Schedule 9: Wholesale cash distribution Part 1 – New Part 5A of the Banking Act 2009 Enforcement Section 206U: Closure
This section enables the Bank to give a closure order to a person recognised for the purposes of this Part as having systemic significance only.
	Subsection (1) provides that the Bank may make a closure order only if it is satisfied that a compliance failure threatens the stability of, or confidence in, the UK financial system, or has serious consequences for business or other interests throughout the United Kingdom.
	Subsection (2) gives the Bank the power to specify that a recognised person must cease operation for a specified time, until further notice, or permanently.
	Subsection (3) provides that before giving a closure order to a recognised person, the Bank must have regard to the public interest in the continued performance by the person of relevant functions (whether or not specified) in relation to wholesale cash distribution activities (whether or not specified).
	Subsection (4) makes it an offence for a recognised person to fail to comply with a closure order. A fine may be imposed on a person found guilty of contravening an order issued under this section (see subsection (5)).