Search Legislation

Banking Act 2009

What Version

 Help about what version

Advanced Features

 Help about advanced features

Opening Options

 Help about opening options

Changes to legislation:

There are outstanding changes not yet made by the legislation.gov.uk editorial team to Banking Act 2009. Any changes that have already been made by the team appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

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.

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

 Help about changes and effects
Close

Changes and effects

This section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.

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

EnforcementE+W+S+N.I.

193InspectionE+W+S+N.I.

(1)The Bank of England may appoint one or more persons to inspect the operation of a recognised inter-bank payment system.

(2)The operator of a recognised inter-bank payment system must—

(a)grant an inspector access, on request and at any reasonable time, to premises on or from which any part of the system is operated, and

(b)otherwise co-operate with an inspector.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I1S. 193 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2

194Inspection: warrantE+W+S+N.I.

(1)A justice of the peace may on the application of an inspector issue a warrant entitling an inspector or a constable to enter premises if—

(a)any part of the management or operation of a recognised inter-bank payment system is conducted on the premises (whether by an operator of the system or by someone providing services used by an operator), and

(b)any of the following conditions is satisfied.

(2)Condition 1 is that—

(a)a requirement under section 204 in connection with the payment system has not been complied with, and

(b)there is reason to believe that information relevant to the requirement is on the premises.

(3)Condition 2 is that there is reason to suspect that if a requirement under section 204 were imposed in connection with the payment system in respect of information on the premises—

(a)the requirement would not be complied with, and

(b)the information would be destroyed or otherwise tampered with.

(4)Condition 3 is that an inspector—

(a)gave reasonable notice of a wish to enter the premises, and

(b)was refused entry.

(5)Condition 4 is that a person occupying or managing the premises has failed to co-operate with an inspector.

(6)A warrant—

(a)permits an inspector or a constable to enter the premises,

(b)permits an inspector or a constable to search the premises and copy or take possession of information or documents, and

(c)permits a constable to use reasonable force.

(7)Sections 15(5) to (8) and 16 of the Police and Criminal Evidence Act 1984 (warrants: procedure) apply to warrants under this section.

(8)In the application of this section to Scotland—

(a)the reference to a justice of the peace includes a reference to a sheriff, and

(b)ignore subsection (7).

(9)In the application of this section to Northern Ireland—

(a)the reference to a justice of the peace is a reference to a lay magistrate, and

(b)the reference to sections 15(5) to (8) and 16 of the Police and Criminal Evidence Act 1984 is a reference to the equivalent provisions of the Police and Criminal Evidence (Northern Ireland) Order 1989.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I2S. 194 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2

195Independent reportE+W+S+N.I.

(1)The Bank of England may require the operator of a recognised inter-bank payment system to appoint an expert to report on the operation of the system.

(2)The Bank may impose a requirement only if it thinks—

(a)the operator is not taking sufficient account of principles published by the Bank under section 188,

(b)the operator is failing to comply with a code of practice under section 189, or

(c)the report is likely for any other reason to assist the Bank in the performance of its functions under this Part.

(3)The Bank may impose requirements about—

(a)the nature of the expert to be appointed;

(b)the content of the report;

(c)treatment of the report (including disclosure and publication);

(d)timing.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I3S. 195 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2

196Compliance failureE+W+S+N.I.

In this Part “compliance failure” means a failure by the operator of a recognised inter-bank payment system to—

(a)comply with a code of practice under section 189,

(b)comply with a requirement under section 190,

(c)comply with a direction under section 191, or

(d)ensure compliance with a requirement under section 195.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I4S. 196 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2

197PublicationE+W+S+N.I.

(1)The Bank of England may publish details of a compliance failure by the operator of a recognised inter-bank payment system.

(2)The Bank may publish details of a sanction imposed under sections 198 to 200.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I5S. 197 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2

198PenaltyE+W+S+N.I.

(1)The Bank of England may require the operator of a recognised inter-bank payment system to pay a penalty in respect of a compliance failure.

(2)A penalty—

(a)must be paid to the Bank of England, and

(b)may be enforced by the Bank as a debt.

(3)The Bank must prepare a statement of the principles which it will apply in determining—

(a)whether to impose a penalty, and

(b)the amount of a penalty.

(4)The Bank must—

(a)publish the statement on its internet website,

(b)send a copy to the Treasury,

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

(d)in applying the statement to a compliance failure, apply the version in force when the failure occurred.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I6S. 198 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2

199ClosureE+W+S+N.I.

(1)This section applies if the Bank of England thinks that a compliance failure—

(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 operator of the inter-bank payment system concerned an order to stop operating the system (a “closure order”)—

(a)for a specified period,

(b)until further notice, or

(c)permanently.

(3)A closure order may apply to—

(a)all activities of the payment system, or

(b)specified activities.

(4)An operator who fails to comply with a closure order commits an offence.

(5)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.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I7S. 199 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2

200Management disqualificationE+W+S+N.I.

(1)The Bank of England may by order prohibit a specified person from being an operator of a recognised inter-bank payment system—

(a)for a specified period,

(b)until further notice, or

(c)permanently.

(2)The Bank may by order prohibit a specified person from holding an office or position involving responsibility for taking decisions about the management of a recognised inter-bank payment system—

(a)for a specified period,

(b)until further notice, or

(c)permanently.

(3)A person who breaches a prohibition under subsection (1) or (2) commits an offence.

(4)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.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I8S. 200 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. 2

201WarningE+W+S+N.I.

(1)Before imposing a sanction on the operator of an inter-bank payment system or on another person the Bank of England must—

(a)give the operator or other person a notice (a “warning notice”),

(b)give the operator or other person at least 21 days to make representations,

(c)consider any representations made, and

(d)as soon as is reasonably practicable, give the operator or other person a notice stating whether or not the Bank intends to impose the sanction.

(2)In subsection (1) “imposing a sanction” means—

(a)publishing details under section 197(1),

(b)requiring the payment of a penalty under section 198,

(c)giving a closure order under section 199, or

(d)making an order under section 200.

(3)Despite subsection (1), if satisfied that it is necessary the Bank may without notice—

(a)give a closure order under section 199, or

(b)make an order under section 200.

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Commencement Information

I9S. 201 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. 2

202AppealE+W+S+N.I.

(1)Where the Bank of England notifies a person under section 201(1)(d) that the Bank intends to impose a sanction, the person may appeal to the [F1Upper Tribunal].

(2)Where the Bank of England imposes a sanction on a person without notice in reliance on section 201(3), the person may appeal to the [F2Upper Tribunal].

[F3(3)The Bank of England may not impose a sanction while an appeal under this section could be brought or is pending.]

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

Commencement Information

I10S. 202 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources