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- Point in Time (27/06/2017)
- Original (As enacted)
Version Superseded: 30/11/2017
Point in time view as at 27/06/2017.
Banking Act 2009, Cross Heading: Regulation is up to date with all changes known to be in force on or before 06 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)The Bank of England may publish principles to which operators of recognised F1... payment systems are to have regard in operating the systems.
(2)Before publishing principles the Bank must obtain the approval of the Treasury.
Textual Amendments
F1Word in s. 188(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 10
Commencement Information
I1S. 188 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 1
The Bank of England may publish codes of practice about the operation of recognised F2... payment systems.
Textual Amendments
F2Word in s. 189 omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 11
Commencement Information
I2S. 189 in force at 12.11.2009 for specified purposes and 31.12.2009 in so far as not already in force by S.I. 2009/3000, art. 4, Sch. para. 1
(1)The Bank of England may require the operator of a recognised F3... payment system—
(a)to establish rules for the operation of the system;
(b)to change the rules in a specified way or so as to achieve a specified purpose;
(c)to notify the Bank of any proposed change to the rules;
(d)not to change the rules without the approval of the Bank.
(2)A requirement under subsection (1)(c) or (d) may be general or specific.
Textual Amendments
F3Word in s. 190(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 12
Commencement Information
I3S. 190 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 1
(1)The Bank of England may give directions in writing to the operator of a recognised F5... [F6payment] system.
(2)A direction may—
(a)require or prohibit the taking of specified action in the operation of the system;
(b)set standards to be met in the operation of the system.
(3)If a direction is given for the purpose of resolving or reducing a threat to the stability of the UK financial system, the operator (including its officers and staff) has immunity from liability in damages in respect of action or inaction in accordance with the direction.
(4)A direction given for the purpose mentioned in subsection (3) must—
(a)include a statement that it is given for that purpose, and
(b)inform the operator of the effect of that subsection.
(5)The Treasury may by order confer immunity on any person from liability in damages in respect of action or inaction in accordance with a direction (including a direction given for the purpose mentioned in subsection (3)).
(6)An order—
(a)is to be made by statutory instrument, and
(b)is subject to annulment in pursuance of a resolution of either House of Parliament.
(7)An immunity conferred by or under this section does not extend to action or inaction—
(a)in bad faith, or
(b)in contravention of section 6(1) of the Human Rights Act 1998.]
Textual Amendments
F4S. 191 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(3), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5Word in s. 191(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 13
F6Word in s. 191(1) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 8; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
(1)In exercising powers under this Part the Bank of England shall have regard to any action that [F8the FCA or the PRA] has taken or could take.
[F9(2)The Bank of England—
(a)must consult the FCA before taking action under this Part in respect of a recognised F10... payment system the operator of which satisfies section 186(2)(a), and
(b)must consult the PRA before taking action under this Part in respect of a recognised F10... payment system the operator of which satisfies section 186(2)(b).]
(3)If [F11the FCA or the PRA] gives the Bank of England notice that [F12it] is considering taking action in respect of the operator of a recognised F13... payment system who satisfies [F14section 186(2)(a) or (b)], the Bank may not take action under this Part in respect of the operator unless—
(a)[F15the FCA or (as the case may be) the PRA] consents, or
(b)the notice is withdrawn.
Textual Amendments
F7Words in s. 192 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8Words in s. 192(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9S. 192(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F10Word in s. 192(2)(a)(b) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 14
F11Words in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F12Word in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F13Word in s. 192(3) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 14
F14Words in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(iii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F15Words in s. 192(3)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(iv), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I4S. 192 in force at 12.11.2009 for specified purposes and 31.12.2009 in so far as not already in force by S.I. 2009/3000, arts. 2, 4, Sch. para. 1
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