a fees direction — a direction given by the Treasury as a result of regulations under section 410A. Before giving a fees direction to the FCA, the PRA or the Bank of England (each a “regulator”), the Treasury must consult the regulator concerned. A fees direction must— be in writing; except in the case of a direction that revokes a previous direction or a direction that varies a previous direction without affecting the total amount intended to be raised by the fees, specify the total amount intended to be raised by the fees to be charged by the regulator and explain how that amount is calculated; contain such other information as may be prescribed. As soon as practicable after giving a fees direction, the Treasury must lay before Parliament a copy of the direction Section 135(1)

an offence — an offence under section 36 Section 38(1)

appeal — an appeal made in accordance with section 79 Schedule 5, paragraph 18(1)

appeal rules — rules of procedure under paragraph 16; “appellant” has the meaning given by paragraph 3(4); “authorised member of the CMA”— in relation to a power exercisable in connection with an appeal in respect of which a group has been constituted by the chair of the CMA under Schedule 4 to the Enterprise and Regulatory Reform Act 2013, means a member of that group who has been authorised by the chair of the CMA to exercise that power; in relation to a power exercisable in connection with an application for permission to bring an appeal, or otherwise in connection with an appeal in respect of which a group has not been so constituted by the chair of the CMA, means— any member of the CMA Board who is also a member of the CMA panel, or any member of the CMA panel authorised by the Treasury (whether generally or specifically) to exercise the power in question Schedule 5, paragraph 18(1)

appropriate comparison — — in relation to subsection (3)(a), a comparison between the overall position if the requirement is imposed and the overall position if it is not imposed; in relation to subsection (6), a comparison between the overall position after the imposing of the requirement and the overall position before it was imposed Section 104(12)

Approval — an approval under section 59 Section 26(14)

Associated provision — provision cancelling or modifying a contract under which a banking group company has a liability Schedule 2, Part 1, paragraph 4(3)

auditor — an auditor appointed under or as a result of a statutory provision. This section applies to a PRA-authorised person which— is a UK institution, meets condition A or B, is not an insurer or a credit union, and is, in the opinion of the PRA, important to the stability of the UK financial system. Condition A is that the person has permission under Part 4A to carry on the regulated activity of accepting deposits. Condition B is that— the person is an investment firm that has permission under Part 4A to carry on the regulated activity of dealing in investments as principal, and when carried on by the person, that activity is a PRA-regulated activity. In this section— Section 134(2)

Business reorganisation plan — a plan that includes— an assessment of the factors that caused Condition 1 in section 7 to be met in the case of the bank, a description of the measures to be adopted with a view to restoring the viability of the bank, and a timetable for the implementation of those measures Schedule 2, Part 1, paragraph 4(2)

CAT-appealable decision — — a decision to give a direction under section 54, a decision to impose a requirement under section 55, or a decision to publish details under section 72(1) Section 76(4)

client assets — assets which the bank has undertaken to hold on trust for, or on behalf of, a client; “contract” includes any instrument Schedule 2, Part 1, paragraph 4(1)

CMA — the Competition and Markets Authority; “CMA Board” and “CMA panel” have the same meaning as in Schedule 4 to the Enterprise and Regulatory Reform Act 2013 Schedule 5, paragraph 18(1)

CMA-appealable decision — — a decision to impose a requirement under section 56, a decision to vary an agreement under section 57, or a decision to impose a requirement under section 58 Section 76(7)

commencement of FMI administration — the making of the FMI administration order Section 119(6)

company — a company registered under the Companies Act 2006; “operator”, in relation to a recognised ... payment system, is to be read in accordance with section 183 of the Banking Act 2009; “recognised CSD” has the meaning given by section 285 of FSMA 2000 Section 113(1)

company — a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares. “resolution administrator” is to be read in accordance with sections 62B to 62E of the Banking Act 2009 Section 17(5)

compliance failure — a failure by a participant in a regulated payment system to— comply with a direction given under section 54, ... comply with a requirement imposed under section 55 or 56 ; or comply with rules made by the Regulator under paragraph 9A of Schedule 4 Section 71

confidential information — information which— relates to the business or other affairs of any person, was received by the primary recipient for the purposes of, or in the discharge of, any functions of the Payment Systems Regulator under this Part, and is not prevented from being confidential information by subsection (4) Section 91(2)

court — — the High Court, or in Scotland, the Court of Session Schedule 5, paragraph 13(4)

court — the High Court or, in Scotland, the Court of Session Section 90(9)

credit institution — any credit institution as defined in Article 4.1(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, other than an entity mentioned in Article 2.5(2) to (23) of Directive 2013/36/EU of the European Parliament and of the Council Schedule 2, Part 1, paragraph 4(1)

credit union — a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985. Subsections (2), (3) and (4)(b) are to be read in accordance with Schedule 2, taken together with any order under section 22 Section 134(2)

credit union — a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985 Section 37(5)

Debt instrument — — a bond, any other instrument creating or acknowledging a debt, or an instrument giving rights to acquire a debt instrument Section 142Y(3)

