- a fees direction
means a direction given by the Treasury as a result of regulations under section 410A. 2 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. 3 A fees direction must— a be in writing;
- an offence
means an offence under section 36.
- annual accounts
has the meaning given by section 471 of the Companies Act 2006.
- appeal
means an appeal made in accordance with section 79;
- appeal rules
means rules of procedure under paragraph 16;
- appellant
has the meaning given by paragraph 3(4);
- appropriate comparison
means—
- Approval
means an approval under section 59.”
- arrangement
has the same meaning as in section 59;
- arrangements
includes arrangements which— a are formed wholly or partly by one or more contracts or trusts;
- assets
has the same meaning as in section 232(4) (ignoring for these purposes section 232(5A)(b));
- Associated provision
means provision cancelling or modifying a contract under which a banking group company has a liability. 4 A power to make special bail-in provision— a may be exercised only for the purpose of, or in connection with, reducing, deferring or cancelling a liability of the bank;
- auditor
means an auditor appointed under or as a result of a statutory provision. 339C 1 This section applies to a PRA-authorised person which— a is a UK institution, b meets condition A or B, c is not an insurer or a credit union, and d is, in the opinion of the PRA, important to the stability of the UK financial system. 2 Condition A is that the person has permission under Part 4A to carry on the regulated activity of accepting deposits. 3 Condition B is that— a 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 b when carried on by the person, that activity is a PRA-regulated activity. 4 In this section— a “UK institution” means an institution which is incorporated in, or formed under the law of any part of, the United Kingdom;
- bank administration
has the same meaning as in the Banking Act 2009 (see section 136 of that Act);
- bank insolvency
has the same meaning as in that Act (see section 90 of that Act);
- building society
has the same meaning as in the Building Societies Act 1986;
- Business reorganisation plan
means a plan that includes— a an assessment of the factors that caused Condition 1 in section 7 to be met in the case of the bank, b a description of the measures to be adopted with a view to restoring the viability of the bank, and c a timetable for the implementation of those measures. 3 Where a person has submitted a business reorganisation plan to the Bank of England under subsection (1) (or has re-submitted a plan under subsection (4)), the Bank of England— a must approve the plan if satisfied that the plan is appropriately designed for meeting the objective mentioned in subsection (2)(b);
- client assets
means assets which the bank has undertaken to hold on trust for, or on behalf of, a client;
- CMA
means the Competition and Markets Authority;
- collateral arrangements
includes arrangements which are title transfer collateral arrangements for the purposes of section 48. 3 For the purposes of section 48B(8)(h), a benefit under a pension scheme is discretionary so far as the employee's right to the benefit resulted from the exercise of a discretion. 48E 1 This section applies where the Bank of England makes a resolution instrument containing special bail-in provision (see section 48B). 2 The Bank of England must report to the Chancellor of the Exchequer stating the reasons why that provision has been made in the case of the liabilities concerned. 3 If the provision departs from the insolvency treatment principles, the report must state the reasons why it does so. 4 The insolvency treatment principles are that where an instrument includes special bail-in provision— a the provision made by the instrument must be consistent with treating all the liabilities of the bank in accordance with the priority they would enjoy on a liquidation, and b any creditors who would have equal priority on a liquidation are to bear losses on an equal footing with each other. 5 A report must comply with any other requirements as to content that m
- commencement of FMI administration
means the making of the FMI administration order;
- commodity
includes any produce of agriculture, forestry or fisheries, or any mineral, either in its natural state or having undergone only such processes as are necessary or customary to prepare the produce or mineral for the market;
- company
means a company registered under the Companies Act 2006;
- compliance failure
has the meaning given by section 71;
- conduct
includes any failure to act (whether or not intentional) and any other unintentional conduct.
- confidential information
means information which—
- contract
includes any instrument;
- controlled function
has the meaning given by section 59(3);
- controller
has the same meaning as in FSMA 2000 (see section 422 of that Act);
- core services
has the same meaning as in FSMA 2000 (see section 142C of that Act), and • “PRA-authorised person” has the same meaning as in FSMA 2000 (see section 2B(5) of that Act).
- court
means the High Court or, in Scotland, the Court of Session;
- credit institution
means 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;
- credit union
means 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.
- data protection legislation
has the same meaning as in the Data Protection Act 2018 (see section 3 of that Act).
