PART 1Access to finance

Payment systems

14Powers of the Payment Systems Regulator

1

Part 5 of the Financial Services (Banking Reform) Act 2013 (regulation of payment systems) is amended as follows.

2

Section 58 (power to require disposal of interest in payment system) is amended as provided in subsections (3) and (4).

3

In subsection (1), for the words following “interest in” substitute

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.

4

After subsection (2) insert—

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.

5

In section 108 (relationship with Part 8 of the Payment Services Regulations 2009), in subsection (1)—

a

for “this Part” substitute “ sections 54 to 58 ”,

b

for “obtain access to, or otherwise participate in,” substitute “ obtain direct access to ”, and

c

for “does not apply” substitute “ applies ”.