><content>The Treasury may by regulations modify the law for the purpose of enabling the powers under thi

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-156" class="schProv1"><num>156</num><subparagraph eId="schedule-11-paragraph-156-1"><num>(1)</num><intro>In this Schedule “<term refersTo="#term-ccp-group-company" eId="term-ccp-group-company">CCP group

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-fsma-2000" eId="term-fsma-2000">FSMA 2000</term>” means the Financial Services and Markets Act 2000;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e30206"><heading>Financial Services (Banking Reform) Act 2013</heading><paragraph eId="schedule-9-paragraph-16" class="schProv1"><num>16</num><content><mod>In section 98 of the Finan

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-10"><num>SCHEDULE 10<authorialNote class="referenceNote">Section 56</

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-part-1"><num>PART 1</num><heading>New Chapter 2A of Part 18 of FSMA 2000</heading><paragraph eI

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-1" class="schProv1"><num>1</num><content><mod>In Part 18 of FSMA 2000 (recogn

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-part-2"><num>PART 2</num><heading>Related amendments</heading><hcontainer name="crossheading" c

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e33767"><heading>Amendments to FSMA 2000</heading><paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e34926"><heading>Financial Services Act 2012</heading><parag

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-11"><num>SCHEDULE 11<authorialNote class="referenceNote">Section 57</

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-part-1"><num>PART 1</num><heading>Introductory</heading><hcontainer name="crossheading" class="schGroup7" eId="d25e34994"><heading>Overview</heading><paragraph eId="schedule-11-paragraph-1" class="schProv1"><num>1</num><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e34994"><heading>Overview</heading><paragraph eId="schedule-11-paragraph-1" class="schProv1"><num>1</num><subparagraph eId="schedule-11-paragraph-1-1"><num>(1)</num><content>The purp

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-part-2"><num>PART 2</num><heading>Pre-resolution powers of the Bank of England</heading><hcontainer name="crossheading" class="schGroup7" eId="d25e35212"><heading>Removal of impediments to the exercise of stabilisation p

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e35212"><heading>Removal of impediments to the exercise of stabilisation powers etc</heading><paragraph eId="schedule-11-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="sch

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e35405"><heading>Safeguards relating to directions under paragraph <ref href="#schedule-11-paragraph-2">2</ref></heading><paragraph eId="schedule-11-paragraph-3" class="schProv1"><num>3

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-part-3"><num>PART 3</num><heading>Resolution plans</heading><hcontainer name="crossheading" class="schGroup7" eId="d25e35650"><heading>Resolution plans</heading><paragraph eId="schedule-11-paragraph-4" class="schProv1"><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e35650"><heading>Resolution plans</heading><paragraph eId="schedule-11-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-11-paragraph-4-1"><num>(1)</num><content>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-part-4"><num>PART 4</num><heading>Removal of directors and senior managers</heading><hcontainer name="crossheading" class="schGroup7" eId="d25e35739"><heading>Removal of directors and senior managers</heading><paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e35739"><heading>Removal of directors and senior managers</heading><paragraph eId="schedule-11-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-11-paragraph-5-1"><n

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e35811"><heading>Temporary manager</heading><paragraph eId="schedule-11-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-11-paragraph-6-1"><num>(1)</num><content><p

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e35937"><heading>Paragraphs <ref href="#schedule-11-paragraph-5">5</ref> and <ref href="#schedule-11-paragraph-6">6</ref>: conditions</heading><paragraph eId="schedule-11-paragraph-7" c

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e36096"><heading>Temporary manager: further provisions in relation to the appointment</heading><paragraph eId="schedule-11-paragraph-8" class="schProv1"><num>8</num><subparagraph eId="s

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e36144"><heading>Temporary manager: instrument of appointment</heading><paragraph eId="schedule-11-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-11-paragraph-9-1

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e36284"><heading>Right to refer matters to the Tribunal</heading><paragraph eId="schedule-11-paragraph-10" class="schProv1"><num>10</num><subparagraph eId="schedule-11-paragraph-10-1"><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e36335"><heading>Removal of directors and senior managers and appointment of temporary manager: procedure</heading><paragraph eId="schedule-11-paragraph-11" class="schProv1"><num>11</nu

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e36473"><heading>Removal of directors and senior managers and appointment of temporary manager: notice requirements</heading><paragraph eId="schedule-11-paragraph-12" class="schProv1"><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e36677"><heading>Temporary restriction on remuneration</heading><paragraph eId="schedule-11-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-11-paragraph-13-1"><n

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e36877"><heading>Restriction on remuneration: review and revocation</heading><paragraph eId="schedule-11-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-11-parag

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-part-5"><num>PART 5</num><heading>Special resolution action</heading><hcontainer name="crosshea