Debt instrument — — a bond, any other instrument creating or acknowledging a debt, or an instrument giving rights to acquire a debt instrument. An order under this section may in particular— require the regulator to exercise its functions so as to require relevant bodies to do either or both of the things mentioned in subsection (1); limit the extent to which the regulator may require a relevant body's debt to consist of debt owed in respect of debt instruments or of debt instruments of a kind specified in the order; require the regulator— to make, or not to make, provision by reference to specified matters, or to have regard, or not to have regard, to specified matters; require the regulator to consult, or obtain the consent of, the Treasury before making rules of a specified description or exercising any other specified function; impose on the regulator in connection with the exercise of a specified function procedural requirements which would not otherwise apply to the exercise of the function; refer to a publication issued by a regulator, another body in the United Kingdom or an international organisation, as the publication has effect from time to time Section 4(1)

deposit — rights of the kind described in— paragraph 22 of Schedule 2 to the Financial Services and Markets Act 2000 (deposits), or section 1(2)(b) of the Dormant Bank and Building Society Accounts Act 2008 (balances transferred under that Act to authorised reclaim fund) Section 13(1)

deposit — rights of the kind described in paragraph 22 of Schedule 2 to the Financial Services and Markets Act 2000 (deposits) Section 13(4)

Designated representative body — a body designated by the Treasury by order Section 68(2)

designated senior management function — a function designated as a senior management function under section 59(6A) or (6B) Section 20(2)

designated senior management function — a function designated as a senior management function under section 59(6A) or (6B) Section 24(4)

designated senior management function — a function designated as a senior management function under section 59(6A) or (6B) Section 26(5)

designated senior management function — a function designated as a senior management function under section 59(6A) or (6B). In this section— “approved person”— means a person in relation to whom an approval is given under section 59, and in relation to an authorised person, means a person in relation to whom such approval is given on the application of the authorised person; “employee”, in relation to a person, has the same meaning as in section 64A. For the meaning of “relevant authorised person”, see section 71A. For the purposes of action by the PRA under section 66, a person is guilty of misconduct if any of conditions A to C is met in relation to the person. Condition A is that— the person has at any time failed to comply with rules made by the PRA under section 64A, and at that time the person was— an approved person, or an employee of a relevant PRA-authorised person. Condition B is that— the person has at any time been knowingly concerned in a contravention of a relevant requirement by a PRA-authorised person, and at that time the person was— an approved person in respect of the performance of a relevant senior management function in relation to the carrying on by the PRA-authorised person of a regulated… Section 32(2)

designated senior management function — a function designated as a senior management function under section 59(6A) or (6B) Section 34(3)

designated settlement system — a system designated in accordance with Directive 98/26/EC of the European Parliament and of the Council (as amended by Directives 2009/44/EC and 2010/78/EU); “employee” includes the holder of an office Schedule 2, Part 1, paragraph 4(1)

digital settlement asset — a digital representation of value or rights, whether or not cryptographically secured, that— can be used for the settlement of payment obligations, can be transferred, stored or traded electronically, and uses technology supporting the recording or storage of data (which may include distributed ledger technology) Section 41(2A)

eligible deposit — a deposit in respect of which the person, or any of the persons, to whom it is owed would be eligible for compensation under the Financial Services Compensation Scheme. For this purpose a Section 13(1)

eligible deposit — a deposit in respect of which the person, or any of the persons, to whom it is owed would be eligible for compensation under the Financial Services Compensation Scheme. For this purpose a Section 13(4)

existing group member — a person who is a member of the ring-fenced body's group at the time when the requirement is imposed or the direction given Section 142R(4)

existing group member — a person who is a member of the ring-fenced body's group at the time when the requirement is imposed or the direction given. Except as provided by subsections (1) to (4), the provisions of sections 142K to 142Q do not limit the general powers of either regulator. For the purposes of this section, a regulator's “general powers” are its powers under the following provisions— section 55L or 55M (imposition of requirements in connection with Part 4A permission); section 192C (power to direct qualifying parent undertaking). For the purposes of this section, a ring-fenced body is a member of a mixed group if a member of the ring-fenced body's group carries on an excluded activity. This section applies if a regulator is satisfied that a person who is or has been a qualifying parent undertaking (“P”) has contravened a requirement of a direction given to P by that regulator as a result of section 142L(2)(d) or (3)(d). The regulator may impose a penalty of such amount as it considers appropriate on— P, or any person who was knowingly concerned in the contravention. The regulator may, instead of imposing a penalty on a person, publish a statement censuring the person. The regulator may not… Section 4(1)

Financial institution — a UK institution which— meets condition A or B, and is not an insurer or a credit union Section 37(2)

FMI administration order — an order which— is made by the court in relation to an infrastructure company, and directs that, while the order is in force, the affairs, business and property of the company are to be managed by a person appointed by the court Section 114(1)

