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

S. 58(2A) inserted (26.5.2015) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 14(4), 164(3)(a)(v)

Words in s. 58(1) substituted (26.5.2015) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 14(3), 164(3)(a)(v)

http://www.legislation.gov.uk/ukpga/2013/33/section/58Financial 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 Participation2024-08-01PART 5Regulation of payment systemsRegulatory and competition functions
58Power to require disposal of interest in payment system1

The Payment Systems Regulator may require a person who has an interest in

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.

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.

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<p>
S. 58 in force at 1.3.2014 by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377">S.I. 2014/377</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/a">art. 2(1)(a)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/1">Sch. Pt. 1</ref>
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<note class="commentary F" eId="key-81c12b8a4835eef3e72b4b437be2a4ce">
<p>
S. 58(2A) inserted (26.5.2015) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2015/26">Small Business, Enterprise and Employment Act 2015 (c. 26)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2015/26/section/14/4">ss. 14(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2015/26/section/164/3/a/v">164(3)(a)(v)</ref>
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Words in s. 58(1) substituted (26.5.2015) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2015/26">Small Business, Enterprise and Employment Act 2015 (c. 26)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2015/26/section/14/3">ss. 14(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2015/26/section/164/3/a/v">164(3)(a)(v)</ref>
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<em>Regulatory and competition functions</em>
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<noteRef href="#key-30a8877c23ed23cbb6678a14b1d435f6" marker="I1" class="commentary I"/>
58
</num>
<heading>Power to require disposal of interest in payment system</heading>
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<num>1</num>
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The Payment Systems Regulator may require a person who has an interest in
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<paragraph eId="section-58-1-b">
<num>
<ins class="substitution key-617f3ad309eb83e70194ce3f8b7bdc28-1498407677661">b</ins>
</num>
<content>
<p>
<ins class="substitution key-617f3ad309eb83e70194ce3f8b7bdc28-1498407677661">an infrastructure provider in relation to such a system,</ins>
</p>
</content>
</paragraph>
<wrapUp>
<p>
<ins class="substitution key-617f3ad309eb83e70194ce3f8b7bdc28-1498407677661 last">to dispose of all or part of that interest. </ins>
</p>
</wrapUp>
</subsection>
<subsection eId="section-58-2">
<num>2</num>
<intro>
<p>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—</p>
</intro>
<paragraph eId="section-58-2-a">
<num>a</num>
<content>
<p>the market for payment systems, or</p>
</content>
</paragraph>
<paragraph eId="section-58-2-b">
<num>b</num>
<content>
<p>a market for services provided by payment systems.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-58-2A">
<num>
<ins class="key-81c12b8a4835eef3e72b4b437be2a4ce-1498404019790 first">
<noteRef href="#key-81c12b8a4835eef3e72b4b437be2a4ce" marker="F1" class="commentary attribute F"/>
2A
</ins>
</num>
<intro>
<p>
<ins class="key-81c12b8a4835eef3e72b4b437be2a4ce-1498404019790">The reference in subsection (2) to a restriction or distortion of competition includes, in particular, a restriction or distortion of competition—</ins>
</p>
</intro>
<paragraph eId="section-58-2A-a">
<num>
<ins class="key-81c12b8a4835eef3e72b4b437be2a4ce-1498404019790">a</ins>
</num>
<content>
<p>
<ins class="key-81c12b8a4835eef3e72b4b437be2a4ce-1498404019790">between different operators of payment systems,</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-58-2A-b">
<num>
<ins class="key-81c12b8a4835eef3e72b4b437be2a4ce-1498404019790">b</ins>
</num>
<content>
<p>
<ins class="key-81c12b8a4835eef3e72b4b437be2a4ce-1498404019790">between different payment services providers, or</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-58-2A-c">
<num>
<ins class="key-81c12b8a4835eef3e72b4b437be2a4ce-1498404019790">c</ins>
</num>
<content>
<p>
<ins class="key-81c12b8a4835eef3e72b4b437be2a4ce-1498404019790 last">between different infrastructure providers.</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-58-3">
<num>3</num>
<content>
<p>The Payment Systems Regulator may not exercise the power conferred by subsection (1) without the consent of the Treasury.</p>
</content>
</subsection>
<subsection eId="section-58-4">
<num>4</num>
<intro>
<p>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—</p>
</intro>
<paragraph eId="section-58-4-a">
<num>a</num>
<content>
<p>the Payment Systems Regulator must notify the relevant competition authorities (see subsection (5)), and</p>
</content>
</paragraph>
<paragraph eId="section-58-4-b">
<num>b</num>
<content>
<p>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.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-58-5">
<num>5</num>
<intro>
<p>The relevant competition authorities are—</p>
</intro>
<paragraph eId="section-58-5-a">
<num>a</num>
<content>
<p>the Secretary of State,</p>
</content>
</paragraph>
<paragraph eId="section-58-5-b">
<num>b</num>
<content>
<p>the Competition and Markets Authority, and</p>
</content>
</paragraph>
<paragraph eId="section-58-5-c">
<num>c</num>
<content>
<p>the FCA.</p>
</content>
</paragraph>
</subsection>
</section>
</hcontainer>
</part>
</portionBody>
</portion>
</akomaNtoso>