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e36918"><heading>Special resolution objectives</heading><paragraph eId="schedule-11-paragraph-15" class="schProv1"><num>15</num><subparagraph eId="schedule-11-paragraph-15-1"><num>(1)</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e36993"><heading>Code of Practice</heading><paragraph eId="schedule-11-paragraph-16" class="schProv1"><num>16</num><subparagraph eId="schedule-11-paragraph-16-1"><num>(1)</num><content>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e37104"><heading>General conditions</heading><paragraph eId="schedule-11-paragraph-17" class="schProv1"><num>17</num><subparagraph eId="schedule-11-paragraph-17-1"><num>(1)</num><conten

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e37266"><heading>Effect on other group members</heading><paragraph eId="schedule-11-paragraph-18" class="schProv1"><num>18</num><intro>Where the Bank is considering the exercise of a

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e37289"><heading>Specific conditions: financial assistance cases</heading><paragraph eId="schedule-11-paragraph-19" class="schProv1"><num>19</num><subparagraph eId="schedule-11-paragrap

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e37352"><heading>Resolution liaison panel</heading><paragraph eId="schedule-11-paragraph-20" class="schProv1"><num>20</num><subparagraph eId="schedule-11-paragraph-20-1"><num>(1)</num><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e37472"><heading>Restrictions on use of certain resolution powers</heading><paragraph eId="schedule-11-paragraph-21" class="schProv1"><num>21</num><subparagraph eId="schedule-11-paragra

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e37544"><heading>Pre-resolution valuation</heading><paragraph eId="schedule-11-paragraph-22" class="schProv1"><num>22</num><subparagraph eId="schedule-11-paragraph-22-1"><num>(1)</num><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e37790"><heading>Replacement of Bank’s provisional valuation</heading><paragraph eId="schedule-11-paragraph-23" class="schProv1"><num>23</num><subparagraph eId="schedule-11-paragraph-23

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e37866"><heading>Independent valuer: valuation under paragraph <ref href="#schedule-11-paragraph-22">22</ref> or <ref href="#schedule-11-paragraph-23">23</ref></heading><paragraph eId="

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e37925"><heading>Independent valuer: supplemental</heading><paragraph eId="schedule-11-paragraph-25" class="schProv1"><num>25</num><subparagraph eId="schedule-11-paragraph-25-1"><num>(1

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e38028"><heading>Consequences of a replacement valuation</heading><paragraph eId="schedule-11-paragraph-26" class="schProv1"><num>26</num><subparagraph eId="schedule-11-paragraph-26-1">

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e38094"><heading>Private sector purchaser</heading><paragraph eId="schedule-11-paragraph-27" class="schProv1"><num>27</num><subparagraph eId="schedule-11-paragraph-27-1"><num>(1)</num><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e38127"><heading>Private sector purchaser: marketing</heading><paragraph eId="schedule-11-paragraph-28" class="schProv1"><num>28</num><subparagraph eId="schedule-11-paragraph-28-1"><num

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e38256"><heading>Bridge central counterparty</heading><paragraph eId="schedule-11-paragraph-29" class="schProv1"><num>29</num><subparagraph eId="schedule-11-paragraph-29-1"><num>(1)</nu

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e38550"><heading>Transfer of ownership</heading><paragraph eId="schedule-11-paragraph-30" class="schProv1"><num>30</num><subparagraph eId="schedule-11-paragraph-30-1"><num>(1)</num><con

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e38571"><heading>Tear-up power</heading><paragraph eId="schedule-11-paragraph-31" class="schProv1"><num>31</num><subparagraph eId="schedule-11-paragraph-31-1"><num>(1)</num><content>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e38652"><heading>Cash call power</heading><paragraph eId="schedule-11-paragraph-32" class="schProv1"><num>32</num><subparagraph eId="schedule-11-paragraph-32-1"><num>(1)</num><content><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e38737"><heading>Power to reduce variation margin payments</heading><paragraph eId="schedule-11-paragraph-33" class="schProv1"><num>33</num><subparagraph eId="schedule-11-paragraph-33-1

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e38797"><heading>Write-down power</heading><paragraph eId="schedule-11-paragraph-34" class="schProv1"><num>34</num><subparagraph eId="schedule-11-paragraph-34-1"><num>(1)</num><content>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e39000"><heading>Powers in relation to securities</heading><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39134"><heading>Report on provisions in write-down instrument</heading><paragraph eId="schedule-11-paragraph-36" class="schProv1"><num>36</num><subparagraph eId="schedule-11-paragraph-

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39212"><heading>Priority between creditors</heading><paragraph eId="schedule-11-paragraph-37" class="schProv1"><num>37</num><subparagraph eId="schedule-11-paragraph-37-1"><num>(1)</num

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39263"><heading>Power to take control</heading><paragraph eId="schedule-11-paragraph-38" class="schProv1"><num>38</num><subparagraph eId="schedule-11-paragraph-38-1"><num>(1)</num><con

