Financial Services (Banking Reform) Act 2013

112 Interpretation: infrastructure companies U.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 [F9 or, 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

F1 Word 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

F2 S. 112(2)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 45

F3 S. 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))

F4 Words 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)

F5 Word 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)

F6 S. 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)

F7 Words 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)

F8 Word 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

F9 Words 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)

F10 Word in s. 112(5) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 41

F11 Words 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)

F12 S. 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

I1 S. 112 in force at 13.7.2018 for E.W. by S.I. 2018/848, art. 2(a)