Paragraph 36 F1

United Kingdom

(1)

The Bank of England may, in connection with the discharge of any of its qualifying functions, require recognised clearing housesF2, F3... F4third country central counterparties, recognised CSDs F5... or settlement internalisers (as defined in point (11) of Article 2(1) of the CSD regulation) to pay fees to the Bank.

(2)

The “qualifying functions” of the Bank are—

(a)

its functions under or as a result of this Part of this Act, F6...

(b)

its functions under or as a result of a F7qualifying provision that is specified, or of a description specified, for the purposes of this sub-paragraph by the Treasury by orderF8; F9...

(F10ba)

its functions under or as a result of regulations made under section 8 of the European Union (Withdrawal) Act 2018; and

(c)

its functions under or as a result of Part 7 of the Companies Act 1989.

(3)

The power of the Bank to set fees includes power to set fees for the purpose of meeting expenses incurred by it or the FCA—

(a)

in preparation for the exercise of functions by the Bank under this Part of this Act, F11...

(b)

for the purpose of facilitating the exercise by the Bank of those functions or otherwise in connection with their exercise by it F12or

(F13c)

in preparation for the exercise of functions by the Bank under Article 9(1) of the CSD regulation.

(4)

It is irrelevant when the expenses were incurred (and, in particular, it is irrelevant if expenses were incurred by the FCA at a time when it was known as the Financial Services Authority).

(F145)

The power conferred by this paragraph may not be used to require a fee to be paid by any person whose application under section 309I for approval under section 309G has been granted.

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. 36(1) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(16)(h)(i) (with regs. 52-58)
F3: Words in Sch. 17A para. 36(1) omitted (31.12.2020) by virtue of The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1184), regs. 1(2), 5(d) (with arts. 11-20) (as amended by: S.I. 2019/405, reg. 8; S.I. 2020/56, reg. 7; and S.I. 2020/646, reg. 4; and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4: Words in Sch. 17A para. 36(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(w)(i) (with regs. 7(4), 9(1))
F5: Words in Sch. 17A para. 36(1) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 119(a); 2020 c. 1, Sch. 5 para. 1(1)
F6: Word in Sch. 17A para. 36(2)(a) omitted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(16)(h)(ii) (with regs. 52-58)
F7: Words in Sch. 17A para. 36(2)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 119(b); 2020 c. 1, Sch. 5 para. 1(1)
F8: Sch. 17A para. 36(2)(c) and word inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(16)(h)(iii) (with regs. 52-58)
F9: Word in Sch. 17A para. 36(2)(b) omitted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 7(11)(b)(i)
F10: Sch. 17A para. 36(2)(ba) inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 7(11)(b)(ii)
F11: Word in Sch. 17A para. 36(3)(a) omitted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(w)(ii)(aa) (with regs. 7(4), 9(1))
F12: Word in Sch. 17A para. 36(3)(b) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(w)(ii)(bb) (with regs. 7(4), 9(1))
F13: Sch. 17A para. 36(3)(c) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(w)(ii)(cc) (with regs. 7(4), 9(1))
F14: Sch. 17A para. 36(5) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 20(7)

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)