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39323"><heading>Shadow directors etc</heading><paragraph eId="schedule-11-paragraph-39" class="schProv1"><num>39</num><subparagraph eId="schedule-11-paragraph-39-1"><num>(1)</num><cont

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39427"><heading>Interpretation: “securities”</heading><paragraph eId="schedule-11-paragraph-40" class="schProv1"><num>40</num><subparagraph eId="schedule-11-paragraph-40-1"><num>(1)</n

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39493"><heading>Share transfer instrument</heading><paragraph eId="schedule-11-paragraph-41" class="schProv1"><num>41</num><subparagraph eId="schedule-11-paragraph-41-1"><num>(1)</num>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39538"><heading>Effect</heading><paragraph eId="schedule-11-paragraph-42" class="schProv1"><num>42</num><subparagraph eId="schedule-11-paragraph-42-1"><num>(1)</num><content>In this

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39607"><heading>Continuity</heading><paragraph eId="schedule-11-paragraph-43" class="schProv1"><num>43</num><subparagraph eId="schedule-11-paragraph-43-1"><num>(1)</num><content>A s

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39658"><heading>Conversion and delisting</heading><paragraph eId="schedule-11-paragraph-44" class="schProv1"><num>44</num><subparagraph eId="schedule-11-paragraph-44-1"><num>(1)</num><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39685"><heading>Directors and senior managers</heading><paragraph eId="schedule-11-paragraph-45" class="schProv1"><num>45</num><subparagraph eId="schedule-11-paragraph-45-1"><num>(1)</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39752"><heading>Ancillary instruments: production, registration, etc</heading><paragraph eId="schedule-11-paragraph-46" class="schProv1"><num>46</num><subparagraph eId="schedule-11-par

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39815"><heading>Incidental provision</heading><paragraph eId="schedule-11-paragraph-47" class="schProv1"><num>47</num><subparagraph eId="schedule-11-paragraph-47-1"><num>(1)</num><cont

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39851"><heading>Procedure: instruments</heading><paragraph eId="schedule-11-paragraph-48" class="schProv1"><num>48</num><subparagraph eId="schedule-11-paragraph-48-1"><num>(1)</num><in

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e39934"><heading>Supplemental instruments</heading><paragraph eId="schedule-11-paragraph-49" class="schProv1"><num>49</num><subparagraph eId="schedule-11-paragraph-49-1"><num>(1)</num><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e40051"><heading>Onward transfer</heading><paragraph eId="schedule-11-paragraph-50" class="schProv1"><num>50</num><subparagraph eId="schedule-11-paragraph-50-1"><num>(1)</num><content><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e40180"><heading>Reverse share transfer</heading><paragraph eId="schedule-11-paragraph-51" class="schProv1"><num>51</num><subparagraph eId="schedule-11-paragraph-51-1"><num>(1)</num><co

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e40363"><heading>Bridge central counterparties: share transfers</heading><paragraph eId="schedule-11-paragraph-52" class="schProv1"><num>52</num><subparagraph eId="schedule-11-paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e40450"><heading>Bridge central counterparties: reverse share transfer</heading><paragraph eId="schedule-11-paragraph-53" class="schProv1"><num>53</num><subparagraph eId="schedule-11-pa

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e40576"><heading>Property transfer instrument</heading><paragraph eId="schedule-11-paragraph-54" class="schProv1"><num>54</num><subparagraph eId="schedule-11-paragraph-54-1"><num>(1)</n

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e40633"><heading>Effect</heading><paragraph eId="schedule-11-paragraph-55" class="schProv1"><num>55</num><subparagraph eId="schedule-11-paragraph-55-1"><num>(1)</num><content>In this

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e40780"><heading>Transferable property</heading><paragraph eId="schedule-11-paragraph-56" class="schProv1"><num>56</num><intro>A property transfer instrument may transfer any propert

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e40822"><heading>Continuity</heading><paragraph eId="schedule-11-paragraph-57" class="schProv1"><num>57</num><subparagraph eId="schedule-11-paragraph-57-1"><num>(1)</num><intro>A pro

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e40915"><heading>Directors and senior managers</heading><paragraph eId="schedule-11-paragraph-58" class="schProv1"><num>58</num><subparagraph eId="schedule-11-paragraph-58-1"><num>(1)</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e40981"><heading>Recognised central counterparty rules</heading><paragraph eId="schedule-11-paragraph-59" class="schProv1"><num>59</num><subparagraph eId="schedule-11-paragraph-59-1"><n

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41032"><heading>Recognised central counterparty membership</heading><paragraph eId="schedule-11-paragraph-60" class="schProv1"><num>60</num><subparagraph eId="schedule-11-paragraph-60-

