The Central Securities Depositories Regulations 2017 No. 1064

Regulation 10

SCHEDULE U.K. Minor and consequential amendments to primary and secondary legislation

PART 1 U.K. Consequential amendments to primary legislation

Finance Act 1970 U.K.

1.  In section 33 of the Finance Act 1970 M1 (composition by stock exchanges in respect of transfer duty)—

(a) in each place it occurs for “or recognised clearing house” substitute “ , recognised clearing house, recognised CSD, EEA CSD or third country CSD ”;

(b) in subsection (7) for “and “recognised clearing house”” substitute “, “recognised clearing house”, “recognised CSD”, “EEA CSD” and “third country CSD””.

Marginal Citations

M1 1970 c.24; section 33 was amended by section 127 of the Finance Act 1976 (c.40), paragraph 5 of Schedule 14 to the Finance Act 1999 (c.16) and S.I. 2001/3629. It is prospectively repealed by section 109 of the Finance Act 1990 (c.29).

Stock Exchange (Completion of Bargains) Act 1976 U.K.

2.  In section 5 of the Stock Exchange (Completion of Bargains) Act 1976 M2 (acquisition and disposal of securities by trustees and personal representatives), in subsection (2), in paragraphs (a) and (b)(i), after “recognised clearing house” insert “ or a recognised CSD ”.

Marginal Citations

M2 1976 c.47; subsection (2) was amended by S.I. 2001/3649.

Companies Act 1985 U.K.

3.  In paragraph 31 of Schedule 15D to the Companies Act 1985 M3 (disclosures)—

(a) in sub-paragraph (1) for “or a recognised clearing house” substitute “ , a recognised clearing house or a recognised CSD ”;

(b) in sub-paragraph (2) for “and recognised clearing house” substitute “ , recognised clearing house and recognised CSD ”.

Marginal Citations

M3 1985 c.6; Schedule 15D was inserted by paragraphs 16 and 25 of Schedule 2 to the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c.27).

Finance Act 1986 U.K.

4.—(1) The Finance Act 1986 M4 is amended as follows.

(2) In section 84 (miscellaneous exemptions), in subsection (3)(a)—

(a) after “recognised clearing house” in the first place it occurs insert “ , a recognised CSD, an EEA CSD or a third country CSD ”;

(b) after “recognised clearing house” in the second place it occurs insert “ , a recognised CSD, an EEA CSD or a third country CSD ”.

(3) In section 85 (supplementary) for subsection (5)(c) substitute—

“(c) “recognised clearing house”, “recognised CSD”, “EEA CSD” and “third country CSD” have the meanings given by section 285(1)(b), (e), (f) and (g) of the Financial Services and Markets Act 2000.”.

Marginal Citations

M4 1986 c.41; section 85(5)(c) was amended by S.I. 2001/3629. Sections 84 and 85 are prospectively repealed by section 132 of the Finance Act 1990. There are other amendments but none is relevant.

Companies Act 1989 U.K.

5.—(1) The Companies Act 1989 M5 is amended as follows.

(2) In section 87 (exceptions from restrictions on disclosure), in subsection (4), in the entry in the table relating to a recognised investment exchange or a recognised clearing house—

(a) in the first column for “or a recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(b) in the second column for “or clearing house” substitute “ , clearing house or central securities depository ”.

(3) In section 213 (provisions extending to Northern Ireland), in subsection (5)(c) for “and clearing houses” substitute “ , recognised clearing houses and recognised CSDs ”.

Marginal Citations

M5 1989 c.40; the table in section 87(4) was amended by S.I. 2001/3649; there are other amendments but none is relevant.

Finance Act 1991 U.K.

6.—(1) The Finance Act 1991 M6 is amended as follows.

(2) In section 116 (investment exchanges and clearing houses: stamp duty)—

(a) for the heading substitute “ Investment exchanges, clearing houses and central securities depositories: stamp duty ”;

(b) in subsection (4)(b)(ii) after “a recognised clearing house,” insert “ a recognised CSD, an EEA CSD, a third country CSD, ”.

(3) In section 117 (investment exchanges and clearing houses: SDRT) for the heading substitute “ Investment exchanges, clearing houses and central securities depositories: SDRT ”.

Marginal Citations

M6 1991 c.31; section 116(4)(b) was substituted by S.I. 2013/504.

Pension Schemes Act 1993 U.K.

7.—(1) The Pension Schemes Act 1993 M7 is amended as follows.

(2) In section 149 (procedure on an investigation), in subsection (6)(l), for “or third country central counterparty” substitute “ , third country central counterparty, recognised CSD, EEA CSD or third country CSD ”.

(3) In section 158A (other disclosures by the Secretary of State), in subsection (1), in the entry in the table relating to a recognised investment exchange or a recognised clearing house—

(a) in the first column for “or a recognised clearing house” substitute “ , recognised clearing house, EEA central counterparty, third country central counterparty, recognised CSD, EEA CSD or third country CSD ”;

(b) in the second column—

(i) for “or clearing house” substitute “ , clearing house or central securities depository ”;

(ii) at the end insert “ or as an EEA central counterparty or EEA CSD authorised by the competent authority of the EEA State in which it is established, or as a third country central counterparty or third country CSD recognised by the European Securities and Markets Authority established by Regulation (EU) No 1095/2010 ”.

