Part 5F11... Payment Systems

Annotations:
Amendments (Textual)
F11

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

Miscellaneous

204Information

1

The Bank of England may by notice in writing require a person to provide information—

I1a

which the Bank thinks will help the Treasury in determining whether to make a recognition order F1or an order under section 206A, or

I2b

which the Bank otherwise requires in connection with its functions under this Part.

F21A

The Bank of England may by notice in writing require the operator of a recognised F8... payment system to provide information which the Bank requires in connection with the exercise of its functions (whether under this Part or otherwise) in pursuance of its financial stability objective.

I12

In particular, a notice F3under subsection (1) or (1A) may require the operator of a recognised F9... payment system to notify the Bank if events of a specified kind occur.

I13

A notice F4under subsection (1) or (1A) may require information to be provided—

a

in a specified form or manner;

b

at a specified time;

c

in respect of a specified period.

4

The Bank may disclose information obtained by virtue of this section to—

I1a

the Treasury;

I1F5b

the FCA;

F7ba

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I2c

an authority in a country or territory outside the United Kingdom which exercises functions similar to those of the Treasury, the Bank of England F6, the FCA or the PRA in relation to F10... payment systems;

I2d

the European Central Bank;

I2e

the Bank for International Settlements.

I15

Subsection (4)—

a

overrides a contractual or other requirement to keep information in confidence, and

b

is without prejudice to any other power to disclose information.

I16

The Treasury may by regulations permit the disclosure of information obtained by virtue of this section to a specified person.

I27

The Bank may publish information obtained by virtue of this section.

I18

The Treasury may make regulations about the manner and extent of publication under subsection (7).

I19

Regulations under this section—

a

shall be made by statutory instrument, and

b

shall be subject to annulment in pursuance of a resolution of either House of Parliament.

I110

It is an offence—

a

to fail without reasonable excuse to comply with a requirement under this section;

b

knowingly or recklessly to give false information in pursuance of this section.

I111

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.