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41065"><heading>Licences</heading><paragraph eId="schedule-11-paragraph-61" class="schProv1"><num>61</num><subparagraph eId="schedule-11-paragraph-61-1"><num>(1)</num><content>A lic

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41104"><heading>Foreign property</heading><paragraph eId="schedule-11-paragraph-62" class="schProv1"><num>62</num><subparagraph eId="schedule-11-paragraph-62-1"><num>(1)</num><content>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41248"><heading>Incidental provision</heading><paragraph eId="schedule-11-paragraph-63" class="schProv1"><num>63</num><subparagraph eId="schedule-11-paragraph-63-1"><num>(1)</num><cont

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41284"><heading>Procedure</heading><paragraph eId="schedule-11-paragraph-64" class="schProv1"><num>64</num><subparagraph eId="schedule-11-paragraph-64-1"><num>(1)</num><intro>As soo

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41367"><heading>Property transfer instrument: delisting</heading><paragraph eId="schedule-11-paragraph-65" class="schProv1"><num>65</num><subparagraph eId="schedule-11-paragraph-65-1">

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41388"><heading>Transfer of property subsequent to resolution instrument</heading><paragraph eId="schedule-11-paragraph-66" class="schProv1"><num>66</num><subparagraph eId="schedule-11

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41448"><heading>Supplemental instruments</heading><paragraph eId="schedule-11-paragraph-67" class="schProv1"><num>67</num><subparagraph eId="schedule-11-paragraph-67-1"><num>(1)</num><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41560"><heading>Private sector purchaser: reverse property transfer</heading><paragraph eId="schedule-11-paragraph-68" class="schProv1"><num>68</num><subparagraph eId="schedule-11-para

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41656"><heading>Onward transfer</heading><paragraph eId="schedule-11-paragraph-69" class="schProv1"><num>69</num><subparagraph eId="schedule-11-paragraph-69-1"><num>(1)</num><content><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41755"><heading>Bridge central counterparties: reverse property transfer</heading><paragraph eId="schedule-11-paragraph-70" class="schProv1"><num>70</num><subparagraph eId="schedule-11

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e41905"><heading>Transfer of ownership and private sector purchaser: property transfer</heading><paragraph eId="schedule-11-paragraph-71" class="schProv1"><num>71</num><subparagraph eId

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e42013"><heading>Transfer of ownership: reverse property transfer</heading><paragraph eId="schedule-11-paragraph-72" class="schProv1"><num>72</num><subparagraph eId="schedule-11-paragra

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e42130"><heading>Bridge central counterparty: supplemental property transfer powers</heading><paragraph eId="schedule-11-paragraph-73" class="schProv1"><num>73</num><subparagraph eId="s

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e42232"><heading>Bridge central counterparty: supplemental reverse property transfer powers</heading><paragraph eId="schedule-11-paragraph-74" class="schProv1"><num>74</num><subparagrap

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e42355"><heading>Restriction of partial transfers</heading><paragraph eId="schedule-11-paragraph-75" class="schProv1"><num>75</num><subparagraph eId="schedule-11-paragraph-75-1"><num>(1

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e42436"><heading>Power to protect certain interests</heading><paragraph eId="schedule-11-paragraph-76" class="schProv1"><num>76</num><subparagraph eId="schedule-11-paragraph-76-1"><num>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e42586"><heading>Creation of liabilities</heading><paragraph eId="schedule-11-paragraph-77" class="schProv1"><num>77</num><subparagraph eId="schedule-11-paragraph-77-1"><num>(1)</num><c

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e42635"><heading>Regulations for safeguarding certain financial arrangements: write-down instruments</heading><paragraph eId="schedule-11-paragraph-78" class="schProv1"><num>78</num><su

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e42807"><heading>Resolution instruments: effect and supplementary matters</heading><paragraph eId="schedule-11-paragraph-79" class="schProv1"><num>79</num><subparagraph eId="schedule-11

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e42966"><heading>Write-down instruments: supplementary</heading><paragraph eId="schedule-11-paragraph-80" class="schProv1"><num>80</num><subparagraph eId="schedule-11-paragraph-80-1"><n

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e43023"><heading>Resolution instruments: procedure</heading><paragraph eId="schedule-11-paragraph-81" class="schProv1"><num>81</num><subparagraph eId="schedule-11-paragraph-81-1"><num>(

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e43106"><heading>Supplemental resolution instruments</heading><paragraph eId="schedule-11-paragraph-82" class="schProv1"><num>82</num><subparagraph eId="schedule-11-paragraph-82-1"><num

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e43187"><heading>Directors and senior managers</heading><paragraph eId="schedule-11-paragraph-83" class="schProv1"><num>83</num><subparagraph eId="schedule-11-paragraph-83-1"><num>(1)</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e43250"><heading>Termination rights etc</heading><paragraph eId="schedule-11-paragraph-84" class="schProv1"><num>84</num><subparagraph eId="schedule-11-paragraph-84-1"><num>(1)</num><in

