Payment systems
14Powers of the Payment Systems Regulator
(1)Part 5 of the Financial Services (Banking Reform) Act 2013 (regulation of payment systems) is amended as follows.
(2)Section 58 (power to require disposal of interest in payment system) is amended as provided in subsections (3) and (4).
(3)In subsection (1), for the words following “interest in” substitute “—
(a)the operator of a regulated payment system, or
(b)an infrastructure provider in relation to such a system,
to dispose of all or part of that interest.”
(4)After subsection (2) insert—
“(2A)The reference in subsection (2) to a restriction or distortion of competition includes, in particular, a restriction or distortion of competition—
(a)between different operators of payment systems,
(b)between different payment services providers, or
(c)between different infrastructure providers.”
(5)In section 108 (relationship with Part 8 of the Payment Services Regulations 2009), in subsection (1)—
(a)for “this Part” substitute “sections 54 to 58”,
(b)for “obtain access to, or otherwise participate in,” substitute “obtain direct access to”, and
(c)for “does not apply” substitute “applies”.