FSMA 2000 — the Financial Services and Markets Act 2000 Section 144

general guidance — guidance given by the Payment Systems Regulator under this section which— is given— to persons generally, to participants in payment systems, or regulated payment systems, generally, or to a class of participant in a payment system or regulated payment system, is intended to have continuing effect, and is given in writing or other legible form Section 96(3)

group — a group selected in accordance with paragraph 6; “statement of truth”, in relation to the production of a statement or provision of information by a person, means a statement that the person believes the facts stated in the statement or information to be true Schedule 5, paragraph 18(1)

information requirement — a requirement imposed by an investigator under section 85 or 86 Section 87(4)

information requirement — — a requirement imposed by the Payment Systems Regulator under section 81 or 86, or a requirement imposed by an investigator under section 85 or 86 Section 88(3)

Infrastructure company — a company which is— the operator of a recognised ... payment system, other than an operator excluded by subsection (3), a recognised DSA service provider, a recognised CSD ..., ... a person recognised for the purposes of Part 5A of the Banking Act 2009 (wholesale cash distribution) as having systemic significance, or a company designated by the Treasury under subsection (4) Section 112(2)

insurer — an institution which is authorised under FSMA 2000 to carry on the regulated activity of effecting or carrying out contracts of insurance as principal; “PRA-authorised person” and “PRA-regulated activity” have the same meaning as in FSMA 2000 Section 11(7)

insurer — an institution which is authorised under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance as principal Section 134(2)

insurer — an institution which is authorised under FSMA 2000 to carry on the regulated activity of effecting or carrying out contracts of insurance as principal Section 37(5)

international trade obligation — an obligation of the United Kingdom that relates to financial services or markets under— a free trade agreement, as defined by section 5(1) of the Trade Act 2021, or the agreement establishing the World Trade Organisation signed at Marrakesh on 15 April 1994 Section 107A(9)

investigator — a person conducting an investigation under section 83 Section 85(7)

investigator — a person appointed under section 83 Section 86(11)

investigator — a person appointed under section 83 Section 87(4)

investigator — a person appointed under section 83 Section 88(12)

investigator — a person appointed under section 83 Section 90(9)

investment bank insolvency — any procedure established by regulations under section 233 of the Banking Act 2009 Section 37(11)

investment firm — borrowed from another act; this instrument states no meaning of its own Schedule 2, Part 1, paragraph 4(1)

netting arrangements — arrangements under which a number of claims or obligations can be converted into a net claim or obligation, and includes, in particular, “close-out” netting arrangements, under which actual or theoretical debts are calculated during the course of a contract for the purpose of enabling them to be set off against each other or to be converted into a net debt Schedule 2, Part 1, paragraph 4(2)

Notified person — a person to whom a decision notice under section 142N(6) was given or ought to have been given Section 142O(2)

Notified person — a person to whom a decision notice under section 142N(6) was given or ought to have been given. A regulator may at any time with the consent of the person concerned vary— a requirement imposed by it as a result of section 142L(2)(a) or (b) or (3)(a) or (b), or a direction given by it as a result of section 142L(2)(c) or (d) or (3)(c) or (d). The person concerned may at any time apply to the appropriate regulator for the variation of— a requirement imposed by it as a result of section 142L(2)(a) or (b) or (3)(a) or (b), or a direction given by it as a result of section 142L(2)(c) or (d) or (3)(c) or (d). Sections 55U, 55V, 55X and 55Z3 apply to an application under subsection (2) as they apply to an application for the variation of a requirement imposed by the appropriate regulator under section 55L or 55M. Where a notice under section 142M or a warning notice or decision notice under section 142N relates to a requirement to be imposed in pursuance of a direction to be given as a result of section 142L(2)(c) or (3)(c), the appropriate regulator must— consult the other regulator before giving the notice, and give a copy of the notice to the other regulator. The appropriate regulator… Section 4(1)

Objectives — — in relation to the Payment Systems Regulator, its payment systems objectives and ensuring compliance with the interchange fee regulation (see Part 2 of the Payment Card Interchange Fee Regulations 2015) ; in relation to the Bank of England, its Financial Stability Objective under section 2A of the Bank of England Act 1998; in relation to the FCA, its strategic objective and operational objectives under section 1B of FSMA 2000 and ensuring compliance with Articles 8(2), (5) and (6), 9, 10(1) and (5), 11 and 12 of the interchange fee regulation (see Part 3 of the Payment Card Interchange Fee Regulations 2015) ; in relation to the PRA, its general objective under section 2B of that Act Section 98(6)

Ordinary administration application — an application under paragraph 12 of Schedule B1 to the 1986 Act Section 123(5)

outside person — a person who, after the implementation of the disposal or scheme in question, will not be a member of the group of the ring-fenced body by reference to which the powers are exercised (whether or not that body is to remain a ring-fenced body after the implementation of the disposal or scheme in question) Section 142L(7)

outside person — a person who, after the implementation of the disposal or scheme in question, will not be a member of the group of the ring-fenced body by reference to which the powers are exercised (whether or not that body is to remain a ring-fenced body after the implementation of the disposal or scheme in question). It is immaterial whether a requirement to be imposed on an authorised person by the appropriate regulator, or by the other regulator at the direction of the appropriate regulator, is one that the regulator imposing it could impose under section 55L or 55M. If the appropriate regulator proposes to exercise the group restructuring powers in relation to any authorised person or qualifying parent undertaking (“the person concerned”), the regulator must give each of the relevant persons a notice (a “preliminary notice”). The preliminary notice must— state that it is a preliminary notice, state that the regulator proposes to exercise the group restructuring powers, state the action which the regulator proposes to take in the exercise of those powers, be in writing, and give reasons for the proposed action (which must include the regulator's reasons for being satisfied as to the matters… Section 4(1)

payment system — a system which is operated by one or more persons in the course of business for the purpose of enabling persons to make transfers of funds, and includes a system which is designed to facilitate the transfer of funds using another payment system Section 41(1)