- Debt instrument
has the same meaning as in section 142Y. 6 “The appropriate regulator” means— a where the subsidiary undertakings of the qualifying parent undertaking include a ring-fenced body that is a PRA-authorised person, the PRA;
- default event provision
has the same meaning as in section 22. 2 A resolution instrument may provide for subsection (3) or (4) to apply (but need not apply either). 3 If this subsection applies, the resolution instrument is to be disregarded in determining whether a default event provision applies. 4 If this subsection applies, the resolution instrument is to be disregarded in determining whether a default event provision applies except so far as the instrument provides otherwise. 5 In subsections (3) and (4) a reference to the resolution instrument is a reference to— a the making of the instrument, b anything that is done by the instrument or is to be, or may be, done under or by virtue of the instrument, and c any action or decision taken or made under this or another enactment in so far as it resulted in, or was connected to, the making of the instrument. 6 Provision under subsection (2) may apply subsection (3) or (4)— a generally or only for specified purposes, cases or circumstances, or b differently for different purposes, cases or circumstances. 7 A thing is not done by virtue of a resolution instrument for the purposes of subsection (5)(b) merely by virtue of being done
- deposit
means rights of the kind described in paragraph 22 of Schedule 2 to the Financial Services and Markets Act 2000 (deposits).”
- Designated representative body
means a body designated by the Treasury by order.
- designated senior management function
means a function designated as a senior management function under section 59(6A) or (6B).”
- designated settlement system
means 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);
- designation order
has the meaning given by section 43;
- digital settlement asset
means a digital representation of value or rights, whether or not cryptographically secured, that— (a) can be used for the settlement of payment obligations, (b) can be transferred, stored or traded electronically, and (c) uses technology supporting the recording or storage of data (which may include distributed ledger technology).
- digital settlement asset exchange provider
has the meaning given by section 182(5B) of the Banking Act 2009;
- document
includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form or in a form from which it can readily be produced in visible and legible form;
- eligible deposit
means 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. 2 For this purpose a “deposit” means rights of the kind described in paragraph 22 of Schedule 2 to the Financial Services and Markets Act 2000 (deposits).”
- employee
includes the holder of an office;
- 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. 7 “Pension liabilities” means liabilities attributable to or associated with the provision under a relevant pension scheme of pensions or other benefits. 8 “The court” means— a in relation to England and Wales or Northern Ireland, the High Court, and b in relation to Scotland, the Court of Session. 142Y 1 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— a to issue any debt instrument, or b 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. 2 A “relevant body” is— a a ring-fenced body, b any other body corporate that has a Part 4A permission relating to the regulated activity of accepting deposits, or c a body corporate that is a member of the group of a body falling within paragraph (a) or (b). 3 “Debt instrument” means— a a bond, b
- enactment
includes— (a) an enactment contained in subordinate legislation, (b) an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament, (c) an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales, and (d) an enactment contained in, or in an instrument made under, Northern Ireland legislation;
- existing group member
means 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. 5 Except as provided by subsections (1) to (4), the provisions of sections 142K to 142Q do not limit the general powers of either regulator. 6 For the purposes of this section, a regulator's “general powers” are its powers under the following provisions— a section 55L or 55M (imposition of requirements in connection with Part 4A permission);
- financial assistance
includes the giving of guarantees and indemnities and any other kind of financial assistance (actual or contingent).”
- Financial institution
means a UK institution which—
- financial instrument
includes anything specified in Section C of Annex I to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
- funds
includes digital settlement assets (except in section 41(2)(e));
- general direction
has the meaning given by section 54(5);
- general guidance
has the meaning given by section 96(3);
- generally applicable requirement
has the meaning given by section 104(1);
- generally-imposed requirement
has the meaning given by section 55(3);
- group
has the same meaning as in FSMA 2000 (see section 421 of that Act);
- information requirement
means a requirement imposed by an investigator under section 85 or 86;
- Infrastructure company
means a company which is—
- insolvency
includes—
- insurer
means an institution which is authorised under FSMA 2000 to carry on the regulated activity of effecting or carrying out contracts of insurance as principal;
- international organisations
includes the European Union.
- international trade obligation
means an obligation of the United Kingdom that relates to financial services or markets under—
- investigator
means a person appointed under section 83.
- investment bank insolvency
means any procedure established by regulations under section 233 of the Banking Act 2009.
- investment firm
means an investment firm as defined in Article 4.1(2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council that is subject to the initial capital requirement specified in Article 28(2) of Directive 2013/36/EU of the European Parliament and of the Council;
- market in the United Kingdom
includes a market which operates only in a part of the United Kingdom.
