UK Offence Report

The Banking Act 2009 (Service Providers to Payment Systems) Order 2017

UK Statutory Instrument 2017 No. 1167 — creates 1 criminal offence.

1offences created
0recorded in force
0revoked
Made
29 November 2017
In force from
Not determined
Extent
Not stated
Subject
Corporate, financial services, company law, employment, charity, electoral and tax
Made under
Bank of England Act 1998, Banking Act 2009, Financial Services (Banking Reform) Act 2013, Financial Services and Markets Act 2000, No. 1167 Banks And Banking The Banking Act 2009, Schedule 7 to the Bank of England Act 1998

Explanatory note

(This note is not part of the Order) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

Part 2 of this Order amends Part 5 of the Banking Act 2009 (c. 1), which provides for the Bank of England to oversee certain payment systems, such that the Part applies to certain service providers in relation to such systems. In article 2— paragraphs (4) to (7) require the Treasury to consult the Payment Systems Regulator in relation to the making, amendment and revocation of orders recognising payment systems as systems over which the Bank of England has oversight, and amend the procedure for the amendment of such orders where the amendment revokes or changes the specification of service providers over which the Bank of England has oversight. paragraphs (8) to (12) make amendments providing for the Bank of England’s functions and powers to oversee specified service providers; paragraphs (13) to (22) make amendments providing for the inspection and investigation of specified service providers, and enforcement of compliance failures; paragraphs (2), (3) and (23) to (29) make other related amendments. Article 3 makes consequential amendments to related secondary legislation. Part 3 of this Order amends the Bank of England Act 1998 (c. 11) so that the Bank of England may disclose information obtained by it under that Act to the Payment Systems Regulator. Part 4 of this Order amends the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 in consequence of amendments to the Banking Act 2009 made by the Digital Economy Act 2017 (c. 30). A full impact assessment has not been produced for this instrument as no significant impact on the costs of business or the voluntary sector is foreseen.

Offences created by this instrument

How Parliament handled it

Parliament's Statutory Instruments service has no record of this instrument, although it covers the period. Nothing is inferred from that.

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