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Banking Act 2009

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Changes to legislation:

Banking Act 2009, Cross Heading: Miscellaneous is up to date with all changes known to be in force on or before 26 April 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. Help about Changes to Legislation

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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

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Whole provisions yet to be inserted into this Act (including any effects on those provisions):

MiscellaneousU.K.

203FeesU.K.

(1)The Bank of England may require operators of recognised F1... payment systems [F2, recognised DSA service providers,] [F3, and service providers in relation to such systems [F4or such DSA service providers],] to pay fees.

(2)A requirement under subsection (1) must relate to a scale of fees approved by the Treasury by regulations.

(3)Regulations under subsection (2)—

(a)shall be made by statutory instrument, and

(b)shall be subject to annulment in pursuance of a resolution of either House of Parliament.

(4)A requirement under subsection (1) may be enforced by the Bank as a debt.

Textual Amendments

F1Word in s. 203(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 25

Commencement Information

I1S. 203 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. 3

[F5203ARecordsU.K.

(1)The Bank of England must maintain satisfactory arrangements for—

(a)recording decisions made in the exercise of its functions under this Part, and

(b)the safe-keeping of those records which it considers ought to be preserved.

(2)The duty in subsection (1) does not apply to a decision to issue a notice under section 204(1).

Textual Amendments

F5Ss. 203A, 203B inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(8), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

203BAnnual reportU.K.

(1)At least once a year the Bank of England must make a report to the Treasury on—

(a)the discharge of its functions under this Part,

(b)the extent to which, in its opinion, in discharging those functions its financial stability objective has been met, and

(c)such other matters as the Treasury may from time to time direct.

(2)Subsection (1) does not require the inclusion in the report of any information whose publication would in the opinion of the Bank of England be against the public interest.

(3)The Treasury must lay before Parliament a copy of each report received by them under this section.]

Textual Amendments

F5Ss. 203A, 203B inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(8), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[F6203CPolicy statementU.K.

(1)The Bank of England must prepare a statement of the general policy it proposes to follow in relation to its oversight under this Part of —

(a)recognised payment systems that include arrangements using digital settlement assets,

(b)DSA service providers, and

(c)service providers as described in sections 206A and 206AA.

(2)Before issuing a statement of policy under this section, the Bank must consult the FCA.

(3)The Bank must —

(a)publish the statement on its website,

(b)send a copy to the Treasury, and

(c)review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision).

(4)Nothing in this section is to be regarded as preventing the Bank of England from exercising any of its powers under this Part where it considers it necessary to do so by reason of urgency, before it has prepared a statement under this section.]

Textual Amendments

204InformationU.K.

(1)The Bank of England may by notice in writing require a person to provide information—

(a)which the Bank thinks will help the Treasury in determining whether to make a recognition order [F7or an order under section 206A] [F8, or to specify a person under section 206A(2)(b)] [F9or 206A(2A)(b)], or

(b)which the Bank otherwise requires in connection with its functions under this Part.

[F10(1A)The Bank of England may by notice in writing require the operator of a recognised F11... payment system [F12, a recognised DSA service provider,] [F13or a service provider in relation to such a system] [F14or such a DSA service provider] to provide information which the Bank requires in connection with the exercise of its functions (whether under this Part or otherwise) in pursuance of its financial stability objective.]

(2)In particular, a notice [F15under subsection (1) or (1A)] may require the operator of a recognised F16... payment system [F17, a recognised DSA service provider,] [F18or a service provider in relation to such a system] [F19or such a DSA service provider] to notify the Bank if events of a specified kind occur.

(3)A notice [F20under subsection (1) or (1A)] may require information to be provided—

(a)in a specified form or manner;

(b)at a specified time;

(c)in respect of a specified period.

(4)The Bank may disclose information obtained by virtue of this section to—

(a)the Treasury;

[F21(b)the FCA;

F22(ba). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(c)an authority in a country or territory outside the United Kingdom which exercises functions similar to those of the Treasury, the Bank of England [F23, the FCA or the PRA] in relation to F24... payment systems;

F25(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e)the Bank for International Settlements.

(5)Subsection (4)—

(a)overrides a contractual or other requirement to keep information in confidence, and

(b)is without prejudice to any other power to disclose information.

(6)The Treasury may by regulations permit the disclosure of information obtained by virtue of this section to a specified person.

(7)The Bank may publish information obtained by virtue of this section.

(8)The Treasury may make regulations about the manner and extent of publication under subsection (7).

(9)Regulations under this section—

(a)shall be made by statutory instrument, and

(b)shall be subject to annulment in pursuance of a resolution of either House of Parliament.

(10)It is an offence—

(a)to fail without reasonable excuse to comply with a requirement under this section;

(b)knowingly or recklessly to give false information in pursuance of this section.

(11)A person guilty of an offence is liable—

(a)on summary conviction, to a fine not exceeding the statutory maximum, or

(b)on conviction on indictment, to a fine.