- 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. 5 “Employer”, in relation to a relevant pension scheme, means— a 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 b any other person who has or may have any liability under the scheme. 6 “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. 7 “Pension liabilities” means liabilities attributable to or associated with the provision under a relevant pension scheme of pensions or other benefits. 8 “The court” means— a in relation to England and Wales or Northern Ireland, the High Court, and b in relation to Scotland, the Court of Session. 142Y 1 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— a to issue any deb
- netting arrangements
means 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;
- Notified person
means a person to whom a decision notice under section 142N(6) was given or ought to have been given. 142P 1 A regulator may at any time with the consent of the person concerned vary— a a requirement imposed by it as a result of section 142L(2)(a) or (b) or (3)(a) or (b), or b a direction given by it as a result of section 142L(2)(c) or (d) or (3)(c) or (d). 2 The person concerned may at any time apply to the appropriate regulator for the variation of— a a requirement imposed by it as a result of section 142L(2)(a) or (b) or (3)(a) or (b), or b a direction given by it as a result of section 142L(2)(c) or (d) or (3)(c) or (d). 3 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. 142Q 1 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— a consult the other regulator before giving the notice, and b give a copy of the not
- Objectives
means—
- 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. 4 “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. 5 “Employer”, in relation to a relevant pension scheme, means— a 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 b any other person who has or may have any liability under the scheme. 6 “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. 7 “Pension liabilities” means liabilities attributable to or associated with the provision under a relevant pension scheme of pensions or other benefits. 8 “The court” means— a in relation to England and Wales or Northern I
- Ordinary administration application
means an application under paragraph 12 of Schedule B1 to the 1986 Act.
- outside person
means 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). 8 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. 142M 1 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”). 2 The preliminary notice must— a state that it is a preliminary notice, b state that the regulator proposes to exercise the group restructuring powers, c state the action which the regulator proposes to take in the exercise of those powers, d be in writing, and e give reasons for the proposed action (which must include the regulator's rea
- payment system
means 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.
- Pension liabilities
means liabilities attributable to or associated with the provision under a relevant pension scheme of pensions or other benefits. 8 “The court” means— a in relation to England and Wales or Northern Ireland, the High Court, and b in relation to Scotland, the Court of Session. 142Y 1 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— a to issue any debt instrument, or b 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. 2 A “relevant body” is— a a ring-fenced body, b any other body corporate that has a Part 4A permission relating to the regulated activity of accepting deposits, or c a body corporate that is a member of the group of a body falling within paragraph (a) or (b). 3 “Debt instrument” means— a a bond, b any other instrument creating or acknowledging a debt, or c an instrument giving rights to acquire a debt instrument. 4 An order under this section may in p
- pension scheme
includes any arrangement for the payment of pensions, allowances and gratuities;
- primary legislation
means—
- protected arrangements
means security interests, title transfer collateral arrangements, set-off arrangements and netting arrangements. 2 In subsection (1)— • “netting arrangements” means 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;
- public functions
includes—
- Qualifying body
means a body which— a is incorporated in the United Kingdom, b is a member of the group of a UK authorised person, and c is not itself an authorised person. 3 The purposes are— a enabling a UK authorised person to carry on core activities as a ring-fenced body in compliance with the ring-fencing provisions;
- Qualifying company
means any company which is wholly owned by the Bank other than— a the Prudential Regulation Authority, or b a company which is a bridge bank for the purposes of section 12(3) of the Banking Act 2009. 10 For the purposes of subsection (9), a company is wholly owned by the Bank if— a it is a company of which no person other than the Bank or a nominee of the Bank is a member, or b it is a wholly-owned subsidiary of a company within paragraph (a).”
- recognised clearing house
has the meaning given by section 285(1) of FSMA 2000;
- recognised CSD
has the meaning given by section 285(1) of FSMA 2000;
- recognised DSA service provider
means 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;
- recognised... payment system
means a payment system, as defined by section 182 of the Banking Act 2009, in respect of which a recognition order under section 184 of that Act is in force;
- regulated activity
has the same meaning as in FSMA 2000;
- regulated payment system
means a payment system designated as a regulated payment system by a designation order;
- relevant application
means an application under paragraph 3 or 4.
- Relevant authorised person
means a PRA-authorised person which—
- Relevant authority
means— a if the transferee is a PRA-authorised person with a Part 4A permission or with permission under Schedule 4, the PRA;
- relevant document
means a document produced in response to a requirement imposed under section 81 or 85.
- relevant function
means a function performed by the person in relation to wholesale cash distribution.
