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ARTICLE · 10 AUGUST 2018

UK Brings First Service Provider To Payment Systems Within Special Administration Regime

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On July 17, 2018, the Financial Market Infrastructure Administration (Designation of VocaLink) Order 2018 was laid before Parliament.

United KingdomFinance and Banking
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On July 17, 2018, the Financial Market Infrastructure Administration (Designation of VocaLink) Order 2018 was laid before Parliament. The Order relates to the special administration regime for operators of financial market infrastructures, which came into force on July 13, 2018. Relevant FMIs are operators of recognized payment systems, excluding recognized CCPs (which are already subject to the Banking Act resolution regime in the U.K.) and recognized central securities depositories operating a securities settlement system. However, HM Treasury is able to designate certain service providers to FMIs as infrastructure companies and so bring them within the FMI administration regime.

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