Marginal Citations

M7 1993 c.48. Section 149(6)(l) was substituted by S.I. 2001/3649 and amended by S.I. 2013/504. Section 158A was inserted by paragraph 9 of Schedule 6 to the Pensions Act 1995(c.26) and amended by S.I. 2001/3649; there are other amendments to section 158A but none is relevant.

Pension Schemes (Northern Ireland) Act 1993 U.K.

8.—(1) The Pension Schemes (Northern Ireland) Act 1993 M8 is amended as follows.

(2) In section 145 (procedure on an investigation), in subsection (6)(k), for “or third country central counterparty” substitute “ , third country central counterparty, recognised CSD, EEA CSD or third country CSD ”.

(3) In section 154A (other disclosures by the department), in subsection (1), in the entry in the table relating to a recognised investment exchange or a recognised clearing house—

(a) in the first column for “or a recognised clearing house” substitute “ , recognised clearing house, EEA central counterparty, third country central counterparty, recognised CSD, EEA CSD or third country CSD ”;

(b) in the second column—

(i) for “or clearing house” substitute “ , clearing house or central securities depository ”;

(ii) at the end insert “ or as an EEA central counterparty or EEA CSD authorised by the competent authority of the EEA State in which it is established, or as a third country central counterparty or third country CSD recognised by the European Securities and Markets Authority established by Regulation (EU) No 1095/2010 ”.

Marginal Citations

M8 1993 c.49. Section 145(6)(k) substituted by S.I. 2001/3649 and amended by S.I. 2013/504. Section 154A was inserted by S.I. 1995/3213 and amended by S.I. 2001/3649; there are other amendments to section 154A but none is relevant.

Bank of England Act 1998 U.K.

9.—(1) The Bank of England Act 1998 M9 is amended as follows.

(2) In section 7D (examination by Comptroller and Auditor General), in subsection (4)(b), after “settlement systems” insert “ , central securities depositories ”.

(3) In section 9O (making of recommendations within the Bank), in subsection (2)(b), for “and clearing houses” substitute “ , clearing houses and central securities depositories ”.

(4) In section 9S (duty to prepare explanation), in subsection (2)(b), for “and clearing houses” substitute “ , clearing houses and central securities depositories ”.

(5) In section 41 (general interpretation), at the end insert—

““central securities depository” has the meaning given by point (1) of Article 2(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories;”.

Marginal Citations

M9 1998 c.11; section 7D was inserted by section 11 of the Bank of England and Financial Services Act 2016 and sections 9O and 9S were inserted by section 4 of the Financial Services Act 2012. There are amendments to those sections but none is relevant. Section 41 was amended by S.I. 2013/3115.

Pensions Act 2004 U.K.

10.—(1) The Pensions Act 2004 M10 is amended as follows.

(2) In Schedule 3 (restricted information held by the regulator: certain permitted disclosures to facilitate exercise of functions), in the entry in the table relating to a recognised investment exchange etc.—

(a) in the first column after “recognised clearing house,” insert “ recognised CSD, EEA CSD, third country CSD, ”;

(b) in the second column after “clearing house” insert “ , central securities depository ”.

(3) In Schedule 8 (restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions), in the entry in the table relating to a recognised investment exchange etc.—

(a) in the first column after “recognised clearing house,” insert “ recognised CSD, EEA CSD, third country CSD, ”;

(b) in the second column after “clearing house” insert “ , central securities depository ”.

Marginal Citations

M10 2004 c.35. Schedules 3 and 8 were amended by SI 2013/504; there are other amendments but none is relevant.

Companies Act 2006 U.K.

11.—(1) The Companies Act 2006 M11 is amended as follows.

(2) In section 778 (issue of certificates etc.: allotment or transfer to financial institution), in subsection (2), in paragraphs (a) and (b)(i), after “a recognised clearing house” insert “ or a recognised CSD ”.

(3) In Schedule 2 (specified persons, descriptions of disclosures etc. for the purposes of section 948), in Part 2, in paragraph 40—

(a) in sub-paragraph (1) for “or a recognised clearing house” substitute “ , a recognised clearing house or a recognised CSD ”;

(b) in sub-paragraph (2) for “and “recognised clearing house”” substitute “, “recognised clearing house” and “recognised CSD””.

(4) In Schedule 11A (specified persons, descriptions, disclosures etc. for the purposes of section 1224A), in Part 2, in paragraph 55—

(a) for “or a recognised clearing house” substitute “ , a recognised clearing house or a recognised CSD ”;

(b) for “and “recognised clearing house”” substitute “, “recognised clearing house” and “recognised CSD””.

Marginal Citations

M11 2006 c.46; Schedule 11A was inserted by S.I. 2007/3494.

Income Tax Act 2007 U.K.

