Source: http://www.legislation.gov.uk/ukpga/2012/21/schedule/7/enacted
Timestamp: 2020-01-24 13:41:40
Document Index: 792060450

Matched Legal Cases: ['art 18', 'ART 1', 'art 11', 'ART 2', 'art 9', 'art 12', 'art 24', 'ART 3', 'ART 4']

SCHEDULE 7Application of provisions of FSMA 2000 to Bank of England etc
This is the Schedule 17A to be inserted in FSMA 2000 after Schedule 17—
“SCHEDULE 17AFurther provision in relation to exercise of Part 18 functions by Bank of England
PART 1Co-operation between appropriate regulators
1(1)The appropriate regulators must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to persons who are recognised bodies.
(2)The memorandum must in particular make provision about—
(a)the need for each party when exercising a function in relation to any person (“A”) who is a recognised body, or any member of A's group, to have regard to the exercise (or possible exercise) of any function by the other party in relation to A or any member of A's group;
(b)the role of each party in cases where they are both exercising functions in relation to the same persons;
(c)the obtaining and disclosure of information;
(d)the co-ordination by the parties of the exercise of their powers to appoint competent persons under Part 11 (information gathering and investigations) to conduct investigations on their behalf.
(3)In this paragraph any reference to a function is to any function whether conferred by or under any provision of this Part of this Act or any other provision of this Act or otherwise.
2(1)The appropriate regulators and the PRA must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to persons who are recognised bodies and who—
(a)are PRA-authorised persons; or
(b)are members of a group of which a member is a PRA-authorised person.
3The parties to a memorandum under paragraph 1 or 2 must review the memorandum at least once in each calendar year.
4The parties to a memorandum under paragraph 1 or 2 must give the Treasury a copy of the memorandum and any revised memorandum.
5The Treasury must lay before Parliament a copy of any document received by them under paragraph 4.
6The parties to a memorandum under paragraph 1 or 2 must ensure that the memorandum as currently in force is published in the way appearing to them to be best calculated to bring it to the attention of the public.
8The FCA must notify the Bank of England of any requirement imposed by it under section 313A on a recognised clearing house (power to require suspension or removal of financial instruments from trading).
PART 2Application of provisions of this Act in relation to Bank of England
9(1)The provisions of this Act mentioned in this Part of this Schedule are to apply in relation to the Bank of England in accordance with the provision made by this Part of this Schedule.
10(1)The following provisions of Part 9A of this Act are to apply in relation to rules made by the Bank under any provision made by or under this Act—
(j)section 138L (consultation: general exemptions), but with the omission of subsections (1) and (3).
11(1)The powers conferred by section 165(1) and (3) (power to require information) are exercisable by the Bank or (as the case may be) its officers to impose requirements on—
(b)information or documents reasonably required in connection with the exercise by the Bank of any of its other functions in pursuance of its financial stability objective; and
(c)information or documents which the Bank reasonably considers may enable or assist the FCA in discharging functions conferred on the FCA by or under this Act.
13(1)The powers conferred by section 167 (appointment of persons to carry out general investigations) are exercisable by the Bank as if references in that section to an authorised person were to any recognised clearing house other than an overseas clearing house.
14(1)The power conferred by section 168(5) (appointment of persons to carry out investigations in particular cases) is exercisable by the Bank.
17(1)The following provisions of Part 12A of this Act are to apply in relation to the Bank—
18(1)Section 342 (information given by auditor to a regulator) applies in relation to a relevant auditor as if—
(2)A “relevant auditor” is a person who is, or has been, an auditor of a recognised clearing house appointed under or as a result of a statutory provision.
19(1)Section 343 (information given by auditor: person with close links) applies in relation to a relevant auditor as if—
(a)is, or has been, an auditor of a recognised clearing house appointed under or as a result of a statutory provision, and
23Sections 348 to 350 and 353 (disclosure of information) apply in relation to information received by the Bank for the purposes of, or in the discharge of, any of its functions relating to recognised clearing houses.
24(1)The following provisions of Part 24 of this Act are to apply in relation to the Bank—
26(1)The power to make an application under section 380(1), (2) or (3) (injunctions) is exercisable by the Bank.
27(1)The power to make an application under section 382(1) (restitution order) is exercisable by the Bank.
28(1)The power conferred by section 384(5) (power of FCA to require restitution order) is exercisable by the Bank.
31(1)Section 401 (proceedings for an offence) applies to the Bank as if for the purposes of subsections (2)(a) and (3)(a) of that section the Bank were an appropriate regulator in respect of each of the following offences—
(b)the extent to which, in its opinion, in discharging those functions its financial stability objective has been met,”, and
(b)as if sub-paragraph (3) were omitted.
PART 3Winding up, administration or insolvency of UK clearing houses
34(1)An application for an administration order in respect of a UK clearing house may not be determined unless the conditions below are satisfied.
(2)A petition for a winding up order in respect of a UK clearing house may not be determined unless the conditions below are satisfied.
(3)A resolution for voluntary winding up of a UK clearing house may not be made unless the conditions below are satisfied.
(4)An administrator of a UK clearing house may not be appointed unless the conditions below are satisfied.
(c)by the UK clearing house, that a resolution for voluntary winding up may be made, or
(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 UK clearing house's creditors for the purpose of section 214 of the Insolvency Act 1986 (wrongful trading).
35(1)This paragraph applies where a person has been appointed to act as an insolvency practitioner (within the meaning of section 388 of the Insolvency Act 1986 or Article 3 of the Insolvency (Northern Ireland) Order 1989) in relation to a company which is, or has been, a UK clearing house.
(c)maintaining the continuity of central counterparty clearing services.
(b)(if the clearing house is a PRA-authorised person) the PRA, and
PART 4Fees
36(1)The Bank of England may, in connection with the discharge of any of its qualifying functions, require recognised clearing houses to pay fees to the Bank.
(a)its functions under or as a result of this Part of this Act, and
37Any fee which is owed to the Bank under paragraph 36 may be recovered as a debt due to the Bank.”