PART 1Access to finance
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”.