Search Legislation

Financial Services and Markets Act 2023

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Paragraph 37

 Help about opening options

Alternative versions:

Changes to legislation:

There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Paragraph 37. Help about Changes to Legislation

This section has no associated Explanatory Notes

37(1)Section 206A (services forming part of recognised payment systems) is amended as follows.U.K.

(2)For the heading substitute “Service providers”.

(3)In subsection (1)—

(a)omit the words “persons who are”;

(b)the words after “providers” become paragraph (a);

(c)after that paragraph insert , or

(b)in relation to a recognised DSA service provider.

(4)After subsection (2) insert—

(2A)A person is a service provider in relation to a recognised DSA service provider if—

(a)the person provides services to the recognised DSA service provider, and

(b)the person is specified as a person within paragraph (a) by the Treasury in the recognition order made in respect of the DSA service provider.

(2B)A payment system that includes arrangements using digital settlement assets is a service provider in relation to a recognised DSA service provider if—

(a)the system provides services to the recognised DSA service provider, and

(b)the system is specified as a system within paragraph (a) by the Treasury in the recognition order made in respect of the DSA service provider.

(5)After subsection (3) insert—

(3A)In relation to a recognised payment system that includes arrangements using digital settlement assets, subsection (2)(a) includes a person providing services connected with the system. See section 206AA.

(6)In the opening words of subsection (4), after “(2)(b)” insert “or (2A)(b) or systems under subsection (2B)(b)”.

(7)In subsection (4)(b) after “system” insert “or DSA service provider”.

(8)In subsection (5) after “(2)(b)” insert “, (2A)(b) or (2B)(b)”.

Commencement Information

I1Sch. 6 para. 37 in force at 29.8.2023, see s. 86(2)(a)

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?