Defined terms — FSMA 2023

Defined terms — Financial Services and Markets Act 2023

United Kingdom · ukpga/2023/29 · 3467 provisions

266 defined in this instrument, 1 borrowed from other acts.

Applicable UK law — this Regulation, as it applies to STS securitisations, and the Securitisation Regulations 2018 (S.I. 2018/2188), as those regulations apply to STS securitisations. In making regulations under paragraph 1, the Treasury must have regard, in addition to any other matters they consider relevant, to whether the FCA (and, where relevant, the PRA) have established effective cooperation arrangements with the competent authorities of the country or territory. When considering whether to make, vary or revoke regulations under paragraph 1, the Treasury may, by making a request in writing to the FCA, require the FCA to prepare a report on the law and practice of a country or territory outside the United Kingdom, or particular aspects of such law and practice, in relation to securitisations of descriptions specified in the request. If the Treasury request a report under paragraph 5, the FCA must: consult the PRA when preparing the report, and provide the Treasury with the report within such reasonable period as may be specified in the request (or such other period as may be agreed with the Treasury). Regulations under paragraph 1 may— specify matters that a person carrying out a due-diligence… Schedule 2, Part 3, paragraph 33

Bank — the Bank of England; “bridge central counterparty” has the meaning given by paragraph 29(1); “cash call instrument” has the meaning given by paragraph 32 Schedule 11, Part 8, paragraph 154

business day — any day other than a Saturday, a Sunday, or a day which is a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom Schedule 11, Part 5, paragraph 100

Cash — — banknotes issued by the Bank of England, or an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland (see Part 6 of the Banking Act 2009), or coins made by the Mint, within the meaning of the Coinage Act 1971 (see section 11 of that Act) Schedule 8, Part 1, paragraph 1(2)

cash — — banknotes issued by the Bank of England, or an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland, or coins made by the Mint, within the meaning of the Coinage Act 1971 (see section 11 of that Act); “issue”, in relation to banknotes, has the meaning given by section 209 Schedule 9, Part 1, paragraph 1(2)

CCP — a recognised central counterparty (see paragraph 155); “CCP group company” has the meaning given by paragraph 156 Schedule 11, Part 8, paragraph 154

CCP group company — an undertaking— which is (or, but for the exercise of a stabilisation power, would be) in the same group as a CCP, and in respect of which any conditions specified in regulations made by the Treasury are met Schedule 11, Part 8, paragraph 156(1)

central counterparty — a body corporate or an unincorporated association which interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer; “clearing member” has the meaning given in Article 2 of EMIR and, unless otherwise provided, includes an interoperable CCP; “clearing” and “clearing services”, in relation to a CCP, have the meaning given by section 313 of FSMA 2000 Schedule 11, Part 8, paragraph 154

Compliance failure — — a failure to comply with a direction under paragraph 136(1)(c) or (3)(c), or a breach of a prohibition imposed under paragraph 136(1)(d) Schedule 11, Part 6, paragraph 142(4)

compliance failure — a failure by a recognised person to— comply with a code of practice under section 206L, comply with a direction under section 206M, or ensure compliance with a requirement under section 206Q (independent reports). The Bank of England may publish details of— a compliance failure by a recognised person; a sanction imposed under sections 206T to 206V. The Bank of England may require a recognised person to pay a penalty in respect of a compliance failure. A penalty— must be paid to the Bank, and may be enforced by the Bank as a civil debt owed to the Bank. The Bank must prepare a statement of the principles which it will apply in determining— whether to impose a penalty, and the amount of a penalty. The Bank must— publish the statement on its website, send a copy to the Treasury, review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision), and in applying the statement to a compliance failure, apply the version in force when the failure occurred. This section applies if the Bank of England thinks that a compliance failure by a person recognised for the purposes of this Part as having systemic significance— threatens the stability… Schedule 9, Part 1, paragraph 1

conditional sale agreement — an agreement for the sale of goods under which— the purchase price or part of it is payable by instalments, and the property in the goods is to remain with the seller (notwithstanding that the buyer is to be in possession of the goods) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled; “enactment” includes— an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978; an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament; an enactment contained in, or in an instrument made under, Northern Ireland legislation within the meaning of the Interpretation Act 1978; an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales Schedule 14, paragraph 13(2)

court — — the High Court, in Scotland, the Court of Session; “relevant requirement” has the meaning given in paragraph 122 Schedule 11, Part 6, paragraph 132(8)

critical clearing services — clearing services the withdrawal of which the Bank considers may threaten the stability of the UK financial system; “director” includes, in relation to a CCP which has no board of directors, a member of the equivalent management body responsible for the management of the CCP concerned Schedule 11, Part 8, paragraph 154

critical third party — a person designated under subsection (1) Section 18(3)

critical third party — a person designated under subsection (1) Section 312L(8)

cryptoasset — any cryptographically secured digital representation of value or contractual rights that— can be transferred, stored or traded electronically, and that uses technology supporting the recording or storage of data (which may include distributed ledger technology). at end insert— The Treasury may by regulations amend the definition of “cryptoasset” in subsection (1) Section 69(4)

Current account — an account by means of which one or more named persons are able to— place cash, withdraw cash, and execute and receive payment transactions to and from third parties, including the execution of credit transfers Schedule 8, Part 1, paragraph 1(2)

default event provision — a Type 1 or Type 2 default event provision (see sub-paragraphs (2) and (3)); “relevant rules”, in relation to a CCP, mean rules ensuring that the requirements under paragraph 29A or 36 of the Schedule to the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001 (S.I. 2001/995) are met Schedule 11, Part 5, paragraph 84(1)

deference decision — a decision of the Treasury that the law and practice of another country or territory is, so far as relating to financial services and markets, equivalent to the law and practice of the United Kingdom (either generally or as it relates to a particular matter); a deference decision is a “notified deference decision” if the Treasury have, by notice in writing, informed the regulator that it is relevant for the purposes of this section; a relevant action is “incompatible” with a notified deference decision if the action would result in the law and practice of the United Kingdom ceasing to be equivalent to the law and practice of the other country or territory to which the deference decision relates. For the purposes of subsection (3) a duty to consult applies in respect of a relevant action if— the duty imposed by section 138I or 138J to publish a draft of proposed rules applies in respect of the action, or any other duty (whether or not imposed by a provision of this Act) to publish the proposal to take the action in question applies. Section 138M(1) (consultation: exemptions for temporary product intervention rules) is to be ignored for the purposes of subsection (6) in determining… Section 32(3)

Designated senior management function — a function of a description specified in rules made by the appropriate regulator Schedule 10, Part 1, Chapter 2A, paragraph 309G(3)

Designated senior management function — a function of a description specified in rules made by the appropriate regulator Schedule 10, Part 1, paragraph 1(3)

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). In this section, “digital settlement asset” includes a right to, or an interest in, a digital settlement asset Schedule 6, Part 1, paragraph 4(4)

