Paragraph 28 F1
United Kingdom
The power conferred by section 384(5) (power of FCA to require restitution order) is exercisable by the Bank.
That power is exercisable if the Bank is satisfied that a recognised clearing house F2, a recognised CSD or a critical third party has contravened a relevant requirement, or been knowingly concerned in the contravention of a relevant requirement, and—
that profits have accrued to the recognised clearing house F3, the recognised CSD or the critical third party as a result of the contravention; or
that one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.
For the purposes of that power, “relevant requirement” is to be read in accordance with paragraph 26(2) of this Schedule F4(subject to sub-paragraph (3A)).
The power conferred by section 384(5) is not exercisable by the Bank in respect of the contravention of a requirement imposed by or under Article 4 or 15 of the SFT regulation.
Where this paragraph applies, section 384(5) and (6) are to have effect as if—
any reference to the person concerned were a reference to the recognised clearing house F6, the recognised CSD or the critical third party; and
any reference to subsection (1) were a reference to sub-paragraph (2) of this paragraph.
Annotations
Textual amendments
- F1
Sch. 17A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.
- F2
Words in Sch. 17A para. 28(2) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 19(12)(a), 86(3); S.I. 2023/779, reg. 4(n)
- F3
Words in Sch. 17A para. 28(2)(a) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 19(12)(b), 86(3); S.I. 2023/779, reg. 4(n)
- F4
Words in Sch. 17A para. 28(3) inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 1 para. 1(6)(c)(i)
- F5
Sch. 17A para. 28(3A) inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 1 para. 1(6)(c)(ii)
- F6
Words in Sch. 17A para. 28(4)(a) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 19(12)(c), 86(3); S.I. 2023/779, reg. 4(n)
Notes on Schedule 17A
Textual amendments
- F2
Words in Sch. 17A heading inserted (1.1.2024 at 1.00 a.m. for specified purposes, 1.8.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), ss. 50(5), 86(3); S.I. 2023/1382, regs. 10(f), 11(b)