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The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001
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Changes over time for: PART III
Changes to legislation:
There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Schedule Part III:
- Title words substituted by S.I. 2017/1064 reg. 4(2)
- Sch. para. 9J and cross-heading inserted by S.I. 2017/1064 reg. 4(6)(a)
- Sch. para. 31A and cross-heading inserted by S.I. 2017/1064 reg. 4(6)(d)
- Sch. Pt. 7 inserted by S.I. 2017/1064 reg. 4(6)(e)
- Sch. para. 2B(7) inserted by S.I. 2019/662 reg. 20(2)(b)
- Sch. para. 7B(4) omitted by S.I. 2019/662 reg. 20(7)(b)
- Sch. para. 7C(3) omitted by S.I. 2019/662 reg. 20(9)
- Sch. para. 21A(2) omitted by S.I. 2019/662 reg. 20(19)
- Sch. para. 31(2) omitted by S.I. 2019/662 reg. 20(20)
- Sch. para. 38(2) omitted by S.I. 2019/662 reg. 20(23)
- Sch. para. 4C omitted by S.I. 2021/774 reg. 2(2)
- Sch. para. 9F(6)(c) omitted by S.I. 2021/774 reg. 2(4)(a)
- Sch. para. 9F(6)(d) omitted by S.I. 2021/774 reg. 2(4)(a)
- Sch. para. 9I(a) omitted by S.I. 2024/107 reg. 32
- Sch. para. 9I(c) omitted by S.I. 2024/107 reg. 32
- Sch. para. 7BA revoked by 2023 c. 29 Sch. 2 para. 50(a)
- Sch. para. 3C(a)(i) substituted by S.I. 2019/662 reg. 20(4)(a)(i)
- Sch. para. 3C(a)(ii) substituted by S.I. 2019/662 reg. 20(4)(a)(ii)
- Sch. para. 3C(a)(iii) substituted by S.I. 2019/662 reg. 20(4)(a)(iii)
- Sch. para. 3G(1)(b) substituted by S.I. 2019/662 reg. 20(5)(a)
- Sch. para. 3G(3) substituted by S.I. 2019/662 reg. 20(5)(b)
- Sch. para. 7BB(4)(b) substituted by S.I. 2019/662 reg. 20(8)(b)(ii)
- Sch. para. 7BB(4)(c) substituted by S.I. 2019/662 reg. 20(8)(b)(iii)
- Sch. para. 9ZC(a) substituted by S.I. 2019/662 reg. 20(12)(a)
- Sch. para. 9ZC(b) substituted by S.I. 2019/662 reg. 20(12)(b)
- Sch. para. 9A(2) substituted by S.I. 2019/662 reg. 20(13)
- Sch. para. 9C(a) substituted by S.I. 2019/662 reg. 20(14)(a)
- Sch. para. 9C(b) substituted by S.I. 2019/662 reg. 20(14)(b)
- Sch. para. 40(1)(a)(b) substituted by S.I. 2019/662 reg. 20(25)
- Sch. para. 9(6)(d)(e) substituted for Sch. para. 9(6)(d) by S.I. 2019/662 reg. 20(10)(b)
- Sch. para. 9(6)(c) word omitted by S.I. 2019/662 reg. 20(10)(a)
- Sch. para. 2B(1)(a) words inserted by S.I. 2019/662 reg. 3
- Sch. para. 3C(c) words inserted by S.I. 2019/662 reg. 20(4)(b)(i)
- Sch. para. 3C(c) words inserted by S.I. 2019/662 reg. 20(4)(b)(ii)
- Sch. para. 9E(1) words inserted by S.I. 2019/662 reg. 20(15)(b)
- Sch. para. 9F(9) words inserted by S.I. 2019/662 reg. 20(16)(c)
- Sch. para. 2B(2)(b)(ii) words omitted by S.I. 2019/662 reg. 20(2)(a)
- Sch. para. 3C(a)(iv) words omitted by S.I. 2019/662 reg. 20(4)(a)(iv)
- Sch. para. 7BB(5) words omitted by S.I. 2019/662 reg. 20(8)(c)
- Sch. para. 9ZB(6) words omitted by S.I. 2019/662 reg. 20(11)(b)
- Sch. para. 9E(1) words omitted by S.I. 2019/662 reg. 20(15)(a)
- Sch. para. 9F(3) words omitted by S.I. 2019/662 reg. 20(16)(a)
- Sch. para. 3B(4) words substituted by S.I. 2019/662 reg. 20(3)
- Sch. para. 3H words substituted by S.I. 2019/662 reg. 20(6)
- Sch. para. 7B(2) words substituted by S.I. 2019/662 reg. 20(7)(a)
- Sch. para. 7BB(2)(a) words substituted by S.I. 2019/662 reg. 20(8)(a)
- Sch. para. 7BB(4)(a) words substituted by S.I. 2019/662 reg. 20(8)(b)(i)
- Sch. para. 9ZB(6) words substituted by S.I. 2019/662 reg. 20(11)(a)
- Sch. para. 9F(6) words substituted by S.I. 2019/662 reg. 20(16)(b)
- Sch. para. 9F(11) words substituted by S.I. 2019/662 reg. 20(16)(d)(i)
- Sch. para. 9F(11) words substituted by S.I. 2019/662 reg. 20(16)(d)(ii)
- Sch. para. 9I words substituted by S.I. 2019/662 reg. 20(17)
- Sch. para. 9J(1) words substituted by S.I. 2019/662 reg. 20(18)
- Sch. para. 31A(1) words substituted by S.I. 2019/662 reg. 20(21)
- Sch. para. 37 words substituted by S.I. 2019/662 reg. 20(22)