- Relevant functions
means—
- relevant offences
means—
- relevant panel
means—
- Relevant pension scheme
means an occupational pension scheme that is not a money purchase scheme. 3 “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. 4 “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. 5 “Employer”, in relation to a relevant pension scheme, means— a 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 b any other person who has or may have any liability under the scheme. 6 “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. 7 “Pension liabilities” means liabilities attributable to or associated with the provision under a relevant pension schem
- Relevant person
has the same meaning as in section 64B. 5 For the meaning of “relevant authorised person”, see section 71A.”
- Relevant persons
means— a in the case of a direction given to the PRA, PRA-authorised persons;
- relevant PRA-authorised person
means a PRA-authorised person that is a relevant authorised person;
- relevant requirement
means a requirement— a imposed by or under this Act, or b imposed by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order. 5 Condition C is that— a the person has at any time been a senior manager in relation to a relevant authorised person, b there has at that time been (or continued to be) a contravention of a relevant requirement by the authorised person, and c 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. 6 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). 7 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;
- relevant senior management function
means 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). 4 Rules made under this section must relate to the conduct of persons in relation to the performance by them of qualifying functions. 5 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— a in the case of an approved person, the person on whose application approval was given, and b in any other case, the person's employer. 6 In this section any reference to an employee of
- ring-fenced body
means a UK institution which carries on one or more core activities (see section 142B) in relation to which it has a Part 4A permission. 2 But “ring-fenced body” does not include— a a building society within the meaning of the Building Societies Act 1986, or b a UK institution of a class exempted by order made by the Treasury. 3 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. 4 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. 5 In subsection (4) “the ring-fencing provisions” means ring-fencing rules and the duty imposed as a result of section
- ring-fencing rules
has the meaning given in section 142H;”
- secured
means secured against property or rights, or otherwise covered by collateral arrangements. 2 In subsection (1)— • “assets” has the same meaning as in section 232(4) (ignoring for these purposes section 232(5A)(b));
- 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.
- security interests
means arrangements under which one person acquires, by way of security, an actual or contingent interest in the property of another;
- Senior management function
means—
- set-off arrangements
means arrangements under which two or more debts, claims or obligations can be set off against each other;
- shares
has the meaning given in section 422;
- small business
means 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. 11 For the purposes of subsection (10)— a 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;
- specified
means specified in the rules.
- supplier
means 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;
- supply
means a supply of any of the following— (a) computer hardware or software used by the infrastructure company in connection with the operation of the relevant system;
- the 1986 Act
means the Insolvency Act 1986;
- the annual report
means— a in relation to the FCA, every report which it is required by paragraph 11 of Schedule 1ZA to make to the Treasury, and b in relation to the PRA, every report which it is required by paragraph 19 of Schedule 1ZB to make to the Treasury. 5 In this section “auditor” means an auditor appointed under or as a result of a statutory provision. 339C 1 This section applies to a PRA-authorised person which— a is a UK institution, b meets condition A or B, c is not an insurer or a credit union, and d is, in the opinion of the PRA, important to the stability of the UK financial system. 2 Condition A is that the person has permission under Part 4A to carry on the regulated activity of accepting deposits. 3 Condition B is that— a 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 b when carried on by the person, that activity is a PRA-regulated activity. 4 In this section— a “UK institution” means an institution which is incorporated in, or formed under the law of any part of, the United Kingdom;
- The appropriate regulator
means— a in relation to the parent undertaking of a ring-fenced body that is a PRA-authorised person, the PRA;
- the CMA
means the Competition and Markets Authority.
- the concurrent functions
means the functions which by virtue of section 59 are concurrent functions of the Payment Systems Regulator and the CMA.
- the court
means— (a) in England and Wales and Northern Ireland, the High Court;
- the FCA
means the Financial Conduct Authority;
- the group restructuring powers
means one or more of the powers conferred by this section. 2 Where the appropriate regulator is the PRA, the powers conferred by this section are as follows— a 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), b 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), c 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 d 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). 3 Where the appropriate regulator is the FCA, the powers conferred by this section are as follows— a in relation to the ring-fenced body, power to impose a requirement on t
- the interchange fee regulation
means Regulation (EU) 2015/751 of the European Parliament and of the Council of 29th April 2015 on interchange fees for card-based payment transactions.
- The legislation relating to ring-fencing
means—
- The limitation period
means the period of 3 years beginning with the first day on which the regulator knew of the contravention. 6 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. 7 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. 142T 1 If a regulator proposes to take action against a person under section 142S, it must give the person a warning notice. 2 A warning notice about a proposal to impose a penalty must state the amount of the penalty. 3 A warning notice about a proposal to publish a statement must set out the terms of the statement. 4 If the regulator decides to take action against a person under section 142S, it must give the person a decision notice. 5 A decision notice about the imposition of a penalty must state the amount of the penalty. 6 A decision notice about the publication of a statement must set out the terms of the statement. 7 If the regulator decides to take action against a person unde
- the Payment Systems Regulator
means the body established under section 40 of the Financial Services (Banking Reform) Act 2013.”