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e43665"><heading>Deferment</heading><paragraph eId="schedule-11-paragraph-85" class="schProv1"><num>85</num><subparagraph eId="schedule-11-paragraph-85-1"><num>(1)</num><content>The

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e43716"><heading>Recovery of expenses</heading><paragraph eId="schedule-11-paragraph-86" class="schProv1"><num>86</num><subparagraph eId="schedule-11-paragraph-86-1"><num>(1)</num><cont

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e43737"><heading>Compensation scheme</heading><paragraph eId="schedule-11-paragraph-87" class="schProv1"><num>87</num><subparagraph eId="schedule-11-paragraph-87-1"><num>(1)</num><conte

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e43928"><heading>Instruments: notification of members and creditors</heading><paragraph eId="schedule-11-paragraph-88" class="schProv1"><num>88</num><subparagraph eId="schedule-11-parag

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e43961"><heading>General continuity obligation: property transfers</heading><paragraph eId="schedule-11-paragraph-89" class="schProv1"><num>89</num><subparagraph eId="schedule-11-paragr

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e44100"><heading>Special continuity obligations: property transfers</heading><paragraph eId="schedule-11-paragraph-90" class="schProv1"><num>90</num><subparagraph eId="schedule-11-parag

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e44208"><heading>Continuity obligations: onward property transfers</heading><paragraph eId="schedule-11-paragraph-91" class="schProv1"><num>91</num><subparagraph eId="schedule-11-paragr

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e44427"><heading>General continuity obligation: share transfers</heading><paragraph eId="schedule-11-paragraph-92" class="schProv1"><num>92</num><subparagraph eId="schedule-11-paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e44565"><heading>Special continuity obligations: share transfers</heading><paragraph eId="schedule-11-paragraph-93" class="schProv1"><num>93</num><subparagraph eId="schedule-11-paragrap

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e44661"><heading>Continuity obligations: onward share transfers</heading><paragraph eId="schedule-11-paragraph-94" class="schProv1"><num>94</num><subparagraph eId="schedule-11-paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e44835"><heading>Continuity obligations: consideration and terms</heading><paragraph eId="schedule-11-paragraph-95" class="schProv1"><num>95</num><subparagraph eId="schedule-11-paragrap

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e44886"><heading>Continuity obligations: termination</heading><paragraph eId="schedule-11-paragraph-96" class="schProv1"><num>96</num><subparagraph eId="schedule-11-paragraph-96-1"><num

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e44943"><heading>Suspension of obligations</heading><paragraph eId="schedule-11-paragraph-97" class="schProv1"><num>97</num><subparagraph eId="schedule-11-paragraph-97-1"><num>(1)</num>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45045"><heading>Restriction of security interests</heading><paragraph eId="schedule-11-paragraph-98" class="schProv1"><num>98</num><subparagraph eId="schedule-11-paragraph-98-1"><num>(

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45123"><heading>Suspension of termination rights</heading><paragraph eId="schedule-11-paragraph-99" class="schProv1"><num>99</num><subparagraph eId="schedule-11-paragraph-99-1"><num>(1

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45311"><heading>Suspension: general provision</heading><paragraph eId="schedule-11-paragraph-100" class="schProv1"><num>100</num><intro>For the purposes of paragraphs <ref href="#sc

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45364"><heading>Stay on terminating membership</heading><paragraph eId="schedule-11-paragraph-101" class="schProv1"><num>101</num><subparagraph eId="schedule-11-paragraph-101-1"><num>(

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45427"><heading>Restriction on remuneration</heading><paragraph eId="schedule-11-paragraph-102" class="schProv1"><num>102</num><subparagraph eId="schedule-11-paragraph-102-1"><num>(1)<

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45514"><heading>Pensions</heading><paragraph eId="schedule-11-paragraph-103" class="schProv1"><num>103</num><subparagraph eId="schedule-11-paragraph-103-1"><num>(1)</num><intro>This

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45616"><heading>Disputes</heading><paragraph eId="schedule-11-paragraph-104" class="schProv1"><num>104</num><subparagraph eId="schedule-11-paragraph-104-1"><num>(1)</num><intro>This

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45682"><heading>Tax</heading><paragraph eId="schedule-11-paragraph-105" class="schProv1"><num>105</num><subparagraph eId="schedule-11-paragraph-105-1"><num>(1)</num><content>The Tre

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45896"><heading>Stay or sist of legal proceedings</heading><paragraph eId="schedule-11-paragraph-106" class="schProv1"><num>106</num><subparagraph eId="schedule-11-paragraph-106-1"><nu

