Part 5F10... Payment Systems F15and service providers

Annotations:
Amendments (Textual)
F10

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

Regulation

I1192Role of F1FCA and PRA

1

In exercising powers under this Part the Bank of England shall have regard to any action that F2the FCA or the PRA has taken or could take.

F32

The Bank of England—

a

must consult the FCA before taking action under this Part in respect of a recognised F8... payment system the operator of which satisfies section 186(2)(a) F13, 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 F8... payment system the operator of which satisfies section 186(2)(b)F14, a service provider in relation to such a system or a service provider which itself satisfies section 186(2)(b).

3

If F4the FCA or the PRA gives the Bank of England notice that F5it is considering taking action in respect of the operator of a recognised F9... payment system who satisfies F6section 186(2)(a) or (b)F11, 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 F12or service provider unless—

a

F7the FCA or (as the case may be) the PRA consents, or

b

the notice is withdrawn.