PART 5Regulation of payment systems

Regulatory and competition functions

61The Regulator’s functions under the Competition Act 1998

1

The functions to which this subsection applies are to be concurrent functions of the Payment Systems Regulator and the Competition and Markets Authority (“the CMA”).

2

Subsection (1) applies to the functions of the CMA under the provisions of Part 1 of the Competition Act 1998, so far as relating to any of the following that relate to participation in payment systems—

a

agreements, decisions or concerted practices of the kind mentioned in section 2(1) of that Act,

b

conduct of the kind mentioned in section 18(1) of that Act,

c

agreements, decisions or concerted practices of the kind mentioned in Article 101(1) of the Treaty on the Functioning of the European Union, and

d

conduct which amounts to abuse of the kind mentioned in Article 102 of the Treaty on the Functioning of the European Union.

3

But subsection (1) does not apply to functions under the following sections of that Act—

  • section 31D(1) to (6) (duty to publish guidance);

  • section 38(1) to (6) (duty to publish guidance about penalties);

  • section 40B(1) to (4) (duty to publish statement of policy on penalties);

  • section 51 (rules).

4

So far as necessary for the purposes of, or in connection with, the provisions of subsections (1) and (2), references to the CMA in Part 1 of the Competition Act 1998 are to be read as including references to the Payment Systems Regulator.

5

But subsection (4) does not apply—

a

in relation to sections 31D(1) to (6), 38(1) to (6), 40B(1) to (4), 51, 52(6) and (8) and 54 of that Act, or

b

where the context otherwise requires.