Part 5F1... Payment Systems F9and service providers

Annotations:
Amendments (Textual)
F1

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

Enforcement

I1199Closure

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 F2... payment system concerned F10, the DSA service provider concernedF4, or the service provider concerned, an order to stop operating the system F11, providing services,F5or (as the case may be) providing services to a recognised payment systemF12or 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 F13, or DSA service providerF6or all services provided to a recognised payment system F14, or a recognised DSA service provider by the service provider, or

b

specified activities F7or specified services.

F33A

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 F15, or of each recognised DSA service provider, in relation to which the service provider is specified under section 206A(2)(b) F16or 206A(2A)(b) (as the case may be).

4

An operator F17, DSA service provider,F8or 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.