The Banking Act 2009 (Service Providers to Payment Systems) Order 2017

Amendment of the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014

5.—(1) The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014(1) is amended as follows.

(2) In article 1 (citation, commencement and interpretation), in paragraph (4)—

(a) in the appropriate place insert—

““inter-bank payment system” means arrangements which are—

(a)

a payment system as defined in section 182 of the Banking Act 2009(2), and

(b)

designed to facilitate or control the transfer of money between banks and building societies which participate in the arrangements,

(and see article 13(11) for further provision as to the meaning of inter-bank payment system in that article);”;

(b) in the definition of “payment exposures”, in paragraph (d) omit “(as defined in section 182 of the Banking Act 2009)”.

(3) In article 6 (excluded activities: general exceptions), in paragraph (4)(e) omit “within the meaning of section 182 of the Banking Act 2009”.

(4) In article 13 (prohibitions: inter-bank payment systems), in the definition of “inter-bank payment system” in paragraph (11), omit “has the meaning given by section 182 of the Banking Act 2009, but”.

(1)

S.I. 2014/2080, amended by S.I. 2016/1032.

(2)

The definition of “inter-bank payment system” in section 182 was amended by paragraph 4 of Schedule 9 to the Digital Economy Act 2017.