Pension liabilities — liabilities attributable to or associated with the provision under a relevant pension scheme of pensions or other benefits Section 142X(7)

Pension liabilities — liabilities attributable to or associated with the provision under a relevant pension scheme of pensions or other benefits Section 4(1)

primary legislation — — an Act of Parliament, an Act of the Scottish Parliament, a Measure or Act of the National Assembly for Wales, or Northern Ireland legislation Section 143(4)

protected arrangements — security interests, title transfer collateral arrangements, set-off arrangements and netting arrangements Schedule 2, Part 1, paragraph 4(1)

Qualifying body — a body which— is incorporated in the United Kingdom, is a member of the group of a UK authorised person, and is not itself an authorised person Schedule 1, paragraph 5(2)

Qualifying company — any company which is wholly owned by the Bank other than— the Prudential Regulation Authority, or a company which is a bridge bank for the purposes of section 12(3) of the Banking Act 2009. For the purposes of subsection (9), a company is wholly owned by the Bank if— it is a company of which no person other than the Bank or a nominee of the Bank is a member, or it is a wholly-owned subsidiary of a company within paragraph (a) Section 137(3)

recognised DSA service provider — a DSA service provider, as defined by section 182(5A) of the Banking Act 2009, in respect of which a recognition order under section 184A of that Act is in force Section 113(1)

regulated payment system — a payment system designated as a regulated payment system by a designation order; “the UK financial system” has the meaning given by section 1I of FSMA 2000 Section 110(1)

relevant application — an application under paragraph 3 or 4 Schedule 5, paragraph 8(2)

Relevant authorised person — a PRA-authorised person which— is a UK institution, meets condition A or B, and is not an insurer Section 11(4)

Relevant authority — — if the transferee is a PRA-authorised person with a Part 4A permission or with permission under Schedule 4, the PRA; if the transferee is an EEA firm falling within paragraph 5(a) or (b) of Schedule 3, its home state regulator; if the transferee does not fall within paragraph (a) or (b) but is subject to regulation in a country or territory outside the United Kingdom, the authority responsible for the supervision of the transferee's business in the place in which the transferee has its head office; in any other case, the FCA Schedule 1, paragraph 13(2)

Relevant authority — — if the transferee is a PRA-authorised person with a Part 4A permission or with permission under Schedule 4, the PRA; if the transferee is an EEA firm falling within paragraph 5(a) or (b) of Schedule 3, its home state regulator; if the transferee does not fall within paragraph (a) or (b) but is subject to regulation in a country or territory outside the United Kingdom, the authority responsible for the supervision of the transferee's business in the place in which the transferee has its head office; in any other case, the FCA Schedule 1, Part 2B, paragraph 9C(2)

relevant document — a document produced in response to a requirement imposed under section 81 or 85 Section 86(1)

relevant function — a function performed by the person in relation to wholesale cash distribution Section 112(7)

Relevant functions — — in relation to the Payment Systems Regulator, its functions under this Part or Part 2 of the Payment Card Interchange Fee Regulations 2015 ; in relation to the Bank of England, its functions under Part 5 of the Banking Act 2009 (...payment systems) or Part 5A of that Act (wholesale cash distribution); in relation to the FCA— the functions conferred on it by or under FSMA 2000 (see section 1A(6) of that Act); the functions conferred on it by or under Part 3 of the Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911); the functions conferred on it by or under the Electronic Money Regulations 2011 (S.I. 2011/99); its functions in regulating— credit institutions where authorised under Part 4A of FSMA 2000, or authorised payment institutions under the Payment Services Regulations 2017 (S.I. 2017/752). in relation to the PRA, the functions conferred on it by or under FSMA 2000 (see section 2AB(3) of that Act) Section 98(5)

relevant offences — — offences under this Part; any other offences specified by the Treasury by order Schedule 4, paragraph 10(5)

relevant panel — — a panel of the Payment Systems Regulator established under section 103(3), a panel of the FCA mentioned in section 1RA(8) of FSMA 2000, and a panel of the PRA mentioned in section 2NA(8) of FSMA 2000 Section 104C(3)

Relevant pension scheme — an occupational pension scheme that is not a money purchase scheme Section 142X(2)