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45929"><heading>Insolvency proceedings</heading><paragraph eId="schedule-11-paragraph-107" class="schProv1"><num>107</num><subparagraph eId="schedule-11-paragraph-107-1"><num>(1)</num>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e45998"><heading>Recognition of transferee company</heading><paragraph eId="schedule-11-paragraph-108" class="schProv1"><num>108</num><subparagraph eId="schedule-11-paragraph-108-1"><nu

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46064"><heading>International obligation notice: general</heading><paragraph eId="schedule-11-paragraph-109" class="schProv1"><num>109</num><subparagraph eId="schedule-11-paragraph-109

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46130"><heading>International obligation notice: bridge central counterparty</heading><paragraph eId="schedule-11-paragraph-110" class="schProv1"><num>110</num><subparagraph eId="sched

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46190"><heading>Public funds: general</heading><paragraph eId="schedule-11-paragraph-111" class="schProv1"><num>111</num><subparagraph eId="schedule-11-paragraph-111-1"><num>(1)</num><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46275"><heading>Public funds: bridge central counterparty</heading><paragraph eId="schedule-11-paragraph-112" class="schProv1"><num>112</num><subparagraph eId="schedule-11-paragraph-11

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46310"><heading>Private sector purchaser: report</heading><paragraph eId="schedule-11-paragraph-113" class="schProv1"><num>113</num><subparagraph eId="schedule-11-paragraph-113-1"><num

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46349"><heading>Bridge central counterparty: report</heading><paragraph eId="schedule-11-paragraph-114" class="schProv1"><num>114</num><subparagraph eId="schedule-11-paragraph-114-1"><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46415"><heading>Resolution instruments: report</heading><paragraph eId="schedule-11-paragraph-115" class="schProv1"><num>115</num><subparagraph eId="schedule-11-paragraph-115-1"><num>(

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46466"><heading>Transfer of ownership: report</heading><paragraph eId="schedule-11-paragraph-116" class="schProv1"><num>116</num><subparagraph eId="schedule-11-paragraph-116-1"><num>(1

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46505"><heading>Sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies</heading><paragraph eId="schedule-11-par

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46619"><heading>Paragraph <ref href="#schedule-11-paragraph-117">117</ref>: supplemental</heading><paragraph eId="schedule-11-paragraph-118" class="schProv1"><num>118</num><subparagrap

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-part-6"><num>PART 6</num><heading>Information, investigation and enforcement</heading><hcontain

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46660"><heading>Information</heading><paragraph eId="schedule-11-paragraph-119" class="schProv1"><num>119</num><subparagraph eId="schedule-11-paragraph-119-1"><num>(1)</num><content><p

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46830"><heading>Reports by skilled persons</heading><paragraph eId="schedule-11-paragraph-120" class="schProv1"><num>120</num><subparagraph eId="schedule-11-paragraph-120-1"><num>(1)</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e46978"><heading>Appointment of persons to carry out general investigations</heading><paragraph eId="schedule-11-paragraph-121" class="schProv1"><num>121</num><subparagraph eId="schedul

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e47047"><heading>Appointment of person to carry out investigations in particular cases</heading><paragraph eId="schedule-11-paragraph-122" class="schProv1"><num>122</num><subparagraph e

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e47077"><heading>Investigations etc in support of foreign resolution authorities</heading><paragraph eId="schedule-11-paragraph-123" class="schProv1"><num>123</num><subparagraph eId="sc

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e47203"><heading>Investigations: general</heading><paragraph eId="schedule-11-paragraph-124" class="schProv1"><num>124</num><subparagraph eId="schedule-11-paragraph-124-1"><num>(1)</num

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e47344"><heading>Powers of persons appointed under paragraph <ref href="#schedule-11-paragraph-121">121</ref></heading><paragraph eId="schedule-11-paragraph-125" class="schProv1"><num>1

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e47451"><heading>Powers of persons appointed as a result of paragraph <ref href="#schedule-11-paragraph-122">122</ref></heading><paragraph eId="schedule-11-paragraph-126" class="schProv

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e47548"><heading>Admissibility of statements made to investigators</heading><paragraph eId="schedule-11-paragraph-127" class="schProv1"><num>127</num><subparagraph eId="schedule-11-para

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e47650"><heading>Information and documents: supplemental provision</heading><paragraph eId="schedule-11-paragraph-128" class="schProv1"><num>128</num><subparagraph eId="schedule-11-para

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e47811"><heading>Protected items</heading><paragraph eId="schedule-11-paragraph-129" class="schProv1"><num>129</num><subparagraph eId="schedule-11-paragraph-129-1"><num>(1)</num><conten

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e47907"><heading>Entry of premises under warrant</heading><paragraph eId="schedule-11-paragraph-130" class="schProv1"><num>130</num><subparagraph eId="schedule-11-paragraph-130-1"><num>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e48181"><heading>Retention of documents obtained under paragraph <ref href="#schedule-11-paragraph-130">130</ref></heading><paragraph eId="schedule-11-paragraph-131" class="schProv1"><n

