Ss. 89B-89G and cross-heading inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 102(6), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(h); S.I. 2014/1847, art. 2

Words in Act 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), 25(2) (with regs. 52-58)

S. 89G(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), 25(5)(a) (with regs. 52-58)

Words in s. 89G(2) 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), 25(5)(b) (with regs. 52-58)

S. 89G(3) 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), 25(5)(c) (with regs. 52-58)

Words in s. 89G(4) 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), 25(5)(d) (with regs. 52-58)

http://www.legislation.gov.uk/ukpga/2009/1/section/89G/2020-12-31Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2024-05-18Expert Participation2020-12-31Part 1Special Resolution RegimeChapter 5 Special cases Recognised central counterparties
89GInterpretation: “recognised central counterparty” &c.(1)

In this Part, “recognised central counterparty” has the meaning given by section 285 of the Financial Services and Markets Act 2000.

(2)

But recognised central counterparty” does not include a recognised clearing house which is also—

(a)

a bank,

(b)

a building society (within the meaning of section 119 of the Building Societies Act 1986),

(c)

a credit union (within the meaning of section 31 of the Credit Unions Act 1979 or Article 2(2) of the Credit Unions (Northern Ireland) Order 1985), or

(d)

an investment firm.

(3)

Where a stabilisation power is exercised in respect of a recognised central counterparty, the body does not cease to be a recognised central counterparty for the purposes of this Part if the recognition order under Part 18 of the Financial Services and Markets Act 2000 is later revoked.

(4)

In this Part—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PRA-authorised person” has the meaning given by section 2B(5) of the Financial Services and Markets Act 2000.

