Banking Act 2009

IntroductionU.K.

181OverviewU.K.

This Part enables the Bank of England to oversee certain systems for payments between financial institutions.

182Interpretation: “inter-bank payment system”U.K.

(1)In this Part “inter-bank payment system” means arrangements designed to facilitate or control the transfer of money between financial institutions who participate in the arrangements.

(2)The fact that persons other than financial institutions can participate does not prevent arrangements from being an inter-bank payment system.

(3)In subsection (1) “financial institutions” means—

(a)banks, and

(b)building societies.

(4)In subsection (1) “money” includes credit.

(5)A system is an inter-bank payment system for the purposes of this Part whether or not it operates wholly or partly in relation to persons or places outside the United Kingdom.

183Interpretation: other expressionsU.K.

In this Part—

(a)a reference to the “operator” of an inter-bank payment system is a reference to any person with responsibility under the system for managing or operating it,

(b)a reference to the operation of a system includes a reference to its management,

(c)“the UK financial system” has the meaning given F1... by [F2section 1I] of the Financial Services and Markets Act 2000 F3...,

(d)a reference to the Bank of England's role as a monetary authority is to be construed in accordance with section 244(2)(c),

[F4(e)the FCA” means the Financial Conduct Authority,

(f)“Part 4A permission” has the meaning given by section 55A of the Financial Services and Markets Act 2000,

(g)“the PRA” means the Prudential Regulation Authority,

(h)“PRA-regulated activity” has the meaning given by section 22A of the Financial Services and Markets Act 2000, and

(i)“recognised investment exchange” has the meaning given by section 285 of that Act.]