Textual Amendments

F7Words in s. 204(1)(a) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 45

F11Word in s. 204(1A) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 26

F15Words in s. 204(2) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(9)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F16Word in s. 204(2) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 26

F20Words in s. 204(3) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(9)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F21S. 204(4)(b)(ba) substituted for s. 204(4)(b) (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(9)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F23Words in s. 204(4)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(9)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F24Word in s. 204(4)(c) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 26

Commencement Information

I2S. 204(1)(a)(2)(3)(4)(a)(b)(5)(6)(8)-(11) in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 4

I3S. 204(1)(b)(4)(c)(4)(d)(4)(e)(7) in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 4

205Pretending to be recognisedU.K.

(1)It is an offence for the operator of a non-recognised F26... payment system [F27or DSA service provider]—

(a)to assert that the system [F28or provider] is recognised, or

(b)to do anything which suggests that the system [F29or provider] is recognised.

[F30(1A)It is an offence for a person who is not a service provider in relation to a recognised payment system [F31or recognised DSA service provider]—

(a)to assert that the person is such a service provider, or

(b)to do anything which suggests that the person is such a service provider.]

(2)A person guilty of an offence is liable—

(a)on summary conviction, to a fine not exceeding the statutory maximum, or

(b)on conviction on indictment, to a fine.

Textual Amendments

F26Word in s. 205(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 27

Commencement Information

I4S. 205 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 5

206Saving for informal oversightU.K.

(1)Nothing in this Part prevents the Bank of England from having dealings with the operators of payment systems [F32, DSA service providers] [F33, or persons who provide services in relation to payment systems,] [F34or DSA service providers] to which this Part does not apply.

(2)Nothing in this Part prevents the Bank from having dealings, other than through the provisions of this Part, with the operators of payment systems [F35, DSA service providers] [F36, or persons who provide services in relation to payment systems,] [F37or DSA service providers] to which this Part does apply.

Textual Amendments

Commencement Information

I5S. 206 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 5

206A[F38Service providers] U.K.

(1)The Treasury may by order make provision applying any provision of this Part to F39... service providers—

[F40(a)] in relation to a recognised F41... payment system [F42, or

(b)in relation to a recognised DSA service provider.]

(2)A person is a service provider in relation to a recognised F43... 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.

[F44(2A)A person is a service provider in relation to a recognised DSA service provider if—

(a)the person provides services to the recognised DSA service provider, and

(b)the person is specified as a person within paragraph (a) by the Treasury in the recognition order made in respect of the DSA service provider.

(2B)A payment system that includes arrangements using digital settlement assets is a service provider in relation to a recognised DSA service provider if—

(a)the system provides services to the recognised DSA service provider, and

(b)the system is specified as a system within paragraph (a) by the Treasury in the recognition order made in respect of the DSA service provider.]

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

[F45(3A)In relation to a recognised payment system that includes arrangements using digital settlement assets, subsection (2)(a) includes a person providing services connected with the system. See section 206AA.]

(4)Before specifying persons under subsection (2)(b) [F46or (2A)(b) or systems under subsection (2B)(b)], the Treasury must—

(a)consult the Bank of England [F47, the Payment Systems Regulator] [F48, the FCA and the PRA],

(b)notify the operator of the system [F49or DSA service provider] 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) [F50, (2A)(b) or (2B)(b)].

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

(a)the Bank of England,

[F51(b)the FCA,

(ba)the PRA, 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 F52... 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.

Textual Amendments

F41Word in s. 206A(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 28

F43Word in s. 206A(2) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 28

F48Words in s. 206A(4)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(10)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F51S. 206A(6)(b)(ba) substituted for s. 206A(6)(b) (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(10)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F52Word in s. 206A(7)(a) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 28

[F53206AAService providers connected with a recognised payment system that uses digital settlement assetsU.K.

For the purposes of section 206A(3A), a person provides services connected with the system where—

(a)the person creates or issues the digital settlement assets involved in the payment system,

(b)the person provides services to safeguard, or to safeguard and administer, digital settlement assets including their private cryptographic keys (or means of access),

(c)the person is directly involved in any of the activities mentioned in paragraphs (a) or (b),

(d)the person is a digital settlement asset exchange provider,

(e)the person sets rules, standards, or conditions of access or participation in relation to the payment system, or

(f)the person provides any service that facilitates, or supports, a transfer of money or digital settlement assets to be made using the payment system, including any infrastructure provider in relation to the system.]

Textual Amendments

[F54206BInternational obligationsU.K.

(1)If it appears to the Treasury that any action proposed to be taken by the Bank of England in exercising its powers under this Part would be incompatible with [F55any] international obligations of the United Kingdom, the Treasury may direct the Bank not to take that action.

(2)If it appears to the Treasury that any action which the Bank of England has power under this Part to take is required for the purpose of implementing any such obligation, the Treasury may direct the Bank to take that action.

(3)A direction under this section—

(a)may include such supplemental or incidental requirements as the Treasury consider necessary or expedient, and

(b)is enforceable on an application by the Treasury, by injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.]

Textual Amendments

Yn ôl i’r brig

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