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Financial Services and Markets Act 2023
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There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Paragraph 6.
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This section has no associated Explanatory Notes
6U.K.In section 115 (objective of FMI administration), after subsection (1A) insert—
“(1B)Where an FMI administrator is appointed in relation to a company that is a person recognised for the purposes of Part 5A of the Banking Act 2009, the objective of the FMI administration is—
(a)to ensure that the functions performed by the person in relation to wholesale cash distribution are and continue to be performed efficiently and effectively, and
(b)to ensure by one or both of the specified means that it becomes unnecessary for the FMI administration order to remain in force for that purpose or those purposes.”
Commencement Information
I1Sch. 9 para. 6 in force at 29.8.2023, see s. 86(2)(d)
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