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Change 1
As published
112 Interpretation: infrastructure companies
(1) In this Part “infrastructure company” has the meaning given by this section.
(2) “Infrastructure company” means a company which is—
(a) the operator of a recognised ... payment system, other than an operator excluded by subsection (3),
(aa) a recognised DSA service provider,
(b) a recognised CSD ..., ...
(ba) a person recognised for the purposes of Part 5A of the Banking Act 2009 (wholesale cash distribution) as having systemic significance, or
(c) a company designated by the Treasury under subsection (4).
(3) But a company is not an infrastructure company if it is a recognised central counterparty, as defined by section 285 of FSMA 2000.
(4) The Treasury may by order designate a company for the purposes of subsection (2)(c) if—
(a) the company provides services to a person falling within subsection (2)(a), (b) or (ba), and
(b) the Treasury are satisfied that an interruption in the provision of those services would have a serious adverse effect on the effective operation of the recognised ... payment system or securities settlement system in question or, in the case of a person falling within subsection (2)(ba), a relevant function.
(5) An order under subsection (4) must specify the recognised ... payment system or securities settlement system in connection with which the company is designated.
(6) Before designating a company under subsection (4), the Treasury must consult—
(a) the company to be designated,
(b) the person within subsection (2)(a), (b) or (ba) to whom the company provides services,
(c) the Bank of England,
(d) if the company is a PRA-authorised person, the PRA and the FCA, and
(e) if the company is an authorised person other than a PRA-authorised person, the FCA.
(7) In subsection (4)(b), “relevant function” means a function performed by the person in relation to wholesale cash distribution.
Your change, as a redline
112 Interpretation: infrastructure companies
(1) In this Part “infrastructure company” has the meaning given by this section.
(2) “Infrastructure company” means a company which is—
(a) the operator of a recognised ... payment system, other than an operator excluded by subsection (3),
(aa) a recognised DSA service provider,
(b) a recognised CSD ..., ...
(ba) a person recognised for the purposes of Part 5A of the Banking Act 2009 (wholesale cash distribution) as having systemic significance, or
(c) a company designated by the Treasury under subsection (4).
(3) But a company is not an infrastructure company if it is a recognised central counterparty, as defined by section 285 of FSMA 2000.
(4) The Treasury may by order designate a company for the purposes of subsection (2)(c) if—
(a) the company provides services to a person falling within subsection (2)(a), (b) or (ba), and
(b) the Treasury are satisfied that an interruption in the provision of those services would have a serious adverse effect on the effective operation of the recognised ... payment system or securities settlement system in question or, in the case of a person falling within subsection (2)(ba), a relevant function.
(5) An order under subsection (4) must specify the recognised ... payment system or securities settlement system in connection with which the company is designated.
(6) Before designating a company under subsection (4), the Treasury must consult—
(a) the company to be designated,
(b) the person within subsection (2)(a), (b) or (ba) to whom the company provides services,
(c) the Bank of England,
(d) if the company is a PRA-authorised person, the PRA and the FCA, and
(e) if the company is an authorised person other than a PRA-authorised person, the FCA.
(7) In subsection (4)(b), “relevant function” means a function performed by the person in relation to wholesale cash distribution.
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