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e48243"><heading>Offences etc</heading><paragraph eId="schedule-11-paragraph-132" class="schProv1"><num>132</num><subparagraph eId="schedule-11-paragraph-132-1"><num>(1)</num><content><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e48403"><heading>Prosecution of offences under paragraph <ref href="#schedule-11-paragraph-132">132</ref></heading><paragraph eId="schedule-11-paragraph-133" class="schProv1"><num>133</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e48453"><heading>Offences under paragraph <ref href="#schedule-11-paragraph-132">132</ref> by bodies corporate etc</heading><paragraph eId="schedule-11-paragraph-134" class="schProv1"><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e48579"><heading>Injunctions to prevent failure to comply with relevant requirement</heading><paragraph eId="schedule-11-paragraph-135" class="schProv1"><num>135</num><subparagraph eId=

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e48624"><heading>Regulatory sanctions</heading><paragraph eId="schedule-11-paragraph-136" class="schProv1"><num>136</num><subparagraph eId="schedule-11-paragraph-136-1"><num>(1)</num><i

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e48762"><heading>Determination of sanctions</heading><paragraph eId="schedule-11-paragraph-137" class="schProv1"><num>137</num><intro>When determining the type of sanction, and level

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e48824"><heading>Procedure: warning notice</heading><paragraph eId="schedule-11-paragraph-138" class="schProv1"><num>138</num><subparagraph eId="schedule-11-paragraph-138-1"><num>(1)</n

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e48900"><heading>Procedure: decision notice</heading><paragraph eId="schedule-11-paragraph-139" class="schProv1"><num>139</num><subparagraph eId="schedule-11-paragraph-139-1"><num>(1)</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e48984"><heading>Procedure: general</heading><paragraph eId=

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e49100"><heading>Appeals</heading><paragraph eId="schedule-11-paragraph-141" class="schProv1"><num>141</num><subparagraph eId="schedule-11-paragraph-141-1"><num>(1)</num><content>If

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e49124"><heading>Injunctions: failure to comply with certain paragraph <ref href="#schedule-11-paragraph-136">136</ref> sanctions</heading><paragraph eId="schedule-11-paragraph-142" cla

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e49274"><heading>Publication</heading><paragraph eId="schedule-11-paragraph-143" class="schProv1"><num>143</num><subparagraph eId="schedule-11-paragraph-143-1"><num>(1)</num><intro>I

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e49448"><heading>Co-operation</heading><paragraph eId="schedule-11-paragraph-144" class="schProv1"><num>144</num><intro>In connection with the exercise of its powers to impose sancti

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-part-7"><num>PART 7</num><heading>Third-country resolution actions</heading><hcontainer name="c

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e49479"><heading>Third-country resolution actions</heading><paragraph eId="schedule-11-paragraph-145" class="schProv1"><num>145</num><subparagraph eId="schedule-11-paragraph-145-1"><num

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e49614"><heading>Effects of recognition on third-country res

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e49738"><heading>Third-country instruments: supplementary provision</heading><paragraph eId="schedule-11-paragraph-147" class="schProv1"><num>147</num><subparagraph eId="schedule-11-par

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-part-8"><num>PART 8</num><heading>General</heading><hcontainer name="crossheading" class="schGr

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e49824"><heading>Information</heading><paragraph eId="schedule-11-paragraph-148" class="schProv1"><num>148</num><subparagraph eId="schedule-11-paragraph-148-1"><num>(1)</num><intro>T

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e49926"><heading>Restrictions on disclosure of confidential

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e50063"><heading>Remedies on judicial review</heading><paragraph eId="schedule-11-paragraph-150" class="schProv1"><num>150</num><subparagraph eId="schedule-11-paragraph-150-1"><num>(1)<

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e50207"><heading>Giving of notices, documents etc under this Schedule</heading><paragraph eId="schedule-11-paragraph-151" class="schProv1"><num>151</num><content>Regulations under se

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e50219"><heading>“Financial assistance”</heading><paragraph eId="schedule-11-paragraph-152" class="schProv1"><num>152</num><subparagraph eId="schedule-11-paragraph-152-1"><num>(1)</num>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e50252"><heading>Modifications to the law</heading><paragraph eId="schedule-11-paragraph-153" class="schProv1"><num>153</num><subparagraph eId="schedule-11-paragraph-153-1"><num>(1)</nu

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e50408"><heading>Interpretation</heading><paragraph eId="schedule-11-paragraph-154" class="schProv1"><num>154</num><intr

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e50772"><heading>Recognised central counterparty</heading><paragraph eId="schedule-11-paragraph-155" class="schProv1"><num>155</num><subparagraph eId="schedule-11-paragraph-155-1"><num>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e50829"><heading>Interpretation: “CCP group company”, etc</heading><paragraph eId="schedule-11-paragraph-156" class="schProv1"><num>156</num><subparagraph eId="schedule-11-paragraph-156

