Financial Services (Banking Reform) Act 2013

61 The Regulator's functions under the Competition Act 1998 U.K.

(1) The functions to which this subsection applies are to be concurrent functions of the Payment Systems Regulator and the Competition and Markets Authority (“the CMA”).

(2) Subsection (1) applies to the functions of the CMA under the provisions of Part 1 of the Competition Act 1998, so far as relating to any of the following that relate to participation in payment systems—

(a) agreements, decisions or concerted practices of the kind mentioned in section 2(1) of that Act,

(b) conduct of the kind mentioned in section 18(1) of that Act, [F1 and]

[F2 (c) transferred EU anti-trust commitments or transferred EU anti-trust directions (as defined in section 40ZA of that Act).]

(3) But subsection (1) does not apply to functions under the following sections of that Act—

• section 31D(1) to (6) (duty to publish guidance);

• [F3 section 35C (statement of policy in relation to functions under sections 31E, 34 and 35A);]

• section 38(1) to (6) (duty to publish guidance about penalties);

• section 40B(1) to (4) (duty to publish statement of policy on penalties);

• section 51 (rules).

(4) So far as necessary for the purposes of, or in connection with, the provisions of subsections (1) and (2), references to the CMA in Part 1 of the Competition Act 1998 [F4 (including references in provisions of the Enterprise Act 2002 applied by that Part)] are to be read as including references to the Payment Systems Regulator.

(5) But subsection (4) does not apply—

(a) in relation to sections 31D(1) to (6) [F5 , 35C], 38(1) to (6), 40B(1) to (4), 51, 52(6) and (8) and 54 of that Act, or

(b) where the context otherwise requires.

[F6 (6) In making any decision, or otherwise taking action, for the purposes of any of its functions that—

(a) by virtue of this section, are functions exercisable concurrently with the CMA, and

(b) are functions within Schedule 4A to the Enterprise and Regulatory Reform Act 2013 by virtue of paragraph 5 of that Schedule,

the Payment Systems Regulator must have regard to the need for making a decision, or taking action, as soon as reasonably practicable.]

Textual Amendments

F1 Word in s. 61(2)(b) inserted (31.12.2020) by S.I. 2019/93, Sch. 1 para. 15(2) (as substituted by The Competition (Amendment etc.) (EU Exit) Regulations 2020 (S.I. 2020/1343), regs. 1(1), 27)

F2 S. 61(2)(c) substituted for s. 61(2)(c)(d) (31.12.2020) by S.I. 2019/93, Sch. 1 para. 15(3) (as substituted by The Competition (Amendment etc.) (EU Exit) Regulations 2020 (S.I. 2020/1343), regs. 1(1), 27)

F3 Words in s. 61(3) inserted (1.1.2025) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 12 para. 22(2); S.I. 2024/1226, regs. 1(2), 2(1)(16)

F4 Words in s. 61(4) inserted (1.1.2025) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 13 para. 3; S.I. 2024/1226, regs. 1(2), 2(1)(17)

F5 Word in s. 61(5)(a) inserted (1.1.2025) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 12 para. 22(3); S.I. 2024/1226, regs. 1(2), 2(1)(16)

F6 S. 61(6) inserted (1.1.2025 for specified purposes) by Digital Markets, Competition and Consumers Act 2024 (c. 13), s. 339(1), Sch. 29 para. 11(3); S.I. 2024/1226, regs. 1(2), 2(1)(21)

Commencement Information

I1 S. 61 in force at 1.11.2014 for specified purposes by S.I. 2014/2458, art. 2(a)(i)

I2 S. 61 in force at 1.4.2015 in so far as not already in force by S.I. 2014/2458, art. 3(b)(ii)