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). In this section, “digital settlement asset” includes a right to, or interest in, a digital settlement asset. The Treasury may by regulations amend the definition of “digital settlement asset” in subsection (2A) Schedule 6, Part 2, paragraph 41(2)

digital settlement asset exchange provider — a person who provides one or more of the following services, including as creator or issuer of any of the digital settlement assets, by— exchanging, or arranging the exchange of— digital settlement assets for money, money for digital settlement assets, digital settlement assets and money for digital settlement assets, or digital settlement assets and money for money, exchanging, or arranging the exchange of, one digital settlement asset for another, or operating an automated process to carry out any of the activities mentioned in paragraphs (a) and (b). The Treasury may by regulations amend— the definition of “digital settlement asset” in subsection (4A); the definition of “DSA service provider” in subsection (5A); the definition in section 206AA of a person who provides services connected with a recognised payment system that uses digital settlement assets Schedule 6, Part 1, paragraph 4(5)

discretionary payments — payments, made otherwise than under a contractual obligation, of any of the following— equity remuneration; dividend payments; share buy-backs; variable remuneration including, where an employee is a senior manager, bonuses, discretionary pension benefits and severance payments Schedule 11, Part 4, paragraph 13(11)

domestic law — the law of England and Wales, Scotland or Northern Ireland Section 80(1)

domestic PEP — a politically exposed person entrusted with prominent public functions by the United Kingdom; “enhanced risk factors”, in relation to a customer who is a domestic PEP or a family member or a known close associate of that domestic PEP, mean risk factors other than the customer’s position as a domestic PEP or as a family member or known close associate of that domestic PEP Section 77(4)

domestic PEP — a politically exposed person entrusted with prominent public functions by the United Kingdom; the following terms have the same meaning as in regulation 35(12) of the 2017 Regulations— “politically exposed person” or “PEP Section 78(6)

eligible claim — a claim in respect of which compensation is payable under the Financial Services Compensation Scheme Schedule 11, Part 5, paragraph 97(7)

EMIR — Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories; “employee” includes the holder of an office Schedule 11, Part 8, paragraph 154

enactment — an enactment whenever passed or made and includes— an enactment contained in any Order in Council, order, rules, regulations, scheme, warrant, byelaw or other instrument made under an Act, an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament, an enactment contained in, or in an instrument made under, a Measure or Act of Senedd Cymru, an enactment contained in, or in an instrument made under, Northern Ireland legislation, and any assimilated direct legislation Section 80(1)

EU directive — a directive within the meaning of Article 288 of the Treaty on the Functioning of the European Union; “EU tertiary legislation” has the same meaning as in the European Union (Withdrawal) Act 2018 (see section 20(1)) Section 7(1)

excluded person — — a person who has been declared to be, or who is an operator of, a designated system under regulation 4 of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979), a CCP, a third-country central counterparty (within the meaning given by section 285 of FSMA 2000), or a central bank Schedule 11, Part 5, paragraph 100

extraordinary public financial support — financial assistance that is provided by the Treasury or the Bank in order to preserve or restore the viability, liquidity or solvency of a CCP, a CCP group company or a group which includes a CCP, other than— ordinary market assistance offered by the Bank on its usual terms, or a liquidity facility which is provided— to a CCP that is facing temporary liquidity problems but is solvent, and by the Bank on its own initiative and on its own terms; “financial assistance” has the meaning given by paragraph 152; “group” has the meaning given by section 474 of the Companies Act 2006; “instrument of control” has the meaning given by paragraph 38 Schedule 11, Part 8, paragraph 154

FCA — the Financial Conduct Authority Schedule 9, Part 1, paragraph 1(1)

FCA — the Financial Conduct Authority Schedule 9, Part 1, Part 5A, paragraph 206F(1)

FCA — the Financial Conduct Authority Section 80(1)

FCA-regulated person — — a person who has Part 4A permission, an authorised payment institution or small payment institution, within the meaning of the Payment Services Regulations 2017 (S.I. 2017/752), or an authorised electronic money institution or small electronic money institution, within the meaning of the Electronic Money Regulations 2011 (S.I. 2011/99); “Part 4A permission” has the meaning given by section 55A of the Financial Services and Markets Act 2000 Schedule 9, Part 1, paragraph 1(1)

financial assistance case — a case in which the Treasury notify the Bank that they have provided financial assistance in respect of a CCP in the same group for the purpose of resolving or reducing a serious threat to the stability of the UK financial system Schedule 11, Part 5, paragraph 117(8)

Financial assistance case — a case where the Treasury notify the Bank that they have provided financial assistance in respect of a CCP for the purpose of resolving or reducing a serious threat to the stability of the UK financial system Schedule 11, Part 5, paragraph 19(2)

Financial contract — — a contract for the provision of financial services consisting of— lending (including the factoring and financing of commercial transactions), financial leasing, or providing guarantees or commitments; a securities contract, including— a contract for the purchase, sale or loan of a security or group or index of securities; an option on a security or group or index of securities; a repurchase or reverse repurchase transaction on any such security, group or index; a commodities contract, including— a contract for the purchase, sale or loan of a commodity or group or index of commodities for future delivery; an option on a commodity or group or index of commodities; a repurchase or reverse repurchase transaction on any such commodity, group or index; a futures or forwards contract, including a contract (other than a commodities contract) for the purchase, sale or transfer of a commodity or property of any other description, service, right or interest for a specified price at a future date; a swap agreement, including— a swap or option relating to interest rates, spot or other foreign exchange agreements, currency, an equity index or equity, a debt index or debt, commodity indexes or… Schedule 13, Part 1, paragraph 1(3)

Financial Stability Objective — the objective set out in section 2A of the Bank of England Act 1998 Section 9(6)

FMI entities — — a recognised central counterparty within the meaning of Part 18 of FSMA 2000 (see section 285(1)(b)(i) of that Act), a recognised CSD as defined by section 285(1)(e) of FSMA 2000, a third country central counterparty as defined by section 285(1)(d) of FSMA 2000, and a third country CSD as defined by section 285(1)(g) of FSMA 2000 Section 30D(4)

FMI entity — — a recognised investment exchange that is not an overseas investment exchange; a recognised CSD; the operator of a multilateral trading facility; the operator of an organised trading facility; such other persons as may be specified in regulations under this section as eligible to participate in the FMI sandbox arrangements concerned; “FMI activities” are any activities carried on as part of the business of an FMI entity Section 13(11)

FMI entity — — a recognised clearing house; a recognised CSD; a recognised investment exchange which is not an overseas investment exchange; a recognised payment system under section 184 of the Banking Act 2009; a person specified as a service provider in relation to a recognised payment system under section 206A of the Banking Act 2009 Section 18(3)

FMI sandbox arrangements — any arrangements implemented as part of an FMI sandbox Section 13(11)

FMI services — services provided by FMI entities as part of their business as FMI entities Section 30D(4)

FMI services — services provided by FMI entities as part of their business as FMI entities Section 48(4)

foreign country — a country or territory outside the United Kingdom Section 24(11)

foreign law — the law of a country or territory outside the United Kingdom Schedule 11, Part 5, paragraph 62(10)

foreign property — — property outside the United Kingdom, or rights and liabilities under foreign law Schedule 11, Part 5, paragraph 62(2)

