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Banking Act 2009

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Banking Act 2009, Cross Heading: Regulation is up to date with all changes known to be in force on or before 15 May 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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RegulationU.K.

188PrinciplesU.K.

(1)The Bank of England may publish—

[F1(a)] principles to which operators of recognised F2... payment systems are to have regard in operating the systems [F3and]

[F4(b)principles to which recognised DSA service providers are to have regard in the provision of services to payment systems (whether or not recognised),]

[F5(c)] principles to which service providers are to have regard in the provision of services to such systems [F6or to such DSA service providers].

(2)Before publishing principles the Bank must obtain the approval of the Treasury.

Textual Amendments

F2Word in s. 188(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 10

Commencement Information

I1S. 188 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 1

189Codes of practiceU.K.

The Bank of England may publish codes of practice about—

[F7(a)] the operation of recognised F8... payment systems; F9...

[F10(b)the provision of services by DSA service providers in relation to payment systems (whether or not recognised), or]

[F11(c)]the provision of services by service providers to such systems [F12or to such DSA service providers].

Textual Amendments

F8Word in s. 189 omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 11

Commencement Information

I2S. 189 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, art. 4, Sch. para. 1

190System rulesU.K.

(1)The Bank of England may require the operator of a recognised F13... payment system—

(a)to establish rules for the operation of the system [F14including the operation of services that form part of the arrangements constituting [F15, or connected with,] the system and are provided by a service provider] [F16, or a DSA service provider];

(b)to change the rules in a specified way or so as to achieve a specified purpose;

(c)to notify the Bank of any proposed change to the rules;

(d)not to change the rules without the approval of the Bank.

(2)A requirement under subsection (1)(c) or (d) may be general or specific.

Textual Amendments

F13Word in s. 190(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 12

Commencement Information

I3S. 190 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 1

[F17190AService provider rulesU.K.

(1)The Bank of England may require a recognised DSA service provider—

(a)to establish rules for the operation of services provided by the recognised DSA service provider;

(b)to establish rules for the operation of services provided by a service provider to the recognised DSA service provider;

(c)to change the rules in a specified way or so as to achieve a specified purpose;

(d)to notify the Bank of any proposed change to the rules;

(e)not to change the rules without the approval of the Bank.

(2)A requirement under subsection (1)(d) or (e) may be general or specific.]

Textual Amendments

[F18191DirectionsU.K.

(1)The Bank of England may give directions in writing to—

[F19(a)] the operator of a recognised F20... [F21payment] system,

[F22(b)to a recognised DSA service provider,] or

[F23(c)][F24 a service provider in relation to such a system [F25or to such DSA service providers].]

(2)A direction may—

(a)require or prohibit the taking of specified action in the operation of the system [F26or the provision of services F27...];

(b)set standards to be met in the operation of the system [F28or the provision of services F29...].

(3)If a direction is given for the purpose of resolving or reducing a threat to the stability of the UK financial system, the operator [F30, DSA service provider] [F31or service provider] (including [F32the operator’s [F33, DSA service provider’s] or service provider’s] officers and staff) has immunity from liability in damages in respect of action or inaction in accordance with the direction.

(4)A direction given for the purpose mentioned in subsection (3) must—

(a)include a statement that it is given for that purpose, and

(b)inform the operator [F34, DSA service provider] [F35or service provider] of the effect of that subsection.

(5)The Treasury may by order confer immunity on any person from liability in damages in respect of action or inaction in accordance with a direction (including a direction given for the purpose mentioned in subsection (3)).

(6)An order—

(a)is to be made by statutory instrument, and

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

(7)An immunity conferred by or under this section does not extend to action or inaction—

(a)in bad faith, or

(b)in contravention of section 6(1) of the Human Rights Act 1998.]

Textual Amendments

F20Word in s. 191(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 13

192Role of [F36FCA and PRA]U.K.

(1)In exercising powers under this Part the Bank of England shall have regard to any action that [F37the FCA or the PRA] has taken or could take.

[F38(2)The Bank of England—

(a)must consult the FCA before taking action under this Part in respect of a recognised F39... payment system the operator of which satisfies section 186(2)(a) [F40, a service provider in relation to such a system or a service provider which itself satisfies section 186(2)(a)] and

(b)must consult the PRA before taking action under this Part in respect of a recognised F39... payment system the operator of which satisfies section 186(2)(b)] [F41, a service provider in relation to such a system or a service provider which itself satisfies section 186(2)(b)].

(3)If [F42the FCA or the PRA] gives the Bank of England notice that [F43it] is considering taking action in respect of the operator of a recognised F44... payment system who satisfies [F45section 186(2)(a) or (b)] [F46, a service provider in relation to such a system or a service provider which itself satisfies section 186(2)(a) or (b)] the Bank may not take action under this Part in respect of the operator [F47or service provider] unless—

(a)[F48the FCA or (as the case may be) the PRA] consents, or

(b)the notice is withdrawn.

Textual Amendments

F36Words in s. 192 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F37Words in s. 192(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F39Word in s. 192(2)(a)(b) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 14

F42Words in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F43Word in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F44Word in s. 192(3) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 14

F45Words in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(iii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F48Words in s. 192(3)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(iv), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement Information

I4S. 192 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. 1

[F49192APower of Bank to require FCA to refrain from specified actionU.K.

(1)Where the first, second and third conditions are met, the Bank of England may give a direction under this section to the FCA.

(2)The first condition is that the FCA is proposing to exercise any of its powers in relation to—

(a)a recognised payment system that includes arrangements using digital settlement assets, or

(b)a recognised DSA service provider.

(3)The second condition is that the Bank of England is of the opinion that the exercise of the power in the manner proposed may—

(a)threaten the stability of the UK financial system,

(b)have serious consequences for business or other interests in the United Kingdom (including for the payment system or provider in relation to which the powers are proposed to be exercised), or

(c)have an adverse effect on the Bank’s ability to act in its capacity as a monetary authority.

(4)The third condition is that the Bank of England is of the opinion that the giving of the direction is necessary in order to avoid an outcome mentioned in subsection (3).

(5)A direction under this section is a direction requiring the FCA not to exercise the power or not to exercise it in a specified manner.

(6)The direction may be expressed to have effect during a specified period or until revoked.

(7)The FCA is not required to comply with a direction under this section if or to the extent that in the opinion of the FCA compliance would be incompatible with any international obligation of the United Kingdom.]

Textual Amendments

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