104 Inter-bank payment systems

Section 104 Inter-bank payment systems

Financial Services Act 2012 (2012 c 21) | Legislation

Inter-bank payment systems

104  Inter-bank payment systems

(1)     Part 5 of the Banking Act 2009 (inter-bank payment systems) is amended as follows.

(2)     After section 186 insert—

“186A Amendment of recognition order

(1)     The Treasury may amend a recognition order.

(2)     Before amending a recognition order the Treasury must—

(a)     consult the Bank of England,

(b)     notify the operator of the recognised inter-bank payment system, and

(c)     consider any representations made.

(3)     In addition, the Treasury—

(a)     must consult the FCA before amending a recognition order in respect of a payment system the operator of which—

(i)     is, or has applied to become, a recognised investment exchange, or

(ii)     has, or has applied for, a Part 4A permission, and

(b)     if the operator has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.

(4)     The Treasury must consider any request by the operator of a recognised inter-bank payment system for the amendment of its recognition order.”

(3)     For section 191 substitute—

“191 Directions

(1)     The Bank of England may give directions in writing to the operator of a recognised inter-bank system.

(2)     A direction may—

(a)

Powered by Lexis+®

Popular documents