Version Superseded: 29/08/2023
Point in time view as at 30/11/2017. This version of this provision has been superseded.
Banking Act 2009, Section 186 is up to date with all changes known to be in force on or before 06 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 the Treasury must—
(a)consult the Bank of England [F1and the Payment Systems Regulator],
(b)notify the operator of the system, and
(c)consider any representations made.
[F2(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.)]
[F3(2)In addition, the Treasury—
(a)must consult the FCA before making a recognition order in respect of a payment system the operator of which—
(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 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 the Treasury may rely on information provided by the Bank of England[F4, the FCA or the PRA].
Textual Amendments
F1Words 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)
F2Words 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)
F3S. 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.
F4Words 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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