Foreign resolution authority — an authority, in a country or territory outside the United Kingdom, which exercises functions referred to in sub-paragraph (3) Schedule 11, Part 6, paragraph 123(7)

former group company — anything which was a group undertaking in relation to the transferred CCP immediately before the transfer (whether or not it is also a group undertaking in relation to the transferred CCP immediately after the transfer), “group undertaking” has the meaning given by section 1161(5) of the Companies Act 2006 Schedule 11, Part 5, paragraph 92(1)

friendly society — a society that is registered within the meaning of the Friendly Societies Act 1974 or incorporated under the Friendly Societies Act 1992; “levy year” has the meaning given by paragraph 3. The Treasury may by regulations— amend the foregoing provisions of this paragraph; amend any other provision of this Schedule in consequence of provision made under paragraph (a). For the purposes of this Schedule, a “levy year” is— the period of 12 months beginning on such day as the Bank may determine, and each subsequent period of 12 months. The day determined under sub-paragraph (1)(a) may not be before the day on which the Financial Services and Markets Act 2023 is passed. The Bank must, in respect of a levy year— determine which of its policy functions it intends to fund (in whole or in part) by means of the levy; determine the total amount of the levy it reasonably considers it requires in connection with the funding of those functions (“the anticipated levy requirement”). The Bank may add to the anticipated levy requirement for a levy year such amount (if any) that— was required in connection with the funding of policy functions in the previous levy year, and was in excess of the total… Section 70(4)

FSMA 2000 — the Financial Services and Markets Act 2000 Section 30D(4)

FSMA 2000 — the Financial Services and Markets Act 2000 Section 48(4)

FSMA 2000 — the Financial Services and Markets Act 2000; “modify” includes amend, repeal or revoke (and related expressions are to be read accordingly) Section 80(1)

group company — anything which is, or was immediately before the transfer, a group undertaking in relation to a residual CCP, “group undertaking” has the meaning given by section 1161(5) of the Companies Act 2006 Schedule 11, Part 5, paragraph 89(1)

hire purchase agreement — an agreement— which is not a conditional sale agreement, under which goods are bailed or (in Scotland) hired to a person (“P”) in return for periodical payments by P, and the property in the goods will pass to P if the terms of the agreement are complied with and one or more of the following occurs— the exercise by P of an option to purchase the goods; the doing by any party to the agreement of any other act specified in the agreement; the happening of any event specified in the agreement Schedule 14, paragraph 13(2)

imposing a sanction — — publishing details under section 206S; requiring the payment of a penalty under section 206T; giving a closure order under section 206U; making an order under section 206V Schedule 9, Part 1, paragraph 1(2)

Information requirement — a requirement imposed by an investigator under paragraph 125, 126 or 128 Schedule 11, Part 6, paragraph 127(4)

Information requirement — a requirement imposed— by the Bank under paragraph 119 or 128, or by an investigator under paragraph 125, 126 or 128 Schedule 11, Part 6, paragraph 130(14)

initial margin requirements — margins provided by clearing members to a CCP to cover the CCP’s potential future exposure in the event of default by those members Schedule 11, Part 5, paragraph 34(9)

insurance distribution activity — any of the following activities— dealing in rights under a contract of insurance as agent; arranging deals in rights under a contract of insurance; assisting in the administration and performance of a contract of insurance; advising on buying or selling rights under a contract of insurance; agreeing to do any of the activities specified in paragraphs (a) to (d). Subsection (1B) must be read with— section 22 of the 2000 Act; any relevant order under that section; and Schedule 2 to that Act Schedule 14, paragraph 13(3)

insurer — a relevant person who has permission to carry out contracts of insurance Schedule 12, Part 4, paragraph 5(7)

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 Schedule 7, paragraph 8(9)

interoperable CCP — a CCP with which an interoperability arrangement (within the meaning of Article 2 of EMIR) has been established Schedule 11, Part 8, paragraph 154

Investigative power — one of the powers mentioned in sub-paragraph (1) Schedule 11, Part 6, paragraph 123(8)

investigator — a person appointed under paragraph 121 or 122; “relevant person”, in relation to a person who is required to produce a document, means a person who— has been or is or is proposed to be a director or controller of that person, has been or is an auditor of that person, has been or is an actuary, accountant or lawyer appointed or instructed by that person, or has been or is an employee of that person Schedule 11, Part 6, paragraph 128(9)

Investigator — an investigator appointed under paragraph 121 or 122 Schedule 11, Part 6, paragraph 130(13)

issuing authority — — the Bank of England, or an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland Schedule 9, Part 1, paragraph 1(2)

issuing authority — — the Bank of England, or an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland Schedule 9, Part 1, Part 5A, paragraph 206E(2)

legislation — primary legislation, subordinate legislation (within the meaning of the Interpretation Act 1978) and retained direct EU legislation, but does not include rules or other instruments made by any regulator; “modify” includes amend, repeal or revoke Schedule 10, Part 1, Chapter 2A, paragraph 309H(4)

legislation — primary legislation, subordinate legislation and assimilated direct legislation Section 23(13)

legislation — primary legislation, subordinate legislation and assimilated direct legislation Section 24(11)

legislation — primary legislation, assimilated direct legislation or subordinate legislation Section 7(1)

modify the law — — disapply or modify the effect of a provision of an enactment (other than a provision made by or under this Act), disapply or modify the effect of a rule of law not set out in legislation, or amend any provision of an instrument or regulations made in the exercise of a stabilisation power Schedule 11, Part 8, paragraph 153(4)

non-domestic PEP — a politically exposed person who is not a domestic PEP; the following terms have the same meaning as in regulation 35(12) of the 2017 Regulations— “politically exposed person” or “PEP Section 77(4)

Officer — an officer of the Bank, and includes a member of the Bank’s staff or an agent of the Bank Schedule 11, Part 6, paragraph 119(8)

onward transfer — a transfer of property, rights or liabilities (whether or not under a power in this Schedule) from— a person who is a transferee under a property transfer instrument under paragraph 29(3) (an “original transferee”), or a CCP, securities issued by which were earlier transferred by a share transfer instrument under paragraph 29(3) or 30(2), and the person to whom the onward transfer is made is referred to as an “onward transferee Schedule 11, Part 5, paragraph 91(1)

onward transfer — a transfer (whether or not under a power in this Schedule) of securities issued by a CCP where— securities issued by the CCP were earlier transferred by a share transfer instrument under paragraph 29(3) or 30(2), or the CCP was the transferee under a property transfer instrument under paragraph 29(3) Schedule 11, Part 5, paragraph 94(1)

parent — a parent undertaking within the meaning given by section 1162 of the Companies Act 2006; “partial property transfer” has the meaning given by paragraph 75(1); “PRA-authorised person” has the meaning given by section 2B(5) of FSMA 2000 Schedule 11, Part 8, paragraph 154

Part 18 approved person — a person in relation to whom the FCA has given its approval under section 309G Schedule 10, Part 2, paragraph 12(5)

partial property transfer — a property transfer instrument which provides for the transfer of some, but not all of the property, rights and liabilities of a CCP Schedule 11, Part 5, paragraph 75(1)

