Section 200 Management disqualificationI1

United Kingdom

(1)

The Bank of England may by order prohibit a specified person from being an operator of a recognised F1... payment system F2or from being a DSA service provider—

(a)

for a specified period,

(b)

until further notice, or

(c)

permanently.

(2)

The Bank may by order prohibit a specified person from holding an office or position involving responsibility for taking decisions about the management of a recognised ... payment system F3, or a recognised DSA service provider, F4or about the management of a service provider in relation to such a system F5or such a DSA service provider—

(a)

for a specified period,

(b)

until further notice, or

(c)

permanently.

F6(2A)

Before making an order under subsection (2) in respect of a service provider, the Bank must have regard to the public interest in the continued operation of each recognised payment system F7, or of each recognised DSA service provider, in relation to which the service provider is specified under section 206A(2)(b). F8or 206A(2A)(b) (as the case may be).

(3)

A person who breaches a prohibition under subsection (1) or (2) commits an offence.

(4)

A person guilty of an offence is liable—

(a)

on summary conviction, to a fine not exceeding the statutory maximum, or

(b)

on conviction on indictment, to a fine.

Annotations

Textual amendments

F1: Word in s. 200(1)(2) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 22
F2: Words in s. 200(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 28(2)
F3: Words in s. 200(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 28(3)(a)
F4: Words in s. 200(2) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(20)(a)
F5: Words in s. 200(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 28(3)(b)
F6: S. 200(2A) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(20)(b)
F7: Words in s. 200(2A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 28(4)(a)
F8: Words in s. 200(2A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 28(4)(b)

Commencement

I1: S. 200 in force at 12.11.2009 for specified purposes and 31.12.2009 in so far as not already in force by S.I. 2009/3000, arts. 2, 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