- Latest available (Revised)
- Original (As enacted)
Financial Services and Markets Act 2000, Cross Heading: Notice to Bank of England of preliminary steps is up to date with all changes known to be in force on or before 23 September 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.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
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.
34(1)An application for an administration order in respect of a [F2recognised clearing house] [F3or a recognised CSD] may not be determined unless the conditions below are satisfied.U.K.
(2)A petition for a winding up order in respect of a [F2recognised clearing house] [F3or a recognised CSD] may not be determined unless the conditions below are satisfied.
(3)A resolution for voluntary winding up of a [F2recognised clearing house] [F3or a recognised CSD] may not be made unless the conditions below are satisfied.
(4)An administrator of a [F2recognised clearing house] [F3or a recognised CSD] 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 [F2recognised clearing house] [F4or the recognised CSD], 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 [F5Schedule 11 to the Financial Services and Markets Act 2023].
(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 [F2recognised clearing house's] [F6or a recognised CSD’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.]
Textual Amendments
F2Words in Sch. 17A para. 34 substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(16)(f) (with regs. 52-58)
F3Words in Sch. 17A para. 34 inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(u)(i) (with regs. 7(4), 9(1))
F4Words in Sch. 17A para. 34(5)(c) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(u)(ii) (with regs. 7(4), 9(1))
F5Words in Sch. 17A para. 34(7)(b)(ii) substituted (31.12.2023) by The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (S.I. 2023/1313), regs. 1(2), 10(2)
F6Words in Sch. 17A para. 34(8) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(u)(iii) (with regs. 7(4), 9(1))
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: