http://www.legislation.gov.uk/ukpga/2013/33/part/5/crossheading/consultation-accountability-and-oversight/2019-12-09Financial Services (Banking Reform) Act 2013An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.texttext/xmlenStatute Law Database2024-09-06Expert Participation2019-12-09 PART 5Regulation of payment systems<Emphasis>Consultation, accountability and oversight</Emphasis>Regulator's general duty to consult1031The Payment Systems Regulator must make and maintain effective arrangements for consulting relevant persons on—athe extent to which its general policies and practices are consistent with its general duties under section 49, andbhow its payment systems objectives may best be achieved.2The following are “relevant persons” for the purposes of this section—aparticipants in regulated payment systems, andbthose who use, or are likely to use, services provided by regulated payment systems.3Arrangements under this section must include the establishment and maintenance of one or more panels of persons to represent the interests of relevant persons.4Where the Payment Systems Regulator establishes a panel under subsection (3), it must appoint one of the members of the panel to be its chair.5The Treasury's approval is required for the appointment or dismissal of the chair of a panel established under subsection (3).6The Payment Systems Regulator must—aconsider representations that are made to it in accordance with arrangements made under this section, andbfrom time to time publish, in such manner as it thinks fit, responses to the representations.Consultation in relation to generally applicable requirements1041In this section references to imposing a generally applicable requirement are to—agiving a general direction under section 54, orbimposing a generally-imposed requirement under section 55,and references to the requirement are to be read accordingly.2Before imposing a generally applicable requirement, the Payment Systems Regulator must—aconsult the Bank of England, the FCA and the PRA, andbafter doing so, publish a draft of the proposed requirement in the way appearing to the Payment Systems Regulator to be best calculated to bring it to the attention of the public.3The draft must be accompanied by—aa cost benefit analysis,ban explanation of the purpose of the proposed requirement,can explanation of the Payment Systems Regulator's reasons for believing that imposing the requirement is compatible with its duties under section 49, anddnotice that representations about the proposed requirement may be made to the Payment Systems Regulator within a specified time.4Before imposing the proposed requirement the Payment Systems Regulator must have regard to any representations made to it in accordance with subsection (3)(d).5If the Payment Systems Regulator proposes to impose the requirement, it must publish an account, in general terms, of—athe representations made to it in accordance with subsection (3)(d), andbits response to them.6If the requirement differs from the draft published under subsection (2)(b) in a way which is, in the opinion of the Payment Systems Regulator, significant the Payment Systems Regulator must (in addition to complying with subsection (5)) publish details of the difference together with a cost benefit analysis.7For the purposes of this section a “cost benefit analysis” is—aan analysis of the costs together with an analysis of the benefits that will arise—iif the proposed requirement is imposed, oriiif subsection (6) applies, from the requirement imposed, andbsubject to subsection (8), an estimate of those costs and of those benefits.8If, in the opinion of the Payment Systems Regulator—athe costs or benefits referred to in subsection (7) cannot reasonably be estimated, orbit is not reasonably practicable to produce an estimate,the cost benefit analysis need not estimate them, but must include a statement of the Payment Systems Regulator's opinion and an explanation of it.9The Payment Systems Regulator may charge a reasonable fee for providing a person with a copy of a draft published under subsection (2)(b).10Subsections (2)(b) and (3) to (6) do not apply if the Payment Systems Regulator considers that the delay involved in complying with them would be prejudicial to the interests of those who use, or are likely to use, services provided by regulated payment systems.11Subsections (3)(a) and (6) do not apply if the Payment Systems Regulator considers that, making the appropriate comparison—athere will be no increase in costs, orbthere will be an increase in costs but the increase will be of minimal significance.12In subsection (11) the “appropriate comparison” means—ain relation to subsection (3)(a), a comparison between the overall position if the requirement is imposed and the overall position if it is not imposed;bin relation to subsection (6), a comparison between the overall position after the imposing of the requirement and the overall position before it was imposed.Independent inquiries1051Section 68 of the Financial Services Act 2012 (cases in which Treasury may arrange independent inquiries) is amended as follows.2In subsection (1), for “two” substitute “ three ”.3After subsection (3) insert—3AThe third case is where it appears to the Treasury that—aevents have occurred in relation to a regulated payment system which caused or risked causing significant damage to business or other interests throughout the United Kingdom, andbthose events might not have occurred, or the threat or damage might have been reduced, but for a serious failure in—ithe system established by Part 5 of the Financial Services (Banking Reform) Act 2013 for the regulation of payment systems, oriithe operation of that system.4In section 83(1) (interpretation), after the definition of “regulated activity” insert—regulated payment system” has the same meaning as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 110 of that Act);.Investigations into regulatory failure1061Part 5 of the Financial Services Act 2012 (inquiries and investigations) is amended as follows.2After