- Sch. para. 39(1) words substituted by S.I. 2019/662 reg. 20(24)
- Sch. para. 9A(2)(a)(i) words substituted by S.I. 2021/774 reg. 2(3)
- Sch. para. 9F(9) words substituted by S.I. 2021/774 reg. 2(4)(b)
- Sch. para. 9(6)(e) words substituted in earlier amending provision S.I. 2019/662, reg. 20(10)(b) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(ii)
- Sch. para. 9ZB(6) words substituted in earlier amending provision S.I. 2019/662, reg. 20(11) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(iii)
- Sch. para. 9A(2) words substituted in earlier amending provision S.I. 2019/662, reg. 20(13) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(iv)
- Sch. para. 9E(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(15)(b) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(v)
- Sch. para. 9F(9) words substituted in earlier amending provision S.I. 2019/662, reg. 20(16)(c) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(vi)
- Sch. para. 9J(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(18) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(vii)
- Sch. para. 31A(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(21) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(viii)
- Sch. para. 37 words substituted in earlier amending provision S.I. 2019/662, reg. 20(22) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(ix)
- Sch. para. 39(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(24) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(x)
- Sch. para. 40(1)(a)(b) words substituted in earlier amending provision S.I. 2019/662, reg. 20(25) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(xi)
- Sch. para. 3C(c) words substituted in earlier amending provision S.I. 2019/662, reg. 20(4)(b)(i)(ii) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(i)
- Sch. 1 para. 3G(1A) inserted by S.I. 2020/117 reg. 4(3)
- Sch. 1 para. 3G(1) words substituted by S.I. 2020/117 reg. 4(2)
- reg. 3(1B) inserted by S.I. 2019/662 reg. 19(3)
- reg. 3(1B) words substituted in earlier amending provision S.I. 2019/662, reg. 19(3) by S.I. 2020/1301 reg. 3 Sch. para. 37(f)
- reg. 5B inserted by S.I. 2017/1064 reg. 4(4)
- reg. 6(4) inserted by S.I. 2017/1064 reg. 4(5)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- Title words substituted by S.I. 2017/1064 reg. 4(2)
- Sch. para. 9J and cross-heading inserted by S.I. 2017/1064 reg. 4(6)(a)
- Sch. para. 31A and cross-heading inserted by S.I. 2017/1064 reg. 4(6)(d)
- Sch. Pt. 7 inserted by S.I. 2017/1064 reg. 4(6)(e)
- Sch. para. 2B(7) inserted by S.I. 2019/662 reg. 20(2)(b)
- Sch. para. 7B(4) omitted by S.I. 2019/662 reg. 20(7)(b)
- Sch. para. 7C(3) omitted by S.I. 2019/662 reg. 20(9)
- Sch. para. 21A(2) omitted by S.I. 2019/662 reg. 20(19)
- Sch. para. 31(2) omitted by S.I. 2019/662 reg. 20(20)
- Sch. para. 38(2) omitted by S.I. 2019/662 reg. 20(23)
- Sch. para. 4C omitted by S.I. 2021/774 reg. 2(2)
- Sch. para. 9F(6)(c) omitted by S.I. 2021/774 reg. 2(4)(a)
- Sch. para. 9F(6)(d) omitted by S.I. 2021/774 reg. 2(4)(a)
- Sch. para. 9I(a) omitted by S.I. 2024/107 reg. 32
- Sch. para. 9I(c) omitted by S.I. 2024/107 reg. 32
- Sch. para. 7BA revoked by 2023 c. 29 Sch. 2 para. 50(a)
- Sch. para. 3C(a)(i) substituted by S.I. 2019/662 reg. 20(4)(a)(i)
- Sch. para. 3C(a)(ii) substituted by S.I. 2019/662 reg. 20(4)(a)(ii)
- Sch. para. 3C(a)(iii) substituted by S.I. 2019/662 reg. 20(4)(a)(iii)
- Sch. para. 3G(1)(b) substituted by S.I. 2019/662 reg. 20(5)(a)
- Sch. para. 3G(3) substituted by S.I. 2019/662 reg. 20(5)(b)
- Sch. para. 7BB(4)(b) substituted by S.I. 2019/662 reg. 20(8)(b)(ii)
- Sch. para. 7BB(4)(c) substituted by S.I. 2019/662 reg. 20(8)(b)(iii)
- Sch. para. 9ZC(a) substituted by S.I. 2019/662 reg. 20(12)(a)
- Sch. para. 9ZC(b) substituted by S.I. 2019/662 reg. 20(12)(b)
- Sch. para. 9A(2) substituted by S.I. 2019/662 reg. 20(13)
