Banking Act 2009, Section 186 is up to date with all changes known to be in force on or before 03 March 2025. 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.
(1)Before making a recognition order in respect of a payment system [F1or a DSA service provider] the Treasury must—
(a)consult the Bank of England [F2and the Payment Systems Regulator],
[F3(aa)in the case of a recognition order in respect of a DSA service provider, consult the FCA,]
(b)notify the operator of the system [F4or the DSA service provider (as appropriate)], and
(c)consider any representations made.
[F5(See section 206A(4) for the procedure to be followed before specifying a person under section 206A(2)(b) (service providers in relation to recognised payment systems) in a recognition order.)]
[F6(2)In addition, the Treasury—
(a)must consult the FCA before making a recognition order in respect of a payment system [F7or a DSA service provider, where the operator of the system or the provider] —
(i)is, or has applied to become, a recognised investment exchange, or
(ii)has, or has applied for, a Part 4A permission, and
(b)if the operator [F8or provider] has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.]
(3)In considering whether to make a recognition order in respect of a payment system [F9or a DSA service provider] the Treasury may rely on information provided by the Bank of England[F10, the FCA or the PRA].
Textual Amendments
F1Words in s. 186(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(2)
F2Words in s. 186(1)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(5)(a)
F3S. 186(1)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(3)
F4Words in s. 186(1)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(4)
F5Words in s. 186(1) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(5)(b)
F6S. 186(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(4)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Words in s. 186(2)(a) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(5)
F8Words in s. 186(2)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(6)
F9Words in s. 186(3) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(7)
F10Words in s. 186(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(4)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 186 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 3
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