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<p>
Ss. 89B-89G and cross-heading inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by
<ref eId="cp2kfqaf3-00028" href="http://www.legislation.gov.uk/id/ukpga/2012/21">Financial Services Act 2012 (c. 21)</ref>
,
<ref eId="cp2kfqaf3-00029" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2012/21/section/102/6">ss. 102(6)</ref>
,
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(with
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);
<ref eId="cp2kfqaf3-00032" href="http://www.legislation.gov.uk/id/uksi/2014/1447">S.I. 2014/1447</ref>
,
<ref eId="cp2kfqaf3-00033" class="subref" href="http://www.legislation.gov.uk/id/uksi/2014/1447/article/2/h">art. 2(h)</ref>
;
<ref eId="d13e2n1" href="http://www.legislation.gov.uk/id/uksi/2014/1847">S.I. 2014/1847</ref>
,
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<p>
Words in Act substituted (1.4.2013) by
<ref eId="d13e2" href="http://www.legislation.gov.uk/id/uksi/2013/504">The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504)</ref>
,
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<p>
S. 89G(1) substituted (1.4.2013) by
<ref eId="cnefbl1t3-00008" href="http://www.legislation.gov.uk/id/uksi/2013/504">The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504)</ref>
, regs. 1(2), 25(5)(a) (with regs. 52-58)
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<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-5eb63ee37060b91e4b2fa7875c0122cc" marker="F4">
<p>
Words in s. 89G(2) substituted (1.4.2013) by
<ref eId="cnefbl1t3-00018" href="http://www.legislation.gov.uk/id/uksi/2013/504">The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504)</ref>
, regs. 1(2), 25(5)(b) (with regs. 52-58)
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<p>
S. 89G(3) substituted (1.4.2013) by
<ref eId="cnegayn93-00029" href="http://www.legislation.gov.uk/id/uksi/2013/504">The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504)</ref>
, regs. 1(2), 25(5)(c) (with regs. 52-58)
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<p>
Words in s. 89G(4) omitted (1.4.2013) by virtue of
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, regs. 1(2), 25(5)(d) (with regs. 52-58)
</p>
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<ins class="first" ukl:ChangeId="key-12bdc81a0e7b51a4772974a763ddad20-1582895497475" ukl:CommentaryRef="key-12bdc81a0e7b51a4772974a763ddad20">
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Chapter 5
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<ins class="last" ukl:ChangeId="key-12bdc81a0e7b51a4772974a763ddad20-1582895497475" ukl:CommentaryRef="key-12bdc81a0e7b51a4772974a763ddad20"> Special cases</ins>
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<heading>
<i>
<ins class="first" ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">
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<ins class="substitution first last" ukl:ChangeId="key-6bafe92d7c9fb15bd60f09664ea18c2e-1582030361527" ukl:CommentaryRef="key-6bafe92d7c9fb15bd60f09664ea18c2e">
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Recognised central counterparties
</ins>
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<num>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">89G</ins>
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<heading>
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<ins class="substitution first last" ukl:ChangeId="key-6bafe92d7c9fb15bd60f09664ea18c2e-1582030794903" ukl:CommentaryRef="key-6bafe92d7c9fb15bd60f09664ea18c2e">
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recognised central counterparty
</ins>
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<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">” &c.</ins>
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<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">
<ins class="substitution first" ukl:ChangeId="key-fb9e37c440af3da7bf0500ffc69d7400-1579870796072" ukl:CommentaryRef="key-fb9e37c440af3da7bf0500ffc69d7400">
<noteRef uk:name="commentary" href="#key-fb9e37c440af3da7bf0500ffc69d7400" class="commentary"/>
(1)
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<p>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">
<ins class="substitution last" ukl:ChangeId="key-fb9e37c440af3da7bf0500ffc69d7400-1579870796072" ukl:CommentaryRef="key-fb9e37c440af3da7bf0500ffc69d7400">In this Part, “recognised central counterparty” has the meaning given by section 285 of the Financial Services and Markets Act 2000.</ins>
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<num>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">(2)</ins>
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<intro>
<p>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">But </ins>
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<noteRef uk:name="commentary" href="#key-5eb63ee37060b91e4b2fa7875c0122cc" class="commentary"/>
</ins>
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<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">
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<ins class="substitution last" ukl:ChangeId="key-5eb63ee37060b91e4b2fa7875c0122cc-1579871046322" ukl:CommentaryRef="key-5eb63ee37060b91e4b2fa7875c0122cc">” does not include a recognised clearing house</ins>
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<num>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">(a)</ins>
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<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">a bank,</ins>
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<num>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">(b)</ins>
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<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">a building society (within the meaning of section 119 of the Building Societies Act 1986),</ins>
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<level class="para1" eId="section-89G-2-c">
<num>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">(c)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">a credit union (within the meaning of section 31 of the Credit Unions Act 1979 or Article 2(2) of the Credit Unions (Northern Ireland) Order 1985), or</ins>
</p>
</content>
</level>
<level class="para1" eId="section-89G-2-d">
<num>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">(d)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">an investment firm.</ins>
</p>
</content>
</level>
</subsection>
<subsection eId="section-89G-3">
<num>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">
<ins class="substitution first" ukl:ChangeId="key-1fc3ce010d81e774d1eb089c1595cc82-1579872426440" ukl:CommentaryRef="key-1fc3ce010d81e774d1eb089c1595cc82">
<noteRef uk:name="commentary" href="#key-1fc3ce010d81e774d1eb089c1595cc82" class="commentary"/>
(3)
</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">
<ins class="substitution last" ukl:ChangeId="key-1fc3ce010d81e774d1eb089c1595cc82-1579872426440" ukl:CommentaryRef="key-1fc3ce010d81e774d1eb089c1595cc82">Where a stabilisation power is exercised in respect of a recognised central counterparty, the body does not cease to be a recognised central counterparty for the purposes of this Part if the recognition order under Part 18 of the Financial Services and Markets Act 2000 is later revoked.</ins>
</ins>
</p>
</content>
</subsection>
<subsection eId="section-89G-4">
<num>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">(4)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">In this Part—</ins>
</p>
</intro>
<hcontainer name="definition">
<content>
<p>
<noteRef href="#key-87cf51ab63750afd1bf7d9a28a0d98b8" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b"></ins>
<term refersTo="#term-pra-authorised-person">
<ins ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">PRA-authorised person</ins>
</term>
<ins class="last" ukl:ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" ukl:CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">” has the meaning given by section 2B(5) of the Financial Services and Markets Act 2000.</ins>
</p>
</content>
</hcontainer>
</subsection>
</section>
</hcontainer>
</chapter>
</part>
</body>
</act>
</akomaNtoso>