Payment Systems Regulator — the body established under section 40(1) of the Financial Services (Banking Reform) Act 2013 Section 80(1)

payment transaction — an act initiated by the payer or payee, or on behalf of the payer, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and payee Schedule 8, Part 1, paragraph 1(3)

PRA — the Prudential Regulation Authority; “PRA-regulated activity” has the meaning given by section 22A of the Financial Services and Markets Act 2000; “the UK financial system” has the meaning given by section 1I of the Financial Services and Markets Act 2000 Schedule 9, Part 1, paragraph 1(1)

PRA — the Prudential Regulation Authority Section 80(1)

primary legislation — — an Act of Parliament, an Act of the Scottish Parliament, an Act or Measure of Senedd Cymru, or Northern Ireland legislation Section 80(1)

protected arrangements — security interests, title transfer collateral arrangements, set-off arrangements and netting arrangements Schedule 11, Part 5, paragraph 76(1)

protected arrangements — security interests, title transfer collateral arrangements, set-off arrangements and netting arrangements Schedule 11, Part 5, paragraph 78(1)

Protected items — — communications between a professional legal adviser and that adviser’s client or any person representing such a client which fall within sub-paragraph (3), communications between a professional legal adviser, that adviser’s client or any person representing such a client and any other person which fall within sub-paragraph (3) (as a result of paragraph (b) of that sub-paragraph), and items which— are enclosed with, or referred to in, such communications, fall within sub-paragraph (3), and are in the possession of a person entitled to be in possession of them Schedule 11, Part 6, paragraph 129(2)

public funds — the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, and action has implications for public funds if it would or might involve or lead to a need for the application of public funds Schedule 11, Part 5, paragraph 111(2)

purpose of administration — — where the insurer is in, or is awaiting, administration under Part 2 of the 1986 Act (as modified, in relation to insurers, by the Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2010 (S.I. 2010/3023)), an objective specified in paragraph 3 or 3A of Schedule B1 to the 1986 Act; where the insurer is in, or is awaiting, administration under Part 3 of the 1989 Order (as modified, in relation to insurers, by the Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) (Northern Ireland) Order 2007 (S.I. 2007/846)), an objective specified in paragraph 4 of Schedule B1 to the 1989 Order. does not apply (insofar as it would otherwise) in relation to one or more contracts to which the insurer is a party, or applies with specified modifications in relation to one or more such contracts. An order under paragraph 10 may be made on the court’s own motion or on an application by— where the insurer is in financial difficulties by virtue of paragraph 2(1)(a) (write-down order), a person mentioned in paragraph 1(4) of Schedule 19B; where the insurer is in financial difficulties by virtue of paragraph 2(1)(b)… Schedule 13, Part 1, paragraph 1(3)

qualifying function — a function relating to the carrying on of activities by the following— in the case of a Part 18 approved person, the relevant recognised body on whose application approval was given; in the case of a director or employee of a relevant recognised body, who is not a Part 18 approved person, the relevant recognised body Schedule 10, Part 1, Chapter 2A, paragraph 309Z1(4)

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 Schedule 6, Part 2, paragraph 46

recognised UK investment exchange — a recognised investment exchange that is not an overseas investment exchange as defined in section 313(1) Section 11(2)

recognition requirements — the requirements resulting from section 286 of FSMA 2000; “resolution instrument” has the meaning given by paragraph 79; “securities” has the meaning given by paragraph 40; “service contract” has the meaning given by section 227 of the Companies Act 2006; “senior manager”, in relation to a CCP, means a person who— exercises executive functions within that CCP, and is responsible, and directly accountable to the directors, for the day to day management of that CCP Schedule 11, Part 8, paragraph 154

redundancy payment — — a redundancy payment under Part 11 of the Employment Rights Act 1996 or Part 12 of the Employment Rights (Northern Ireland) Order 1996 (S.I. 1996/1919 (N.I. 16)), or a payment made to a person who agrees to the termination of their employment in circumstances where they would have been entitled to a redundancy payment under that Part if dismissed; “wages or salary” includes— a sum payable in respect of a period of holiday; a sum payable in respect of a period of absence through illness or other good cause; a sum payable in lieu of holiday. An application to the court for a write-down order in relation to an insurer may be made only by— the Treasury; the PRA; the insurer; a shareholder of the insurer; a policyholder or other creditor (including a contingent or prospective creditor) of the insurer. An application for a write-down order may not be withdrawn without the permission of the court. A person other than the PRA or the Treasury— must obtain the consent of the PRA before making an application for a write-down order; must notify the PRA before seeking the court’s permission to withdraw an application for a write-down order. Consent under subsection (3)— must be in writing,… Schedule 12, Part 1, paragraph 1(4)

registered credit rating agency — a credit rating agency registered in accordance with Regulation (EC) No 1060/2009 of the European Parliament and the Council of 16 September 2009 on credit rating agencies Schedule 10, Part 1, Chapter 2A, paragraph 309Z8(5)

regulator — — the FCA, or the Bank of England Section 17(2)

regulator — the FCA and the PRA; references to the competitiveness and growth objective, and the duty to advance that objective, are— in relation to the FCA, references to its objective in section 1EB of FSMA 2000 and to its duty to advance that objective under section 1B(4A) of that Act, and in relation to the PRA, references to its objective in section 2H(1B) of FSMA 2000 and to its duty to advance that objective under section 2H(1)(b) of that Act Section 26(7)

regulator — — the FCA, the PRA, the Bank of England, or the Payment Systems Regulator; “the transitional period” has the meaning given in section 2(2) Section 7(1)

relevant — borrowed from another act; this instrument states no meaning of its own Schedule 2, Part 1, paragraph 16

relevant CCP group company — a CCP group company that is incorporated in, or formed under the law of any part of, the United Kingdom Schedule 11, Part 5, paragraph 45(3)

relevant CCP group company — a CCP group company incorporated in, or formed under the law of any part of, the United Kingdom Schedule 11, Part 5, paragraph 58(3)

relevant contract of insurance — a contract of long-term insurance which is not a contract in respect of which the following conditions are met— the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity; the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium; the contract makes no provision for its conversion or extension in a manner which would result in it ceasing to comply with either of the above conditions Schedule 13, Part 1, paragraph 1(3)

Relevant current account provider — a person— who has a Part 4A permission to accept deposits, and who provides current accounts in reliance on that permission (“relevant current accounts”) Schedule 8, Part 1, paragraph 1(5)

relevant enactment — any provision made by or under— the Company Directors Disqualification Act 1986; the Insolvency Act 1986; FSMA 2000; the Companies Act 2006; the Banking Act 2009; the Bank Recovery and Resolution (No.2) Order 2014 (S.I. 2014/3348); the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)); the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)) Schedule 11, Part 10, paragraph 165(2)

relevant enactment — — the Companies Act 2006; the Insolvency Act 1986; the Company Directors Disqualification Act 1986; FSMA 2000; the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)); the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)) Schedule 11, Part 5, paragraph 39(3)

