Financial Services (Banking Reform) Act 2013 (c. 33)

PART 6 U.K. Special administration for operators of certain infrastructure systems

Introductory U.K.

113 Interpretation: other expressions U.K.

(1) In this Part—

• “company” means a company registered under the Companies Act 2006;

• “operator”, in relation to a recognised F1 ... payment system, is to be read in accordance with section 183 of the Banking Act 2009;

• [F2 “recognised CSD” has the meaning given by section 285 of FSMA 2000;]

• [F3 “recognised DSA service provider” means a DSA service provider, as defined by section 182(5A) of the Banking Act 2009, in respect of which a recognition order under section 184A of that Act is in force;]

• “recognised F4 ... payment system” means [F5 a] payment system, as defined by section 182 of the Banking Act 2009, in respect of which a recognition order under section 184 of that Act is in force;

• “the relevant system” means—

  (a)

  in relation to an infrastructure company falling within subsection (2)(a) of section 112, the recognised F6 ... payment system,

  (b)

  in relation to an infrastructure company falling within subsection (2)(b) of that section, the securities settlement system,

  (ba)

  [F7 in relation to an infrastructure company falling within subsection (2)(ba) of that section, any system used by the company to facilitate or control wholesale cash distribution,]

  (c)

  in relation to a company designated under subsection (4) of that section, the recognised F6 ... payment system or securities settlement system falling within paragraph (b) of that subsection;

• “securities settlement system” means a computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters.

• [F8 “wholesale cash distribution” and “wholesale cash distribution activities” have the meanings given by section 206E of the Banking Act 2009.]

(2) Expressions used in the definition of “securities settlement system” in subsection (1) are to be read in accordance with section 783 of the Companies Act 2006.

Textual Amendments

F1 Word in s. 113(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 42(a)

F2 Words in s. 113(1) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 16(4) (with regs. 7(3)(b)(4), 9(1))

F3 Words in s. 113(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 46

F4 Word in s. 113(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 42(b)(i)

F5 Word in s. 113(1) substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 42(b)(ii)

F6 Word in s. 113(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 42(c)

F7 Words in s. 113(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 5(a)

F8 Words in s. 113(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 5(b)

Commencement Information

I1 S. 113 in force at 13.7.2018 for E.W. by S.I. 2018/848, art. 2(c)