12.  In section 886 of the Income Tax Act 2007 M12 (interest paid by recognised clearing houses etc.)—

(a) in subsection (1)—

(i) in paragraph (a) after “clearing service” insert “ or as a central securities depository ”;

(ii) in paragraph (b) after “service” insert “ or central securities depository ”;

(b) in subsection (2) after “clearing service” insert “ or as a central securities depository ”;

(c) in subsection (3) after paragraph (d) of the definition of “relevant entity” insert—

“(e) a recognised CSD;

(f) an EEA CSD;

(g) a third country CSD.”.

Marginal Citations

M12 2007 c.3; section 886 was amended by paragraph 24 of Schedule 14 to the Finance Act 2007 (c.11) and S.I. 2013/504.

Banking Act 2009 U.K.

13.  In section 4 of the Banking Act 2009 M13 (special resolution objectives), in subsection (4)(a), after “clearing houses” insert “ , recognised CSDs within the meaning of section 285 of the Financial Services and Markets Act 2000 ”.

Marginal Citations

M13 2009 c.1; section 4 was amended by paragraph 5 of Schedule 17 to the Financial Services Act 2012 and S.I. 2014/3329.

Corporation Tax Act 2009 U.K.

14.  In section 697 of the Corporation Tax Act 2009 M14 (exceptions to section 696)—

(a) in subsection (1)(a) after “recognised clearing house,” insert “ recognised CSD, ”;

(b) in subsection (6)—

(i) after “ “recognised clearing house”,” insert “ “recognised CSD”, ”;

(ii) for “investment exchanges and clearing houses” substitute “ bodies ”.

Marginal Citations

M14 2009 c.4; relevant amendments were made by S.I. 2013/504.

Finance Act 2011 U.K.

15.  In Schedule 23 to the Finance Act 2011 M15 (data-gathering powers), in Part 2—

(a) in paragraph 19(1)(b) after “a clearing house” insert “ or a central securities depository as defined in point (1) of Article 2(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories ”;

(b) in paragraph 20(a) after “a clearing house” insert “ or a central securities depository (as defined in paragraph 19) ”.

Marginal Citations

M15 2011 c.11.

Financial Services (Banking Reform) Act 2013 U.K.

16.—(1) The Financial Services (Banking Reform) Act 2013 M16 is amended as follows.

(2) In section 41 (meaning of “payment system”)—

(a) in subsection (2)(c) for “person approved” to the end substitute “ recognised CSD ”;

(b) in subsection (3) before the definition of “recognised clearing house” insert—

““recognised CSD” has the meaning given by section 285(1) of FSMA 2000;”.

(3) In section 112 (interpretation: infrastructure companies) for subsection (2)(b) substitute—

“(b) a recognised CSD operating a securities settlement system, or”.

(4) In section 113 (interpretation: other expressions), in subsection (1), after the definition of “operator” insert—

““recognised CSD” has the meaning given by section 285 of FSMA 2000;”.

(5) In section 115 (objective of FMI administration)—

(a) in subsection (1)—

(i) omit “or a securities settlement system”;

(ii) omit paragraph (b) (but not the “and” at the end of that paragraph);

(iii) in paragraph (c) omit “or those purposes”;

(b) after subsection (1) insert—

“(1A) Where an FMI administrator is appointed in relation to a recognised CSD operating a securities settlement system, the objective of the FMI administration is—

(a) to ensure that the system is and continues to be maintained and operated as an efficient and effective system,

(b) to ensure that the protected activities continue to be carried on, and

(c) to ensure by one or both of the specified means that it becomes unnecessary for the FMI administration order to remain in force for that purpose or those purposes.”;

(c) in subsection (3)—

(i) for “(1)(b)” substitute “ (1A)(b) ”;

(ii) in paragraph (a) for “285(3)(a) or (b)” substitute “ 285(3D) ”.

Marginal Citations

M16 2013 c.33.

Financial Services Act 2012 U.K.

17.—(1) The Financial Services Act 2012 M17 is amended as follows.

(2) In section 68 (cases in which Treasury may arrange independent inquiries), in subsection (3)—

(a) in paragraph (a) for “or a recognised inter-bank payment system” substitute “ , a recognised inter-bank payment system or a recognised CSD ”;

(b) in paragraph (b)(i) after “clearing houses” insert “ or central securities depositories ”.

(3) In section 83 (interpretation and supplementary provision), in subsection (1), insert at the appropriate place—

““recognised CSD” has the same meaning as in FSMA 2000;”.

(4) In section 85 (relevant functions in relation to complaints scheme), in subsection (3)(a), after “clearing houses” insert “ and CSDs ”.

(5) In section 110 (payment to Treasury of penalties received by Bank of England), in subsection (5)(b)—

(a) for “and 312F” insert “ , 312F and 312FA ”;

(b) after “in relation to clearing houses” insert “ and central securities depositories ”.

Marginal Citations

M17 2012 c.21; section 85(3) was substituted by paragraph 10 of Schedule 10 to the Financial Services (Banking Reform) Act 2013. There are other amendments to that section but none is relevant.

