Part 5Inter-Bank Payment Systems

Enforcement

199Closure

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 inter-bank payment system concerned an order to stop operating the 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, or

b

specified activities.

4

An operator 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.