OpenLegislation

Section 201 WarningI1C1

United Kingdom

(1)

Before imposing a sanction on the operator of F1a payment system F2, on a DSA service provider, F3, on a service provider in relation to such a system F4or such a DSA service provider or on another person the Bank of England must—

(a)

give the operator F5, DSA service provider F6, service provider or other person a notice (a “warning notice”),

(b)

give the operator F7, DSA service provider F8, service provider or other person at least 21 days to make representations,

(c)

consider any representations made, and

(d)

as soon as is reasonably practicable, give the operator F9, DSA service provider F10, service provider or other person a notice stating whether or not the Bank intends to impose the sanction.

(1A)

F11Before imposing a sanction on a person who is a service provider in relation to a recognised payment system F12or recognised DSA service provider the Bank must also—

(a)

give the operator of the payment system F13, or DSA service provider a notice (a “warning notice”),

(b)

give the operator F14, or DSA service provider at least 21 days to make representations,

(c)

consider any representations made, and

(d)

as soon as reasonably practicable, give the operator F15or DSA service provider a notice stating whether the Bank intends to impose the sanction.

(2)

In F16subsections (1) and (1A) “imposing a sanction” means—

(a)

publishing details under section 197(1),

(b)

requiring the payment of a penalty under section 198,

(c)

giving a closure order under section 199, or

(d)

making an order under section 200.

(3)

Despite F17subsections (1) and (1A), if satisfied that it is necessary the Bank may without notice—

(a)

give a closure order under section 199, or

(b)

make an order under section 200.

Annotations

Textual amendments

F1

Word in s. 201(1) substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 23

F2

Words in s. 201(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(2)(a)

F3

Words in s. 201(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(21)(a)(i)

F4

Words in s. 201(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(2)(b)

F5

Words in s. 201(1)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(2)(c)

F6

Words in s. 201(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(21)(a)(ii)

F7

Words in s. 201(1)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(2)(d)

F8

Words in s. 201(1)(b) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(a)(ii)

F9

Words in s. 201(1)(d) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(2)(e)

F10

Words in s. 201(1)(d) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(a)(ii)

F11

S. 201(1A) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(b)

F12

Words in s. 201(1A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(3)(a)

F13

Words in s. 201(1A)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(3)(b)

F14

Words in s. 201(1A)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(3)(c)

F15

Words in s. 201(1A)(d) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 29(3)(d)

F16

Words in s. 201(2) substituted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(c)

F17

Words in s. 201(3) substituted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(21)(c)

Modifications

C1

S. 201 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. 201 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