- Latest available (Revised)
- Original (As enacted)
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
In Part 5 of the Banking Act 2009 (inter-bank payment systems), after section 206 insert—
(1)The Treasury may by order make provision applying any provision of this Part to persons who are service providers in relation to a recognised inter-bank payment system.
(2)A person is a service provider in relation to a recognised inter-bank payment system if—
(a)the person provides services that form part of the arrangements constituting the system, and
(b)the person is specified as a person within paragraph (a) by the Treasury in the recognition order made in respect of the system.
(3)Telecommunication or information technology services are examples of the kind of services that may fall within subsection (2)(a).
(4)Before specifying persons under subsection (2)(b), the Treasury must—
(a)consult the Bank of England and the FSA,
(b)notify the operator of the system and the persons whom the Treasury proposes to specify, and
(c)consider any representations made.
(5)The Treasury may not specify the Bank of England under subsection (2)(b).
(6)Before making an order under subsection (1), the Treasury must consult—
(a)the Bank of England,
(b)the FSA, and
(c)such other persons as the Treasury consider appropriate.
(7)An order under subsection (1)—
(a)may modify any provision of this Part in its application to persons who are service providers in relation to a recognised inter-bank payment system;
(b)may (but need not) take the form of textual amendment.
(8)An order under subsection (1)—
(a)is to be made by statutory instrument, and
(b)may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.”
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.
Click 'View More' or select 'More Resources' tab for additional information including: