Part 5F2... Payment Systems F5and service providers
Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2
Enforcement
I1200Management disqualification
1
The Bank of England may by order prohibit a specified person from being an operator of a recognised F1... payment system F6or from being a DSA service provider—
a
for a specified period,
b
until further notice, or
c
permanently.
2
The Bank may by order prohibit a specified person from holding an office or position involving responsibility for taking decisions about the management of a recognised F1... payment system F7, or a recognised DSA service provider,F4or about the management of a service provider in relation to such a systemF8or such a DSA service provider—
a
for a specified period,
b
until further notice, or
c
permanently.
F32A
Before making an order under subsection (2) in respect of a service provider, the Bank must have regard to the public interest in the continued operation of each recognised payment system F9, or of each recognised DSA service provider, in relation to which the service provider is specified under section 206A(2)(b). F10or 206A(2A)(b) (as the case may be).
3
A person who breaches a prohibition under subsection (1) or (2) commits an offence.
4
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.
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