PART 2 U.K. Minor and consequential amendments to secondary legislation

Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 U.K.

18.—(1) The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 M18 is amended as follows.

(2) In article 2 (interpretation), in paragraph (1), insert at the appropriate place—

““recognised CSD” has the meaning given by section 285(1)(e) of the 2000 Act;”.

(3) In article 3 (cases where spent convictions required to be disclosed), in the table in paragraph (1)(g)—

(a) in entry 6—

(i) in the first column for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(ii) in the second column for “or clearing house” substitute “ , clearing house or CSD ”;

(b) in entry 16—

(i) in the first column, in paragraph (a), for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(ii) in the second column for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”.

(4) In article 4 (spent convictions: dismissals etc.), in paragraph (1)—

(a) in sub-paragraph (d)(x)—

(i) after “section 290ZA(2) of the 2000 Act,” insert “ to refuse to grant an authorisation of the sort referred to in section 290ZB(1)(a) of the 2000 Act, to withdraw an authorisation of the sort referred to in section 290ZB(1)(c) of the 2000 Act, ”;

(ii) for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(b) in sub-paragraph (j) for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”.

Marginal Citations

M18 S.I. 1975/1023, amended by S.I. 1986/2268, 2001/3816, 2007/2149, 2013/472, 2013/504 and 2013/1388. There are other amendments but none is relevant.

Rehabilitation of Offenders (Exceptions) Order (Northern Ireland) 1979 U.K.

19.—(1) The Rehabilitation of Offenders (Exceptions) Order (Northern Ireland) 1979 M19 is amended as follows.

(2) In Article 1 (citation, commencement and interpretation), in paragraph (2), insert at the appropriate place—

““recognised CSD” means a recognised CSD as defined in section 285 of the 2000 Act”.

(3) In Article 2 (exclusion of Article 5(2) of the Order in relation to certain questions), in the table in paragraph (1)(e)—

(a) in entry 6—

(i) in the first column for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(ii) in the second column for “or clearing house” substitute “ , clearing house or CSD ”;

(b) in entry 16—

(i) in the first column, in paragraph (a), for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(ii) in the second column for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”.

(4) In Article 3 (exception from Article 5(3)(b) of the Order in relation to certain professions, offices, employments, etc.), in paragraph (1)—

(a) in sub-paragraph (d)(x)—

(i) after “section 290ZA(2) of the 2000 Act,” insert “ to refuse to grant an authorisation of the sort referred to in section 290ZB(1)(a) of the 2000 Act, to withdraw an authorisation of the sort referred to in section 290ZB(1)(c) of the 2000 Act, ”;

(ii) for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(b) in sub-paragraph (j) for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”.

Marginal Citations

M19 S.R. (N.I.) 1979/195 amended by S.I. 2013/504. There are other amendments but none is relevant.

Financial Markets and Insolvency Regulations 1991 U.K.

20.—(1) The Financial Markets and Insolvency Regulations 1991 M20 are amended as follows.

(2) In regulation 2(1A) (interpretation: general) for “and Clearing Houses” substitute “ , Clearing Houses and Central Securities Depositories ”.

(3) In regulation 7 (interpretation of Part 5)—

(a) after the definition of “Talisman Charge” omit “and”;

(b) insert at the appropriate places—

““EEA CSD” has the same meaning as in section 190(1) of the Act;”;

““recognised body” has the same meaning as in section 190(1) of the Act;”;

““recognised CSD” has the same meaning as in section 190(1) of the Act;”;

““third country CSD” has the same meaning as in section 190(1) of the Act; and”.

(4) In regulation 10 (extent to which charge granted in favour of recognised investment exchange to be treated as market charge), in paragraph (1)(b)—

(a) after “a recognised clearing house” insert “ or from a recognised CSD ”;

(b) for “, clearing house or investment exchange” substitute “ or recognised body ”.

(5) In regulation 11 (extent to which charge granted in favour of recognised clearing house to be treated as market charge)—

(a) in paragraph (aa)—

(i) after “a recognised investment exchange” insert “ , a recognised CSD ”;

(ii) for “, investment exchange or clearing house” substitute “ or recognised body ”;

(b) in paragraph (b)—

(i) after “a recognised investment exchange” insert “ or from a recognised CSD ”;

(ii) for “, clearing house or investment exchange” substitute “ or recognised body ”.

(6) After regulation 11 insert—

“Extent to which charge granted in favour of recognised CSD to be treated as market charge

11A.— (1) A charge granted in favour of a recognised CSD shall be treated as a market charge only to the extent that—

(a) it is a charge over property provided as margin in respect of market contracts entered into by the recognised CSD or over property provided as a default fund contribution to the recognised CSD; and

(b) it secures the obligation to pay to the recognised CSD any sum due to it from a member of the recognised CSD or from a recognised clearing house or from a recognised investment exchange or from another recognised CSD in respect of unsettled market contracts to which the member or recognised body is a party.

