Part 5... Payment Systems and service providers

Enforcement

201Warning

(1)

Before imposing a sanction on the operator of F1a payment system F2, on a DSA service provider, F3, on a service provider in relation to such a system F4or such a DSA service provider or on another person the Bank of England must—

(a)

give the operator F5, DSA service provider F6, service provider or other person a notice (a “warning notice”),

(b)

give the operator F7, DSA service provider F8, service provider or other person at least 21 days to make representations,

(c)

consider any representations made, and

(d)

as soon as is reasonably practicable, give the operator F9, DSA service provider F10, service provider or other person a notice stating whether or not the Bank intends to impose the sanction.

F11(1A)

Before imposing a sanction on a person who is a service provider in relation to a recognised payment system F12or recognised DSA service provider the Bank must also—

(a)

give the operator of the payment system F13, or DSA service provider a notice (a “warning notice”),

(b)

give the operator F14, or DSA service provider at least 21 days to make representations,

(c)

consider any representations made, and

(d)

as soon as reasonably practicable, give the operator F15or DSA service provider a notice stating whether the Bank intends to impose the sanction.

(2)

In F16subsections (1) and (1A) “imposing a sanction” means—

(a)

publishing details under section 197(1),

(b)

requiring the payment of a penalty under section 198,

(c)

giving a closure order under section 199, or

(d)

making an order under section 200.

(3)

Despite F17subsections (1) and (1A), if satisfied that it is necessary the Bank may without notice—

(a)

give a closure order under section 199, or

(b)

make an order under section 200.