Financial Services and Markets Act 2000

[F1 35 (1) This paragraph applies where a person has been appointed to act as an insolvency practitioner (within the meaning of section 388 of the Insolvency Act 1986 or Article 3 of the Insolvency (Northern Ireland) Order 1989) in relation to a company which is, or has been, a [F2 recognised clearing house] [F3 or a recognised CSD]. U.K.

(2) The Bank of England may give directions to the person if satisfied that it is desirable to give the directions, having regard to the public interest in—

(a) protecting and enhancing the stability of the UK financial system,

(b) protecting and enhancing public confidence in the stability of the UK financial system, F4 ...

(c) [F5 in the case of a company which is, or has been, a recognised clearing house,] maintaining the continuity of F6 ... clearing services [F7 and]

[F8 (d) in the case of a company which is, or has been, a recognised CSD, maintaining the continuity of the services referred to in section 285(3D)].

(3) Before giving directions the Bank of England must consult—

(a) the Treasury, [F9 and]

F10 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) the FCA.

(4) Directions are enforceable, on an application by the Bank of England, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

(5) A person is not liable for damages in respect of action or inaction in accordance with directions.

(6) The immunity does not extend to action or inaction—

(a) in bad faith, or

(b) in contravention of section 6(1) of the Human Rights Act 1998.]

Textual Amendments

F1 Sch. 17A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

F2 Words in Sch. 17A para. 35(1) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(16)(g)(i) (with regs. 52-58)

F3 Words in Sch. 17A para. 35(1) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(v)(i) (with regs. 7(4), 9(1))

F4 Word in Sch. 17A para. 35(2)(b) omitted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(v)(ii)(aa) (with regs. 7(4), 9(1))

F5 Words in Sch. 17A para. 35(2)(c) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(v)(ii)(bb) (with regs. 7(4), 9(1))

F6 Words in Sch. 17A para. 35(2)(c) omitted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(16)(g)(ii) (with regs. 52-58)

F7 Word in Sch. 17A para. 35(2)(c) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(v)(ii)(cc) (with regs. 7(4), 9(1))

F8 Sch. 17A para. 35(2)(d) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(v)(ii)(dd) (with regs. 7(4), 9(1))

F9 Word in Sch. 17A para. 35(3)(a) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 51(5)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F10 Sch. 17A para. 35(3)(b) omitted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 51(5)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)