(1)The Bank of England may publish principles to which operators of recognised inter-bank payment systems are to have regard in operating the systems.
(2)Before publishing principles the Bank must obtain the approval of the Treasury.
Commencement Information
I1S. 188 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 1
The Bank of England may publish codes of practice about the operation of recognised inter-bank payment systems.
Commencement Information
I2S. 189 in force at 12.11.2009 for specified purposes and 31.12.2009 in so far as not already in force by S.I. 2009/3000, art. 4, Sch. para. 1
(1)The Bank of England may require the operator of a recognised inter-bank payment system—
(a)to establish rules for the operation of the system;
(b)to change the rules in a specified way or so as to achieve a specified purpose;
(c)to notify the Bank of any proposed change to the rules;
(d)not to change the rules without the approval of the Bank.
(2)A requirement under subsection (1)(c) or (d) may be general or specific.
Commencement Information
I3S. 190 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 1
(1)The Bank of England may give directions in writing to the operator of a recognised inter-bank [F2payment] system.
(2)A direction may—
(a)require or prohibit the taking of specified action in the operation of the system;
(b)set standards to be met in the operation of the system.
(3)If a direction is given for the purpose of resolving or reducing a threat to the stability of the UK financial system, the operator (including its officers and staff) has immunity from liability in damages in respect of action or inaction in accordance with the direction.
(4)A direction given for the purpose mentioned in subsection (3) must—
(a)include a statement that it is given for that purpose, and
(b)inform the operator of the effect of that subsection.
(5)The Treasury may by order confer immunity on any person from liability in damages in respect of action or inaction in accordance with a direction (including a direction given for the purpose mentioned in subsection (3)).
(6)An order—
(a)is to be made by statutory instrument, and
(b)is subject to annulment in pursuance of a resolution of either House of Parliament.
(7)An immunity conferred by or under this section does not extend to action or inaction—
(a)in bad faith, or
(b)in contravention of section 6(1) of the Human Rights Act 1998.]
Textual Amendments
F1S. 191 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(3), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Word in s. 191(1) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 10 para. 8; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
(1)In exercising powers under this Part the Bank of England shall have regard to any action that [F4the FCA or the PRA] has taken or could take.
[F5(2)The Bank of England—
(a)must consult the FCA before taking action under this Part in respect of a recognised inter-bank payment system the operator of which satisfies section 186(2)(a), and
(b)must consult the PRA before taking action under this Part in respect of a recognised inter-bank payment system the operator of which satisfies section 186(2)(b).]
(3)If [F6the FCA or the PRA] gives the Bank of England notice that [F7it] is considering taking action in respect of the operator of a recognised inter-bank payment system who satisfies [F8section 186(2)(a) or (b)], the Bank may not take action under this Part in respect of the operator unless—
(a)[F9the FCA or (as the case may be) the PRA] consents, or
(b)the notice is withdrawn.
Textual Amendments
F3Words in s. 192 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 192(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5S. 192(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6Words in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Word in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8Words in s. 192(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(iii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9Words in s. 192(3)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(6)(c)(iv), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I4S. 192 in force at 12.11.2009 for specified purposes and 31.12.2009 in so far as not already in force by S.I. 2009/3000, arts. 2, 4, Sch. para. 1