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Banking Act 2009
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Changes over time for: Section 199
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Changes to legislation:
Banking Act 2009, Section 199 is up to date with all changes known to be in force on or before 14 December 2024. 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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Changes and effects yet to be applied to Section 199:
- s. 4(8A) (8B) inserted by 2012 c. 21 s. 96(3)
- s. 8(2)(d) and word inserted by 2012 c. 21 s. 96(4)(b)
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 4(8A) (8B) inserted by 2012 c. 21 s. 96(3)
- s. 8(2)(d) and word inserted by 2012 c. 21 s. 96(4)(b)
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, the DSA service provider concerned] [F3, or the service provider concerned,] an order to stop operating the system [F4, providing services,] [F5or (as the case may be) providing services to a recognised payment system] [F6or recognised DSA service provider] (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 [F7, or DSA service provider] [F8or all services provided to a recognised payment system [F9, or a recognised DSA service provider] by the service provider], or
(b)specified activities [F10or specified services].
[F11(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 [F12, or of each recognised DSA service provider,] in relation to which the service provider is specified under section 206A(2)(b) [F13or 206A(2A)(b) (as the case may be).]]
(4)An operator [F14, DSA service provider,] [F15or 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 (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 27(2)(a)
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)(i)
F4Words in s. 199(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 27(2)(b)
F5Words 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)
F6Words in s. 199(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 27(2)(c)
F7Words in s. 199(3)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 27(3)(a)
F8Words 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)
F9Words in s. 199(3)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 27(3)(b)
F10Words 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)
F11S. 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)
F12Words in s. 199(3A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 27(4)(a)
F13Words in s. 199(3A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 27(4)(b)
F14Words in s. 199(4) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 27(5)
F15Words 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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