section 76 insert—Duty of Payment Systems Regulator to investigate and report on possible regulatory failure76A1Subsection (3) applies where it appears to the Payment Systems Regulator that—aevents have occurred in relation to a regulated payment system which had or could have had a significant adverse effect on effective competition in the interests of—iparticipants in the payment system, oriithose who use, or are likely to use, the services provided by the payment system, andbthose events might not have occurred, or the adverse effect might have been reduced, but for a serious failure in—ithe system established by Part 5 of the Financial Services (Banking Reform) Act 2013 for the regulation of payment systems, oriithe operation of that system.2Subsection (3) also applies where the Treasury direct the Payment Systems Regulator that it appears to the Treasury that the conditions in subsection (1) are met in relation to specified events.3The Payment Systems Regulator must carry out an investigation into the events and the circumstances surrounding them and report to the Treasury on the result of the investigation.4Subsection (3) does not apply by virtue of subsection (1) if the Treasury direct the Payment Systems Regulator that it is not required to carry out an investigation into the events concerned.5In this section “participant”, in relation to a regulated payment system, has the same meaning as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 42 of that Act).3In section 77 (power of Treasury to require FCA or PRA to undertake investigation)—ain subsection (1)(a), for “either regulator” substitute “ a regulator ”;bin subsection (3), omit the “or” at the end of paragraph (b) and after paragraph (c) insert, or da regulated payment system.;cthe heading of that section becomes Power of Treasury to require regulator to undertake investigation.4In section 78 (conduct of investigation), in subsection (1), for “or 74” substitute “ , 74 or 76A ”.5In section 79 (conclusion of investigation), for “or 74” substitute “ , 74 or 76A ”.6In section 80 (statements of policy), in subsection (1)(a), for “or 74” substitute “ , 74 or 76A ”.7In section 81 (publication of directions), in subsection (1), after paragraph (b) insert—basection 76A(4);.8In section 83(1) (interpretation)—aafter the definition of “listed securities” insert—the Payment Systems Regulator” means the body established under section 40 of the Financial Services (Banking Reform) Act 2013;;bin the definition of “regulator”, for “or the PRA” substitute “ , the PRA or the Payment Systems Regulator ”.Competition scrutiny1071Chapter 4 of Part 9A of FSMA 2000 (competition scrutiny) applies to the Payment Systems Regulator's practices and regulating provisions in relation to payment systems as it applies to the FCA's practices and regulating provisions within the meaning of that Chapter.2In subsection (1)—athe reference to the Payment Systems Regulator's practices in relation to payment systems is a reference to practices adopted by it in the exercise of functions under this Part, andbthe reference to the Payment Systems Regulator's regulating provisions in relation to payment systems is a reference to the following—iany general directions given under section 54;iiany generally-imposed requirements under section 55;iiiany guidance given under section 96.S. 103 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1S. 104 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1S. 105 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1S. 106 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1S. 107 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1S. 104 applied (with modifications) (9.12.2015) by The Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911), regs. 1, 15(2) (as amended (1.1.2024) by The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), reg. 3(10))S. 104 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), regs. 1(6), 136(2) (with reg. 3)
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<ukm:TotalParagraphs Value="425"/>
<ukm:BodyParagraphs Value="212"/>
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<Primary>
<Body DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/body/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/body" NumberOfProvisions="212" RestrictStartDate="2019-12-09">
<Part DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/part/5/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/part/5" NumberOfProvisions="77" RestrictEndDate="2020-12-01" id="part-5" RestrictStartDate="2019-03-27" RestrictExtent="E+W+S+N.I.">
<Number>
<Strong>PART 5</Strong>
</Number>
<Title>Regulation of payment systems</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/part/5/crossheading/consultation-accountability-and-oversight/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/part/5/crossheading/consultation-accountability-and-oversight" NumberOfProvisions="6" RestrictEndDate="2023-08-29" RestrictStartDate="2018-01-13" id="part-5-crossheading-consultation-accountability-and-oversight" RestrictExtent="E+W+S+N.I.">
<Title>
<Emphasis>Consultation, accountability and oversight</Emphasis>
</Title>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2014-03-01" RestrictExtent="E+W+S+N.I.">
<Title>Regulator's general duty to consult</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103" id="section-103">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-af670b56b3e5dc42954a0c73b3f102e7"/>
103
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/1/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/1" id="section-103-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>The Payment Systems Regulator must make and maintain effective arrangements for consulting relevant persons on—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/1/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/1/a" id="section-103-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the extent to which its general policies and practices are consistent with its general duties under section 49, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/1/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/1/b" id="section-103-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>how its payment systems objectives may best be achieved.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/2/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/2" id="section-103-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
