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The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016
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- UK Statutory Instruments
- 2016 No. 715
- PART 3
- CHAPTER 4
- Regulation 12
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The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016, Section 12 is up to date with all changes known to be in force on or before 25 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Regulation 12:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Temporary prohibition orders: procedureU.K.
This section has no associated Explanatory Memorandum
12.—(1) Section 57 M1 (prohibition orders: procedure and right to refer to Tribunal) of the Act applies to a temporary prohibition order made under regulation 11 as it applies to a prohibition order made under section 56 M2 of the Act (prohibition orders), but with—
(a)the references to a regulator being read to refer to—
(i)the Bank, where the counterparty referred to in paragraph 11(1) is a recognised central counterparty [F1or a recognised CSD]; or
(ii)the FCA, where the counterparty referred to in paragraph 11(1) is any other financial or non-financial counterparty; and
(b)subsections (6), (7) and (8) of section 57 omitted.
(2) Section 58 M3 of the Act (applications relating to prohibitions: procedure and right to refer to Tribunal) applies to an application made under regulation 11(5) to the relevant regulator for the variation or revocation of a temporary prohibition order made under regulation 11 as it applies to an application for the variation or revocation of a prohibition order made to the appropriate regulator under section 56 of the Act.
Textual Amendments
F1Words in reg. 12(1)(a)(i) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 43(6) (with regs. 7(4), 9(1))
Marginal Citations
M1Section 57 was amended by the Financial Services Act 2012, section 13.
M2Section 56 was amended by the Financial Services Act 2012, section 13.
M3Section 58 was amended by the Financial Services Act 2012, Schedule 5, paragraph 2.
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