(2) A charge granted in favour of an EEA CSD or third country CSD shall be treated as a market charge only to the extent that—

(a) it is a charge over property provided as margin in respect of market contracts entered into by the EEA CSD or third country CSD or over property provided as a default fund contribution to the EEA CSD or third country CSD; and

(b) it secures the obligation to reimburse the cost (other than fees or other incidental expenses) incurred by the EEA CSD or third country CSD in settling unsettled market contracts in respect of which the charged property is provided as margin.”.

(7) In regulation 16 (circumstances in which member or designated non-member dealing as principal to be treated as acting in different capacities)—

(a) in paragraph (1)(a) after “a recognised clearing house” insert “ or a member of a recognised CSD ”;

(b) in paragraph (1A) after “a recognised investment exchange” insert “ or from a recognised CSD ”;

(c) in paragraph (1B) after “a recognised clearing house” insert “ or from a recognised CSD ”;

(d) after paragraph (1B) insert—

“(1BA) In addition “relevant transaction” means a market contract entered into by a recognised CSD effected as principal in relation to which money is received by the recognised CSD from a recognised clearing house or from a recognised investment exchange or from another recognised CSD.”;

(e) for paragraph (1C) substitute—

“(1C) Where paragraph (1A), (1B) or (1BA) applies, paragraph (1) applies to the recognised clearing house, recognised investment exchange or recognised CSD as it does to a member of the recognised clearing house, recognised investment exchange or recognised CSD, and as if the recognised clearing house, recognised investment exchange or recognised CSD were subject to the rules referred to in paragraph (1)(a)(i).”;

(f) in paragraph 2—

(i) omit “or” at the end of sub-paragraph (a);

(ii) after sub-paragraph (b) insert—

“or

(c) a recognised CSD or a member of a recognised CSD,”.

Marginal Citations

M20 S.I. 1991/880. Regulation 2(1A) was inserted by and regulations 10, 11 and 16 were amended by S.I. 2009/853. Regulation 11 was also amended by S.I. 2013/504. Regulation 16 was also amended by S.I. 2001/3649 and 2013/472.

Public Interest Disclosure (Prescribed Persons) Order (Northern Ireland) 1999 U.K.

21.  In the Schedule to the Public Interest Disclosure (Prescribed Persons) Order (Northern Ireland) 1999 M21 (prescribed persons), in the second column of the entry in the table relating to the Bank of England, after “clearing houses” insert “ (including central-counterparties) and central securities depositories; securities settlement systems and the internalised settlement of securities ”.

Marginal Citations

M21 S.R. (N.I.) 1999/401 amended by S.R. (N.I.) 2014/48.

Financial Markets and Insolvency (Settlement Finality) Regulations 1999 U.K.

22.—(1) The Financial Markets and Insolvency (Settlement Finality) Regulations 1999 M22 are amended as follows.

(2) In regulation 6 (certain bodies deemed to satisfy requirements for designation)—

(a) for paragraph (1) substitute—

“(1) Subject to paragraph (2), a recognised body, an EEA central counterparty, a third country central counterparty, an EEA CSD and a third country CSD shall be deemed to satisfy the requirements in paragraphs 2 and 3 of the Schedule.”;

(b) for paragraph (3) substitute—

“(3) “EEA central counterparty”, “third country central counterparty”, “EEA CSD” and “third country CSD” have the meanings given by section 285 of the 2000 Act.

(4) “recognised body” has the meaning given by section 313 of the 2000 Act.”.

(3) In regulation 7 (revocation of designation), in paragraph (2)—

(a) for “Subsections (1) to (7)” substitute “ Subsections (1) to (6) ”;

(b) after paragraph (b) insert—

“(ba) any reference to the appropriate regulator shall be taken to be a reference to the designating authority;”;

(c) for sub-paragraph (d) substitute—

“(d) subsection (4) has effect as if the period for making representations specified in the notice must be at least three months.”.

Marginal Citations

M22 S.I. 1999/2979. Relevant amendments were made by S.I. 2002/1555, 2013/472 and 504.

Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 U.K.

23.—(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M23 is amended as follows.

(2) In article 35 (international securities self-regulating organisations), in paragraph (3), after sub-paragraph (ba) insert—

“(bb) the body or association is also not eligible to become an EEA CSD (as defined in section 285(1)(f) of the Act) or a third country CSD (as defined in section 285(1)(g) of the Act);”.

(3) In article 72 (overseas persons) after paragraph (9) insert—

“(9A) Paragraphs (1) to (5) do not apply—

(a) where the overseas person is a central securities depository which provides the services referred to in Article 23(2) or 25(2) of the CSD regulation in the United Kingdom (including through a branch in the United Kingdom); or

(b) where the overseas person is an EEA CSD which provides services in the United Kingdom for which it is not authorised under Article 16 of the CSD regulation.”.

Marginal Citations

M23 S.I. 2001/544. Article 35(3)(ba) was inserted by S.I. 2013/504. Article 72 was amended by S.I. 2003/1476, 2006/2383, 2006/3384, 2009/1342, 2013/504, 2015/910 and 2017/488.

Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 U.K.

