Word in s. 112(2)(a) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 41

Word in s. 112(4)(b) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 41

Word in s. 112(5) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 41

S. 112(2)(b) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 16(3) (with regs. 7(3)(b)(4), 9(1))

S. 112 in force at 13.7.2018 for E.W. by S.I. 2018/848, art. 2(a)

Words in s. 112(2)(b) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 3(3) (with regs. 10-12)

http://www.legislation.gov.uk/ukpga/2013/33/section/112/2019-12-09Financial Services (Banking Reform) Act 2013An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.texttext/xmlenStatute Law Database2024-09-06Expert Participation2019-12-09PART 6Special administration for operators of certain infrastructure systemsIntroductory
112Interpretation: infrastructure companies1

In this Part “infrastructure company” has the meaning given by this section.

2

Infrastructure company” means a company which is—

a

the operator of a recognised ... payment system, other than an operator excluded by subsection (3),

b

a recognised CSD ..., or

c

a company designated by the Treasury under subsection (4).

3

But a company is not an infrastructure company if it is a recognised central counterparty, as defined by section 285 of FSMA 2000.

4

The Treasury may by order designate a company for the purposes of subsection (2)(c) if—

a

the company provides services to a person falling within subsection (2)(a) or (b), and

b

the Treasury are satisfied that an interruption in the provision of those services would have a serious adverse effect on the effective operation of the recognised ... payment system or securities settlement system in question.

5

An order under subsection (4) must specify the recognised ... payment system or securities settlement system in connection with which the company is designated.

6

Before designating a company under subsection (4), the Treasury must consult—

a

the company to be designated,

b

the person within subsection (2)(a) or (b) to whom the company provides services,

c

the Bank of England,

d

if the company is a PRA-authorised person, the PRA and the FCA, and

e

if the company is an authorised person other than a PRA-authorised person, the FCA.

