(1)This section applies for the purposes of this Part.
(2)The following persons are “participants” in a payment system—
(a)the operator of the payment system (see subsection (3));
(b)any infrastructure provider (see subsection (4));
(c)any payment service provider (see [F1subsections (5) and (5A)]).
(But see also subsection (8).)
(3)“Operator”, in relation to a payment system, means any person with responsibility under the system for managing or operating it; and any reference to the operation of a payment system includes a reference to its management.
(4)“Infrastructure provider”, in relation to a payment system, means any person who provides or controls any part of the infrastructure used for the purposes of operating the payment system.
(5)“Payment service provider”, in relation to a payment system, means any person who provides services to persons who are not participants in the system for the purposes of enabling the transfer of funds using the payment system.
[F2(5A)“Payment service provider” in relation to a payment system that includes arrangements using digital settlement assets means—
(a)a person responsible for managing the issuance and redemption of digital settlement assets;
(b)a person whose business or occupation is to safeguard, or to safeguard and administer digital settlement assets, including their private cryptographic keys (or means of access);
(c)a digital settlement asset exchange provider;
(d)a person who—
(i)sets rules, standards, or conditions of access or participation in relation to the system, or
(ii)provides any service that facilitates, or supports, a transfer of money or digital settlement assets to be made using the system, including any infrastructure provider in relation to the system.]
(6)A payment service provider has “direct access” to a payment system if the payment service provider is able to provide services for the purposes of enabling the transfer of funds using the payment system as a result of arrangements made between the payment service provider and the operator of the payment system.
(7)Any reference to participation in a payment system is to be read in accordance with this section, and in particular—
(a)in the case of an operator of a payment system, includes a reference to developing the system, and
(b)in the case of a payment service provider with direct access to a payment system, includes a reference to entering into an agreement with a person to enable the person to become a payment service provider in relation to the system.
(8)The Bank of England is not to be regarded as a participant of any kind in any payment system.
Textual Amendments
F1Words in s. 42(2)(c) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 42(2)
F2S. 42(5A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 42(3)
Commencement Information
I1S. 42 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1