The following are “
<Term id="term-relevant-persons">relevant persons</Term>
” for the purposes of this section—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/2/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/2/a" id="section-103-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>participants in regulated payment systems, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/2/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/2/b" id="section-103-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>those who use, or are likely to use, services provided by regulated payment systems.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/3/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/3" id="section-103-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Arrangements under this section must include the establishment and maintenance of one or more panels of persons to represent the interests of relevant persons.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/4/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/4" id="section-103-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Where the Payment Systems Regulator establishes a panel under subsection (3), it must appoint one of the members of the panel to be its chair.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/5/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/5" id="section-103-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>The Treasury's approval is required for the appointment or dismissal of the chair of a panel established under subsection (3).</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/6/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/6" id="section-103-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>The Payment Systems Regulator must—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/6/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/6/a" id="section-103-6-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>consider representations that are made to it in accordance with arrangements made under this section, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/103/6/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/103/6/b" id="section-103-6-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>from time to time publish, in such manner as it thinks fit, responses to the representations.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2018-01-13" RestrictEndDate="2023-08-29" RestrictExtent="E+W+S+N.I.">
<Title>Consultation in relation to generally applicable requirements</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104" id="section-104">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-bfabd5afc1174619aba24af728c2af6a"/>
<CommentaryRef Ref="key-68677d16d91bcff4654ca830245ef953"/>
<CommentaryRef Ref="key-fdb11ddb0af19fadaf58f39c0455f66e"/>
104
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/1/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/1" id="section-104-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>In this section references to imposing a generally applicable requirement are to—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/1/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/1/a" id="section-104-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>giving a general direction under section 54, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/1/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/1/b" id="section-104-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>imposing a generally-imposed requirement under section 55,</Text>
</P3para>
</P3>
<Text>and references to the requirement are to be read accordingly.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/2/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/2" id="section-104-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Before imposing a generally applicable requirement, the Payment Systems Regulator must—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/2/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/2/a" id="section-104-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>consult the Bank of England, the FCA and the PRA, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/2/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/2/b" id="section-104-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>after doing so, publish a draft of the proposed requirement in the way appearing to the Payment Systems Regulator to be best calculated to bring it to the attention of the public.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/3/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/3" id="section-104-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>The draft must be accompanied by—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/3/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/3/a" id="section-104-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>a cost benefit analysis,</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/3/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/3/b" id="section-104-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>an explanation of the purpose of the proposed requirement,</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/3/c/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/3/c" id="section-104-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>an explanation of the Payment Systems Regulator's reasons for believing that imposing the requirement is compatible with its duties under section 49, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/3/d/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/3/d" id="section-104-3-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>notice that representations about the proposed requirement may be made to the Payment Systems Regulator within a specified time.