Banking Act 2009 (c. 1)

Part 5 U.K. F1 ... Payment Systems [F2 and service providers]

Textual Amendments

F1 Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2

F2 Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2

Recognised systems [F3 and service providers] U.K.

Textual Amendments

F3 Words in s. 184 cross-heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 6

187 De-recognition U.K.

(1) The Treasury may revoke a recognition order.

(2) The Treasury must revoke a recognition order if not satisfied—

[F4 (a)] that the criteria in section 185 are met in respect of the recognised F5 ... payment system. [F6 , or

(b) that the criteria in section 185A are met in respect of the recognised DSA service provider.]

(3) Before revoking a recognition order the Treasury must—

(a) consult the Bank of England [F7 and the Payment Systems Regulator],

[F8 (aa) in the case of a recognition order in respect of a DSA service provider, consult the FCA,]

(b) notify the operator of the recognised F9 ... payment system [F10 or the recognised DSA service provider (as appropriate)], and

(c) consider any representations made.

[F11 (4) In addition, the Treasury—

(a) must consult the FCA before revoking a recognition order in respect of a payment system [F12 or a DSA service provider, where the operator of the system or the provider] —

(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 [F13 or provider] has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.]

(5) The Treasury must consider any request by the operator of a recognised F14 ... payment system [F15 , or by a recognised DSA service provider] for the revocation of its recognition order.

Textual Amendments

F4 Words in s. 187(2) renumbered as s.187(2)(a) (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(2)(a)

F5 Word in s. 187(2) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 9

F6 S. 187(2)(b) and word inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(2)(b)

F7 Words in s. 187(3)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(7)

F8 S. 187(3)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(3)

F9 Word in s. 187(3)(b) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 9

F10 Words in s. 187(3)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(4)

F11 S. 187(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F12 Words in s. 187(4)(a) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(5)

F13 Words in s. 187(4)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(6)

F14 Word in s. 187(5) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 9

F15 Words in s. 187(5) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(7)

Commencement Information

I1 S. 187 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 3