Part 5F3... Payment Systems F11and service providers

Annotations:
Amendments (Textual)
F3

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

Regulation

191F1Directions

1

The Bank of England may give directions in writing to—

F13a

the operator of a recognised F4... F2payment system,

F12b

to a recognised DSA service provider, or

F14c

F5 a service provider in relation to such a system F15or to such DSA service providers.

2

A direction may—

a

require or prohibit the taking of specified action in the operation of the system F6or the provision of services F16...;

b

set standards to be met in the operation of the system F7or the provision of services F17....

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 F18, DSA service providerF8or service provider (including F9the operator’s F19, DSA service provider’s or service provider’s 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 F20, DSA service providerF10or service provider 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.