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Financial Services Act 2010

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20Services forming part of recognised inter-bank payment systemsE+W+S+N.I.

This sectionnoteType=Explanatory Notes has no associated

In Part 5 of the Banking Act 2009 (inter-bank payment systems), after section 206 insert—

206AServices forming part of recognised inter-bank payment systems

(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.

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