Section 206G Wholesale cash oversight ordersF1

(1)

The Treasury may by order (a “wholesale cash oversight order”) specify a person as a recognised person for the purposes of this Part.

(2)

A person may be specified only if the person—

(a)

performs a relevant function in relation to a wholesale cash distribution activity, and

(b)

is recognised as having market significance (see section 206H).

(3)

The following are relevant functions in relation to a wholesale cash distribution activity—

(a)

undertaking the activity;

(b)

managing the activity;

(c)

providing a service in relation to the activity;

(d)

providing financial assistance in relation to the activity.

(4)

A wholesale cash oversight order must specify in as much detail as is reasonably practicable—

(a)

each wholesale cash distribution activity in relation to which the specified person performs a relevant function, and

(b)

each relevant function the person performs.

(5)

The Treasury may not make a wholesale cash oversight order in respect of an issuing authority or the Mint.

Annotations

F1: Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1