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Financial Services Act 2012

Financial Services Act 2012

2012 CHAPTER 21

Commentary

Part 8 – Amendments of Banking Act 2009

Inter-bank payment systems

Section 105: International obligations

593.Section 105 amends the Banking Act 2009 by inserting a new section 206B. This new section enables the Treasury to direct the Bank in exercising its powers under Part 5 of that Act (inter-bank payment systems) not to take proposed action if it appears to the Treasury that action would be incompatible with Community obligations or any other international obligations of the United Kingdom. The Treasury may also direct the Bank to take action which it has power to take where that action is required for the purpose of implementing any such obligation. This power is similar to the power in section 410 of FSMA (international obligations).

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