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The Payment Services Regulations 2017
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- UK Statutory Instruments
- 2017 No. 752
- PART 11
- Miscellaneous
- Regulation 147
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The Payment Services Regulations 2017, Section 147 is up to date with all changes known to be in force on or before 24 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Regulation 147:
- Regulations power to amend conferred by 2021 c. 22 s. 23
Duty to co-operate and exchange of informationU.K.
This section has no associated Explanatory Memorandum
147.—(1) The FCA, the Commissioners and the Payment Systems Regulator [F1may] take such steps as they consider appropriate to co-operate with each other and—
F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F3(b)the Bank of England; and
(c)any other public authority exercising functions in the United Kingdom in relation to payment service providers,]
for the purposes of the exercise by those bodies of their functions [F4under these Regulations and other relevant legislation].
(2) Subject to the requirements of the Data Protection Act 1998 M1, section 348 of the 2000 Act (restrictions on disclosure of confidential information by FCA etc.) M2 (as applied with modifications by paragraph 8 of Schedule 6 to these Regulations), regulation 105 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 M3 (disclosure by the Commissioners) and any other applicable restrictions on the disclosure of information, the FCA, the Commissioners and the Payment Systems Regulator may provide information to each other and—
(a)the bodies mentioned in paragraph [F5(1)(c)];
[F6(b)the Bank of England when acting in its capacity as a monetary and oversight authority;]
(c)where relevant, other public authorities responsible for the oversight of payment and settlement systems;
for the purposes of the exercise by those bodies of their functions under [F7these Regulations and other relevant legislation].
(3) Part 9 of the Enterprise Act 2002 M4 (information) does not prohibit disclosure of information under paragraph (2) but a person to whom that Part applies must have regard to the considerations mentioned in section 244 of that Act (specified information: considerations relevant to disclosure) before making any such disclosure.
F8(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Word in reg. 147(1) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 9(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F2Reg. 147(1)(a) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 62(2)(a) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F3Reg. 147(1)(b)(c) substituted for reg. 147(b)-(d) (31.12.2020) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 62(2)(b) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in reg. 147(1) substituted (31.12.2020) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 62(2)(c) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F5Word in reg. 147(2)(a) substituted (31.12.2020) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 62(3)(a) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F6Reg. 147(2)(b) substituted (31.12.2020) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 62(3)(b) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in reg. 147(2) substituted (31.12.2020) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 62(3)(c) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F8Reg. 147(4) omitted (31.12.2020) by virtue of The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 9(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
Marginal Citations
M22000 c. 8. Section 348 was amended by paragraph 26 of Schedule 2 to the Financial Services Act 2010, paragraph 18 of Schedule 12 to the Financial Services Act 2012, paragraph 5 of Schedule 8 to the Financial Services (Banking Reform) Act 2013 and paragraph 45 of Schedule 2 to the Bank of England and Financial Services Act 2016, and by S.I. 2016/1239.
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