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Section 198 PenaltyI1C1

United Kingdom

(1)

The Bank of England may require the operator of a recognised F1... payment system F2, a recognised DSA service provider F3, or a service provider in relation to such a system, F4or such a DSA service provider to pay a penalty in respect of a compliance failure.

(2)

A penalty—

(a)

must be paid to the Bank of England, and

(b)

may be enforced by the Bank as a debt.

(3)

The Bank must prepare a statement of the principles which it will apply in determining—

(a)

whether to impose a penalty, and

(b)

the amount of a penalty.

(4)

The Bank must—

(a)

publish the statement on its internet website,

(b)

send a copy to the Treasury,

(c)

review the statement from time to time and revise it if necessary (and paragraphs (a) and (b) apply to a revision), and

(d)

in applying the statement to a compliance failure, apply the version in force when the failure occurred.

Annotations

Textual amendments

F1

Word in s. 198(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 20

F2

Words in s. 198(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 26(a)

F3

Words in s. 198(1) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(18)

F4

Words in s. 198(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 26(b)

Modifications

C1

S. 198 applied by 2013 c. 33, s. 124A(8) (as inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 49(3) (with ss. 2(2), 5(2)))

Commencement

I1

S. 198 in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 2

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