S. 19 not in force at Royal Assent, see s. 86(3)
S. 19 in force at 29.8.2023 by S.I. 2023/779, reg. 4(n)
FSMA 2000 is amended as follows.
In section 313 (interpretation of Part 18), in subsection (1), at the appropriate place insert—
“
In section 380 (injunctions), in subsection (11) after “requirement” insert
In section 391 (publication), in subsection (1ZB) after paragraph (l) insert—
section 312S;
In section 392 (third party rights and access to evidence)—
in paragraph (a), after “312(G)(1),” insert
in paragraph (b) after “312H(1),” insert
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
The following amendments are to Schedule 17A (application of provisions to Bank).
In paragraph 10 (rules), after sub-paragraph (4) insert—
Sub-paragraphs (1) to (4) do not apply in relation to rules made by the Bank under section 312M (in relation to which see paragraph 10A).
After paragraph 10 insert—
The following provisions of Part 9A of this Act are to apply in relation to rules made by the Bank under section 312M, subject to the modifications specified in this subsection— section 137T (general supplementary powers) as if— the reference in paragraph (a) to “authorised persons, activity or investment” were a reference to “critical third parties or services”, and for paragraph (b) there were substituted— may make provision by reference to rules made by the FCA or PRA or standards issued by any other person, as those rules or standards have effect from time to time, sections 138A and 138B (modification or waiver of rules) as if— the reference in subsection (4)(b) of section 138A to any of regulator’s objectives were a reference to the Bank’s Financial Stability Objective, subsection (5) of section 138A were omitted, and subsection (4) of section 138B were omitted; section 138BA (disapplication or modification of rules in individual cases) as if subsection (3)(b) and (c) were omitted; section 138C (evidential provisions); section 138E (limits on effect of contravening rules); section 138EA (matters to consider when making rules) as if, for paragraphs (a) and (b) of subsection (5), there were substituted section 138F (notification of rules) as if subsections (1A) and (2) were omitted; section 138G (rule-making instruments); section 138H (verification of rules); section 138J (consultation) as if— the reference in subsection (1)(a) to the “FCA” were a reference to the “ the reference in subsection (2)(d) to the compatibility of the proposed rules with the provisions mentioned in that subsection were a reference to their compatibility with the Bank’s Financial Stability Objective; and in subsection (8A), in paragraph (a), for sub-paragraphs (i) and (ii) there were substituted section 138JA(2), (3) (4), (10) and (11) (duty to consult PRA Cost Benefit Analysis Panel); section 138JB (statement of policy in relation to cost benefit analyses); section 138L (consultation: general exemptions) as if— subsection (1) were omitted, and in subsection (2) for paragraphs (a) and (b) there were substituted section 141A (power to make consequential amendments of references to rules); section 141B (power to consequentially amend enactments).
In paragraph 23(1) (public record and disclosure of information), after “discharge of,” insert
In paragraph 26(2) (injunctions), after paragraph (a) insert—
a requirement that is imposed on a critical third party by the Bank by or under any provision of Chapter 3C of this Part of this Act;
In paragraph 28 (restitution)—
in sub-paragraph (2), in the words before paragraph (a), for “or a recognised CSD” substitute
in sub-paragraph (2)(a) for “or the recognised CSD” substitute
in sub-paragraph (4)(a) for “or the recognised CSD” substitute
In paragraph 29 (notices) for “or 312H” substitute
In paragraph 30 (offences), after sub-paragraph (a) insert—
a requirement that is imposed by or under any provision of Chapter 3C of Part 18 of this Act that relates to critical third parties;
In paragraph 32 (records) after “recognised CSDs” insert
In paragraph 33(a) (annual report), in the substituted paragraph (a), after
See also Part 6 of Schedule 2.