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/4/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/4" id="section-104-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Before imposing the proposed requirement the Payment Systems Regulator must have regard to any representations made to it in accordance with subsection (3)(d).</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/5/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/5" id="section-104-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>If the Payment Systems Regulator proposes to impose the requirement, it must publish an account, in general terms, of—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/5/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/5/a" id="section-104-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the representations made to it in accordance with subsection (3)(d), and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/5/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/5/b" id="section-104-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>its response to them.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/6/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/6" id="section-104-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>If the requirement differs from the draft published under subsection (2)(b) in a way which is, in the opinion of the Payment Systems Regulator, significant the Payment Systems Regulator must (in addition to complying with subsection (5)) publish details of the difference together with a cost benefit analysis.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/7/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/7" id="section-104-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>For the purposes of this section a “cost benefit analysis” is—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/7/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/7/a" id="section-104-7-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>an analysis of the costs together with an analysis of the benefits that will arise—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/7/a/i/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/7/a/i" id="section-104-7-a-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>if the proposed requirement is imposed, or</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/7/a/ii/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/7/a/ii" id="section-104-7-a-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>if subsection (6) applies, from the requirement imposed, and</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/7/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/7/b" id="section-104-7-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>subject to subsection (8), an estimate of those costs and of those benefits.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/8/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/8" id="section-104-8">
<Pnumber>8</Pnumber>
<P2para>
<Text>If, in the opinion of the Payment Systems Regulator—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/8/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/8/a" id="section-104-8-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the costs or benefits referred to in subsection (7) cannot reasonably be estimated, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/8/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/8/b" id="section-104-8-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>it is not reasonably practicable to produce an estimate,</Text>
</P3para>
</P3>
<Text>the cost benefit analysis need not estimate them, but must include a statement of the Payment Systems Regulator's opinion and an explanation of it.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/9/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/9" id="section-104-9">
<Pnumber>9</Pnumber>
<P2para>
<Text>The Payment Systems Regulator may charge a reasonable fee for providing a person with a copy of a draft published under subsection (2)(b).</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/10/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/10" id="section-104-10">
<Pnumber>10</Pnumber>
<P2para>
<Text>Subsections (2)(b) and (3) to (6) do not apply if the Payment Systems Regulator considers that the delay involved in complying with them would be prejudicial to the interests of those who use, or are likely to use, services provided by regulated payment systems.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/11/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/11" id="section-104-11">
<Pnumber>11</Pnumber>
<P2para>
<Text>Subsections (3)(a) and (6) do not apply if the Payment Systems Regulator considers that, making the appropriate comparison—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/11/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/11/a" id="section-104-11-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>there will be no increase in costs, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/11/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/11/b" id="section-104-11-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>there will be an increase in costs but the increase will be of minimal significance.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/12/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/12" id="section-104-12">
<Pnumber>12</Pnumber>
<P2para>
<Text>
In subsection (11) the “
<Term id="term-appropriate-comparison">appropriate comparison</Term>
