Banking Act 2009

Introduction U.K.

181 Overview U.K.

This Part enables the Bank of England to oversee certain systems for [F1 transferring money] [F2 and certain persons who provide services in relation to such systems].

Textual Amendments

F1 Words in s. 181 substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 3

F2 Words in s. 181 inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(2)

Commencement Information

I1 S. 181 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 1

182 Interpretation: “F3 ... payment system” U.K.

(1) In this Part “term-inter-bank-payment-system F4 ... payment system” means arrangements designed to facilitate or control the transfer of money F5 ....

[F6 (1A) But “payment system” does not include any arrangements for the physical movement of cash.]

F7 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) In subsection (1) “money” includes credit.

(5) A system is F8 ... payment system for the purposes of this Part whether or not it operates wholly or partly in relation to persons or places outside the United Kingdom.

Textual Amendments

F3 Word in s. 182 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 4(6)

F4 Word in s. 182(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 4(2)(a)

F5 Words in s. 182(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 4(2)(b)

F6 S. 182(1A) inserted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 4(3)

F7 S. 182(2)(3) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 4(4)

F8 Word in s. 182(5) substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 4(5)

Commencement Information

I2 S. 182 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 2

183 Interpretation: other expressions U.K.

In this Part—

(a) a reference to the “operator” of [F9 a] payment system is a reference to any person with responsibility under the system for managing or operating it,

(b) a reference to the operation of a system includes a reference to its management,

[F10 (ba) a reference to a “service provider” is to be construed in accordance with section 206A(2),]

(c) “the UK financial system” has the meaning given F11 ... by [F12 section 1I] of the Financial Services and Markets Act 2000 F13 ...,

(d) a reference to the Bank of England's role as a monetary authority is to be construed in accordance with section 244(2)(c),

[F14 (e) the FCA” means the Financial Conduct Authority,

(f) “Part 4A permission” has the meaning given by section 55A of the Financial Services and Markets Act 2000,

(g) “the PRA” means the Prudential Regulation Authority,

(h) “PRA-regulated activity” has the meaning given by section 22A of the Financial Services and Markets Act 2000, F15 ...

(i) “recognised investment exchange” has the meaning given by section 285 of that Act.]

[F16 (j) “the Payment Systems Regulator” means the Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013, and

(k) in sections 188 to 199 (regulation and enforcement), references to the provision of services by a service provider to a payment system include references to—

(i) services provided by the service provider which form part of the arrangements constituting the system, and

(ii) the service provider’s arrangements for governance or risk management, or for any other matters which may affect the provision of the services by the service provider.]

Textual Amendments

F9 Word in s. 183(a) substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 5

F10 S. 183(ba) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(3)(a)

F11 Words in s. 183(c) omitted (8.4.2010) by virtue of Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 44

F12 Words in s. 183(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 53(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F13 Words in s. 183(c) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 53(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F14 S. 183(e)-(i) substituted for s. 183(e) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 53(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F15 Word in s. 183 omitted (30.11.2017) by virtue of The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(3)(b)

F16 S. 183(j)(k) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(3)(c)

Commencement Information

I3 S. 183 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 2