Part 6: Miscellaneous Section 112: Power to apply settlement finality regime to payment institutions
This section amends the Financial Services and Markets Act 2000, by inserting provisions that give HM Treasury the power to apply the settlement finality regime to payment institutions. The current settlement finality regime for payment systems and securities settlement systems is in the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979).
	Subsection (1) of new section 379A of the Financial Services and Markets Act 2000 sets out that HM Treasury may, by statutory instrument apply relevant secondary legislation that modifies the law of insolvency (or related law), or that relates to the securing of rights and obligations, to payment institutions to provide for the application of the settlement finality regime.
	Subsection (2) sets out the definition of a "payment institution." This cross-refers to relevant terms in the Payment Services Regulations 2009 (SI 2009/09) and includes certain persons with corresponding functions located outside the United Kingdom.
	Subsection (3) sets out the definition of a payment or securities settlement system. It is defined as arrangements between participants for, or in connection with, clearing or execution of instructions (by participants). Such arrangements must relate to the placement of money, payment obligations, or transfers associated with securities.
	Subsections (4) (5) and (6) are self-explanatory