Part 5F1... Payment Systems F19and 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

I1C1201Warning

1

Before imposing a sanction on the operator of F2a payment system F10, on a DSA service provider,F4, on a service provider in relation to such a systemF11or such a DSA service provider or on another person the Bank of England must—

a

give the operator F12, DSA service providerF5, service provider or other person a notice (a “warning notice”),

b

give the operator F13, DSA service providerF6, service provider 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 F14, DSA service providerF7, service provider or other person a notice stating whether or not the Bank intends to impose the sanction.

F31A

Before imposing a sanction on a person who is a service provider in relation to a recognised payment system F15or recognised DSA service provider the Bank must also—

a

give the operator of the payment system F16, or DSA service provider a notice (a “warning notice”),

b

give the operator F17, or DSA service provider at least 21 days to make representations,

c

consider any representations made, and

d

as soon as reasonably practicable, give the operator F18or DSA service provider a notice stating whether the Bank intends to impose the sanction.

2

In F8subsections (1) and (1A) “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 F9subsections (1) and (1A), 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.