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(1)In this Part “payment system” means a system which is operated by one or more persons in the course of business for the purpose of enabling persons to make transfers of funds, and includes a system which is designed to facilitate the transfer of funds using another payment system.
(2)But “payment system” does not include—
(a)any arrangements for the physical movement of cash;
(b)a system which does not make any provision for the transfer of funds by payers, or to recipients, in the United Kingdom;
(c)a securities settlement system operated by a person approved under regulations under section 785 of the Companies Act 2006 (provision enabling procedures for evidencing and transferring title);
(d)a system operated by a recognised clearing house;
(e)any other system whose primary purpose is not that of enabling persons to transfer funds.
(3)In this section—
“recognised clearing house” has the meaning given by section 285(1) of FSMA 2000;
“securities settlement system” means a computer-based system, and procedures, which enable title to units of a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters.
(4)The Treasury may by order amend this section so as to—
(a)add descriptions of systems or arrangements that are not to be regarded as payment systems, or
(b)vary or remove any such description.
Commencement Information
I1S. 41 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1