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Financial Services (Banking Reform) Act 2013

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Changes over time for: Section 58

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Changes to legislation:

Financial Services (Banking Reform) Act 2013, Section 58 is up to date with all changes known to be in force on or before 13 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

58Power to require disposal of interest in payment systemU.K.

This section has no associated Explanatory Notes

(1)The Payment Systems Regulator may require a person who has an interest in [F1

(a)the operator of a regulated payment system, or

(b)an infrastructure provider in relation to such a system,

to dispose of all or part of that interest. ]

(2)The power conferred by subsection (1) may be exercised only if the Payment Systems Regulator is satisfied that, if the power is not exercised, there is likely to be a restriction or distortion of competition in—

(a)the market for payment systems, or

(b)a market for services provided by payment systems.

[F2(2A)The reference in subsection (2) to a restriction or distortion of competition includes, in particular, a restriction or distortion of competition—

(a)between different operators of payment systems,

(b)between different payment services providers, or

(c)between different infrastructure providers.]

(3)The Payment Systems Regulator may not exercise the power conferred by subsection (1) without the consent of the Treasury.

(4)If the Payment Systems Regulator decides to exercise the power conferred by subsection (1) in relation to a person who has an interest in the operator of a regulated payment system—

(a)the Payment Systems Regulator must notify the relevant competition authorities (see subsection (5)), and

(b)the relevant competition authorities may not take any action in relation to the person that would require the person to dispose of all or part of that interest.

(5)The relevant competition authorities are—

(a)the Secretary of State,

(b)the Competition and Markets Authority, and

(c)the FCA.

Textual Amendments

Commencement Information

I1S. 58 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

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