- Sch. para. 9C(a) substituted by S.I. 2019/662 reg. 20(14)(a)
- Sch. para. 9C(b) substituted by S.I. 2019/662 reg. 20(14)(b)
- Sch. para. 40(1)(a)(b) substituted by S.I. 2019/662 reg. 20(25)
- Sch. para. 9(6)(d)(e) substituted for Sch. para. 9(6)(d) by S.I. 2019/662 reg. 20(10)(b)
- Sch. para. 9(6)(c) word omitted by S.I. 2019/662 reg. 20(10)(a)
- Sch. para. 2B(1)(a) words inserted by S.I. 2019/662 reg. 3
- Sch. para. 3C(c) words inserted by S.I. 2019/662 reg. 20(4)(b)(i)
- Sch. para. 3C(c) words inserted by S.I. 2019/662 reg. 20(4)(b)(ii)
- Sch. para. 9E(1) words inserted by S.I. 2019/662 reg. 20(15)(b)
- Sch. para. 9F(9) words inserted by S.I. 2019/662 reg. 20(16)(c)
- Sch. para. 2B(2)(b)(ii) words omitted by S.I. 2019/662 reg. 20(2)(a)
- Sch. para. 3C(a)(iv) words omitted by S.I. 2019/662 reg. 20(4)(a)(iv)
- Sch. para. 7BB(5) words omitted by S.I. 2019/662 reg. 20(8)(c)
- Sch. para. 9ZB(6) words omitted by S.I. 2019/662 reg. 20(11)(b)
- Sch. para. 9E(1) words omitted by S.I. 2019/662 reg. 20(15)(a)
- Sch. para. 9F(3) words omitted by S.I. 2019/662 reg. 20(16)(a)
- Sch. para. 3B(4) words substituted by S.I. 2019/662 reg. 20(3)
- Sch. para. 3H words substituted by S.I. 2019/662 reg. 20(6)
- Sch. para. 7B(2) words substituted by S.I. 2019/662 reg. 20(7)(a)
- Sch. para. 7BB(2)(a) words substituted by S.I. 2019/662 reg. 20(8)(a)
- Sch. para. 7BB(4)(a) words substituted by S.I. 2019/662 reg. 20(8)(b)(i)
- Sch. para. 9ZB(6) words substituted by S.I. 2019/662 reg. 20(11)(a)
- Sch. para. 9F(6) words substituted by S.I. 2019/662 reg. 20(16)(b)
- Sch. para. 9F(11) words substituted by S.I. 2019/662 reg. 20(16)(d)(i)
- Sch. para. 9F(11) words substituted by S.I. 2019/662 reg. 20(16)(d)(ii)
- Sch. para. 9I words substituted by S.I. 2019/662 reg. 20(17)
- Sch. para. 9J(1) words substituted by S.I. 2019/662 reg. 20(18)
- Sch. para. 31A(1) words substituted by S.I. 2019/662 reg. 20(21)
- Sch. para. 37 words substituted by S.I. 2019/662 reg. 20(22)
- Sch. para. 39(1) words substituted by S.I. 2019/662 reg. 20(24)
- Sch. para. 9A(2)(a)(i) words substituted by S.I. 2021/774 reg. 2(3)
- Sch. para. 9F(9) words substituted by S.I. 2021/774 reg. 2(4)(b)
- Sch. para. 9(6)(e) words substituted in earlier amending provision S.I. 2019/662, reg. 20(10)(b) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(ii)
- Sch. para. 9ZB(6) words substituted in earlier amending provision S.I. 2019/662, reg. 20(11) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(iii)
- Sch. para. 9A(2) words substituted in earlier amending provision S.I. 2019/662, reg. 20(13) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(iv)
- Sch. para. 9E(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(15)(b) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(v)
- Sch. para. 9F(9) words substituted in earlier amending provision S.I. 2019/662, reg. 20(16)(c) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(vi)
- Sch. para. 9J(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(18) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(vii)
- Sch. para. 31A(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(21) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(viii)
- Sch. para. 37 words substituted in earlier amending provision S.I. 2019/662, reg. 20(22) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(ix)
- Sch. para. 39(1) words substituted in earlier amending provision S.I. 2019/662, reg. 20(24) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(x)
- Sch. para. 40(1)(a)(b) words substituted in earlier amending provision S.I. 2019/662, reg. 20(25) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(xi)
- Sch. para. 3C(c) words substituted in earlier amending provision S.I. 2019/662, reg. 20(4)(b)(i)(ii) by S.I. 2020/1301 reg. 3 Sch. para. 37(g)(i)
- Sch. 1 para. 3G(1A) inserted by S.I. 2020/117 reg. 4(3)
