{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-17A/paragraph-28",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/schedule-17A/paragraph-28.json",
  "legislation": "ukpga/2000/8",
  "legislation_title": "Financial Services and Markets Act 2000",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000",
  "path": "schedule/17A/paragraph/28",
  "kind": "paragraph",
  "number": "28",
  "heading": null,
  "text": "(1) The power conferred by section 384(5) (power of FCA to require restitution order) is exercisable by the Bank.\n(2) That power is exercisable if the Bank is satisfied that a recognised clearing house , 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—\n(a) that profits have accrued to the recognised clearing house , the recognised CSD or the critical third party as a result of the contravention; or\n(b) that one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.\n(3) For the purposes of that power, “relevant requirement” is to be read in accordance with paragraph 26(2) of this Schedule (subject to sub-paragraph (3A)).\n(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.\n(4) Where this paragraph applies, section 384(5) and (6) are to have effect as if—\n(a) any reference to the person concerned were a reference to the recognised clearing house , the recognised CSD or the critical third party; and\n(b) any reference to subsection (1) were a reference to sub-paragraph (2) of this paragraph.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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."
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/schedule/17A/paragraph/28",
    "retrieved_at": "2026-10-29T09:21:21.899993+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}