Financial Services and Markets Act 2023

Interpretation U.K.

154 In this Schedule—

• “Bank” means the Bank of England;

• “bridge central counterparty” has the meaning given by paragraph 29(1);

• “cash call instrument” has the meaning given by paragraph 32;

• “CCP” means a recognised central counterparty (see paragraph 155);

• “CCP group company” has the meaning given by paragraph 156;

• “central counterparty” means a body corporate or an unincorporated association which interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer;

• “clearing member” has the meaning given in Article 2 of EMIR and, unless otherwise provided, includes an interoperable CCP;

• “clearing” and “clearing services”, in relation to a CCP, have the meaning given by section 313 of FSMA 2000;

• “critical clearing services” means clearing services the withdrawal of which the Bank considers may threaten the stability of the UK financial system;

• “director” includes, in relation to a CCP which has no board of directors, a member of the equivalent management body responsible for the management of the CCP concerned;

• “EMIR” means Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;

• “employee” includes the holder of an office;

• “extraordinary public financial support” means financial assistance that is provided by the Treasury or the Bank in order to preserve or restore the viability, liquidity or solvency of a CCP, a CCP group company or a group which includes a CCP, other than—

  (a)

  ordinary market assistance offered by the Bank on its usual terms, or

  (b)

  a liquidity facility which is provided—

  (i)

  to a CCP that is facing temporary liquidity problems but is solvent, and

  (ii)

  by the Bank on its own initiative and on its own terms;

• “financial assistance” has the meaning given by paragraph 152;

• “group” has the meaning given by section 474 of the Companies Act 2006;

• “instrument of control” has the meaning given by paragraph 38;

• “interoperable CCP” means a CCP with which an interoperability arrangement (within the meaning of Article 2 of EMIR) has been established;

• “parent” means a parent undertaking within the meaning given by section 1162 of the Companies Act 2006;

• “partial property transfer” has the meaning given by paragraph 75(1);

• “PRA-authorised person” has the meaning given by section 2B(5) of FSMA 2000;

• “recognition requirements” means the requirements resulting from section 286 of FSMA 2000;

• “resolution instrument” has the meaning given by paragraph 79;

• “securities” has the meaning given by paragraph 40;

• “service contract” has the meaning given by section 227 of the Companies Act 2006;

• “senior manager”, in relation to a CCP, means a person who—

  (a)

  exercises executive functions within that CCP, and

  (b)

  is responsible, and directly accountable to the directors, for the day to day management of that CCP;

• “special resolution objectives” means the objectives set out in paragraph 15;

• “stabilisation instrument” has the meaning given by paragraph 84;

• “stabilisation options” means the options described in paragraph 1(3);

• “stabilisation powers” means the powers described in paragraph 1(4);

• “subsidiary” means a subsidiary undertaking within the meaning given by section 1162 of the Companies Act 2006.

• “tear-up instrument” has the meaning given by paragraph 31;

• “third-country instrument” has the meaning given by paragraph 145;

• “third-country resolution action” has the meaning given by paragraph 145;

• “transfer date”—

  (a)

  in relation to a share transfer instrument, means the date on or at which a share transfer instrument (or the relevant part of it) takes effect, or

  (b)

  in relation to a property transfer instrument, means the date on or at which a property transfer instrument (or the relevant part of it) takes effect;

• “UK financial system” has the meaning given by section 1I of FSMA 2000;

• “variation instrument” has the meaning given by paragraph 33;

• “write-down instrument” has the meaning given by paragraph 34.

Commencement Information

I1 Sch. 11 para. 154 not in force at Royal Assent, see s. 86(3)

I2 Sch. 11 para. 154 in force at 29.8.2023 by S.I. 2023/779, reg. 4(ddd)(xiii)