Relevant enactment — any provision made by or under— FSMA 2000; the Companies Act 2006; the Stock Transfer (Gilt-edged Securities) (CGO Service) Regulations 1985 (S.I. 1985/1144); the Financial Markets Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979); the Uncertificated Securities Regulations 2001 (S.I. 2001/3755); the Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226); the Government Stock Regulations 2004 (S.I. 2004/1611); the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692); Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation); Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments; 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; Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational… Section 17(3)

relevant FMI entity — — a recognised central counterparty, a recognised CSD, or a systemic third country CCP as defined by section 300G(7) Section 10(2)

relevant function — a function performed by the person in relation to wholesale cash distribution Schedule 9, Part 2, paragraph 4(5)

relevant instruments — bonds, structured finance products, emission allowances, derivatives and instruments included within package orders. Rules under Article 18 may include provision for any requirements imposed by those rules to be waived in such cases, and to such extent, as may be determined by or under the rules. Rules that include provision under paragraph 1 may impose whatever conditions on the application of a waiver as the FCA considers appropriate. The FCA may by notice given to a systematic internaliser withdraw a waiver granted by virtue of paragraph 1 if the FCA considers that the waiver is being used— in a way that deviates from its original purpose, or to avoid requirements imposed by the rules. The FCA may by notice suspend requirements imposed by rules under Article 18 in the case of such relevant instruments, or class of relevant instruments, as may be specified in the notice. A notice under paragraph 4 suspending requirements— may be given subject to conditions; must specify the period for which the suspension has effect; must be published in the manner appearing to the FCA to be best calculated to bring it to the attention of persons likely to be affected by it; may be varied or… Schedule 2, Part 1, paragraph 10

relevant instruments — bonds, structured finance products, emission allowances, derivatives and instruments included within package transactions Schedule 2, Part 1, paragraph 11

relevant instruments — bonds, structured finance products, emission allowances, derivatives and instruments included within package orders Schedule 2, Part 1, paragraph 7

relevant objective — — if the appropriate regulator is the FCA, any of its operational objectives; if the appropriate regulator is the Bank of England, the Financial Stability Objective Schedule 10, Part 1, Chapter 2A, paragraph 309K(4)

relevant obligation — — the best execution obligation in section 11.2A of the Conduct of Business sourcebook; the obligation in rule 5AA.1.1 in the Market Conduct sourcebook; the trading obligation imposed by Article 28 of this Regulation Schedule 2, Part 1, paragraph 18

relevant office-holder — — a provisional liquidator of the insurer; an administrator of the insurer; a person appointed to act as the manager of a write-down order that has effect in relation to the insurer. The court, a relevant office-holder or the insurer (as the case may be) may give consent under sub-paragraph (1) only if satisfied that not doing so would cause the policyholder hardship. Where a provisional liquidator of an insurer has been appointed, the manager of a write-down order that has effect in relation to the insurer must obtain the consent of the provisional liquidator before giving consent under sub-paragraph (1). As soon as reasonably practicable after giving consent under sub-paragraph (1), a relevant office-holder or the insurer must notify the PRA. For the purposes of this Part of this Schedule, a contract to which an insurer is a party is a “relevant contract” if it is— a contract for the supply of goods or services to the insurer, a financial contract, or a reinsurance contract under which contracts of insurance the insurer carries out as principal are reinsured Schedule 13, Part 1, paragraph 1(3)

relevant office-holder — an administrator or provisional liquidator of the insurer (but does not include a person appointed to act as the manager of a write-down order that has effect in relation to the insurer) Schedule 13, Part 1, Part 3, paragraph 8(3)

relevant organisation — — the FCA; the scheme operator of the ombudsman scheme within the meaning of section 225(2); the scheme manager of the Financial Services Compensation Scheme within the meaning of section 212 Section 40(3)

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 Schedule 7, paragraph 7(3)

relevant period — — the period of 12 months beginning with the date on which the insurer entered into financial difficulties, and each subsequent period of 12 months; “surrender limit”, in relation to a relevant contract of insurance and relevant period, is an amount equal to 5% of the total surrender value of the contract on the day on which the relevant period began. This paragraph applies where the value of a right under a relevant contract of insurance is wholly or partly determined by reference to property of any description. The reference in paragraph 3(1) to the surrender of rights by a policyholder includes the exercise by the policyholder of a contractual right to change the property by reference to which the value of a right is (wholly or partly) determined. Paragraph 3(1) does not apply if, or to the extent that, consent for the surrender of an amount that would exceed the surrender limit for the relevant period has been given by— the court, a relevant office-holder, or where there is no relevant office-holder, the insurer. For these purposes Schedule 13, Part 1, paragraph 1(3)

relevant person — — a CCP, or a parent of a CCP Schedule 11, Part 2, paragraph 3(13)

relevant person — — the Bank, persons who are employed by, or act on behalf of, the Bank, and a temporary manager appointed under paragraph 6 of this Schedule Schedule 11, Part 5, paragraph 39(3)

Relevant person — — in relation to subsection (1)(a), any person responsible for the management of the electronic money issuer or, where relevant, any person responsible for the management of electronic money issuance by the electronic money issuer, or in relation to subsection (1)(b), any person responsible for the management of the electronic money institution or, where relevant, any person responsible for the management of electronic money issuance by the electronic money institution Schedule 2, Part 6, paragraph 62(2)

Relevant person — — in relation to subsection (1)(a), any person responsible for the management of the payment service provider or, where relevant, any person responsible for the management of the payment service provider’s payment services activities, or in relation to subsection (1)(b), any person responsible for the management of the authorised payment institution, small payment institution, or registered account information services provider or, where relevant, any person responsible for the management of the authorised payment institution’s, small payment institution’s, or registered account information services provider’s payment services activities Schedule 2, Part 6, paragraph 72(2)

relevant person — — a person who— has entered into arrangements to which this Act applies (see section 2(1)) (whether before or after the passing of this Act), and has been classified as a public sector body by the Office for National Statistics (whether before or after the passing of this Act), or a group undertaking of a person falling within paragraph (a) (within the meaning of section 1161 of the Companies Act 2006). The Treasury may direct a relevant person to appoint a person to perform the functions of an accounting officer. The Treasury may give a direction to a relevant person under this subsection if the Treasury consider it necessary for the purpose of ensuring compliance with any requirements associated with the classification, as mentioned in subsection (2)(a)(ii), of a person falling within subsection (2)(a). Directions under subsection (4) may include provision about compliance with requirements relating to— auditing; accounting; budgeting; arm’s length bodies; public sector bodies. Before giving a direction under this section the Treasury must consult the relevant person to whom the Treasury intend to give a direction. A direction under this section must be accompanied by a notice… Section 74(2)

relevant personal current account — a relevant current account held by one or more individuals for purposes outside any business, trade, craft or profession of that individual or those individuals Schedule 8, Part 1, paragraph 1(4)

relevant persons — investment firms which, either on own account or on behalf of clients, conclude transactions in relevant instruments Schedule 2, Part 1, paragraph 11