Relevant pension scheme — an occupational pension scheme that is not a money purchase scheme. “Occupational pension scheme” has the meaning given in section 1 of the Pension Schemes Act 1993 or section 1 of the Pension Schemes (Northern Ireland) Act 1993 and, in relation to such a scheme, “member” and “trustees or managers” have the same meaning as in Part 1 of the Pensions Act 1995 or Part 2 of the Pensions (Northern Ireland) Order 1995. “Money purchase scheme” has the meaning given in section 181(1) of the Pension Schemes Act 1993 or section 176(1) of the Pension Schemes (Northern Ireland) Act 1993. “Employer”, in relation to a relevant pension scheme, means— a person who is for the purposes of Part 1 of the Pensions Act 1995 or Part 2 of the Pensions (Northern Ireland) Order 1995 an employer in relation to the scheme, and any other person who has or may have any liability under the scheme. “Employment” has the meaning given in section 181(1) of the Pension Schemes Act 1993 or section 176(1) of the Pension Schemes (Northern Ireland) Act 1993 Section 4(1)

Relevant persons — — in the case of a direction given to the PRA, PRA-authorised persons; in the case of a direction given to the FCA, authorised persons and recognised investment exchanges who (in either case) are not PRA-authorised persons; in the case of a direction given to the Bank of England, recognised clearing houses, other than those falling within paragraph (a) or (b). This section is subject to section 410B. In this section Section 135(1)

relevant PRA-authorised person — a PRA-authorised person that is a relevant authorised person Section 29(8)

relevant PRA-authorised person — a PRA-authorised person that is a relevant authorised person (see section 71A) Section 30(3)

relevant PRA-authorised person — a PRA-authorised person that is a relevant authorised person Section 32(2)

relevant requirement — a requirement— imposed by or under this Act, or imposed by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order. Condition C is that— the person has at any time been a senior manager in relation to a relevant authorised person, there has at that time been (or continued to be) a contravention of a relevant requirement by the authorised person, and the senior manager was at that time responsible for the management of any of the authorised person's activities in relation to which the contravention occurred. But a person (“P”) is not guilty of misconduct by virtue of subsection (5) if P satisfies the FCA that P had taken such steps as a person in P's position could reasonably be expected to take to avoid the contravention occurring (or continuing). For the purposes of subsection (5)— “senior manager”, in relation to a relevant authorised person, means a person who has approval under section 59 to perform a designated senior management function in relation to the carrying on by the authorised person of a regulated activity Section 32(2)

relevant senior management function — a function which the FCA is satisfied is a senior management function as defined in section 59ZA (whether or not it has been designated as such under section 59(6A) or (6B)) Schedule 3, paragraph 15(3)

relevant senior management function — a function which the PRA is satisfied is a senior management function as defined in section 59ZA (whether or not the function has been designated as such by the FCA) Schedule 3, paragraph 3(3)

relevant senior management function — a function which the PRA is satisfied is a senior management function as defined in section 59ZA (whether or not the function has been designated as such by the FCA). Rules made under this section must relate to the conduct of persons in relation to the performance by them of qualifying functions. In subsection (4) “qualifying function”, in relation to a person, means a function relating to the carrying on of activities (whether or not regulated activities) by— in the case of an approved person, the person on whose application approval was given, and in any other case, the person's employer. In this section any reference to an employee of a person (“P”) includes a reference to a person who— and “employer” is to be read accordingly. personally provides, or is under an obligation personally to provide, services to P under an arrangement made between P and the person providing the services or another person, and is subject to (or to the right of) supervision, direction or control by P as to the manner in which those services are provided, This section applies where a regulator makes rules under section 64A (“conduct rules”). Every relevant authorised person must— notify all relevant… Section 30(3)

relevant senior management function — a function which the PRA is satisfied is a senior management function as defined in section 59ZA (whether or not the function has been designated as such by the FCA). For the meaning of “relevant authorised person”, see section 71A Section 32(2)

ring-fenced body — a UK institution which carries on one or more core activities (see section 142B) in relation to which it has a Part 4A permission Section 142A(1)

ring-fenced body — a UK institution which carries on one or more core activities (see section 142B) in relation to which it has a Part 4A permission. But “ring-fenced body” does not include— a building society within the meaning of the Building Societies Act 1986, or a UK institution of a class exempted by order made by the Treasury. An order under subsection (2)(b) may be made in relation to a class of UK institution only if the Treasury are of the opinion that the exemption conferred by the order would not be likely to have a significant adverse effect on the continuity of the provision in the United Kingdom of core services. Subject to that, in deciding whether and, if so, how to exercise their powers under subsection (2)(b), the Treasury must have regard to the desirability of minimising any adverse effect that the ring-fencing provisions might be expected to have on competition in the market for services provided in the course of carrying on core activities, including any adverse effect on the ease with which new entrants can enter the market. In subsection (4) Section 4(1)

secured — secured against property or rights, or otherwise covered by collateral arrangements Schedule 2, Part 1, paragraph 4(1)

securities settlement system — a computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters. “wholesale cash distribution” and “wholesale cash distribution activities” have the meanings given by section 206E of the Banking Act 2009 Section 113(1)

securities settlement system — a computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters Section 41(3)

security interests — arrangements under which one person acquires, by way of security, an actual or contingent interest in the property of another Schedule 2, Part 1, paragraph 4(2)

