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Digital Economy Act 2017

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This is the original version (as it was originally enacted).

Section 113

SCHEDULE 9Bank of England oversight of payment systems

This schedule has no associated Explanatory Notes

PART 1Extension of Bank of England oversight of payment systems

1The Banking Act 2009 is amended as follows.

2In the heading to Part 5 (inter-bank payment systems) omit “Inter-bank”.

3In section 181 (overview) for “payments between financial institutions” substitute “transferring money”.

4(1)Section 182 (interpretation: “inter-bank payment system”) is amended as follows.

(2)In subsection (1)—

(a)omit “inter-bank”;

(b)omit the words from “between financial institutions” to the end.

(3)After subsection (1) insert—

(1A)But “payment system” does not include any arrangements for the physical movement of cash.

(4)Omit subsections (2) and (3).

(5)In subsection (5) for “an inter-bank” substitute “a”.

(6)In the heading omit “inter-bank”.

5In section 183 (interpretation: other expressions), in paragraph (a) for “an inter-bank” substitute “a”.

6(1)Section 184 (recognition order) is amended as follows.

(2)In subsection (1) for “an inter-bank” substitute “a”.

(3)In subsection (2) omit “inter-bank”.

(4)In subsection (3) for “an inter-bank” substitute “a payment”.

7In section 185 (recognition criteria), in subsection (1) for “an inter-bank” substitute “a”.

8In section 186A (amendment of recognition order), in subsections (2)(b) and (4), omit “inter-bank”.

9In section 187 (de-recognition), in subsections (2), (3)(b) and (5), omit “inter-bank”.

10In section 188 (principles), in subsection (1) omit “inter-bank”.

11In section 189 (codes of practice) omit “inter-bank”.

12In section 190 (system rules), in subsection (1) omit “inter-bank”.

13In section 191 (directions), in subsection (1) omit “inter-bank”.

14In section 192 (role of FCA and PRA), in subsections (2)(a) and (b) and (3), omit “inter-bank”.

15In section 193 (inspection), in subsections (1) and (2), omit “inter-bank”.

16In section 194 (inspection: warrant), in subsection (1)(a) omit “inter-bank”.

17In section 195 (independent report), in subsection (1) omit “inter-bank”.

18In section 196 (compliance failure) omit “inter-bank”.

19In section 197 (publication), in subsection (1) omit “inter-bank”.

20In section 198 (penalty), in subsection (1) omit “inter-bank”.

21In section 199 (closure), in subsection (2) omit “inter-bank”.

22In section 200 (management disqualification), in subsections (1) and (2), omit “inter-bank”.

23In section 201 (warning), in subsection (1) for “an inter-bank” substitute “a”.

24In section 202A (injunctions), in subsections (2)(a) and (3)(a), omit “inter-bank”.

25In section 203 (fees), in subsection (1) omit “inter-bank”.

26In section 204 (information), in subsections (1A), (2) and (4)(c), omit “inter-bank”.

27In section 205 (pretending to be recognised), in subsection (1) omit “inter-bank”.

28In section 206A (services forming part of recognised inter-bank payment system), in subsections (1), (2) and (7)(a) and in the heading, omit “inter-bank”.

29In section 259 (statutory instruments), in the Table in subsection (3)—

(a)in the heading for the entries in Part 5, omit “Inter-bank”;

(b)in the entry for section 206A, in the second column omit “inter-bank”.

30In section 261 (index of defined terms), in the Table—

(a)omit the entry for “Inter-bank payment system”;

(b)at the appropriate place insert—

Payment system182.

PART 2Consequential amendments

Financial Services Act 2012

31The Financial Services Act 2012 is amended as follows.

32(1)Section 68 (cases in which Treasury may arrange independent enquiries) is amended as follows.

(2)In subsection (3), in paragraphs (a) and (b)(ii), omit “inter-bank”.

(3)In subsection (5), in the definition of “recognised inter-bank payment system”—

(a)omit the first “inter-bank”;

(b)for “an inter-bank” substitute “a”.

33In section 85 (relevant functions in relation to complaints scheme), in subsection (3)(a) omit “inter-bank”.

34In section 110 (payment to Treasury of penalties received by Bank of England), in subsection (5)(d) omit “inter-bank”.

Financial Services (Banking Reform) Act 2013

35The Financial Services (Banking Reform) Act 2013 is amended as follows.

36In section 45 (procedure), in subsection (1)(a) omit “inter-bank”.

37In section 46 (amendment of designation order), in subsection (2)(a) omit “inter-bank”.

38In section 47 (revocation of designation orders), in subsection (3)(a) omit “inter-bank”.

39In section 98 (duty of regulators to ensure co-ordinated exercise of functions), in subsection (5)(b) omit “inter-bank”.

40In section 110 (interpretation), in subsection (1), in the definition of “recognised inter-bank payment system”—

(a)omit the first “inter-bank”;

(b)for “an inter-bank” substitute “a”.

41In section 112 (interpretation: infrastructure companies), in subsections (2)(a), (4)(b) and (5), omit “inter-bank”.

42In section 113 (interpretation: other expressions), in subsection (1)—

(a)in the definition of “operator” omit “inter-bank”;

(b)in the definition of “recognised inter-bank payment system”—

(i)omit the first “inter-bank”;

(ii)for “an inter-bank” substitute “a”;

(c)in the definition of “the relevant system”, in paragraphs (a) and (c), omit “inter-bank”.

43In section 115 (objective of FMI administration), in subsection (1) omit “inter-bank”.

44In section 120 (power to direct FMI administrator), in subsection (8) omit “inter-bank”.

45In section 127 (interpretation of Part 6), in subsection (1), in the definition of “operator” and in the definition of “recognised inter-bank payment system”, omit “inter-bank”.

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