171 Certain money market institutions.U.K.
(1)The Secretary of State may by regulations provide that this Part applies to contracts of any specified description in relation to which settlement arrangements are provided by a person for the time being included in a list maintained by the Bank of England for the purposes of this section, as it applies to contracts connected with a recognised investment exchange or recognised clearing house.
(2)The Secretary of State shall not make any such regulations unless he is satisfied, having regard to the extent to which the contracts in question—
(a)involve, or are likely to involve, investments falling within paragraph 2 of Schedule 5 to the Financial Services Act 1986 (money market investments), or
(b)are otherwise of a kind dealt in by persons supervised by the Bank of England,
that it is appropriate that the arrangements should be subject to the supervision of the Bank of England.
(3)The approval of the Treasury is required for—
(a)the conditions imposed by the Bank of England for admission to the list maintained by it for the purposes of this section, and
(b)the arrangements for a person’s admission to and removal from the list;
and any regulations made under this section shall cease to have effect if the approval of the Treasury is withdrawn, but without prejudice to their having effect again if approval is given for fresh conditions or arrangements.
(4)The Bank of England shall publish the list as for the time being in force and provide a certified copy of it at the request of any person wishing to refer to it in legal proceedings.
A certified copy shall be evidence (in Scotland, sufficient evidence) of the contents of the list; and a copy purporting to be certified by or on behalf of the Bank shall be deemed to have been duly certified unless the contrary is shown.
(5)Regulations under this section may, in relation to a person included in the list—
(a)apply, with such exceptions, additions and adaptations as appear to the Secretary of State to be necessary or expedient, such of the provisions of the M1Financial Services Act 1986 as he considers appropriate, and
(b)provide that the provisions of this Part apply with such exceptions, additions and adaptations as appear to the Secretary of State to be necessary or expedient.
(6)Before making any regulations under this section, the Secretary of State shall consult the Treasury and the Bank of England.
(7)In section 84(1) of the M2Banking Act 1987 (disclosure of information obtained under that Act), in the Table showing the authorities to which, and functions for the purposes of which, disclosure may be made, at the end add—
| “A person included in the list maintained by the Bank for the purposes of section 171 of the Companies Act 1989. | Functions under settlement arrangements to which regulations under that section relate.”. |
Commencement Information
I1S. 171 partly in force: s. 171 not in force at Royal Assent see s. 215(1)(2); s. 171 in force for certain purposes at 25.3.1991 by S.I. 1991/488, art. 2(2)
Marginal Citations