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-part-9"><num>PART 9</num><heading>Treasury support for CCPs</heading><hcontainer name="crossheading" class="schGroup7" eId="d25e50894"><heading>Consolidated Fund</heading><paragraph eId="schedule-11-paragraph-157" class=

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e50894"><heading>Consolidated Fund</heading><paragraph eId="schedule-11-paragraph-157" class="schProv1"><num>157</num><subparagraph eId="schedule-11-paragraph-157-1"><num>(1)</num><intr

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e51008"><heading>National Loans Fund</heading><paragraph eId="schedule-11-paragraph-158" class="schProv1"><num>158</num><subparagraph eId="schedule-11-paragraph-158-1"><num>(1)</num><co

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-part-10"><num>PART 10</num><heading>Consequential etc provision</heading><hcontainer name="cros

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e51082"><heading>Bank of England Act 1998</heading><paragrap

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e51122"><heading>Financial Services and Markets Act 2000</heading><paragraph eId="schedule-11-paragraph-160" class="schProv1"><num>160</num><subparagraph eId="schedule-11-paragraph-160-

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e51206"><heading>Companies Act 2006</heading><paragraph eId="schedule-11-paragraph-161" class="schProv1"><num>161</num><subparagraph eId="schedule-11-paragraph-161-1"><num>(1)</num><con

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e51239"><heading>Banking Act 2009</heading><paragraph eId="schedule-11-paragraph-162" class="schProv1"><num>162</num><subparagraph eId="schedule-11-paragraph-162-1"><num>(1)</num><conte

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e51338"><heading>Financial Services Act 2012</heading><parag

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e51476"><heading>Financial Services (Banking Reform) Act 2013</heading><paragraph eId="schedule-11-paragraph-164" class="schProv1"><num>164</num><subparagraph eId="schedule-11-paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e51503"><heading>Modified application of corporate law to CCPs in resolution</heading><paragraph eId="schedule-11-paragraph-165" class="schProv1"><num>165</num><subparagraph eId="schedu

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" name="schedule"

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" eId="schedule-12-part-

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-part-2"><num>PART 2</num><heading>The manager of a write-down order</heading><paragraph eId="sc

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-2" class="schProv1"><num>2</num><content><mod>After Schedule 19 to FSMA 2000

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-part-3"><num>PART 3</num><heading>Further provision about write-down orders</heading><paragraph

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-3" class="schProv1"><num>3</num><content><mod>After Schedule 19A to FSMA 2000

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-part-4"><num>PART 4</num><heading>Write-down orders: financial services compensation scheme</he

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-4" class="schProv1"><num>4</num><content>Part 15 of FSMA 2000 (the Financial Services Compensation Scheme) is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-5" class="schProv1"><num>5</num><content><mod>After section 217 (insurers in

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-6" class="schProv1"><num>6</num><content><mod>In section 219 (scheme manager’

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-7" class="schProv1"><num>7</num><content><mod>After section 220 (scheme manag

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" eId="schedule-12-part-

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e53922"><heading>FSMA 2000</heading><paragraph eId="schedule

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" name="crossheadi

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-13"><num>SCHEDULE 13<authorialNote class="referenceNote">Section 58</

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-13-part-1"><num>PART 1</num><heading>New Schedule 19C to FSMA 2000</heading><paragraph eId="schedu

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-13-paragraph-1" class="schProv1"><num>1</num><subparagraph eId="schedule-13-paragraph-1-1"><n

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-13-part-2"><num>PART 2</num><heading>Consequential amendments</heading><paragraph eId="schedule-13

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-13-paragraph-2" class="schProv1"><num>2</num><content><mod>In section 429 of FSMA 2000 (Pa

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-14"><num>SCHEDULE 14<authorialNote class="referenceNote">Section 73</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e55181"><heading>Introductory</heading><paragraph eId="schedule-14-paragraph-1" class="schProv1"><num>1</num><content>The Credit Unions Act 1979 is amended as follows.</content><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e55192"><heading>Specified financial activities</heading><pa

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e55424"><heading>Shares</heading><paragraph eId="schedule-14

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e55483"><heading>Ancillary services</heading><paragraph eId=

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e55544"><heading>Loans</heading><paragraph eId="schedule-14-

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e55630"><heading>Conditional sale and hire purchase agreemen

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e55799"><heading>Insurance distribution activities</heading>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e55841"><heading>Minor and consequential amendments</heading

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e56122"><heading>Transitional provision</heading><paragraph eId="schedule-14-paragraph-15" class="schProv1"><num>15</num><content>The amendments made by paragraphs <ref href="#schedu

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" name="schedules"