Digital Economy Act 2017

Section 113

SCHEDULE 9 Bank of England oversight of payment systems

PART 1 Extension of Bank of England oversight of payment systems

1 The Banking Act 2009 is amended as follows.

2 In the heading to Part 5 (inter-bank payment systems) omit “Inter-bank”.

3 In section 181 (overview) for “payments between financial institutions” substitute “transferring money”.

4 (1) Section 182 (interpretation: “inter-bank payment system”) is amended as follows.

(2) In subsection (1)—

(a) omit “inter-bank”;

(b) omit the words from “between financial institutions” to the end.

(3) After subsection (1) insert—

“(1A) But “payment system” does not include any arrangements for the physical movement of cash.”

(4) Omit subsections (2) and (3).

(5) In subsection (5) for “an inter-bank” substitute “a”.

(6) In the heading omit “inter-bank”.

5 In section 183 (interpretation: other expressions), in paragraph (a) for “an inter-bank” substitute “a”.

6 (1) Section 184 (recognition order) is amended as follows.

(2) In subsection (1) for “an inter-bank” substitute “a”.

(3) In subsection (2) omit “inter-bank”.

(4) In subsection (3) for “an inter-bank” substitute “a payment”.

7 In section 185 (recognition criteria), in subsection (1) for “an inter-bank” substitute “a”.

8 In section 186A (amendment of recognition order), in subsections (2)(b) and (4), omit “inter-bank”.

9 In section 187 (de-recognition), in subsections (2), (3)(b) and (5), omit “inter-bank”.

10 In section 188 (principles), in subsection (1) omit “inter-bank”.

11 In section 189 (codes of practice) omit “inter-bank”.

12 In section 190 (system rules), in subsection (1) omit “inter-bank”.

13 In section 191 (directions), in subsection (1) omit “inter-bank”.

14 In section 192 (role of FCA and PRA), in subsections (2)(a) and (b) and (3), omit “inter-bank”.

15 In section 193 (inspection), in subsections (1) and (2), omit “inter-bank”.

16 In section 194 (inspection: warrant), in subsection (1)(a) omit “inter-bank”.

17 In section 195 (independent report), in subsection (1) omit “inter-bank”.

18 In section 196 (compliance failure) omit “inter-bank”.

19 In section 197 (publication), in subsection (1) omit “inter-bank”.

20 In section 198 (penalty), in subsection (1) omit “inter-bank”.

21 In section 199 (closure), in subsection (2) omit “inter-bank”.

22 In section 200 (management disqualification), in subsections (1) and (2), omit “inter-bank”.

23 In section 201 (warning), in subsection (1) for “an inter-bank” substitute “a”.

24 In section 202A (injunctions), in subsections (2)(a) and (3)(a), omit “inter-bank”.

25 In section 203 (fees), in subsection (1) omit “inter-bank”.

26 In section 204 (information), in subsections (1A), (2) and (4)(c), omit “inter-bank”.

27 In section 205 (pretending to be recognised), in subsection (1) omit “inter-bank”.

28 In section 206A (services forming part of recognised inter-bank payment system), in subsections (1), (2) and (7)(a) and in the heading, omit “inter-bank”.

29 In section 259 (statutory instruments), in the Table in subsection (3)—

(a) in the heading for the entries in Part 5, omit “Inter-bank”;

(b) in the entry for section 206A, in the second column omit “inter-bank”.

30 In section 261 (index of defined terms), in the Table—

(a) omit the entry for “Inter-bank payment system”;

(b) at the appropriate place insert—

“Payment system

182”.

PART 2 Consequential amendments

Financial Services Act 2012

31 The Financial Services Act 2012 is amended as follows.

32 (1) Section 68 (cases in which Treasury may arrange independent enquiries) is amended as follows.

(2) In subsection (3), in paragraphs (a) and (b)(ii), omit “inter-bank”.

(3) In subsection (5), in the definition of “recognised inter-bank payment system”—

(a) omit the first “inter-bank”;

(b) for “an inter-bank” substitute “a”.

33 In section 85 (relevant functions in relation to complaints scheme), in subsection (3)(a) omit “inter-bank”.

34 In section 110 (payment to Treasury of penalties received by Bank of England), in subsection (5)(d) omit “inter-bank”.

Financial Services (Banking Reform) Act 2013

35 The Financial Services (Banking Reform) Act 2013 is amended as follows.

36 In section 45 (procedure), in subsection (1)(a) omit “inter-bank”.

37 In section 46 (amendment of designation order), in subsection (2)(a) omit “inter-bank”.

38 In section 47 (revocation of designation orders), in subsection (3)(a) omit “inter-bank”.

39 In section 98 (duty of regulators to ensure co-ordinated exercise of functions), in subsection (5)(b) omit “inter-bank”.

40 In section 110 (interpretation), in subsection (1), in the definition of “recognised inter-bank payment system”—

(a) omit the first “inter-bank”;

(b) for “an inter-bank” substitute “a”.

41 In section 112 (interpretation: infrastructure companies), in subsections (2)(a), (4)(b) and (5), omit “inter-bank”.

42 In section 113 (interpretation: other expressions), in subsection (1)—

(a) in the definition of “operator” omit “inter-bank”;

(b) in the definition of “recognised inter-bank payment system”—

(i) omit the first “inter-bank”;

(ii) for “an inter-bank” substitute “a”;

(c) in the definition of “the relevant system”, in paragraphs (a) and (c), omit “inter-bank”.

43 In section 115 (objective of FMI administration), in subsection (1) omit “inter-bank”.

44 In section 120 (power to direct FMI administrator), in subsection (8) omit “inter-bank”.

45 In section 127 (interpretation of Part 6), in subsection (1), in the definition of “operator” and in the definition of “recognised inter-bank payment system”, omit “inter-bank”.