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

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

Interpretation U.K.

127 Interpretation of Part U.K.

(1) In this Part—

• “the 1986 Act” means the Insolvency Act 1986;

• “business”, “member”, “property” and “security” have the same meaning as in the 1986 Act;

• “company” has the meaning given by section 113;

• “the court” means—

  (a)

  in England and Wales and Northern Ireland, the High Court;

  (b)

  in Scotland, the Court of Session;

• “FMI administration order” and “FMI administrator” are to be read in accordance with section 114;

• “infrastructure company” has the meaning given by section 112;

• “operator”, in relation to a recognised F1 ... payment system, has the meaning given by section 113;

• “recognised F1 ... payment system” has the meaning given by section 113;

• “regulated activity” has the same meaning as in FSMA 2000;

• “the relevant system” has the meaning given by section 113;

• “securities settlement system” has the meaning given by section 113.

• [F2 “wholesale cash distribution” and “wholesale cash distribution activities” have the meanings given by section 113.]

(2) In this Part references to the FMI administrator of a company include a person appointed under paragraph 91 or 103 of Schedule B1 to the 1986 Act, as applied by Schedule 6 to this Act, to be the FMI administrator of a company.

(3) In this Part references to a person qualified to act as an insolvency practitioner in relation to a company are to be read in accordance with Part 13 of the 1986 Act, but as if references in that Part to a company included a company registered under the Companies Act 2006 in Northern Ireland.

Textual Amendments

F1 Word in s. 127(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 45

F2 Words in s. 127(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 9

Commencement Information

I1 S. 127 in force at 13.7.2018 for E.W. by S.I. 2018/848, art. 2(c)