Commentary on Sections Miscellaneous Section 204: Information
452.This section gives the Bank of England a statutory power to gather information which it considers will help the Treasury in its decisions about whether to make a recognition order (section 184) in respect of an inter-bank payment system or which the Bank requires in connection with its functions under this Part. A requirement to provide information in accordance with this section must be made by notice in writing.
453.Subsection (2) allows the Bank of England to impose a requirement on recognised inter-bank payment systems to notify it of certain events.  Subsection (3) specifies that the Bank of England may require this information to be provided in a specified form or manner, at a specified time, or in respect of a specified period.
454.Subsection (4) allows the Bank of England to share information obtained under this section with the Treasury and the FSA (together, the Tripartite Authorities); the Tripartite Authorities’ international counterparts; the European Central Bank; and the Bank for International Settlements. Subsection (5) provides that the Bank of England may disclose information in accordance with this section irrespective of contractual or other requirements to keep the information in confidence.
455.Subsection (6) confers a power on the Treasury to specify, by regulations, other persons with whom the Bank of England may share the information. Subsection (7) specifies that the Bank of England may publish information obtained under this section, for example, in its annual Payment Systems Oversight Report, subject to any regulations made by the Treasury in accordance with subsection (8) concerning the manner and extent of publication.
456.Subsection (10) makes it an offence to fail to comply with a requirement under this section to provide information or to knowingly give false information. A fine may be imposed on a person found guilty of such conduct (see subsection (11)).