9 Rules relating to central counterparties and central securities depositories
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

Financial market infrastructure: general rules and requirements

9  Rules relating to central counterparties and central securities depositories

(1)     FSMA 2000 is amended as follows.

(2)     After section 300E (power to disallow excessive regulatory provision: supplementary) insert—

“General rule-making powers
300F Rules relating to central counterparties and central securities depositories

(1)     The Bank of England may make such rules applying to FMI entities—

(a)     with respect to the carrying on by them of relevant regulated activities, or

(b)     with respect to the carrying on by them of an activity which is not a relevant regulated activity,

as appear to the Bank to be necessary or expedient for the purpose of advancing its Financial Stability Objective.

(2)     Each of the following is an “FMI entity” for the purposes of this section—

(a)     a recognised central counterparty;

(b)     a recognised CSD;

(c)     a third country central counterparty;

(d)     a third country CSD.

(3)     The power to make rules under subsection (1), so far as applying to a third country central counterparty or a third country CSD, is subject to section 300G.

(4)     In this section “relevant regulated activity”—

(a)     in relation to a recognised central counterparty, means a regulated activity described

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