SCHEDULEMinor and consequential amendments to primary and secondary legislation

PART 1Consequential amendments to primary legislation

Financial Services (Banking Reform) Act 2013

16.

(1)

The Financial Services (Banking Reform) Act 2013 M1 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) ”.