SCHEDULEMinor and consequential amendments to primary and secondary legislation
PART 1Consequential amendments to primary legislation
Financial Services (Banking Reform) Act 201316
1
The Financial Services (Banking Reform) Act 2013 M1 is amended as follows.
2
In section 41 (meaning of “payment system”)—
a
in subsection (2)(c) for “person approved” to the end substitute “
recognised CSD
”
;
b
in subsection (3) before the definition of “recognised clearing house” insert—
“recognised CSD” has the meaning given by section 285(1) of FSMA 2000;
3
In section 112 (interpretation: infrastructure companies) for subsection (2)(b) substitute—
b
a recognised CSD operating a securities settlement system, or
4
In section 113 (interpretation: other expressions), in subsection (1), after the definition of “operator” insert—
“recognised CSD” has the meaning given by section 285 of FSMA 2000;
5
In section 115 (objective of FMI administration)—
a
in subsection (1)—
i
omit “or a securities settlement system”;
ii
omit paragraph (b) (but not the “and” at the end of that paragraph);
iii
in paragraph (c) omit “or those purposes”;
b
after subsection (1) insert—
1A
Where an FMI administrator is appointed in relation to a recognised CSD operating a securities settlement system, the objective of the FMI administration is—
a
to ensure that the system is and continues to be maintained and operated as an efficient and effective system,
b
to ensure that the protected activities continue to be carried on, and
c
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.
c
in subsection (3)—
i
for “(1)(b)” substitute “
(1A)(b)
”
;
ii
in paragraph (a) for “285(3)(a) or (b)” substitute “
285(3D)
”
.