Senior management function — — a function of a description specified in rules made by the FCA under section 59(3)(a) or (b) of FSMA 2000 which is designated as a senior management function by the FCA under section 59(6A) of that Act; a function of a description specified in rules made by the PRA under section 59(3)(a) of that Act Section 37(8)

set-off arrangements — arrangements under which two or more debts, claims or obligations can be set off against each other Schedule 2, Part 1, paragraph 4(2)

small business — any person (other than an individual acting as a sole trader) carrying on a business which had a turnover in the relevant financial year of less than £1,000,000. For the purposes of subsection (10)— the “relevant financial year”, in relation to any day by reference to which the value of X falls to be calculated for the purposes of subsection (1) in relation to a building society, means the last financial year ending before that day; “turnover”, in relation to a small business, means the amount derived from the provision of goods and services falling within the business's ordinary activities, after deduction of trade discounts, value added tax and any other taxes based on the amounts so derived; in respect of any relevant financial year, the reference to £1,000,000 includes the equivalent amount in any other currency, calculated as at the last day of that year. The Treasury may, by order made by statutory instrument, amend the figure for the time being specified in subsections (10) and (11)(c). A statutory instrument containing an order under subsection (12) is subject to annulment in pursuance of a resolution of either House of Parliament Schedule 9, paragraph 2(5)

specified — specified in the rules Schedule 4, paragraph 9(7)

specified — specified in the rules Schedule 4, paragraph 9A(4)

Specified — specified in regulations made by the Treasury for the purposes of this section Section 102B(3)

specified — specified in the rules; “voting power” has the meaning given in section 422 Section 142H(8)

Specified — specified in the order Section 142I(3)

Specified — specified in the order Section 142Y(5)

specified — specified in the rules; “voting power” has the meaning given in section 422. The Treasury may by order require the appropriate regulator, as defined in section 142H(8), to include (or not to include) in ring-fencing rules specified provision relating to— any of the matters mentioned in section 142H(5)(a) to (g), or any other specified matter. The power to make an order under this section is exercisable only if the Treasury consider it necessary or expedient to do so— for any of the group ring-fencing purposes as defined in section 142H(4), or otherwise for securing the independence of ring-fenced bodies from other members of their groups Section 4(1)

specified — specified in a notice in writing Section 85(7)

specified — specified in regulations Section 92(6)

supplier — the person controlling the provision of a supply to the infrastructure company, and includes a company that is a group undertaking (as defined by section 1161(5) of the Companies Act 2006) in respect of the infrastructure company Section 119(6)

supply — a supply of any of the following— computer hardware or software used by the infrastructure company in connection with the operation of the relevant system; in the case of an infrastructure company that is a person recognised for the purposes of Part 5A of the Banking Act 2009, goods or services used by the person in connection with wholesale cash distribution activities; financial data; infrastructure permitting electronic communication services; data processing; access to secure data networks used by the infrastructure company in connection with the operation of the relevant system; staff Section 119(6)

the 1986 Act — the Insolvency Act 1986; “business”, “member”, “property” and “security” have the same meaning as in the 1986 Act; “company” has the meaning given by section 113 Section 127(1)

the annual report — — in relation to the FCA, every report which it is required by paragraph 11 of Schedule 1ZA to make to the Treasury, and in relation to the PRA, every report which it is required by paragraph 19 of Schedule 1ZB to make to the Treasury. In this section Section 134(2)

The appropriate regulator — — in relation to the parent undertaking of a ring-fenced body that is a PRA-authorised person, the PRA; in any other case, the FCA. The appropriate regulator may make rules requiring a qualifying parent undertaking to make arrangements that would in the opinion of the regulator allow or facilitate the exercise of the resolution powers in relation to the qualifying parent undertaking or any of its subsidiary undertakings in the event of a situation arising where all or part of the business of the parent undertaking or the subsidiary undertaking encounters or is likely to encounter financial difficulties. The “resolution powers” are— the powers conferred on the Treasury and the Bank of England by or under Parts 1 to 3 of the Banking Act 2009, and any similar powers exercisable by an authority outside the United Kingdom. The arrangements that may be required include arrangements relating to— the issue of debt instruments by the parent undertaking; the provision to a subsidiary undertaking (“S”) or a transferee by the parent undertaking, or by any other subsidiary undertaking of the parent undertaking, of such services and facilities as would be required to enable S or the transferee… Section 133(1)

the appropriate regulator — — in relation to a ring-fenced body which is a PRA-authorised person, the PRA; in relation to any other ring-fenced body, the FCA Section 142G(4)

the appropriate regulator — — in relation to a PRA-authorised person, the PRA; in relation to any other authorised person, the FCA; “shares” has the meaning given in section 422 Section 142H(8)

the appropriate regulator — — where the ring-fenced body is a PRA-authorised person, the PRA; where it is not, the FCA Section 142K(7)

the appropriate regulator — — in relation to employees of PRA-authorised persons, the FCA or the PRA, and in relation to employees of any other authorised person, the FCA Section 29(3)