relevant persons — market operators and investment firms operating a trading venue. Rules under Article 8 may include provision for any requirements imposed by the rules to be waived in such cases, and to such extent, as may be determined by or under the rules. Rules that include provision under paragraph 1 may impose whatever conditions on the application of a waiver the FCA considers appropriate. The FCA may by notice given to a relevant person withdraw a waiver granted by virtue of paragraph 1 if the FCA considers that the waiver is being used— in a way that deviates from its original purpose, or to avoid requirements provided for in the rules. The FCA may by notice suspend requirements imposed by rules under Article 8 in the case of such relevant instruments, or class of relevant instruments, as may be specified in the notice. A notice under paragraph 4 suspending requirements— may be given subject to conditions; must specify the period for which the suspension has effect; must be published in the manner appearing to the FCA to be best calculated to bring it to the attention of persons likely to be affected by it; may be varied or withdrawn by the giving of a further notice (and sub-paragraph… Schedule 2, Part 1, paragraph 7

relevant persons — market operators and investment firms operating a trading venue Schedule 2, Part 4, paragraph 45(10)

relevant provision — a provision falling within paragraph 34(2) Schedule 11, Part 5, paragraph 36(8)

relevant regulator — — the FCA, the Bank of England, or the Payment Systems Regulator Section 23(13)

relevant regulator — — the FCA, the PRA, or the Bank of England Section 24(11)

relevant requirement — a requirement imposed by or under— FSMA 2000; EMIR; another enactment (or provision of an enactment) specified in regulations made by the Treasury; a deterioration in the financial situation of a CCP is significant if the deterioration places the CCP at risk of meeting condition 1 under paragraph 17 Schedule 11, Part 4, paragraph 7(6)

relevant requirement — a requirement imposed by or under this Schedule Schedule 11, Part 6, paragraph 122(3)

Relevant requirement — — in relation to rules made by the FCA, the requirements imposed by— section 138I of FSMA 2000, except for subsection (1)(a), and section 138K of FSMA 2000; in relation to rules made by the PRA, the requirements imposed by— section 138J of FSMA 2000, except for subsection (1)(a), and section 138K of FSMA 2000; in relation to rules made by the Bank of England, the requirements imposed by paragraph 10(1)(i) of Schedule 17A to FSMA 2000; in relation to rules made by the Payment Systems Regulator, the requirements imposed by section 104 of the Financial Services (Banking Reform) Act 2013, except for subsection (2)(a) Section 6(8)

relevant requirement — a requirement imposed by or under section 54 or 55 of the Financial Services (Banking Reform) Act 2013 (or by or under a combination of those sections) Section 72(10)

relevant requirement — a requirement imposed by or under— a direction given under regulation 125, a direction given under section 54 of the Financial Services (Banking Reform) Act 2013, a rule made under section 55 of that Act, an order made under section 56(3) of that Act, or a variation of an agreement under section 57(2) of that Act Section 72(11)

relevant resolution powers — any of the resolution powers under paragraphs 27 to 38; the Schedule 11, Part 5, paragraph 21(3)

relevant service provider — — an electronic money institution as defined by regulation 2(1) of the Electronic Money Regulations 2011 (S.I. 2011/99); an authorised payment institution, small payment institution or registered account information services provider as defined by regulation 2(1) of the Payment Services Regulations 2017 (S.I. 2017/752); “service” includes facility. A relevant regulator may make such rules imposing duties on critical third parties in connection with the provision of services to authorised persons, relevant service providers and FMI entities as appear to the regulator to be necessary or expedient for the purpose of advancing any of its objectives. The reference in subsection (1) to a relevant regulator’s objectives is a reference to— where the regulator is the FCA, one or more of its operational objectives; where the regulator is the PRA, one or more of its objectives; where the regulator is the Bank, the Bank’s Financial Stability Objective. In the application of Part 9A to rules made by the FCA or the PRA under this section, the following provisions apply with the modifications specified in this subsection— section 137T (general supplementary powers) applies as if— the reference… Section 18(3)

residual CCP — the CCP all or part of whose business has been transferred in accordance with paragraph 27(2) Schedule 11, Part 5, paragraph 21(3)

residual CCP — a CCP all or part of whose business has been transferred under a property transfer instrument in accordance with paragraph 27(2), 29(3), 66(2) or 73(2) Schedule 11, Part 5, paragraph 89(1)

resolution instrument — — a cash call instrument; a tear-up instrument; a variation instrument; a write-down instrument; an instrument of control Schedule 11, Part 5, paragraph 79(1)

resolution measure — — the making by the Bank of a stabilisation instrument in relation to a CCP, where an instrument of control under paragraph 38 is in place in relation to a CCP, the exercise by the Bank of any relevant rules of the CCP, a measure taken by a CCP as a result of directions given under paragraph 2, the removal by a CCP of a director or senior manager as a result of a requirement imposed under paragraph 5, the appointment of a temporary manager in relation to a CCP under paragraph 6, a restriction or prohibition on payments under paragraph 13 or 102, the recognition by the Bank of third-country resolution action (or part of such action) in accordance with Part 7 of this Schedule, or the exercise by the Bank of a stabilisation power by virtue of paragraph 146(3) Schedule 11, Part 5, paragraph 84(1)

retail cash distribution — arrangements for the provision of cash to end users of cash Schedule 9, Part 1, paragraph 1(2)

retail cash distribution — arrangements for the provision of cash to end users of cash Schedule 9, Part 1, Part 5A, paragraph 206E(2)

risk reduction service — a service provided to two or more counterparties to derivatives transactions for the purpose of reducing non-market risks in derivatives portfolios (including, for example, portfolio compression) Schedule 2, Part 1, paragraph 18

security interest — an interest or right held for the purpose of securing the payment of money or the performance of any other obligation Schedule 11, Part 5, paragraph 98(7)

security interests — arrangements under which one person acquires, by way of security, an actual or contingent interest in the property of another, “title transfer collateral arrangements” are arrangements under which Person 1 transfers assets to Person 2 on terms providing for Person 2 to transfer assets if specified obligations are discharged, “set-off arrangements” are arrangements under which two or more debts, claims or obligations can be set off against each other, “netting arrangements” are arrangements under which a number of claims or obligations can be converted into a net claim or obligation and include, 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 11, Part 5, paragraph 76(1)

security interests — arrangements under which one person acquires, by way of security, an actual or contingent interest in the property of another, “title transfer collateral arrangements” are arrangements under which Person 1 transfers assets to Person 2 on terms providing for Person 2 to transfer assets if specified obligations are discharged, “set-off arrangements” are arrangements under which two or more debts, claims or obligations can be set off against each other, and “netting arrangements” are arrangements under which a number of claims or obligations can be converted into a net claim or obligation and include, 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 11, Part 5, paragraph 78(2)

small enterprise — an enterprise which employs fewer than 50 people and whose annual turnover or annual balance sheet total does not exceed £10 million Schedule 11, Part 5, paragraph 34(9)

special resolution objectives — the objectives set out in paragraph 15; “stabilisation instrument” has the meaning given by paragraph 84 Schedule 11, Part 8, paragraph 154

specified — specified in the Part 18 prohibition order Schedule 10, Part 1, Chapter 2A, paragraph 309B(6)

specified — specified in rules made by the appropriate regulator Schedule 10, Part 1, Chapter 2A, paragraph 309J(3)

specified — specified in the rules Schedule 10, Part 1, Chapter 2A, paragraph 309Z1(4)

specified — specified in rules made by the appropriate regulator Schedule 10, Part 1, Chapter 2A, paragraph 309Z(3)

specified — specified in rules made by the appropriate regulator Schedule 10, Part 1, paragraph 1(3)

specified — specified in the rules Schedule 10, Part 1, paragraph 1(4)

specified — specified in the Part 18 prohibition order Schedule 10, Part 1, paragraph 1(6)

specified — specified in the prohibition order Schedule 10, Part 2, paragraph 3(3)

specified — specified in the instrument under sub-paragraph (2) Schedule 11, Part 5, paragraph 102(5)