- The period for consideration
means the period of 3 months beginning with the date on which the regulator receives the application. 6 The FCA may refuse an application under this section if it appears to the FCA that it is desirable to do so in order to advance one or more of its operational objectives. 7 The PRA may refuse an application under this section if it appears to the PRA that it is desirable to do so in order to advance any of its objectives. 8 The following provisions apply to an application made under this section for variation of an approval as they apply to an application for approval made under section 60— • section 60(2) to (8), • section 61(4) and (5), • section 62. 63ZB 1
- the PRA
means the Prudential Regulation Authority.
- the Regulator
means the Payment Systems Regulator;
- the relevant 3-month period
means the 3 months ending with the date on which the FCA receives the notification under Condition 1 in regulation 8 of the regulations.
- the relevant continuity provision
means— (a) in the case of functions exercisable by the FCA, the continuity objective set out in section 1EA of FSMA 2000, or (b) in the case of functions exercisable by the PRA, section 2B(3)(c) and (4A) of that Act.
- the relevant costs
means— For the purposes of paragraph (b) it does not matter when the expenses were incurred.
- The relevant persons
has the same meaning as in section 142M. 142O 1 A notified person who is aggrieved by— a the imposition by either regulator of a requirement as a result of section 142L(2)(a) or (b) or (3)(a) or (b), b a requirement to be imposed as a result of the giving by one regulator to the other of a direction under section 142L(2)(c) or (3)(c), or c the giving by either regulator of a direction under section 142L(2)(d) or (3)(d), may refer the matter to the Tribunal. 2 “Notified person” means a person to whom a decision notice under section 142N(6) was given or ought to have been given. 142P 1 A regulator may at any time with the consent of the person concerned vary— a a requirement imposed by it as a result of section 142L(2)(a) or (b) or (3)(a) or (b), or b a direction given by it as a result of section 142L(2)(c) or (d) or (3)(c) or (d). 2 The person concerned may at any time apply to the appropriate regulator for the variation of— a a requirement imposed by it as a result of section 142L(2)(a) or (b) or (3)(a) or (b), or b a direction given by it as a result of section 142L(2)(c) or (d) or (3)(c) or (d). 3 Sections 55U, 55V, 55X and 55Z3 apply to an application und
- the relevant system
means— (a) in relation to an infrastructure company falling within subsection (2)(a) of section 112, the recognised... payment system, (b) in relation to an infrastructure company falling within subsection (2)(b) of that section, the securities settlement system, (ba) 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, (c) 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;
- the ring-fencing provisions
means ring-fencing rules and the duty imposed as a result of section 142G.”
- the transfer
includes such a cancellation or conversion).”
- the transferee
means—
- the UK financial system
has the meaning given by section 1I of FSMA 2000.
- title transfer collateral arrangements
means arrangements under which Person 1 transfers assets to Person 2 on terms providing for Person 2 to transfer assets if specified obligations are discharged. 3 The Treasury may by order— a restrict the exercise of any power within the scope of this paragraph in cases that involve, or where the exercise of the power might affect, protected arrangements;
- transferee
means 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. 5 “Debt instrument” has the same meaning as in section 142Y. 6 “The appropriate regulator” means— a where the subsidiary undertakings of the qualifying parent undertaking include a ring-fenced body that is a PRA-authorised person, the PRA;
- Tribunal rules
means rules under section 15 of the Enterprise Act 2002.
- voting power
has the meaning given in section 422. 142I 1 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— a any of the matters mentioned in section 142H(5)(a) to (g), or b any other specified matter. 2 The power to make an order under this section is exercisable only if the Treasury consider it necessary or expedient to do so— a for any of the group ring-fencing purposes as defined in section 142H(4), or b otherwise for securing the independence of ring-fenced bodies from other members of their groups. 3 “Specified” means specified in the order. 142J 1 The PRA must carry out reviews of its ring-fencing rules and of any rules made by it under section 192JA (rules applying to parent undertakings of ring-fenced bodies). 2 The first review must be completed before the end of the period of 5 years beginning with the day on which the first ring-fencing rules come into force. 3 Subsequent reviews must be completed before the end of the period of 5 years beginning with the day on which the previous review was completed. 4 The PRA must give the Treasury a repor
- working day
means any day other than— (a) Saturday or Sunday;