Part 5U.K.F1... Payment Systems

Textual Amendments

F1Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2

IntroductionU.K.

181OverviewU.K.

This Part enables the Bank of England to oversee certain systems for [F2transferring money] [F3and certain persons who provide services in relation to such systems].

Textual Amendments

F2Words in s. 181 substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 3

Commencement Information

I1S. 181 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 1

182Interpretation: “F4... payment system”U.K.

(1)In this Part “term-inter-bank-payment-system F5... payment system” means arrangements designed to facilitate or control the transfer of money F6....

[F7(1A)But “payment system” does not include any arrangements for the physical movement of cash.]

F8(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

(5)A system is F9... 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

F4Word 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)

F5Word 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)

F6Words 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)

F8S. 182(2)(3) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 4(4)

F9Word 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

I2S. 182 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 2

183Interpretation: other expressionsU.K.

In this Part—

(a)a reference to the “operator” of [F10a] 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,

[F11(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 F12... by [F13section 1I] of the Financial Services and Markets Act 2000 F14...,

(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),

[F15(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, F16...

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

[F17(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

F10Word in s. 183(a) substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 5

F12Words 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

F14Words 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.

F15S. 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.

Commencement Information

I3S. 183 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 2