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.