Part XVIII

Recognised investment exchanges, clearing houses , CSDs and other parties
Chapter I

Exemption

General rule-making powers

Rules relating to central counterparties and central securities depositories
300F
1
The Bank of England may make such rules applying to FMI entities—
a
with respect to the carrying on by them of relevant regulated activities, or
b
with respect to the carrying on by them of an activity which is not a relevant regulated activity,
as appear to the Bank to be necessary or expedient for the purpose of advancing its Financial Stability Objective.
2
Each of the following is an “
FMI entity
” for the purposes of this section—
a
a recognised central counterparty;
b
a recognised CSD;
c
a third country central counterparty;
d
a third country CSD.
3
The power to make rules under subsection (1), so far as applying to a third country central counterparty or a third country CSD, is subject to section 300G.
4
In this section “relevant regulated activity”—
a
in relation to a recognised central counterparty, means a regulated activity described in section 285(3A);
b
in relation to a recognised CSD, means a regulated activity described in section 285(3D);
c
in relation to a third country central counterparty, means a regulated activity described in section 285(3C);
d
in relation to a third country CSD, means a regulated activity described in section 285(3G).
5
Rules under this section may include—
a
provision applying to an FMI entity even though there is no relationship between the entity to which the rules will apply and the persons whose interests will be protected by the rules;
b
requirements which take into account, in the case of an FMI entity which is a member of a group, any activity of another member of the group.
Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))
Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))
Ss. 300F, 300G and cross-heading inserted (1.1.2024 at 1.00 a.m.) by Financial Services and Markets Act 2023 (c. 29), ss. 9(2), 86(3); S.I. 2023/1382, reg. 10(a)
Words in Pt. 18 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 18(2), 86(3); S.I. 2023/779, reg. 4(m)