- Sch. 1 para. 3G(1) words substituted by S.I. 2020/117 reg. 4(2)
- reg. 3(1B) inserted by S.I. 2019/662 reg. 19(3)
- reg. 3(1B) words substituted in earlier amending provision S.I. 2019/662, reg. 19(3) by S.I. 2020/1301 reg. 3 Sch. para. 37(f)
- reg. 5B inserted by S.I. 2017/1064 reg. 4(4)
- reg. 6(4) inserted by S.I. 2017/1064 reg. 4(5)
PART IIIU.K.Recognition requirements for clearing houses
Modifications etc. (not altering text)
C1Sch. Pts. 3, 4 applied (with modifications) (26.8.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (No. 2) Regulations 2013 (S.I. 2013/1908), regs. 1(3)(c), 6(2)-(4)
Financial resourcesU.K.
16.—(1) The clearing house must have financial resources sufficient for the proper performance of its functions as a recognised clearing house.U.K.
(2) In considering whether this requirement is satisfied, [F1the Bank of England] may (without prejudice to the generality of regulation 6(1)) take into account all the circumstances, including the clearing house’s connection with any person, and any activity carried on by the clearing house, whether or not it is an exempt activity.
Textual Amendments
F1Words in Sch. Pt. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 36(d)(iii)
Commencement Information
I1Sch. para. 16 in force at 1.12.2001, see reg. 2
SuitabilityU.K.
17.—(1) The clearing house must be a fit and proper person to perform the functions of a recognised clearing house.U.K.
(2) In considering whether this requirement is satisfied, [F1the Bank of England] may (without prejudice to the generality of regulation 6(1)) take into account all the circumstances, including the clearing house’s connection with any person.
Textual Amendments
F1Words in Sch. Pt. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 36(d)(iii)
Commencement Information
I2Sch. para. 17 in force at 1.12.2001, see reg. 2
Systems and controlsU.K.
18.—(1) The clearing house must ensure that the systems and controls used in the performance of its functions are adequate, and appropriate for the scale and nature of its business.U.K.
(2) This requirement applies in particular to systems and controls concerning—
(a)the transmission of information;
(b)the assessment and management of risks to the performance of the clearing house’s functions;
(c)the operation of the matters mentioned in paragraph 19(2)(b) below; and
(d)(where relevant) the safeguarding and administration of assets belonging to users of the clearing house’s facilities.
Commencement Information
I3Sch. para. 18 in force at 1.12.2001, see reg. 2
Safeguards for investorsU.K.
19.—(1) The clearing house must ensure that its facilities are such as to afford proper protection to investors.U.K.
(2) Without prejudice to the generality of sub-paragraph (1), the clearing house must ensure that—
(a)access to the clearing house’s facilities is subject to criteria designed to protect the orderly functioning of those facilities and the interests of investors;
(b)its clearing services involve satisfactory arrangements for securing the timely discharge (whether by performance, compromise or otherwise) of the rights and liabilities of the parties to transactions in respect of which it provides such services (being rights and liabilities in relation to those transactions);
(c)satisfactory arrangements are made for recording transactions which are cleared or to be cleared by means of its facilities;
(d)appropriate measures are adopted to reduce the extent to which the clearing house’s facilities can be used for a purpose connected with market abuse or financial crime, and to facilitate their detection and monitor their incidence; and
(e)where the clearing house’s facilities include making provision for the safeguarding and administration of assets belonging to users of those facilities, satisfactory arrangements are made for that purpose.
Commencement Information
I4Sch. para. 19 in force at 1.12.2001, see reg. 2
Promotion and maintenance of standardsU.K.
20.—(1) The clearing house must be able and willing to promote and maintain high standards of integrity and fair dealing in the carrying on of regulated activities by persons in the course of using the facilities provided by the clearing house.U.K.
(2) The clearing house must be able and willing to cooperate, by the sharing of information or otherwise, with [F1the Bank of England], with any other authority, body or person having responsibility in the United Kingdom for the supervision or regulation of any regulated activity or other financial service, or with an overseas regulator within the meaning of section 195 of the Act.
Textual Amendments
F1Words in Sch. Pt. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 36(d)(iii)
Commencement Information
I5Sch. para. 20 in force at 1.12.2001, see reg. 2
RulesU.K.
21.—(1) The clearing house must ensure that appropriate procedures are adopted for it to make rules, for keeping its rules under review and for amending them.U.K.
(2) The procedures must include procedures for consulting users of the clearing house’s facilities in appropriate cases.
(3) The clearing house must consult users of its facilities on any arrangements it proposes to make for dealing with penalty income in accordance with paragraph 22(3) below (or on any changes which it proposes to make to those arrangements).
Commencement Information
I6Sch. para. 21 in force at 1.12.2001, see reg. 2
[F2Access to central counterparty, clearing and settlement facilitiesU.K.
Textual Amendments
21A.—(1) The clearing house must make transparent and non-discriminatory rules, based on objective criteria, governing access to F3... clearing or settlement facilities provided by it.U.K.
(2) The rules under sub-paragraph (1) must enable an investment firm or a credit institution authorised by the competent authority of another EEA State (including a branch established in the United Kingdom of such a firm or institution) to have access to those facilities on the same terms as a UK firm for the purposes of finalising or arranging the finalisation of transactions in financial instruments.
(3) [F4The clearing house may refuse access to those facilities on legitimate commercial grounds.]]
Textual Amendments
F3Words in Sch. para. 21A(1) omitted (1.4.2013) by virtue of 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), 5(5) (with regs. 52-58)
F4Sch. para. 21A(3) omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(18) (with reg. 7)
DisciplineU.K.
22.—(1) The clearing house must have effective arrangements for monitoring and enforcing compliance with its rules.U.K.
(2) The arrangements must include procedures for—
(a)investigating complaints made to the clearing house about the conduct of persons in the course of using the clearing house’s facilities; and
(b)the fair, independent and impartial resolution of appeals against decisions of the clearing house.
(3) Where the arrangements include provision for requiring the payment of financial penalties, they must include arrangements for ensuring that any amount so paid is applied only in one or more of the following ways—
(a)towards meeting expenses incurred by the clearing house in the course of the investigation of the breach in respect of which the penalty is paid, or in the course of any appeal against the decision of the clearing house in relation to that breach;
(b)for the benefit of users of the clearing house’s facilities;
(c)for charitable purposes.
Commencement Information
I7Sch. para. 22 in force at 1.12.2001, see reg. 2
ComplaintsU.K.
23.—(1) The clearing house must have effective arrangements for the investigation and resolution of complaints arising in connection with the performance of, or failure to perform, any of its regulatory functions.U.K.
(2) But sub-paragraph (1) does not extend to—
(a)complaints about the content of rules made by the clearing house, or
(b)complaints about a decision against which the complainant has the right to appeal under procedures of the kind mentioned in paragraph 22(2)(b) above.
(3) The arrangements must include arrangements for a complaint to be fairly and impartially investigated by a person independent of the clearing house, and for him to report on the result of his investigation to the clearing house and to the complainant.
(4) The arrangements must confer on the person mentioned in sub-paragraph (3) the power to recommend, if he thinks it appropriate, that the clearing house—
(a)makes a compensatory payment to the complainant,
(b)remedies the matter complained of,
or takes both of those steps.
(5) Sub-paragraph (3) is not to be taken as preventing the clearing house from making arrangements for the initial investigation of a complaint to be conducted by the clearing house.
Commencement Information
I8Sch. para. 23 in force at 1.12.2001, see reg. 2
[F5Recovery PlansU.K.
Textual Amendments
F5Sch. para. 23A and cross-heading inserted (1.5.2014) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (No. 2) Regulations 2013 (S.I. 2013/1908), regs. 1(3)(b), 3(3)
23A. The clearing house must maintain a plan that sets out the steps that it will take in order to maintain the continuity of its exempt activities in the event that such continuity is threatened.]U.K.
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Dewisiadau Agor
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Rhagor o Adnoddau
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Llinell Amser Newidiadau
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Rhagor o Adnoddau
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