Commentary on Sections Regulation Section 188: Principles
422.Subsection (1) gives the Bank of England the power to publish principles to which operators of recognised inter-bank payment systems must have regard in the operation of their systems. This formalises an aspect of the existing structure of oversight, under which the Bank of England currently expects payment systems to take account of the Committee on Payment and Settlement Systems’ “Core Principles for Systemically Important Payment Systems”. The Bank of England may reflect such principles and other relevant internationally agreed recommendations and best practice in its principles published under this section.
423.The publication of such principles must first be approved by the Treasury (see subsection (2)).