201WarningU.K.
(1)Before imposing a sanction on the operator of [F1a] payment system [F2, on a DSA service provider,] [F3, on a service provider in relation to such a system] [F4or such a DSA service provider] or on another person the Bank of England must—
(a)give the operator [F5, DSA service provider] [F6, service provider] or other person a notice (a “warning notice”),
(b)give the operator [F7, DSA service provider] [F8, 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 [F9, DSA service provider] [F10, service provider] or other person a notice stating whether or not the Bank intends to impose the sanction.
[F11(1A)Before imposing a sanction on a person who is a service provider in relation to a recognised payment system [F12or recognised DSA service provider] the Bank must also—
(a)give the operator of the payment system [F13, or DSA service provider] a notice (a “warning notice”),
(b)give the operator [F14, 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 [F15or DSA service provider] a notice stating whether the Bank intends to impose the sanction.]
(2)In [F16subsections (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 [F17subsections (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.
Textual Amendments
F1Word in s. 201(1) substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 23
F2Words in s. 201(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(2)(a)
F3Words in s. 201(1) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(a)(i)
F4Words in s. 201(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(2)(b)
F5Words in s. 201(1)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(2)(c)
F6Words in s. 201(1)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(a)(ii)
F7Words in s. 201(1)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(2)(d)
F8Words in s. 201(1)(b) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(a)(ii)
F9Words in s. 201(1)(d) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(2)(e)
F10Words in s. 201(1)(d) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(a)(ii)
F11S. 201(1A) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(b)
F12Words in s. 201(1A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(3)(a)
F13Words in s. 201(1A)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(3)(b)
F14Words in s. 201(1A)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(3)(c)
F15Words in s. 201(1A)(d) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(3)(d)
F16Words in s. 201(2) substituted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(c)
F17Words in s. 201(3) substituted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(c)
Modifications etc. (not altering text)
C1S. 201 applied by 2013 c. 33, s. 124A(8) (as inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 49(3) (with ss. 2(2), 5(2)))
Commencement Information
I1S. 201 in force at 12.11.2009 for specified purposes and 31.12.2009 in so far as not already in force by S.I. 2009/3000, arts. 2, 4, Sch. para. 2