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Financial Services and Markets Act 2000

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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

[F1Part 3U.K.Winding up, administration or insolvency of [F2recognised clearing houses]

Textual Amendments

F1Sch. 17A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

Notice to Bank of England of preliminary stepsU.K.

34(1)An application for an administration order in respect of a [F3recognised clearing house] may not be determined unless the conditions below are satisfied.U.K.

(2)A petition for a winding up order in respect of a [F3recognised clearing house] may not be determined unless the conditions below are satisfied.

(3)A resolution for voluntary winding up of a [F3recognised clearing house] may not be made unless the conditions below are satisfied.

(4)An administrator of a [F3recognised clearing house] may not be appointed unless the conditions below are satisfied.

(5)Condition 1 is that the Bank of England has been notified—

(a)by the applicant for an administration order, that the application has been made,

(b)by the petitioner for a winding up order, that the petition has been presented,

(c)by the [F3recognised clearing house], that a resolution for voluntary winding up may be made, or

(d)by the person proposing to appoint an administrator, of the proposed appointment.

(6)Condition 2 is that a copy of the notice complying with Condition 1 has been filed (in Scotland, lodged) with the court (and made available for public inspection by the court).

(7)Condition 3 is that—

(a)the period of 2 weeks, beginning with the day on which the notice is received, has ended, or

(b)the Bank of England has informed the person who gave the notice that—

(i)it has no objection to the order, resolution or appointment being made, and

(ii)it does not intend to exercise a stabilisation power under Part 1 of the Banking Act 2009.

(8)Arranging for the giving of notice in order to satisfy Condition 1 can be a step with a view to minimising the potential loss to a [F3recognised clearing house's] creditors for the purpose of section 214 of the Insolvency Act 1986 (wrongful trading).

(9)In this paragraph “the court” means—

(a)in England and Wales, the High Court,

(b)in Scotland, the Court of Session, and

(c)in Northern Ireland, the High Court.

Power to give directions to insolvency practitionerU.K.

35(1)This paragraph applies where a person has been appointed to act as an insolvency practitioner (within the meaning of section 388 of the Insolvency Act 1986 or Article 3 of the Insolvency (Northern Ireland) Order 1989) in relation to a company which is, or has been, a [F4recognised clearing house].U.K.

(2)The Bank of England may give directions to the person if satisfied that it is desirable to give the directions, having regard to the public interest in—

(a)protecting and enhancing the stability of the UK financial system,

(b)protecting and enhancing public confidence in the stability of the UK financial system, and

(c)maintaining the continuity of F5... clearing services.

(3)Before giving directions the Bank of England must consult—

(a)the Treasury, [F6and]

F7(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)the FCA.

(4)Directions are enforceable, on an application by the Bank of England, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

(5)A person is not liable for damages in respect of action or inaction in accordance with directions.

(6)The immunity does not extend to action or inaction—

(a)in bad faith, or

(b)in contravention of section 6(1) of the Human Rights Act 1998.]

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