EXPLANATORY NOTE
(This note is not part of the Order)
This Order commences section 112 of the Act for all purposes, section 121 of the Act, so far as not already in force, and all other provisions of Part 6 of the Financial Services (Banking Reform) Act 2013 (c. 33) (“the Act”) on 13th July 2018, but only in England and Wales.
Part 6 of and Schedules 6 and 7 to the Act make provision for the special administration of infrastructure companies. An infrastructure company is a company which is—
the operator of a recognised payment system (as defined in section 113(1) of the Act), other than a recognised central counterparty (as defined by section 285 of the Financial Services and Markets Act 2000 (c. 8));
a recognised CSD operating a securities settlement system (this definition of an infrastructure company was inserted by the Central Securities Depositaries Regulations 2017 (S.I 2017/1064) and is subject to the saving provision set out in regulation 7(3)(b) of S.I 2017/1064); or
a company designated by the Treasury by order in certain circumstances.
An impact assessment was prepared for Part 6 of the Act and is available on HM Treasury’s website (www.gov.uk/treasury) or from HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. This Order will have no separate impact on the costs of business and the voluntary sector, and for that reason no further impact assessment has been produced.