PART 5Regulation of payment systems

Regulatory and competition functions

67Amendments relating to Regulator’s competition powers

(1)

In section 9E of the Company Directors Disqualification Act 1986 (interpretation of sections 9A to 9D), in subsection (2), after paragraph (f) insert—

“(g)

the Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013.”

(2)

In section 54 of the Competition Act 1998 (regulators), in subsection (1), omit the “and” at the end of paragraph (g) and after paragraph (h) insert—

“(i)

the Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013.”

(3)

In section 136 of the Enterprise Act 2002 (investigations and reports on market investigation references)—

(a)

in subsection (7), at the end insert—

“(j)

in relation to the Payment Systems Regulator, section 59 of the Financial Services (Banking Reform) Act 2013.”;

(b)

in subsection (8), for “or Monitor” substitute “, Monitor or the Payment Systems Regulator.”;

(c)

at the end insert—

“(10)

In this section “the Payment Systems Regulator” means the body established under section 40 of the Financial Services (Banking Reform) Act 2013.”

(4)

In section 52(4) of the Enterprise and Regulatory Reform Act 2013 (power to remove concurrent competition functions of sectoral regulators), after paragraph (f) insert—

“(g)

the Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013.”

(5)

In Schedule 4 to the Enterprise and Regulatory Reform Act 2013 (the Competition and Markets Authority), in paragraph 16 (concurrency report), at the end of sub-paragraph (7) insert—

“(h)

the Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013.”