” means—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/12/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/12/a" id="section-104-12-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>in relation to subsection (3)(a), a comparison between the overall position if the requirement is imposed and the overall position if it is not imposed;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/104/12/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104/12/b" id="section-104-12-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in relation to subsection (6), a comparison between the overall position after the imposing of the requirement and the overall position before it was imposed.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2014-03-01">
<Title>Independent inquiries</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/105/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/105" id="section-105">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-84ae023a6816ad5f74910ce38dfb7d92"/>
105
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/105/1/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/105/1" id="section-105-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Section 68 of the Financial Services Act 2012 (cases in which Treasury may arrange independent inquiries) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/105/2/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/105/2" id="section-105-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In subsection (1), for “two” substitute
<InlineAmendment>“ three ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/105/3/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/105/3" id="section-105-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>After subsection (3) insert—</Text>
<BlockAmendment TargetClass="primary" TargetSubClass="unknown" Context="main" Format="default">
<P2>
<Pnumber>3A</Pnumber>
<P2para>
<Text>The third case is where it appears to the Treasury that—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>events have occurred in relation to a regulated payment system which caused or risked causing significant damage to business or other interests throughout the United Kingdom, and</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>those events might not have occurred, or the threat or damage might have been reduced, but for a serious failure in—</Text>
<P4>
<Pnumber>i</Pnumber>
<P4para>
<Text>the system established by Part 5 of the Financial Services (Banking Reform) Act 2013 for the regulation of payment systems, or</Text>
</P4para>
</P4>
<P4>
<Pnumber>ii</Pnumber>
<P4para>
<Text>the operation of that system.</Text>
</P4para>
</P4>
</P3para>
</P3>
</P2para>
</P2>
</BlockAmendment>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/105/4/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/105/4" id="section-105-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>In section 83(1) (interpretation), after the definition of “regulated activity” insert—</Text>
<BlockAmendment TargetClass="primary" TargetSubClass="unknown" Context="main" Format="default">
<P2para>
<Text>
<Term>regulated payment system</Term>
” has the same meaning as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 110 of that Act);
</Text>
</P2para>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="2014-03-01">
<Title>Investigations into regulatory failure</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106" id="section-106">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-fc78ca56493c6fd59233dee602520420"/>
106
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/1/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/1" id="section-106-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Part 5 of the Financial Services Act 2012 (inquiries and investigations) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/2/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/2" id="section-106-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>After section 76 insert—</Text>
<BlockAmendment TargetClass="primary" TargetSubClass="unknown" Context="main" Format="default">
<P1group>
<Title>Duty of Payment Systems Regulator to investigate and report on possible regulatory failure</Title>
<P1>
<Pnumber PuncAfter="">76A</Pnumber>
<P1para>
<P2>
<Pnumber>1</Pnumber>
<P2para>
<Text>Subsection (3) applies where it appears to the Payment Systems Regulator that—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>events have occurred in relation to a regulated payment system which had or could have had a significant adverse effect on effective competition in the interests of—</Text>
<P4>
<Pnumber>i</Pnumber>
<P4para>
<Text>participants in the payment system, or</Text>
</P4para>
</P4>
<P4>
<Pnumber>ii</Pnumber>
<P4para>
<Text>those who use, or are likely to use, the services provided by the payment system, and</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>those events might not have occurred, or the adverse effect might have been reduced, but for a serious failure in—</Text>
<P4>
<Pnumber>i</Pnumber>
<P4para>
<Text>the system established by Part 5 of the Financial Services (Banking Reform) Act 2013 for the regulation of payment systems, or</Text>
</P4para>
</P4>
<P4>
<Pnumber>ii</Pnumber>
<P4para>
<Text>the operation of that system.</Text>
</P4para>
</P4>
</P3para>
</P3>
</P2para>
</P2>
<P2>
<Pnumber>2</Pnumber>
<P2para>
<Text>Subsection (3) also applies where the Treasury direct the Payment Systems Regulator that it appears to the Treasury that the conditions in subsection (1) are met in relation to specified events.</Text>
</P2para>
</P2>
<P2>
<Pnumber>3</Pnumber>
<P2para>
<Text>The Payment Systems Regulator must carry out an investigation into the events and the circumstances surrounding them and report to the Treasury on the result of the investigation.</Text>
</P2para>
</P2>
<P2>
<Pnumber>4</Pnumber>
<P2para>
<Text>Subsection (3) does not apply by virtue of subsection (1) if the Treasury direct the Payment Systems Regulator that it is not required to carry out an investigation into the events concerned.</Text>
</P2para>
</P2>
<P2>
<Pnumber>5</Pnumber>
<P2para>
<Text>
In this section “
<Term>participant</Term>
”, in relation to a regulated payment system, has the same meaning as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 42 of that Act).
