48 Exercise of FMI regulatory powers
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

Bank of England regulatory powers

48  Exercise of FMI regulatory powers

After section 30C of the Bank of England Act 1998 insert—

“Part 3B
Central Counterparties and Central Securities Depositories
30D Exercise of functions relating to CCPs and CSDs

(1)     In exercising its FMI functions in a way that advances the Financial Stability Objective (and subject to that), the Bank must have regard to—

(a)     the regulatory principles in section 30E;

(b)     the effects generally that the exercise of FMI functions will or may have on the financial stability of countries or territories (other than the United Kingdom) in which FMI entities are established or provide services;

(c)     the desirability of exercising FMI functions in a manner that is not determined by whether the persons to whom FMI services are provided are located in the United Kingdom or elsewhere.

(2)     In exercising its FMI functions in a way that advances the Financial Stability Objective the Bank must, so far as reasonably possible, act in a way which, as a secondary objective, facilitates innovation in the provision of FMI services (including in the infrastructure used for that purpose) with a view to improving the quality, efficiency and economy of the services.

(3)

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