Section 190 System rulesI1

United Kingdom

(1)

The Bank of England may require the operator of a recognised F1... payment system—

(a)

to establish rules for the operation of the system F2including the operation of services that form part of the arrangements constituting F3, or connected with, the system and are provided by a service provider F4, or a DSA service provider;

(b)

to change the rules in a specified way or so as to achieve a specified purpose;

(c)

to notify the Bank of any proposed change to the rules;

(d)

not to change the rules without the approval of the Bank.

(2)

A requirement under subsection (1)(c) or (d) may be general or specific.

Annotations

Textual amendments

F1: Word in s. 190(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 12
F2: Words in s. 190(1)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(10)
F3: Words in s. 190(1)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 17(a)
F4: Words in s. 190(1)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 17(b)

Commencement

I1: S. 190 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 1

Notes on Part 5

Textual amendments

F1: 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
F2: Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2