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Textual Amendments
F1Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1
(1)This Part enables the Bank of England to oversee certain persons involved in wholesale cash distribution (as defined in section 206E).
(2)The Bank must exercise its powers under this Part for the purpose of managing risks to the effectiveness, resilience and sustainability of wholesale cash distribution—
(a)throughout the United Kingdom, or
(b)throughout any part of the United Kingdom.
(1)The Bank of England—
(a)must prepare a statement of its policy with respect to the exercise of its powers under this Part,
(b)must from time to time review the statement, and
(c)may prepare a revised statement.
(2)When preparing a statement under this section, the Bank must consult such persons as appear to the Bank to be representative of persons likely to be affected by the statement.
(3)After preparing a statement under this section the Bank must—
(a)provide the statement to the Treasury, and
(b)publish the statement.
(4)The Treasury must lay a copy of each statement received under this section before Parliament.
(5)No power conferred on the Bank by this Part may be exercised before a statement under this section has been published.
(1)In this Part—
“wholesale cash distribution” means the arrangements (taken as a whole) by which banknotes issued by an issuing authority, or coins made by the Mint, are—
made available for retail cash distribution, and
removed from circulation;
“wholesale cash distribution activities” are activities intended to facilitate or control wholesale cash distribution and include (but are not limited to)—
purchasing cash from issuing authorities or the Mint;
storing cash;
transporting cash;
undertaking authentication processes;
facilitating the return of cash to issuing authorities or the Mint.
(2)For these purposes—
“authorised bank” has the meaning given by section 210;
“banknote” has the meaning given by section 208;
“cash” means—
banknotes issued by the Bank of England, or an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland, or
coins made by the Mint, within the meaning of the Coinage Act 1971 (see section 11 of that Act);
“issue”, in relation to banknotes, has the meaning given by section 209;
“issuing authority” means—
the Bank of England, or
an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland;
“retail cash distribution” means arrangements for the provision of cash to end users of cash.
(1)In this Part—
“FCA” means the Financial Conduct Authority;
“FCA-regulated person” means—
a person who has Part 4A permission,
an authorised payment institution or small payment institution, within the meaning of the Payment Services Regulations 2017 (S.I. 2017/752), or
an authorised electronic money institution or small electronic money institution, within the meaning of the Electronic Money Regulations 2011 (S.I. 2011/99);
“Part 4A permission” has the meaning given by section 55A of the Financial Services and Markets Act 2000;
“the Payment Systems Regulator” means the Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013;
“PRA” means the Prudential Regulation Authority;
“PRA-regulated activity” has the meaning given by section 22A of the Financial Services and Markets Act 2000;
“the UK financial system” has the meaning given by section 1I of the Financial Services and Markets Act 2000.
(2)For the purposes of this Part, a company (within the meaning of the Companies Act 2006) is wholly owned by the Crown if, and only if, every member of the company is—
(a)a Minister of the Crown, government department or company wholly owned by the Crown, or
(b)a person acting on behalf of a Minister of the Crown, government department or company wholly owned by the Crown.]