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</BlockAmendment>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/5/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/5" id="section-106-5">
<Pnumber>3</Pnumber>
<P2para>
<Text>In section 77 (power of Treasury to require FCA or PRA to undertake investigation)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/5/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/5/a" id="section-106-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
in subsection (1)(a), for “either regulator” substitute
<InlineAmendment>“ a regulator ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/5/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/5/b" id="section-106-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in subsection (3), omit the “or” at the end of paragraph (b) and after paragraph (c) insert</Text>
<BlockAmendment TargetClass="primary" TargetSubClass="unknown" Context="main" Format="default">
<Text>, or </Text>
<P3>
<Pnumber>d</Pnumber>
<P3para>
<Text>a regulated payment system.</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/5/c/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/5/c" id="section-106-5-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
the heading of that section becomes
<InlineAmendment>
<Strong>Power of Treasury to require regulator to undertake investigation</Strong>
</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/6/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/6" id="section-106-6">
<Pnumber>4</Pnumber>
<P2para>
<Text>
In section 78 (conduct of investigation), in subsection (1), for “or 74” substitute
<InlineAmendment>“ , 74 or 76A ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/7/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/7" id="section-106-7">
<Pnumber>5</Pnumber>
<P2para>
<Text>
In section 79 (conclusion of investigation), for “or 74” substitute
<InlineAmendment>“ , 74 or 76A ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/8/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/8" id="section-106-8">
<Pnumber>6</Pnumber>
<P2para>
<Text>
In section 80 (statements of policy), in subsection (1)(a), for “or 74” substitute
<InlineAmendment>“ , 74 or 76A ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/9/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/9" id="section-106-9">
<Pnumber>7</Pnumber>
<P2para>
<Text>In section 81 (publication of directions), in subsection (1), after paragraph (b) insert—</Text>
<BlockAmendment TargetClass="primary" TargetSubClass="unknown" Context="main" Format="default">
<P3>
<Pnumber>ba</Pnumber>
<P3para>
<Text>section 76A(4);</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/10/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/10" id="section-106-10">
<Pnumber>8</Pnumber>
<P2para>
<Text>In section 83(1) (interpretation)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/10/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/10/a" id="section-106-10-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>after the definition of “listed securities” insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2para>
<Text>
<Term>the Payment Systems Regulator</Term>
” means the body established under section 40 of the Financial Services (Banking Reform) Act 2013;
</Text>
</P2para>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/106/10/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/106/10/b" id="section-106-10-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
in the definition of “regulator”, for “or the PRA” substitute
<InlineAmendment>“ , the PRA or the Payment Systems Regulator ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2014-03-01">
<Title>Competition scrutiny</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/107/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/107" id="section-107">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-c68bd8641c476550be844fe333048db3"/>
107
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/107/1/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/107/1" id="section-107-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Chapter 4 of Part 9A of FSMA 2000 (competition scrutiny) applies to the Payment Systems Regulator's practices and regulating provisions in relation to payment systems as it applies to the FCA's practices and regulating provisions within the meaning of that Chapter.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/107/2/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/107/2" id="section-107-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In subsection (1)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/107/2/a/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/107/2/a" id="section-107-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>the reference to the Payment Systems Regulator's practices in relation to payment systems is a reference to practices adopted by it in the exercise of functions under this Part, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/107/2/b/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/107/2/b" id="section-107-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the reference to the Payment Systems Regulator's regulating provisions in relation to payment systems is a reference to the following—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/107/2/b/i/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/107/2/b/i" id="section-107-2-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>any general directions given under section 54;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/107/2/b/ii/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/107/2/b/ii" id="section-107-2-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>any generally-imposed requirements under section 55;</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/2013/33/section/107/2/b/iii/2019-12-09" IdURI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/107/2/b/iii" id="section-107-2-b-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>any guidance given under section 96.</Text>
</P4para>
</P4>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="key-af670b56b3e5dc42954a0c73b3f102e7" Type="I">
