Section 204 Information

United Kingdom

(1)

The Bank of England may by notice in writing require a person to provide information—

I1(a)

which the Bank thinks will help the Treasury in determining whether to make a recognition order F1or an order under section 206A F2, or to specify a person under section 206A(2)(b) F3or 206A(2A)(b), or

I2(b)

which the Bank otherwise requires in connection with its functions under this Part.

F4(1A)

The Bank of England may by notice in writing require the operator of a recognised F5... payment system F6, a recognised DSA service provider, F7or a service provider in relation to such a system F8or such a DSA service provider to provide information which the Bank requires in connection with the exercise of its functions (whether under this Part or otherwise) in pursuance of its financial stability objective.

(2)

In particular, a notice F9under subsection (1) or (1A) may require the operator of a recognised F10... payment system F11, a recognised DSA service provider, F12or a service provider in relation to such a system F13or such a DSA service provider to notify the Bank if events of a specified kind occur.

(3)

A notice F14under subsection (1) or (1A) may require information to be provided—

(a)

in a specified form or manner;

(b)

at a specified time;

(c)

in respect of a specified period.

(4)

The Bank may disclose information obtained by virtue of this section to—

(a)

the Treasury;

F15(b)

the FCA;

F16(ba)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

an authority in a country or territory outside the United Kingdom which exercises functions similar to those of the Treasury, the Bank of England F17, the FCA or the PRA in relation to F18... payment systems;

F19(d)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e)

the Bank for International Settlements.

(5)

Subsection (4)—

(a)

overrides a contractual or other requirement to keep information in confidence, and

(b)

is without prejudice to any other power to disclose information.

(6)

The Treasury may by regulations permit the disclosure of information obtained by virtue of this section to a specified person.

(7)

The Bank may publish information obtained by virtue of this section.

(8)

The Treasury may make regulations about the manner and extent of publication under subsection (7).

(9)

Regulations under this section—

(a)

shall be made by statutory instrument, and

(b)

shall be subject to annulment in pursuance of a resolution of either House of Parliament.

(10)

It is an offence—

(a)

to fail without reasonable excuse to comply with a requirement under this section;

(b)

knowingly or recklessly to give false information in pursuance of this section.

(11)

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: Words in s. 204(1)(a) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 45
F2: Words in s. 204(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(25)(a)
F3: Words in s. 204(1)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 34(2)
F4: S. 204(1A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(9)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5: Word in s. 204(1A) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 26
F6: Words in s. 204(1A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 34(3)(a)
F7: Words in s. 204(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(25)(b)
F8: Words in s. 204(1A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 34(3)(b)
F9: Words in s. 204(2) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(9)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F10: Word in s. 204(2) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 26
F11: Words in s. 204(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 34(4)(a)
F12: Words in s. 204(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(25)(b)
F13: Words in s. 204(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 34(4)(b)
F14: Words in s. 204(3) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(9)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F15: S. 204(4)(b)(ba) substituted for s. 204(4)(b) (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(9)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F16: S. 204(4)(ba) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 60 (with Sch. 3); S.I. 2017/43, reg. 2(g)
F17: Words in s. 204(4)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(9)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F18: Word in s. 204(4)(c) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 26
F19: S. 204(4)(d) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 1 para. 1 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)

Commencement

I1: S. 204(1)(a)(2)(3)(4)(a)(b)(5)(6)(8)-(11) in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 4
I2: S. 204(1)(b)(4)(c)(4)(d)(4)(e)(7) in force at 31.12.2009 by S.I. 2009/3000, art. 4, Sch. para. 4

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