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Financial Services (Banking Reform) Act 2013

Section 42: Participants in payment systems etc

232.Section 42 defines three classes of persons to be regarded as “participants” in a payment system: “operators”, “infrastructure providers” and “payment service providers”. Subsection (6) describes what it means for a payment service provider to have “direct access” to a payment system. Subsection (7) makes provision for what the term “participation” may include in relation to operators of, and payment service providers with direct access to, payment systems. Subsection (8) ensures that the Bank of England would not be regarded as any category of participant.

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