Specified — — in sub-paragraphs (2) and (3), specified in the notice, and in sub-paragraph (4), specified in the authorisation Schedule 11, Part 6, paragraph 119(9)

specified — specified in a notice in writing Schedule 11, Part 6, paragraph 125(6)

specified — specified or described in the order. The court may make an order under this paragraph only if satisfied that one or more of the following grounds is made out— not making the order would be likely to cause hardship to any person (other than the insurer); where the insurer is in financial difficulties by virtue of paragraph 2(1)(a) (write-down order), making the order is reasonably likely to lead to a better outcome for the insurer’s policyholders and other creditors (taken as a whole) than not making the order; where the insurer is in financial difficulties by virtue of paragraph 2(1)(b) (administration), making the order is reasonably likely to promote the purpose of administration. The Schedule 13, Part 1, paragraph 1(3)

specified — specified or described in the order Schedule 13, Part 1, Part 4, paragraph 10(3)

specified — specified in the rules Schedule 2, Part 1, paragraph 18

specified — specified in the rules Schedule 2, Part 2, paragraph 29

specified — specified in the regulations Schedule 2ZA, paragraph 5(6)

Specified — specified in regulations made by the Treasury for the purposes of this section Schedule 7, paragraph 5(3)

specified — specified in the regulations Schedule 9, Part 1, paragraph 1(4)

specified — specified in the order Schedule 9, Part 1, paragraph 1(4)

specified — specified in the closure order Schedule 9, Part 1, paragraph 1(6)

specified — specified in the notice Schedule 9, Part 1, paragraph 1(7)

specified — specified in the direction Schedule 9, Part 1, paragraph 1(9)

specified — specified in the direction Schedule 9, Part 1, Part 5A, paragraph 206M(9)

specified — specified in the closure order Schedule 9, Part 1, Part 5A, paragraph 206U(6)

specified — specified in the order Schedule 9, Part 1, Part 5A, paragraph 206V(4)

specified — specified in the notice Schedule 9, Part 1, Part 5A, paragraph 206Z3(7)

specified — specified in the regulations Schedule 9, Part 1, Part 5A, paragraph 206Z4(4)

specified — specified in regulations under this section Section 20(3)

specified — specified in regulations under this section Section 24(11)

Specified — specified in regulations made by the Treasury for the purposes of this section. The specification of a matter for the purposes of this section may apply generally to the making of rules or be limited in whatever way the Treasury consider appropriate, including by reference to— the power under which the rules are made; the persons to whom the rules apply; the activities or subject-matter to which the rules relate. The requirement imposed by subsection (2) does not apply in respect of any rules if, or to the extent that, the rules are made for the purposes of— complying with a direction given by the Financial Policy Committee of the Bank of England under section 9H of the Bank of England Act 1998 (directions requiring macro-prudential measures), or acting in accordance with a recommendation made by that Committee under section 9Q of that Act (recommendations about the exercise of the FCA and PRA functions). The requirement to have regard to specified matters under this section when making rules is in addition to any other requirements to have regard to matters when making such rules imposed by another provision of this Act or by any other enactment Section 31(2)

specified — specified in regulations under this section Section 47(5)

specified — specified in the regulations. The Bank must notify each eligible institution that is liable to pay the levy in respect of a levy year of the following matters— the levy year in respect of which the levy is payable; the amount of the levy the institution is liable to pay; the time by which the levy must be paid (or, if the Bank determines that the levy may be paid in instalments, the times by which each instalment must be paid); the methods by which the levy may be paid. A time notified in accordance with sub-paragraph (1)(c) (or if more than one time is notified, the earliest of them) may not be before the end of the period of 30 days beginning with the day on which the notification is given. Notification may be given in such form or in such manner as the Bank considers appropriate (and may be given in a different form or manner to different eligible institutions or eligible institutions of a different description). The levy is recoverable as a civil debt due to the Bank. See also paragraph 8 (interest on unpaid amounts of the levy). This paragraph applies where an eligible person has been notified— of an amount of the levy that is payable, and the time by which the amount must be… Section 70(4)

specified function — a function of a description specified in rules made by the appropriate regulator Schedule 10, Part 1, Chapter 2A, paragraph 309Y(3)

specified function — a function of a description specified in rules made by the appropriate regulator Schedule 10, Part 1, paragraph 1(3)

stabilisation instrument — — a share transfer instrument, a property transfer instrument, or a resolution instrument Schedule 11, Part 5, paragraph 84(1)

stabilisation instrument — — a share transfer instrument, a property transfer instrument, or a resolution instrument; a “relevant provision” in a stabilisation instrument means— in relation to a tear-up instrument, provision under paragraph 31(2), in relation to a cash call instrument, provision under paragraph 32(2), in relation to a variation instrument, provision under paragraph 33(2), in relation to a write-down instrument, provision under paragraph 34(2) or 35, and in relation to an instrument of control, provision under paragraph 38(2); a transfer is a “relevant transfer” if it transfers to any person— property, rights or liabilities of the CCP or CCP group company, or of a bridge central counterparty, or securities issued by the CCP, or CCP group company, or of a bridge central counterparty Schedule 11, Part 8, paragraph 150(2)

stabilisation options — the options described in paragraph 1(3) Schedule 11, Part 8, paragraph 154

stabilisation powers — a stabilisation power within the meaning given by section 1(4) of the Banking Act 2009 or paragraph 1(4) of Schedule 11 to the Financial Services and Markets Act 2023 Schedule 11, Part 10, paragraph 159

stabilisation powers — the powers described in paragraph 1(4) Schedule 11, Part 8, paragraph 154

statutory panel — a panel established under section 1N, 1O, 1P, 1Q, 1QA or 138IA Section 45(2)

statutory panel — a panel established under section 2M, 2MA or 138JA Section 45(3)

statutory panels of the regulator — — in relation to the FCA, the panels mentioned in section 1RA(8) of FSMA 2000, in relation to the PRA, the panels mentioned in section 2NA(8) of FSMA 2000, and in relation to the Payment Systems Regulator, a panel established under section 103(3) of the Financial Services (Banking Reform) Act 2013 Section 47(5)

