SCHEDULES

SCHEDULE 6U.K.Digital settlement assets

PART 1U.K.Amendments to the Banking Act 2009

37(1)Section 206A (services forming part of recognised payment systems) is amended as follows.U.K.

(2)For the heading substitute “Service providers”.

(3)In subsection (1)—

(a)omit the words “persons who are”;

(b)the words after “providers” become paragraph (a);

(c)after that paragraph insert “, or

(b)in relation to a recognised DSA service provider.”

(4)After subsection (2) insert—

“(2A)A person is a service provider in relation to a recognised DSA service provider if—

(a)the person provides services to the recognised DSA service provider, and

(b)the person is specified as a person within paragraph (a) by the Treasury in the recognition order made in respect of the DSA service provider.

(2B)A payment system that includes arrangements using digital settlement assets is a service provider in relation to a recognised DSA service provider if—

(a)the system provides services to the recognised DSA service provider, and

(b)the system is specified as a system within paragraph (a) by the Treasury in the recognition order made in respect of the DSA service provider.”

(5)After subsection (3) insert—

“(3A)In relation to a recognised payment system that includes arrangements using digital settlement assets, subsection (2)(a) includes a person providing services connected with the system. See section 206AA.”

(6)In the opening words of subsection (4), after “(2)(b)” insert “or (2A)(b) or systems under subsection (2B)(b)”.

(7)In subsection (4)(b) after “system” insert “or DSA service provider”.

(8)In subsection (5) after “(2)(b)” insert “, (2A)(b) or (2B)(b)”.