Watchtower/Law library/Financial Services and Markets Act 2023/30
As last captured

Financial Services and Markets Act 2023 · PART 2 Amendments to the European Market Infrastructure...

30

Sch. 2 para. 30 · in force: yes

Captured statutory text (L5)

30

After Article 84b insert—
Article 84cBank of England rules(1) The provisions of Part 9A of FSMA (rules and guidance) listed in paragraph 2 apply in relation to rules made by the Bank of England under Article 6b, subject to the modifications in paragraphs 3 to 5. (2) The provisions are—
(a)section 137T (general supplementary powers);
(b)sections 138A and 138B (modification or waiver of rules), but with the omission of subsection (4)(b) of section 138A and subsection (4) of section 138B;
(c)section 138C (evidential provisions);
(d)section 138E (limits on effect of contravening rules);
(e)section 138F (notification of rules);
(f)section 138G (rule-making instruments);
(g)section 138H (verification of rules);
(h)section 138J (consultation by the PRA), but with the omission of subsections (2)(c) and (5)(b);
(i)section 138L (consultation: general exceptions), but with the omission of subsection (1).
(3) Any reference in any of those provisions to an authorised person is to be read as a reference to a person to whom the clearing obligation referred to in Article 4(1) applies. (4) Section 138J(2)(d) has effect in relation to rules proposed to be made by the Bank of England as if the reference to the compatibility of the proposed rules with the provisions mentioned in section 138J(2)(d) were a reference to their compatibility with the Bank of England’s financial stability objective under section 2A of the Bank of England Act 1998. (5) Section 138L(2) has effect as if for paragraphs (a) and (b) there were substituted “be prejudicial to financial stability”.
Full captured verbatim text
After Article 84b insert—

Article 84cBank of England rules(1) The provisions of Part 9A of FSMA (rules and guidance) listed in paragraph 2 apply in relation to rules made by the Bank of England under Article 6b, subject to the modifications in paragraphs 3 to 5.

(2) The provisions are—

(a) section 137T (general supplementary powers);

(b) sections 138A and 138B (modification or waiver of rules), but with the omission of subsection (4)(b) of section 138A and subsection (4) of section 138B;

(c) section 138C (evidential provisions);

(d) section 138E (limits on effect of contravening rules);

(e) section 138F (notification of rules);

(f) section 138G (rule-making instruments);

(g) section 138H (verification of rules);

(h) section 138J (consultation by the PRA), but with the omission of subsections (2)(c) and (5)(b);

(i) section 138L (consultation: general exceptions), but with the omission of subsection (1).

(3) Any reference in any of those provisions to an authorised person is to be read as a reference to a person to whom the clearing obligation referred to in Article 4(1) applies.

(4) Section 138J(2)(d) has effect in relation to rules proposed to be made by the Bank of England as if the reference to the compatibility of the proposed rules with the provisions mentioned in section 138J(2)(d) were a reference to their compatibility with the Bank of England’s financial stability objective under section 2A of the Bank of England Act 1998.

(5) Section 138L(2) has effect as if for paragraphs (a) and (b) there were substituted “be prejudicial to financial stability”.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 1/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

Part 9A FSMA rule-making provisions apply with specified modifications to Bank of England rules made under Article 6b.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

No captured references.

Referred to by

schedule ref schedule_ref · Sch. 11 para. 161

schedule ref schedule_ref · Sch. 2 para. 51

Part summaries

0 of 0 parts have a verified summary.

L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (537)

synthesis coverage: missing/unverified L2 part-1-chapter-1

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-1

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-2

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-3

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-5

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-6

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-7

synthesis coverage: missing/unverified L2 part-1-chapter-2

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-8

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-9

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-10

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-11

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-23

synthesis coverage: missing/unverified L2 part-1-chapter-2

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-24

synthesis coverage: missing/unverified L2 part-1-chapter-3

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-25

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-26

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-27

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-28

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synthesis coverage: missing/unverified L2 part-2

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-55

synthesis coverage: missing/unverified L2 part-3

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-56

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-57

synthesis coverage: missing/unverified L2 part-5

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-58

synthesis coverage: missing/unverified L2 part-6

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-59

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-78

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-79

synthesis coverage: missing/unverified L2 part-7

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-80

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synthesis coverage: missing/unverified L2 schedule-2-part-1

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synthesis coverage: missing/unverified L2 schedule-2-part-2

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synthesis coverage: missing/unverified L2 schedule-2-part-3

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Instrument tier unavailable

Change history as published

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Pending effects amendments not yet applied to this text

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(b) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(c) · Effective date unknown

Sch. 1 Pt. 5 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(d)(i) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Show all 14

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(b) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(b) · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(d) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(b) Sch. Pt. 1 · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(d) Sch. Pt. 2 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument
uk:ukpga/2023/29
Part
PART 2 Amendments to the European Market Infrastructure Regulation
Version
86372fb4e615f9918e757dfa…
Content hash
sha256 7bac7f8c49bfed9d62d87d03…
Source
legislation.gov.uk/ukpga/2023/29