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) ”.