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Financial Services and Markets Act 2000
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- Deddfau Cyhoeddus Cyffredinol y Deyrnas Unedig
- 2000 c. 8
- SCHEDULE 17A
- Part 3
- Power to give directions...
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- Dangos Graddfa Ddaearyddol(e.e. Lloegr, Cymru, Yr Alban aca Gogledd Iwerddon)
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Rhagor o Adnoddau
Changes over time for: Cross Heading: Power to give directions to insolvency practitioner
Version Superseded: 01/03/2017
Alternative versions:
- 24/01/2013- Amendment
- 01/04/2013- Amendment
- 26/03/2015
Point in time - 01/03/2017- Amendment
- 28/11/2017- Amendment
Status:
Point in time view as at 26/03/2015.
Changes to legislation:
Financial Services and Markets Act 2000, Cross Heading: Power to give directions to insolvency practitioner is up to date with all changes known to be in force on or before 25 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1 Power to give directions to insolvency practitionerU.K.
Textual Amendments
F1Sch. 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.
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 [F2recognised clearing house].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, and
(c)maintaining the continuity of F3... clearing services.
(3)Before giving directions the Bank of England must consult—
(a)the Treasury,
(b)(if the clearing house is a PRA-authorised person) the PRA, and
(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
F2Words 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)
F3Words 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)
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