104 Inter-bank payment systems
Financial Services Act 2012 (2012 c 21) | Legislation

Inter-bank payment systems

104  Inter-bank payment systems

(1)     Part 5 of the Banking Act 2009 (inter-bank payment systems) is amended as follows.

(2)     After section 186 insert—

“186A Amendment of recognition order

(1)     The Treasury may amend a recognition order.

(2)     Before amending a recognition order the Treasury must—

(a)     consult the Bank of England,

(b)     notify the operator of the recognised inter-bank payment system, and

(c)     consider any representations made.

(3)     In addition, the Treasury—

(a)     must consult the FCA before amending a recognition order in respect of a payment system the operator of which—

(i)     is, or has applied to become, a recognised investment exchange, or

(ii)     has, or has applied for, a Part 4A permission, and

(b)     if the operator has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.

(4)     The Treasury must consider any request by the operator of a recognised inter-bank payment system for the amendment of its recognition order.”

(3)     For section 191 substitute—

“191پ𳦳پDzԲ

(1)     The Bank of England may give directions in writing to the operator of a recognised inter-bank system.

(2)     A direction may—

(a)

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