The appropriate regulator — — in relation to relevant authorised persons that are PRA-authorised persons, the FCA or the PRA; in relation to any other relevant authorised persons, the FCA Section 31(3)

the appropriate regulator — — in relation to a ring-fenced body which is a PRA-authorised person, the PRA; in relation to any other ring-fenced body, the FCA. In the exercise of its power to make general rules, the appropriate regulator must in particular make rules— requiring a ring-fenced body to make arrangements to ensure the effective provision to the ring-fenced body of services and facilities that it requires in relation to the carrying on of a core activity, and making provision for the group ring-fencing purposes applying to ring-fenced bodies and to authorised persons who are members of a ring-fenced body's group. Section 142E(1)(c) does not affect the power of the appropriate regulator to make general rules imposing restrictions on the extent of the shares or voting power that a ring-fenced body may hold in another company, except where a restriction on the extent of the shares or voting power that the ring-fenced body may hold in the company is imposed by order under section 142E(1)(c). General rules that are required by this section or make provision falling within subsection (2) are in this Act referred to as “ring-fencing rules”. The “group ring-fencing purposes” are— ensuring as far as… Section 4(1)

the CMA — the Competition and Markets Authority Section 60(7)

the concurrent functions — the functions which by virtue of section 59 are concurrent functions of the Payment Systems Regulator and the CMA Section 60(3)

the court — — in England and Wales and Northern Ireland, the High Court; in Scotland, the Court of Session; “FMI administration order” and “FMI administrator” are to be read in accordance with section 114; “infrastructure company” has the meaning given by section 112; “operator”, in relation to a recognised ... payment system, has the meaning given by section 113; “recognised ... payment system” has the meaning given by section 113; “regulated activity” has the same meaning as in FSMA 2000; “the relevant system” has the meaning given by section 113; “securities settlement system” has the meaning given by section 113. “wholesale cash distribution” and “wholesale cash distribution activities” have the meanings given by section 113 Section 127(1)

The court — — in relation to England and Wales or Northern Ireland, the High Court, and in relation to Scotland, the Court of Session Section 142X(8)

The court — — in relation to England and Wales or Northern Ireland, the High Court, and in relation to Scotland, the Court of Session. The Treasury may by order make provision about the exercise by either regulator of its functions under this Act, so far as they are (apart from the order) capable of being exercised in relation to a relevant body so as to require the relevant body— to issue any debt instrument, or to ensure that any part of the relevant body's debt consists of debt owed by it in respect of debt instruments, or debt instruments of a particular kind. A “relevant body” is— a ring-fenced body, any other body corporate that has a Part 4A permission relating to the regulated activity of accepting deposits, or a body corporate that is a member of the group of a body falling within paragraph (a) or (b) Section 4(1)

the FCA — the Financial Conduct Authority Section 144

the group restructuring powers — one or more of the powers conferred by this section Section 142L(1)

the group restructuring powers — one or more of the powers conferred by this section. Where the appropriate regulator is the PRA, the powers conferred by this section are as follows— in relation to the ring-fenced body, power to impose a requirement on the ring-fenced body requiring it to take any of the steps mentioned in subsection (5), in relation to any member of the ring-fenced body's group which is a PRA-authorised person, power to impose a requirement on the PRA-authorised person requiring it to take any of the steps mentioned in subsection (6), in relation to any member of the ring-fenced body's group which is an authorised person but not a PRA-authorised person, power to direct the FCA to impose a requirement on the authorised person requiring it to take any of the steps mentioned in subsection (6), and in relation to a qualifying parent undertaking, power to give a direction under this paragraph to the parent undertaking requiring it to take any of the steps mentioned in subsection (6). Where the appropriate regulator is the FCA, the powers conferred by this section are as follows— in relation to the ring-fenced body, power to impose a requirement on the ring-fenced body requiring it to take any of the… Section 4(1)

the interchange fee regulation — Regulation (EU) 2015/751 of the European Parliament and of the Council of 29th April 2015 on interchange fees for card-based payment transactions Section 98(7)

The legislation relating to ring-fencing — — Part 9B of FSMA 2000 (as inserted by section 4); orders and regulations made by the Treasury under that Part; ring-fencing rules, as defined by section 142H(3) of FSMA 2000, made by the FCA or the PRA; section 192JA of FSMA 2000 (as inserted by section 133); rules made by the FCA or the PRA under that section Section 8(2)

The limitation period — the period of 3 years beginning with the first day on which the regulator knew of the contravention Section 142S(5)

