PART 5Regulation of payment systems
“Payment system” etc
I141Meaning of “payment system”
1
In this Part “payment system” means a system which is operated by one or more persons in the course of business for the purpose of enabling persons to make transfers of funds, and includes a system which is designed to facilitate the transfer of funds using another payment system.
2
But “payment system” does not include—
a
any arrangements for the physical movement of cash;
b
a system which does not make any provision for the transfer of funds by payers, or to recipients, in the United Kingdom;
c
a securities settlement system operated by a person approved under regulations under section 785 of the Companies Act 2006 (provision enabling procedures for evidencing and transferring title);
d
a system operated by a recognised clearing house;
e
any other system whose primary purpose is not that of enabling persons to transfer funds.
3
In this section—
“recognised clearing house” has the meaning given by section 285(1) of FSMA 2000;
“securities settlement system” means a computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters.
4
The Treasury may by order amend this section so as to—
a
add descriptions of systems or arrangements that are not to be regarded as payment systems, or
b
vary or remove any such description.