xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
Textual Amendments
F1 Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))
F2Words in Pt. 18 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 18(2), 86(3); S.I. 2023/779, reg. 4(m)
Modifications etc. (not altering text)
C1Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))
(1)Before giving a direction under section 296 [F3or 296A], or making a revocation order under section [F4297(1B), (2),] [F5(2A) or (2D)], [F6the appropriate regulator] must—
(a)give written notice of its intention to do so to the recognised body concerned;
F7(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)A notice under subsection (1) must—
(a)state why [F9the appropriate regulator] intends to give the direction or make the order; and
(b)draw attention to the right to make representations conferred by subsection (3).
(3)Before the end of the period for making representations—
(a)the recognised body,
F10(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
may make representations to [F12the appropriate regulator].
[F13(4)The period for making representations is such period as is specified in the notice (which may, in any particular case, be extended by the appropriate regulator).]
(5)In deciding whether to—
(a)give a direction, or
(b)make a revocation order,
[F14the appropriate regulator] must have regard to any representations made in accordance with subsection (3).
(6)When [F15the appropriate regulator] has decided whether to give a direction under section 296 [F16or 296A] or to make the proposed revocation order, it must—
(a)give the recognised body written notice of its decision; F17... [F18and
(aa)in the case of a direction under section 296 given to a recognised CSD F19... or a revocation order under section 297(1B), give the recognised CSD F19... reasons for its decision.]
F17(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F20(6A)If the appropriate regulator—
(a)gives a direction under section 296 to a recognised body because it has failed, or is likely to fail, to comply with an obligation imposed on it by or under Article 4 or 15 of the SFT regulation;
[F21(aa)gives any other direction under section 296 to a recognised CSD;
F22(ab). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(ac)makes a revocation order under section 297(1B);]
(b)makes a revocation order under section 297(2A)(c) because a recognised body has failed, or is likely to fail, to comply with an obligation imposed on it by or under Article 4 or 15 of the SFT regulation; or
(c)makes a revocation order under section 297(2D),
the body concerned may refer the matter to the Tribunal.]
(7)If [F23the appropriate regulator] [F24reasonably considers it necessary] to do so, it may give a direction under section 296 [F25or 296A]—
(a)without following the procedure set out in this section; or
(b)if [F23the appropriate regulator] has begun to follow that procedure, regardless of whether the period for making representations has expired.
[F26(7A)Subsection (7) does not apply in relation to a direction given to a recognised CSD F27... under section 296.
F28(7B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(8)If [F29the appropriate regulator] has, in relation to a particular matter, followed the procedure set out in subsections (1) to (5), it need not follow it again if, in relation to that matter, it decides to take action other than that specified in its notice under subsection (1).
F30(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Words in s. 298(1) 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), s. 122(3), Sch. 8 para. 16(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F4Word in s. 298(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(24)(a) (with regs. 7(4), 9(1))
F5Words in s. 298(1) substituted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 1 para. 1(3)(a)
F6Words in s. 298(1) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 16(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F7S. 298(1)(b) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 32(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8S. 298(1)(c) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 32(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9Words in s. 298(2)(a) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 16(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F10S. 298(3)(b) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 32(3), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F11S. 298(3)(c) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 32(3), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F12Words in s. 298(3) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 16(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F13S. 298(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 32(4), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F14Words in s. 298(5) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 16(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F15Words in s. 298(6) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 16(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F16Words in s. 298(6) 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), s. 122(3), Sch. 8 para. 16(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F17S. 298(6)(b) and word omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 32(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F18S. 298(6)(aa) and word inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(24)(b) (with regs. 7(4), 9(1))
F19Words in s. 298(6)(aa) 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), 5(15)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F20S. 298(6A) inserted (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), reg. 1(2), Sch. 1 para. 1(3)(b)
F21S. 298(6A)(aa)-(ac) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(24)(c) (with regs. 7(4), 9(1))
F22S. 298(6A)(ab) 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), 5(15)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F23Words in s. 298(7) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 16(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F24Words in s. 298(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 32(6), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F25Words in s. 298(7) 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), s. 122(3), Sch. 8 para. 16(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F26S. 298(7A)(7B) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(24)(d) (with regs. 7(4), 9(1))
F27Words in s. 298(7A) 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), 5(15)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F28S. 298(7B) 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), 5(15)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F29Words in s. 298(8) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 16(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F30S. 298(9) 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), 5(15)(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Modifications etc. (not altering text)
C2S. 298 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(11); S.I. 2001/3538, art. 2(1)
C3S. 298 applied (with modifications) by 1998 c. 40, s. 170B(9) (as inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), reg. 1(2), s. 170B(9) (with regs. 52-58))
C4S. 298 applied by S.I. 2014/2879, reg. 5M(4) (as inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1)))
Commencement Information
I1S. 298 wholly in force at 1.12.2001; s. 298 not in force at Royal Assent see s. 431(2); s. 298 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2 Sch. Pt. 2; s. 298 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)