24.  In the Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 M24 after paragraph 16 insert—

“Settlement services

16A.   Arrangements do not amount to a collective investment scheme if their purpose is the provision of settlement services and they are operated by an authorised person or a recognised CSD.”.

Marginal Citations

M24 S.I. 2001/1062.

Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 U.K.

25.—(1) The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 M25 are amended as follows.

(2) In regulation 2 (interpretation)—

(a) in the definition of “EEA competent authority” for “or the SFT regulation” substitute “ , the SFT regulation or the CSD regulation ”;

(b) in paragraph (b) of the definition of “overseas regulatory authority” for “or third country central counterparty (within the meaning of section 285(1)(d) of the Act)” substitute “ , third country central counterparty (within the meaning of section 285(1)(d) of the Act), EEA CSD (within the meaning of section 285(1)(f) of the Act) or third country CSD (within the meaning of section 285(1)(g) of the Act) ”.

(3) In Part 4 of Schedule 1 (disclosure of confidential information whether or not subject to single market restrictions) at the end insert—

“A recognised CSD, EEA CSD or third country CSD (within the meaning of section 285(1)(e), (f) and (g) of the Act)

Its functions in relation to defaults or potential defaults by market participants”.

(4) In Schedule 2 (disclosure of information not subject to single market restrictions) after the entry relating to a recognised clearing house etc. insert—

“A recognised CSD, EEA CSD or third country CSD (within the meaning of section 285(1)(e), (f) and (g) of the Act)

Its functions as such (so far as not mentioned in Schedule 1)”.

Marginal Citations

M25 S.I. 2001/2188. The definition of “EEA competent authority” in regulation 2 was amended by S.I. 2003/2066, 2006/3413, 2013/504, 2016/680, 2016/715 and 2017/701. The definition of “overseas regulatory authority” was amended by S.I. 2013/504. There are amendments to Schedules 1 and 2 but none is relevant.

Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001 U.K.

26.—(1) The Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001 M26 are amended as follows.

(2) In regulation 1 (citation, commencement and interpretation) in paragraph (2)—

(a) in the definition of “the person concerned”—

(i) in sub-paragraph (a) for “, recognised investment exchange or recognised clearing house” in both places substitute “ or recognised body ”;

(ii) in sub-paragraph (b) for “, recognised investment exchange or recognised clearing house” in both places substitute “ or recognised body ”;

(b) after the definition of “the person concerned” insert—

““recognised body” has the meaning given by section 313(1) of the Act;”.

(3) In regulation 2 (circumstances in which an auditor is to communicate)—

(a) in paragraph (1) for “, recognised investment exchange or recognised clearing house” in both places substitute “ or recognised body ”;

(b) in paragraph (2)(b) for the words from “recognised investment exchange” to “recognised clearing houses” substitute “ recognised body, the requirements set out in relation to that sort of recognised body ”.

Marginal Citations

M26 S.I. 2001/2587, amended by S.I. 2013/472. There are other amendments but none is relevant.

Pension Protection Fund (PPF Ombudsman) Order (Northern Ireland) 2005 U.K.

27.  In Article 5 of the Pension Protection Fund (PPF Ombudsman) Order (Northern Ireland) 2005 M27 (restrictions on the disclosure of information), in paragraph (2)(j), for “or a third country central counterparty” substitute “ , third country central counterparty, recognised CSD, EEA CSD or third country CSD ”.

Marginal Citations

M27 S.R. (N.I.) 2005/135; article 5(2)(j) was substituted by S.I. 2013/504.

Pensions (Northern Ireland) Order 2005 U.K.

28.—(1) The Pensions (Northern Ireland) Order 2005 M28 is amended as follows.

(2) In Schedule 3 (restricted information held by the regulator: certain permitted disclosures to facilitate exercise of functions), in the entry in the table relating to a recognised investment exchange or recognised clearing house—

(a) in the first column for “or a recognised clearing house” substitute “ , recognised clearing house, EEA central counterparty, third country central counterparty, recognised CSD, EEA CSD or third country CSD ”;

(b) in the second column for “or clearing house” substitute “ , clearing house, central counterparty or central securities depository ”.

(3) In Schedule 7 (restricted information held by the Board: certain permitted disclosures to facilitate exercise of functions), in the entry in the table relating to a recognised investment exchange or recognised clearing house—

(a) in the first column for “or a recognised clearing house” substitute “ , recognised clearing house, EEA central counterparty, third country central counterparty, recognised CSD, EEA CSD or third country CSD ”;

(b) in the second column for “or clearing house” substitute “ , clearing house, central counterparty or central securities depository ”.

Marginal Citations

M28 S.I. 2005/255 (N.I.1); there are amendments to Schedules 3 and 7 but none is relevant.

Pension Protection Fund (PPF Ombudsman) Order 2005 U.K.

29.  In article 7 of the Pension Protection Fund (PPF Ombudsman) Order 2005 M29 (restrictions on the disclosure of information), in paragraph (2)(j) for “or a third country central counterparty” substitute “ , a third country central counterparty, a recognised CSD, an EEA CSD or a third country CSD ”.