STS equivalent non-UK securitisation — a securitisation of a description in relation to which a country or territory outside the United Kingdom is designated by regulations under Article 28A; ‘territory’ includes the European Union and any other international organisation or authority comprising countries or territories Schedule 2, Part 3, paragraph 32(3)

subordinate legislation — — and includes any Order in Council, order, rules, regulations, scheme, warrant, byelaw or other instrument made on or after IP completion day under any assimilated direct legislation. any Order in Council, order, rules, regulations, scheme, warrant, byelaw or other instrument made under any Act, or any instrument made under an Act of the Scottish Parliament, a Measure or Act of Senedd Cymru or Northern Ireland legislation Section 80(1)

subsidiary — a subsidiary undertaking within the meaning given by section 1162 of the Companies Act 2006. “tear-up instrument” has the meaning given by paragraph 31; “third-country instrument” has the meaning given by paragraph 145; “third-country resolution action” has the meaning given by paragraph 145; “transfer date”— in relation to a share transfer instrument, means the date on or at which a share transfer instrument (or the relevant part of it) takes effect, or in relation to a property transfer instrument, means the date on or at which a property transfer instrument (or the relevant part of it) takes effect; “UK financial system” has the meaning given by section 1I of FSMA 2000; “variation instrument” has the meaning given by paragraph 33; “write-down instrument” has the meaning given by paragraph 34 Schedule 11, Part 8, paragraph 154

systematic internaliser — an investment firm which deals on own account when executing client orders outside a UK regulated market, UK MTF or UK OTF without operating a multilateral system and which— does so on an organised, frequent, systematic and substantial basis, or has chosen to opt in to the systematic internaliser regime Schedule 2, Part 1, paragraph 8(12)

systemic third country CCP — any third country central counterparty that the Bank has determined is systemically important, or is likely to become systemically important, to the financial stability of the United Kingdom. The Bank must publish notice of any determination made under subsection (7). A determination under subsection (7) must be made in accordance with such criteria of general application as are set out in regulations made by the Treasury for the purposes of this section. In making a determination under subsection (7) the Bank must also have regard to any statement of policy prepared and published by the Bank for the purposes of providing further specification of the criteria of general application mentioned in subsection (9). The Bank— may alter or replace a statement of policy prepared for the purposes of this section; must publish a statement as altered or replaced. Publication under this section is to be made in such manner as the Bank considers best designed to bring the publication to the attention of the public. The Treasury must consult the Bank before making regulations under subsection (9). The Treasury may by regulations provide for other provisions of this Act to apply in relation to… Section 9(2)

termination right — — a right to terminate a contract, a right to accelerate, close out, set-off or net obligations, or any similar provision that suspends, modifies or extinguishes an obligation of a party to the contract, or a provision that prevents an obligation from arising under the contract Schedule 11, Part 5, paragraph 99(10)

the commencement day — the day on which Part 5 of Schedule 2 to the Financial Services and Markets Act 2023 comes into force. Paragraphs (5) to (7) expire at the end of 31 December 2025 (but without affecting any variation of a relevant period made under this regulation by virtue of paragraph (6)(b) before that time) Schedule 2, Part 5, paragraph 51(3)

the Faster Payments Scheme — the payment system, known as the Faster Payments Scheme, designated as a regulated payment system for the purposes of Part 5 of the Financial Services (Banking Reform) Act 2013 by order made by the Treasury in exercise of the power conferred by section 43(1) of that Act Section 72(10)

the limitation period — the period of 6 years beginning with the first day on which the appropriate regulator knew that the person concerned had performed a designated senior management function without approval, and the appropriate regulator is to be treated as knowing that a person has performed a designated senior management function without approval if it has information from which that can reasonably be inferred Schedule 10, Part 1, Chapter 2A, paragraph 309U(5)

the Payment Systems Regulator — the Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013 Schedule 9, Part 1, paragraph 1(1)

the Payment Systems Regulator — the Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013 Schedule 9, Part 1, Part 5A, paragraph 206F(1)

the Payment Systems Regulator — the body established under section 40(1) of the Financial Services (Banking Reform) Act 2013 Section 52(2)

the period for consideration — the period of 3 months beginning with the day on which the appropriate regulator receives the application. This is subject to subsections (3) and (4) Schedule 10, Part 1, Chapter 2A, paragraph 309L(2)

the period for consideration — whichever of the following periods ends later— the period described in subsection (2), and the period within which the person’s application for recognition must be determined— in the case of an application under section 287, in accordance with section 290(1B); in the case of an application under section 288, in accordance with Article 17(7) of the EMIR regulation; in the case of an application under section 288A, in accordance with section 290(4A) Schedule 10, Part 1, Chapter 2A, paragraph 309L(3)

The relevant post-transfer period — the period of two years beginning with the day of the transfer mentioned in sub-paragraph (5)(a), subject to any extension under sub-paragraph (8) Schedule 11, Part 5, paragraph 29(7)

the transferred business — the part of the CCP’s business that has been transferred Schedule 11, Part 5, paragraph 89(1)

third-country resolution action — action under the law of a country or territory outside the United Kingdom to manage the failure or likely failure of a third-country central counterparty— the anticipated results of which are, in relation to a third-country central counterparty, broadly comparable to results which could have been anticipated from the exercise of a stabilisation option in relation to an entity in the United Kingdom corresponding to the third-country central counterparty, and the objectives of which are broadly comparable, in relation to the country or territory concerned, to the special resolution objectives in paragraph 15 as they apply in relation to the United Kingdom Schedule 11, Part 7, paragraph 145(6)

this group of sections — the sections referred to in subsection (1) Section 17(4)

transfer — a transfer provided for by a share transfer instrument Schedule 11, Part 5, paragraph 42(1)

transfer — a transfer provided for by a property transfer instrument Schedule 11, Part 5, paragraph 55(1)

transferee — a commercial purchaser or bridge central counterparty to whom all or part of the transferred business has been transferred Schedule 11, Part 5, paragraph 89(1)

transferred CCP — a CCP all or part of the ownership of which has been transferred in accordance with paragraph 27(2), 29(3), or 30(2) Schedule 11, Part 5, paragraph 92(1)

unauthorised co-ownership AIF — a co-ownership scheme that— is an AIF, and is not authorised for the purposes of this Act by an authorisation order in force under section 261D(1) Section 261Z6(3)

variation margin payment — a payment reflecting an increase in the market value of a clearing member’s position in the market Schedule 11, Part 5, paragraph 33(5)

wholesale cash distribution — the arrangements (taken as a whole) by which banknotes issued by an issuing authority, or coins made by the Mint, are— made available for retail cash distribution, and removed from circulation; “wholesale cash distribution activities” are activities intended to facilitate or control wholesale cash distribution and include (but are not limited to)— purchasing cash from issuing authorities or the Mint; storing cash; transporting cash; undertaking authentication processes; facilitating the return of cash to issuing authorities or the Mint Schedule 9, Part 1, paragraph 1(1)

worker — an individual who is— a worker within the meaning of section 230(3) of the Employment Rights Act 1996, or an agency worker Schedule 12, Part 3, paragraph 3(5)

worker — an individual who is— a worker within the meaning of section 230(3) of the Employment Rights Act 1996, or an agency worker Schedule 12, Part 3, Part 1, paragraph 3(5)

write-down order — an order under section 377A (as it has effect in accordance with section 377H) Schedule 12, Part 4, paragraph 5(7)