206AServices forming part of recognised inter-bank payment systems

1

The Treasury may by order make provision applying any provision of this Part to persons who are service providers in relation to a recognised inter-bank payment system.

2

A person is a service provider in relation to a recognised inter-bank payment system if—

a

the person provides services that form part of the arrangements constituting the system, and

b

the person is specified as a person within paragraph (a) by the Treasury in the recognition order made in respect of the system.

3

Telecommunication or information technology services are examples of the kind of services that may fall within subsection (2)(a).

4

Before specifying persons under subsection (2)(b), the Treasury must—

a

consult the Bank of England and the FSA,

b

notify the operator of the system and the persons whom the Treasury proposes to specify, and

c

consider any representations made.

5

The Treasury may not specify the Bank of England under subsection (2)(b).

6

Before making an order under subsection (1), the Treasury must consult—

a

the Bank of England,

b

the FSA, and

c

such other persons as the Treasury consider appropriate.

7

An order under subsection (1)—

a

may modify any provision of this Part in its application to persons who are service providers in relation to a recognised inter-bank payment system;

b

may (but need not) take the form of textual amendment.

8

An order under subsection (1)—

a

is to be made by statutory instrument, and

b

may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.