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The Payment Services (Amendment) Regulations 2015

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Amendment of the Payment Services Regulations 2009

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2.—(1) The Payment Services Regulations 2009(1) are amended as follows.

(2) In regulation 2 (interpretation)—

(a)omit the definition of “the CMA”; and

(b)in the appropriate place insert—

“the Payment Systems Regulator” means the body established under section 40 of the Financial Services (Banking Reform) Act 2013(2);.

(3) In regulation 97 (prohibition on restrictive rules on access to payment systems)—

(a)in paragraph (1) for “authorised payment institutions, EEA authorised payment institutions and small payment institutions” substitute “authorised or registered payment service providers”;

(b)in paragraph (2) for “small payment institutions” substitute “payment service providers”; and

(c)in paragraph (3)(c) for “that a person is not of a particular institutional status” substitute “of institutional status”.

(4) In regulations 98 to 100, 102 to 109, 114, 117 and 119 (and in the headings to those regulations and the heading appearing before regulation 119) for “CMA”, in each place where it occurs, substitute “Payment Systems Regulator”.

(5) In regulation 105(5) (power of Payment Systems Regulator to impose financial penalties), for “paid into the Consolidated Fund” substitute “regarded as penalty receipts of the Payment Systems Regulator for the purposes of paragraph 10 of Schedule 4 to the Financial Services (Banking Reform) Act 2013 (penalty receipts)”.

(6) After regulation 109 (guidance), insert—

Payment Systems Regulator’s arrangements for discharging functions, funding and exemption from liability in damages

109A.  The functions of the Payment Systems Regulator under these Regulations are to be regarded for the purposes of paragraphs 5(1) (arrangements for discharging functions), 9 (funding) and 14 (exemption from liability in damages) of Schedule 4 to the Financial Services (Banking Reform) Act 2013 as functions conferred on the Payment Systems Regulator by or under Part 5 of that Act..

(1)

S.I. 2009/209. The provisions of those Regulations which are relevant to these Regulations were amended by S.I. 2010/22, 2011/99 and 1043, 2012/1809, 2013/472 and 3115 and 2014/549.

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