Provision of banking-type ancillary services for CSD participantsU.K.
This section has no associated Explanatory Memorandum
20.—(1) In Article 54—
(a)in paragraph 2, in point (b) for “authorised in accordance with Article 8 of Directive 2013/36/EU” substitute “ with permission to accept deposits under Part 4A of FSMA ”;
(b)in paragraph 3—
(i)in point (a) for “authorised as a credit institution as provided for in Article 8 of Directive 2013/36/EU” substitute “ permitted under Part 4A of FSMA to carry on any regulated activity which is carried on for the purposes of, or in connection with, such services ”;
(ii)in the final sub-paragraph, after “Directive 2013/36/EU” insert “ UK law ”;
(c)in paragraph 4, in point (a) for “authorised as a credit institution as provided for in Article 8 of Directive 2013/36/EU” substitute “ permitted to accept deposits under Part 4A of FSMA ”;
(d)in paragraph 5, in the second sub-paragraph, omit “and report its findings to ESMA”;
(e)in paragraph 8—
(i)in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “ The PRA may make ”;
(ii)omit the second and third sub-paragraphs.
(2) In Article 55—
(a)in paragraph 1, omit “of its home Member State”;
(b)omit paragraphs 4, 5 and 6;
(c)in paragraph 7—
(i)in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “ The Bank of England may make ”;
(ii)omit the second and third sub-paragraphs;
(d)omit paragraph 8.
(3) In Article 56, omit “of its home Member State”.
(4) In Article 57—
(a)in paragraph 1, omit “of the CSD's home Member State”;
(b)omit paragraphs 2 and 3.
(5) In Article 58—
(a)omit paragraph 1;
(b)in paragraph 2, for “ESMA” substitute “ The competent authority ”;
(c)omit paragraph 3.
(6) In Article 59—
(a)in paragraph 4, in point (h)—
(i)for “central bank” substitute “ Bank of England ” each time it occurs;
(ii)omit “Union” each time it occurs;
(iii)before “cash balances” insert “ sterling ”;
(iv)for “central banks of issue” substitute “ the Bank of England ”;
(b)in paragraph 5—
(i)in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “ The PRA may make ”;
(ii)omit the second and third sub-paragraphs.
(7) In Article 60—
(a)in paragraph 1, in the third sub-paragraph, omit “which shall then inform the authorities referred to in Article 55(4),”;
(b)in paragraph 2, omit the second sub-paragraph;
(c)omit paragraph 3.