Commentary on Sections Enforcement Section 195: Independent Report
433.Subsection (1) enables the Bank of England to require that the operator of a recognised inter-bank payment system appoint an expert to provide a report on the operation of the recognised inter-bank payment system.
434.Subsection (2) specifies that the Bank of England can only impose this requirement where the Bank thinks that the operator is not adhering sufficiently to the principles (as set out in section 188), or is failing to comply with a code of practice (as set out in section 189), or where the Bank of England considers that such a report is necessary to help it carry out its functions in accordance with this Part.
435.Subsection (3) enables the Bank of England to make certain stipulations about the nature of the expert the operator of the payment system must appoint (for example experience and qualifications), the content of the expert’s report, how the report is subsequently treated (including whether or not it is to be published), and the timeframe within which the report must be produced.