Financial Services and Markets Act 2023

33 U.K. After section 203B (annual report) insert—

“203C Policy statement

(1) The Bank of England must prepare a statement of the general policy it proposes to follow in relation to its oversight under this Part of —

(a) recognised payment systems that include arrangements using digital settlement assets,

(b) DSA service providers, and

(c) service providers as described in sections 206A and 206AA.

(2) Before issuing a statement of policy under this section, the Bank must consult the FCA.

(3) The Bank must —

(a) publish the statement on its website,

(b) send a copy to the Treasury, and

(c) review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision).

(4) Nothing in this section is to be regarded as preventing the Bank of England from exercising any of its powers under this Part where it considers it necessary to do so by reason of urgency, before it has prepared a statement under this section.”

Commencement Information

I1 Sch. 6 para. 33 in force at 29.8.2023, see s. 86(2)(a)