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Banking Act 2009
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Changes over time for: Section 199
Version Superseded: 29/08/2023
Alternative versions:
- 31/12/2009- Amendment
- 27/06/2017- Amendment
- 30/11/2017- Amendment
- 13/03/2018
Point in time - 29/08/2023- Amendment
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Point in time view as at 13/03/2018. This version of this provision has been superseded.
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Banking Act 2009, Section 199 is up to date with all changes known to be in force on or before 08 February 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.
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199ClosureU.K.
This section has no associated Explanatory Notes
(1)This section applies if the Bank of England thinks that a compliance failure—
(a)threatens the stability of, or confidence in, the UK financial system, or
(b)has serious consequences for business or other interests throughout the United Kingdom.
(2)The Bank may give the operator of the F1... payment system concerned [F2, or the service provider concerned,] an order to stop operating the system [F3or (as the case may be) providing services to a recognised payment system] (a “closure order”)—
(a)for a specified period,
(b)until further notice, or
(c)permanently.
(3)A closure order may apply to—
(a)all activities of the payment system [F4or all services provided to a recognised payment system by the service provider], or
(b)specified activities [F5or specified services].
[F6(3A)Before giving a closure order to a service provider, the Bank must have regard to the public interest in the continued operation of each recognised payment system in relation to which the service provider is specified under section 206A(2)(b).]
(4)An operator [F7or service provider] who fails to comply with a closure order commits an offence.
(5)A person guilty of an offence is liable—
(a)on summary conviction, to a fine not exceeding the statutory maximum, or
(b)on conviction on indictment, to a fine.
Textual Amendments
F1Word in s. 199(2) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 21
F2Words in s. 199(2) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(19)(a)(i)
F3Words in s. 199(2) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(19)(a)(ii)
F4Words in s. 199(3)(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(19)(b)(i)
F5Words in s. 199(3)(b) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(19)(b)(ii)
F6S. 199(3A) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(19)(c)
F7Words in s. 199(4) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(19)(d)
Commencement Information
I1S. 199 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2
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