Part 5Inter-Bank Payment Systems
Enforcement
201Warning
1
Before imposing a sanction on the operator of an inter-bank payment system or on another person the Bank of England must—
a
give the operator or other person a notice (a “warning notice”),
b
give the operator or other person at least 21 days to make representations,
c
consider any representations made, and
d
as soon as is reasonably practicable, give the operator or other person a notice stating whether or not the Bank intends to impose the sanction.
2
In subsection (1) “imposing a sanction” means—
a
publishing details under section 197(1),
b
requiring the payment of a penalty under section 198,
c
giving a closure order under section 199, or
d
making an order under section 200.
3
Despite subsection (1), if satisfied that it is necessary the Bank may without notice—
a
give a closure order under section 199, or
b
make an order under section 200.