Banking Act 2009

[F1206UClosureU.K.

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(1)This section applies if the Bank of England thinks that a compliance failure by a person recognised for the purposes of this Part as having systemic significance—

(a)threatens the stability of, or confidence in, the UK financial system, or

(b)has serious consequences for business or other interests throughout the United Kingdom.

(2)The Bank may give the person an order (a “closure order”) to stop performing specified relevant functions in relation to specified wholesale cash distribution activities—

(a)for a specified period,

(b)until further notice, or

(c)permanently.

(3)Before giving a closure order to a recognised person, the Bank must have regard to the public interest in the continued performance by the person of relevant functions (whether or not specified) in relation to wholesale cash distribution activities (whether or not specified).

(4)A recognised person who fails to comply with a closure order commits an offence.

(5)A person who commits an offence under this section is liable—

(a)on summary conviction in England and Wales, to a fine;

(b)on summary conviction in Scotland, to a fine not exceeding the statutory maximum;

(c)on summary conviction in Northern Ireland, to a fine not exceeding the statutory maximum;

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

(6)In this section, “specified” means specified in the closure order.]

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