112Interpretation: infrastructure companiesU.K.
(1)In this Part “infrastructure company” has the meaning given by this section.
(2)“Infrastructure company” means a company which is—
(a)the operator of a recognised F1... payment system, other than an operator excluded by subsection (3),
[F2(aa)a recognised DSA service provider,]
[F3(b)a recognised CSD F4..., F5...]
[F6(ba)a person recognised for the purposes of Part 5A of the Banking Act 2009 (wholesale cash distribution) as having systemic significance, or]
(c)a company designated by the Treasury under subsection (4).
(3)But a company is not an infrastructure company if it is a recognised central counterparty, as defined by section 285 of FSMA 2000.
(4)The Treasury may by order designate a company for the purposes of subsection (2)(c) if—
(a)the company provides services to a person falling within subsection [F7(2)(a), (b) or (ba)], and
(b)the Treasury are satisfied that an interruption in the provision of those services would have a serious adverse effect on the effective operation of the recognised F8... payment system or securities settlement system in question [F9or, in the case of a person falling within subsection (2)(ba), a relevant function].
(5)An order under subsection (4) must specify the recognised F10... payment system or securities settlement system in connection with which the company is designated.
(6)Before designating a company under subsection (4), the Treasury must consult—
(a)the company to be designated,
(b)the person within subsection [F11(2)(a), (b) or (ba)] to whom the company provides services,
(c)the Bank of England,
(d)if the company is a PRA-authorised person, the PRA and the FCA, and
(e)if the company is an authorised person other than a PRA-authorised person, the FCA.
[F12(7)In subsection (4)(b), “relevant function” means a function performed by the person in relation to wholesale cash distribution.]
Textual Amendments
F1Word in s. 112(2)(a) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 41
F2S. 112(2)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 45
F3S. 112(2)(b) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 16(3) (with regs. 7(3)(b)(4), 9(1))
F4Words in s. 112(2)(b) omitted (27.3.2019) by virtue of The Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679), regs. 1(2), 3(3) (with regs. 10-12)
F5Word in s. 112(2)(b) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(2)
F6S. 112(2)(ba) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(2)
F7Words in s. 112(4)(a) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(3)(a)
F8Word in s. 112(4)(b) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 41
F9Words in s. 112(4)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(3)(b)
F10Word in s. 112(5) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 41
F11Words in s. 112(6)(b) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(4)
F12S. 112(7) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 4(5)
Commencement Information
I1S. 112 in force at 13.7.2018 for E.W. by S.I. 2018/848, art. 2(a)