Section 301

The Secretary of State and the Treasury, acting jointly, may by regulations provide for— to apply to relevant contracts as it applies to contracts connected with a recognised body. Part VII of the Companies Act 1989 (financial markets and insolvency), and Part V of the Companies (No. 2)(Northern Ireland) Order 1990, “Relevant contracts” means contracts of a prescribed description in relation to which settlement arrangements are provided by a person for the time being included in a list (“the list”) maintained by the Bank of England for the purposes of this section. Regulations may be made under this section only if the Secretary of State and the Treasury are satisfied, having regard to the extent to which the relevant contracts concerned are contracts of a kind dealt in by persons supervised by the FCA or the Bank of England, that it is appropriate for the arrangements mentioned in subsection (2) to be supervised by the Bank. The approval of the Treasury is required for— the conditions set by the Bank of England for admission to the list; and the arrangements for admission to, and removal from, the list. If the Treasury withdraw an approval given by them under subsection (4), all regulations made under this section and then in force are to be treated as suspended. But if— the suspension of the regulations ends on such date as the Treasury may, in giving the fresh approval, specify. the Bank of England changes the conditions or arrangements (or both), and the Treasury give a fresh approval under subsection (4), The Bank of England must— publish the list as for the time being in force; and provide a certified copy of it to any person who wishes to refer to it in legal proceedings. A certified copy of the list is evidence (or in Scotland sufficient evidence) of the contents of the list. A copy of the list which purports to be certified by or on behalf of the Bank of England is to be taken to have been duly certified unless the contrary is shown. Regulations under this section may, in relation to a person included in the list— apply (with such exceptions, additions and modifications as appear to the Secretary of State and the Treasury to be necessary or expedient) such provisions of, or made under, this Act as they consider appropriate; provide for the provisions of Part VII of the Companies Act 1989 and Part V of the Companies (No. 2)(Northern Ireland) Order 1990 to apply (with such exceptions, additions or modifications as appear to the Secretary of State and the Treasury to be necessary or expedient).

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Source: legislation.gov.uk · retrieved 2026-09-04