The limitation period — the period of 3 years beginning with the first day on which the regulator knew of the contravention. For this purpose a regulator is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred. The requirements that a regulator may be required to impose as a result of a direction under section 142L(2)(c) or (3)(c) include requirements that the regulator would not but for the direction have power to impose. If a regulator proposes to take action against a person under section 142S, it must give the person a warning notice. A warning notice about a proposal to impose a penalty must state the amount of the penalty. A warning notice about a proposal to publish a statement must set out the terms of the statement. If the regulator decides to take action against a person under section 142S, it must give the person a decision notice. A decision notice about the imposition of a penalty must state the amount of the penalty. A decision notice about the publication of a statement must set out the terms of the statement. If the regulator decides to take action against a person under section 142S, the person may refer the matter to… Section 4(1)

the Payment Systems Regulator — the body established under section 40 of the Financial Services (Banking Reform) Act 2013; in the definition of “regulator”, for “or the PRA” substitute “ , the PRA or the Payment Systems Regulator Section 106(8)

the Payment Systems Regulator — the body established under section 40 of the Financial Services (Banking Reform) Act 2013 Section 67(3)

The period for consideration — the period of 3 months beginning with the date on which the regulator receives the application Section 26(5)

the PRA — the Prudential Regulation Authority Section 144

the Regulator — the Payment Systems Regulator; references to the functions of the Regulator are to functions conferred on it by or under this Part Schedule 4, paragraph 1

the relevant 3-month period — the 3 months ending with the date on which the FCA receives the notification under Condition 1 in regulation 8 of the regulations Schedule 2, Part 2, paragraph 33(2)

the relevant continuity provision — — in the case of functions exercisable by the FCA, the continuity objective set out in section 1EA of FSMA 2000, or in the case of functions exercisable by the PRA, section 2B(3)(c) and (4A) of that Act Section 7(4)

the relevant costs — — For the purposes of paragraph (b) it does not matter when the expenses were incurred. the expenses incurred, or expected to be incurred, by the Regulator in connection with the discharge of its functions, the expenses incurred by the FCA in establishing the Regulator, any other expenses incurred by the FCA in connection with the discharge of its functions under this Part, and any expenses incurred, or expected to be incurred, by the FCA in connection with the discharge of the Regulator's functions by an officer or member of staff of the FCA under arrangements made under paragraph 5 Schedule 4, paragraph 9(3)

the relevant system — — in relation to an infrastructure company falling within subsection (2)(a) of section 112, the recognised ... payment system, in relation to an infrastructure company falling within subsection (2)(b) of that section, the securities settlement system, in relation to an infrastructure company falling within subsection (2)(ba) of that section, any system used by the company to facilitate or control wholesale cash distribution, in relation to a company designated under subsection (4) of that section, the recognised ... payment system or securities settlement system falling within paragraph (b) of that subsection Section 113(1)

The ring-fencing provisions — ring-fencing rules and the duty imposed as a result of section 142G Schedule 1, paragraph 5(8)

the ring-fencing provisions — ring-fencing rules and the duty imposed as a result of section 142G Section 142A(5)

the ring-fencing provisions — ring-fencing rules and the duty imposed as a result of section 142G. An order under subsection (2)(b) may provide for the exemption to be subject to conditions. In this section Section 4(1)

the ring-fencing provisions — ring-fencing rules and the duty imposed as a result of section 142G Section 5(2)

the transferee — — in relation to property, rights or liabilities transferred by an FMI transfer scheme, the new company; in relation to interests, rights or liabilities created by such a scheme, the person in whose favour, or in relation to whom, they are created Schedule 7, paragraph 7(2)

title transfer collateral arrangements — arrangements under which Person 1 transfers assets to Person 2 on terms providing for Person 2 to transfer assets if specified obligations are discharged Schedule 2, Part 1, paragraph 4(2)

transferee — a person to whom all or part of the business of the parent undertaking or the subsidiary undertaking could be transferred as a result of the exercise of the resolution powers. “Debt instrument” has the same meaning as in section 142Y Section 133(1)

Tribunal rules — rules under section 15 of the Enterprise Act 2002 Section 77(10)

UK institution — an institution which is incorporated in, or formed under the law of any part of, the United Kingdom Section 11(7)

UK institution — an institution which is incorporated in, or formed under the law of any part of, the United Kingdom Section 134(2)

UK institution — a body corporate incorporated in the United Kingdom Section 142A(7)

UK institution — an institution which is incorporated in, or formed under the law of any part of, the United Kingdom Section 37(5)

UK institution — a body corporate incorporated in the United Kingdom. References in this Act to a “core activity” are to be read in accordance with this section. The regulated activity of accepting deposits (whether carried on in the United Kingdom or elsewhere) is a core activity unless it is carried on in circumstances specified by the Treasury by order. An order under subsection (2) may be made only if the Treasury are of the opinion that it is not necessary for either of the following purposes that the regulated activity of accepting deposits should be a core activity when carried on in the specified circumstances. Those purposes are— to secure an appropriate degree of protection for the depositors concerned, or to protect the continuity of the provision in the United Kingdom of services provided in the course of carrying on the regulated activity of accepting deposits. The Treasury may by order provide for a regulated activity other than that of accepting deposits to be a core activity, either generally or when carried on in circumstances specified in the order. An order under subsection (5) may be made only if the Treasury are of the opinion— that an interruption of the provision of services… Section 4(1)

working day — any day other than— Saturday or Sunday; Christmas Day or Good Friday; a day which is a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom Schedule 5, paragraph 18(1)