Marginal Citations

M29 S.I. 2005/824; article 7(2)(j) was substituted by S.I. 2013/504.

Financial Assistance Scheme (Appeals) Regulations 2005 U.K.

30.  In regulation 28 of the Financial Assistance Scheme (Appeals) Regulations 2005 M30 (restriction on use of documents and information provided for investigations), in paragraph (3)(k), for “or third country central counterparty” substitute “ , third country central counterparty, recognised CSD, EEA CSD or third country CSD ”.

Marginal Citations

M30 S.I. 2005/3273; regulation 28(3)(k) was substituted by S.I. 2013/504.

Payment Services Regulations 2009 U.K.

31.  In Part 2 of Schedule 1 to the Payment Services Regulations 2009 M31 (activities which do not constitute payment services), in paragraph 2(h), after “clearing houses,” insert “ central securities depositories, ”.

Marginal Citations

M31 S.I. 2009/209, which is prospectively repealed by S.I. 2017/752.

Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 U.K.

32.  In article 7 of the Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 M32 (financial markets)—

(a) in paragraph (1)—

(i) in sub-paragraph (b) for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(ii) in sub-paragraph (c) for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(b) in paragraph (2) after “ “recognised clearing house”” insert “ , “recognised CSD” ”.

Marginal Citations

M32 S.I. 2009/322.

Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 U.K.

33.  In regulation 28 of the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 M33 (issue of certificates etc. on allotment or transfer to financial institution), in subsection (2)(a) and (b)(i) of section 778 of the Companies Act 2006 M34 as modified, after “a recognised clearing house” insert “ or a recognised CSD ”.

Marginal Citations

M33 S.I. 2009/1804.

M34 2006 c.46.

Banking Act 2009 (Inter-Bank Payment Systems) (Disclosure and Publication of Specified Information) Regulations 2010 U.K.

34.  In regulation 7 of the Banking Act 2009 (Inter-Bank Payment Systems) (Disclosure and Publication of Specified Information) Regulations 2010 M35 (publication of specified information), in paragraph (2)(a), for “and clearing houses” substitute “ , clearing houses and CSDs ”.

Marginal Citations

M35 S.I. 2010/828; regulation 7 was amended by S.I. 2013/472.

Legal Services Act 2007 (Disclosure of Restricted Information) Order 2011 U.K.

35.  In Schedule 1 to the Legal Services Act 2007 (Disclosure of Restricted Information) Order 2011 M36 (persons to whom information may be disclosed), in the entry relating to the Bank of England, after “recognised clearing houses” insert “ and recognised CSDs ”.

Marginal Citations

M36 S.I. 2011/122; the Schedule 1 entry for the “Bank of England” was amended by S.I. 2013/472.

Investment Bank Special Administration Regulations 2011 U.K.

36.—(1) The Investment Bank Special Administration Regulations 2011 M37 are amended as follows.

(2) In regulation 2 (interpretation), in paragraph (1)—

(a) in the definition of “market infrastructure body”—

(i) after “recognised clearing house,” insert “ recognised CSD, ”;

(ii) after “recognised overseas clearing house” insert “ , EEA CSD, third country CSD ”;

(b) at the appropriate places insert—

““EEA CSD” has the meaning set out in section 285 of FSMA;

“recognised CSD” has the meaning set out in section 285 of FSMA;

“third country CSD” has the meaning set out in section 285 of FSMA;”.

(3) In regulation 10G (restrictions on partial property transfers: financial markets), in paragraph (1), in sub-paragraphs (b) and (c), for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”.

(4) In regulation 15 (general powers of the administrator, duties and effect), in Table 1, in paragraph (h) of the entry relating to paragraph 74 of Schedule B1 to the Insolvency Act 1986 M38 , after “a recognised clearing house” insert “ , a recognised CSD ”.

Marginal Citations

M37 S.I. 2011/245; the definition of “market infrastructure body” was amended by S.I. 2013/504. Regulation 10G and paragraph (h) of the entry in Table 1 in regulation 15 relating to paragraph 74 were inserted by S.I. 2017/443.

M38 1986 c.45. Schedule B1, to which there are amendments not relevant to these Regulations, was inserted by section 248 of, and Schedule 16 to, the Enterprise Act 2002 (c.40).

Recognised Auction Platforms Regulations 2011 U.K.

37.  In regulation 7 of the Recognised Auction Platforms Regulations 2011 M39 (application of provisions of the Financial Services and Markets Act 2000 with modifications) for “and clearing houses” substitute “ clearing houses and CSDs ”.

Marginal Citations

M39 S.I. 2011/2699.

Data-gathering Powers (Relevant Data) Regulations 2012 U.K.

38.  In regulation 18 of the Data-gathering Powers (Relevant Data) Regulations 2012 M40 (dealing in other property), in paragraph (a), after “clearing house” insert “ or a central securities depository ”.

Marginal Citations

M40 S.I. 2012/847.

