Financial Services and Markets Act 2023

Financial Services Act 2012

163 (1) The Financial Services Act 2012 is amended as follows.

(2) In section 57A (duty of Bank to provide information required by Treasury)—

(a) in subsection (2) after “credit union” insert “, recognised central counterparty”;

(b) in subsection (5) after “credit union” insert “, recognised central counterparty”;

(c) in subsection (5)(b), after “2009” insert “or in Schedule 11 to the Financial Services and Markets Act 2023”;

(d) in subsection (7), after the definition of “public funds” insert—

• ““recognised central counterparty” has the meaning given by section 285 of FSMA 2000,”

(3) In section 58 (duty of Bank to notify Treasury of possible need for public funds)—

(a) in subsection (4) after “2009” insert “or under Schedule 11 to the Financial Services and Markets Act 2023”;

(b) in subsection (5)—

(i) in the opening words, after “Scheme” insert “or any scheme established under paragraph 87 of Schedule 11 to the Financial Services and Markets Act 2023”;

(ii) in the closing words, after “Scheme” insert “or any scheme established under paragraph 87 of Schedule 11 to the Financial Services and Markets Act 2023”.

(4) In section 61 (Treasury power of direction), in subsection (2)(b)—

(a) after “2009” insert “or paragraph 1(4) of Schedule 11 to the Financial Services and Markets Act 2023”;

(b) for “that Act” substitute “the Banking Act 2009”.

(5) Omit section 102.