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Financial Services (Banking Reform) Act 2013
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Version Superseded: 01/04/2015
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60Restrictions on exercise of functions under Part 4 of the Enterprise Act 2002U.K.
This section has no associated Explanatory Notes
(1)Before the CMA or the Payment Systems Regulator first exercises any of the concurrent functions in relation to any matter, it must consult the other.
(2)Neither the CMA nor the Payment Systems Regulator may exercise any of the concurrent functions in relation to any matter if any of those functions have been exercised in relation to that matter by the other.
(3)In subsections (1) and (2) “the concurrent functions” means the functions which by virtue of section 59 are concurrent functions of the Payment Systems Regulator and the CMA.
(4)Before the FCA or the Payment Systems Regulator first exercises any of the concurrent functions in relation to any matter, it must consult the other.
(5)Neither the FCA nor the Payment Systems Regulator may exercise any of the concurrent functions in relation to any matter if any of those functions have been exercised in relation to that matter by the other.
(6)In subsections (4) and (5) “the concurrent functions”—
(a)in relation to the Payment Systems Regulator, means the functions which by virtue of section 59 are concurrent functions of the Payment Systems Regulator and the CMA, and
(b)in relation to the FCA, means the functions which by virtue of section 234I of FSMA 2000 are concurrent functions of the FCA and the CMA.
(7)In this section “the CMA” means the Competition and Markets Authority.
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