Part 5U.K.F1... Payment Systems

RegulationU.K.

188PrinciplesU.K.

(1)The Bank of England may publish principles to which operators of recognised F2... payment systems are to have regard in operating the systems.

(2)Before publishing principles the Bank must obtain the approval of the Treasury.

189Codes of practiceU.K.

The Bank of England may publish codes of practice about the operation of recognised F3... payment systems.

190System rulesU.K.

(1)The Bank of England may require the operator of a recognised F4... 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.

[F5191DirectionsU.K.

(1)The Bank of England may give directions in writing to the operator of a recognised F6... [F7payment] 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.]

192Role of [F8FCA and PRA]U.K.

(1)In exercising powers under this Part the Bank of England shall have regard to any action that [F9the FCA or the PRA] has taken or could take.

[F10(2)The Bank of England—

(a)must consult the FCA before taking action under this Part in respect of a recognised F11... 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 F11... payment system the operator of which satisfies section 186(2)(b).]

(3)If [F12the FCA or the PRA] gives the Bank of England notice that [F13it] is considering taking action in respect of the operator of a recognised F14... payment system who satisfies [F15section 186(2)(a) or (b)], the Bank may not take action under this Part in respect of the operator unless—

(a)[F16the FCA or (as the case may be) the PRA] consents, or

(b)the notice is withdrawn.