Banking Act 2009

201 Warning U.K.

(1) Before imposing a sanction on the operator of [F1 a] 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.

Textual Amendments

F1 Word in s. 201(1) substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 23

Commencement Information

I1 S. 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