{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-312FA",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-312FA.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": "section/312FA",
  "kind": "section",
  "number": "312FA",
  "heading": "Central securities depositories: further disciplinary measures",
  "text": "(1) If the Bank of England considers that a contravention by a recognised CSD of a relevant requirement occurred with the consent or connivance of, or was attributable to any neglect on the part of, a member of the management body or other person who effectively controls the business of the recognised CSD, the Bank of England may do one or both of the following—\n(a) publish a statement to that effect;\n(b) impose on that person a penalty, in respect of the contravention, of such amount as it considers appropriate.\n(2) If the Bank of England considers that a member of the management body or other person who effectively controls the business of a recognised CSD is responsible for a contravention by the central securities depository of a relevant requirement, it may do one or more of the following—\n(a) publish a statement to that effect;\n(b) impose on that person a penalty, in respect of the contravention, of such amount as it considers appropriate;\n(c) prohibit that person from holding an office or position involving responsibility for taking decisions about the management of the recognised CSD.\n(3) A prohibition under subsection (2)(c) may apply—\n(a) for a specified period,\n(b) until further notice, or\n(c) for repeated serious contraventions, permanently.\n(4) The Bank of England may, on the application of the person subject to a prohibition under subsection (2)(c), vary or revoke the prohibition.\n(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 18 Ch. 3B 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. 33, 122(3) (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": "S. 312FA inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(29) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 312FA omitted (29.6.2023 for specified purposes) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 10"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "S. 312FA(5) omitted (31.12.2020) by virtue of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 8(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/section/312FA",
    "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."
}