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<note class="commentary F" eId="key-41aa8c9414f6f719d8ce5ad13f3b9d83">
<p>
Word in s. 112(2)(a) omitted (27.6.2017) by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30">Digital Economy Act 2017 (c. 30)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30/section/118/2">s. 118(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30/schedule/9/paragraph/41">Sch. 9 para. 41</ref>
</p>
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<note class="commentary F" eId="key-49abcff9f913a77a493a4fe03da57917">
<p>
Word in s. 112(4)(b) omitted (27.6.2017) by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30">Digital Economy Act 2017 (c. 30)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30/section/118/2">s. 118(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30/schedule/9/paragraph/41">Sch. 9 para. 41</ref>
</p>
</note>
<note class="commentary F" eId="key-a2c1e7d6df06ed1cec82d4a2b77ac729">
<p>
Word in s. 112(5) omitted (27.6.2017) by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30">Digital Economy Act 2017 (c. 30)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30/section/118/2">s. 118(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30/schedule/9/paragraph/41">Sch. 9 para. 41</ref>
</p>
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<note class="commentary F" eId="key-e6635be400504884571a83f8bf35e4ef">
<p>
S. 112(2)(b) substituted (28.11.2017) by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064">The Central Securities Depositories Regulations 2017 (S.I. 2017/1064)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/1">reg. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064/schedule/paragraph/16/3">Sch. para. 16(3)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/7/3/b">regs. 7(3)(b)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/7/4">(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/9/1">9(1)</ref>
)
</p>
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<note class="commentary I" eId="key-70979b5370c20aa8abec7cda16e9be3a">
<p>
S. 112 in force at 13.7.2018 for E.W. by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/848">S.I. 2018/848</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/848/article/2/a">art. 2(a)</ref>
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<note class="commentary F" eId="key-a7d11d4c45451ed4f6dedcd85050d250">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/112/2/b">s. 112(2)(b)</ref>
omitted (27.3.2019) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/679">The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/679/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/679/regulation/3/3">3(3)</ref>
(with
<rref from="http://www.legislation.gov.uk/id/uksi/2019/679/regulation/10" upTo="http://www.legislation.gov.uk/id/uksi/2019/679/regulation/12">regs. 10-12</rref>
)
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<part eId="part-6" period="#period1">
<num>
<strong>PART 6</strong>
</num>
<heading>Special administration for operators of certain infrastructure systems</heading>
<hcontainer name="crossheading" eId="part-6-crossheading-introductory" period="#period1">
<heading>
<em>Introductory</em>
</heading>
<section eId="section-112" period="#period2">
<num>
<noteRef href="#key-70979b5370c20aa8abec7cda16e9be3a" marker="I1" class="commentary I"/>
112
</num>
<heading>Interpretation: infrastructure companies</heading>
<subsection eId="section-112-1">
<num>1</num>
<content>
<p>
In this Part “
<term refersTo="#term-infrastructure-company">infrastructure company</term>
” has the meaning given by this section.
</p>
</content>
</subsection>
<subsection eId="section-112-2">
<num>2</num>
<intro>
<p>
<term refersTo="#term-infrastructure-company">Infrastructure company</term>
” means a company which is—
</p>
</intro>
<paragraph eId="section-112-2-a">
<num>a</num>
<content>
<p>
the operator of a recognised
<noteRef href="#key-41aa8c9414f6f719d8ce5ad13f3b9d83" marker="F1" class="commentary F"/>
... payment system, other than an operator excluded by subsection (3),
</p>
</content>
</paragraph>
<paragraph eId="section-112-2-b">
<num>
<ins class="substitution key-e6635be400504884571a83f8bf35e4ef-1518179508631 first">
<noteRef href="#key-e6635be400504884571a83f8bf35e4ef" marker="F4" class="commentary attribute F"/>
b
</ins>
</num>
<content>
<p>
<ins class="substitution key-e6635be400504884571a83f8bf35e4ef-1518179508631">a recognised CSD </ins>
<ins class="substitution key-e6635be400504884571a83f8bf35e4ef-1518179508631">
<noteRef href="#key-a7d11d4c45451ed4f6dedcd85050d250" marker="F5" class="commentary F"/>
...
</ins>
<ins class="substitution key-e6635be400504884571a83f8bf35e4ef-1518179508631 last">, or</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-112-2-c">
<num>c</num>
<content>
<p>a company designated by the Treasury under subsection (4).</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-112-3">
<num>3</num>
<content>
<p>But a company is not an infrastructure company if it is a recognised central counterparty, as defined by section 285 of FSMA 2000.</p>
</content>
</subsection>
<subsection eId="section-112-4">
<num>4</num>
<intro>
<p>The Treasury may by order designate a company for the purposes of subsection (2)(c) if—</p>
</intro>
<paragraph eId="section-112-4-a">
<num>a</num>
<content>
<p>the company provides services to a person falling within subsection (2)(a) or (b), and</p>
</content>
</paragraph>
<paragraph eId="section-112-4-b">
<num>b</num>
<content>
<p>
the Treasury are satisfied that an interruption in the provision of those services would have a serious adverse effect on the effective operation of the recognised
<noteRef href="#key-49abcff9f913a77a493a4fe03da57917" marker="F2" class="commentary F"/>
... payment system or securities settlement system in question.
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-112-5">
<num>5</num>
<content>
<p>
An order under subsection (4) must specify the recognised
<noteRef href="#key-a2c1e7d6df06ed1cec82d4a2b77ac729" marker="F3" class="commentary F"/>
... payment system or securities settlement system in connection with which the company is designated.
</p>
</content>
</subsection>
<subsection eId="section-112-6">
<num>6</num>
<intro>
<p>Before designating a company under subsection (4), the Treasury must consult—</p>
</intro>
<paragraph eId="section-112-6-a">
<num>a</num>
<content>
<p>the company to be designated,</p>
</content>
</paragraph>
<paragraph eId="section-112-6-b">
<num>b</num>
<content>
<p>the person within subsection (2)(a) or (b) to whom the company provides services,</p>
</content>
</paragraph>
<paragraph eId="section-112-6-c">
<num>c</num>
<content>
<p>the Bank of England,</p>
</content>
</paragraph>
<paragraph eId="section-112-6-d">
<num>d</num>
<content>
<p>if the company is a PRA-authorised person, the PRA and the FCA, and</p>
</content>
</paragraph>
<paragraph eId="section-112-6-e">
<num>e</num>
<content>
<p>if the company is an authorised person other than a PRA-authorised person, the FCA.</p>
</content>
</paragraph>
</subsection>
</section>
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