<Para>
<Text>
S. 103 in force at 1.3.2014 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/377" id="cygub5wu1-00790" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="377" Title="The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014">S.I. 2014/377</Citation>
,
<CitationSubRef id="cygub5wu1-00791" CitationRef="cygub5wu1-00790" URI="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/a" SectionRef="article-2-1-a">art. 2(1)(a)</CitationSubRef>
,
<CitationSubRef id="cygub5wu1-00792" CitationRef="cygub5wu1-00790" URI="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/1" SectionRef="schedule-part-1" Operative="true">Sch. Pt. 1</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-bfabd5afc1174619aba24af728c2af6a" Type="I">
<Para>
<Text>
S. 104 in force at 1.3.2014 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/377" id="cygub5wu1-00801" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="377" Title="The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014">S.I. 2014/377</Citation>
,
<CitationSubRef id="cygub5wu1-00802" CitationRef="cygub5wu1-00801" URI="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/a" SectionRef="article-2-1-a">art. 2(1)(a)</CitationSubRef>
,
<CitationSubRef id="cygub5wu1-00803" CitationRef="cygub5wu1-00801" URI="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/1" SectionRef="schedule-part-1" Operative="true">Sch. Pt. 1</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-84ae023a6816ad5f74910ce38dfb7d92" Type="I">
<Para>
<Text>
S. 105 in force at 1.3.2014 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/377" id="cygub5wu1-00812" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="377" Title="The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014">S.I. 2014/377</Citation>
,
<CitationSubRef id="cygub5wu1-00813" CitationRef="cygub5wu1-00812" URI="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/a" SectionRef="article-2-1-a">art. 2(1)(a)</CitationSubRef>
,
<CitationSubRef id="cygub5wu1-00814" CitationRef="cygub5wu1-00812" URI="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/1" SectionRef="schedule-part-1" Operative="true">Sch. Pt. 1</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-fc78ca56493c6fd59233dee602520420" Type="I">
<Para>
<Text>
S. 106 in force at 1.3.2014 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/377" id="cygub5wu1-00823" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="377" Title="The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014">S.I. 2014/377</Citation>
,
<CitationSubRef id="cygub5wu1-00824" CitationRef="cygub5wu1-00823" URI="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/a" SectionRef="article-2-1-a">art. 2(1)(a)</CitationSubRef>
,
<CitationSubRef id="cygub5wu1-00825" CitationRef="cygub5wu1-00823" URI="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/1" SectionRef="schedule-part-1" Operative="true">Sch. Pt. 1</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-c68bd8641c476550be844fe333048db3" Type="I">
<Para>
<Text>
S. 107 in force at 1.3.2014 by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/377" id="cygub5wu1-00834" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="377" Title="The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014">S.I. 2014/377</Citation>
,
<CitationSubRef id="cygub5wu1-00835" CitationRef="cygub5wu1-00834" URI="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/a" SectionRef="article-2-1-a">art. 2(1)(a)</CitationSubRef>
,
<CitationSubRef id="cygub5wu1-00836" CitationRef="cygub5wu1-00834" URI="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/1" SectionRef="schedule-part-1" Operative="true">Sch. Pt. 1</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-68677d16d91bcff4654ca830245ef953" Type="C">
<Para>
<Text>
<CitationSubRef id="ccd8e120240131113822338Z" URI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/104" SectionRef="section-104">S. 104</CitationSubRef>
applied (with modifications) (9.12.2015) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2015/1911" id="d10e4" Class="UnitedKingdomStatutoryInstrument" Year="2015" Number="1911" Title="The Payment Card Interchange Fee Regulations 2015">The Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911)</Citation>
,
<CitationSubRef id="ccd8e720240131113822338Z" CitationRef="d10e4" URI="http://www.legislation.gov.uk/id/uksi/2015/1911/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="ccd8e1020240131113822338Z" CitationRef="d10e4" URI="http://www.legislation.gov.uk/id/uksi/2015/1911/regulation/15/2" Operative="true" SectionRef="regulation-15-2">15(2)</CitationSubRef>
(as amended (1.1.2024) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2023/790" id="d10e13" Class="UnitedKingdomStatutoryInstrument" Year="2023" Number="790" Title="The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023">The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790)</Citation>
,
<CitationSubRef id="ccd8e1620240131113822338Z" CitationRef="d10e13" URI="http://www.legislation.gov.uk/id/uksi/2023/790/regulation/3/10" Operative="true" SectionRef="regulation-3-10">reg. 3(10)</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="key-fdb11ddb0af19fadaf58f39c0455f66e" Type="C">
<Para>
<Text>
S. 104 applied (with modifications) (13.1.2018) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2017/752" id="cwfo9thy2-00059" Class="UnitedKingdomStatutoryInstrument" Year="2017" Number="752" Title="The Payment Services Regulations 2017">The Payment Services Regulations 2017 (S.I. 2017/752)</Citation>
,
<CitationSubRef id="cwfo9thy2-00060" CitationRef="cwfo9thy2-00059" URI="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/6" SectionRef="regulation-1-6">regs. 1(6)</CitationSubRef>
,
<CitationSubRef id="cwfo9thy2-00061" CitationRef="cwfo9thy2-00059" URI="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/136/2" SectionRef="regulation-136-2" Operative="true">136(2)</CitationSubRef>
(with
<CitationSubRef id="cwfo9thy2-00062" CitationRef="cwfo9thy2-00059" URI="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/3" SectionRef="regulation-3">reg. 3</CitationSubRef>
)
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>