Part 5Inter-Bank Payment Systems
Regulation
I1191Directions
1
The Bank of England may give directions to the operator of a recognised inter-bank payment system.
2
A direction may—
a
require or prohibit the taking of specified action in the operation of the system;
b
set standards to be met in the operation of the system.
3
Before giving a direction the Bank must notify the Treasury.
4
The Treasury may by order confer immunity from liability in damages in respect of action or inaction in accordance with a direction.
5
An immunity does not extend to action or inaction—
a
in bad faith, or
b
in contravention of section 6(1) of the Human Rights Act 1998.
6
An order—
a
shall be made by statutory instrument, and
b
shall be subject to annulment in pursuance of a resolution of either House of Parliament.