Rehabilitation of Offenders Act 1974 (Exclusions and Exceptions) (Scotland) Order 2013 U.K.

39.—(1) The Rehabilitation of Offenders Act 1974 (Exclusions and Exceptions) (Scotland) Order 2013 M41 is amended as follows.

(2) In article 2 (interpretation), in paragraph (1), insert at the appropriate place—

““recognised CSD” has the meaning given in section 285 of the 2000 Act;”.

(3) In Part 1 of Schedule 2 (financial services)—

(a) in paragraph 1(j)—

(i) after “section 290ZA(2) of the 2000 Act,” insert “ to refuse to grant an authorisation of the sort referred to in section 290ZB(1)(a) of the 2000 Act, to withdraw an authorisation of the sort referred to in section 290ZB(1)(c) of the 2000 Act, ”;

(ii) for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(b) in paragraph 7 for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”.

(4) In Part 2 of Schedule 2 (financial services), in the table—

(a) in entry 6—

(i) in the first column for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(ii) in the second column for “or clearing house” substitute “ , clearing house or CSD ”;

(b) in entry 16—

(i) in the first column, in paragraph (1), for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;

(ii) in the second column, in paragraph (1), for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”.

Marginal Citations

M41 S.S.I. 2013/50, amended by S.I. 2013/472 and 2013/504. There are other amendments but none is relevant.

Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 U.K.

40.  In article 4 of the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 M42 (qualifying EU provisions etc: recognised investment exchanges and clearing houses), in the heading, for “and clearing houses” substitute “ , clearing houses and CSDs ”.

Marginal Citations

M42 S.I. 2013/419, to which there are amendments not relevant to these Regulations.

Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 U.K.

41.—(1) The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 M43 is amended as follows.

(2) In article 1 (interpretation), in paragraph (4), in paragraph (d) of the definition of “payment exposures”—

(a) for “or a third country central counterparty” substitute “ , a third country central counterparty, a recognised CSD, an EEA CSD or a third country CSD ”;

(b) for “or third country central counterparty” substitute “ , third country central counterparty, recognised CSD, EEA CSD or third country CSD ”.

(3) In article 2 (relevant financial institutions), in paragraph (3), after sub-paragraph (e) insert—

“(ea) recognised CSDs, EEA CSDs and third country CSDs;”.

(4) In article 6 (excluded activities: general exceptions), in paragraph (4)(e)—

(a) omit “or” at the end of paragraph (ii);

(b) after paragraph (iii) insert—

“or

(iv) a recognised CSD, an EEA CSD or a third country CSD where ownership of such shares is a condition of membership of any such body;”.

Marginal Citations

M43 S.I. 2014/2080, amended by S.I. 2016/1032. There are other amendments but none is relevant.

Public Interest Disclosure (Prescribed Persons) Order 2014 U.K.

42.  In the Schedule to the Public Interest Disclosure (Prescribed Persons) Order 2014 M44 (prescribed persons), in the second column of the entry in the table relating to the Bank of England—

(a) in paragraph (a) after “(including central-counterparties)” insert “ and central securities depositories ”;

(b) in paragraph (c) after “securities settlement systems” insert “ and the internalised settlement of securities ”.

Marginal Citations

M44 S.I. 2014/2418. The entry in the Schedule relating to the Bank of England was amended by S.I. 2016/968.

Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 U.K.

43.—(1) The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 M45 are amended as follows.

(2) In regulation 2(1) (interpretation) at the appropriate place insert—

““recognised CSD” has the meaning given in section 285(1) of the Act;”.

(3) In regulation 3 (designation of competent authorities), in paragraph (2), after “recognised central counterparty” insert “ or a recognised CSD ”.

(4) In regulation 4 (meaning of “non-authorised counterparty”)—

(a) omit “or” at the end of paragraph (b);

(b) after paragraph (c) insert—

“or

(d) a recognised CSD.”.

(5) In regulation 11 (temporary prohibition orders), in paragraph (7)(a), after “recognised central counterparty” insert “ or a recognised CSD ”.

(6) In regulation 12 (temporary prohibition orders: procedure), in paragraph (1)(a)(i), after “recognised central counterparty” insert “ or a recognised CSD ”.

(7) In regulation 13 (contravention of temporary prohibition order by a recognised body), in paragraph (a)(i), after “recognised central counterparty” insert “ or a recognised CSD ”.

(8) In regulation 23 (injunctions), in paragraph (6)(b), after “recognised central counterparty” insert “ or a recognised CSD ”.

Marginal Citations

M45 S.I. 2016/715.

Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 U.K.

44.  In regulation 7 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 M46 (supervisory authorities), in paragraph (1)(a)(vii), for “and clearing houses” substitute “ , clearing houses and central securities depositories ”.

Marginal Citations

M46 S.I. 2017/692.

Payment Services Regulations 2017 U.K.

45.  In Part 2 of Schedule 1 to the Payment Services Regulations 2017 M47 (activities which do not constitute payment services), in paragraph 2(h), after “clearing houses,” insert “ central securities depositories, ”.

Marginal Citations

M47 S.I. 2017/752.