Commentary on Sections Enforcement Section 199: Closure
440.This section enables the Bank of England to give a closure order to an operator of a recognised inter-bank payment system.
441.Subsection (1) provides that the Bank of England 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 (consequences of a “systemic nature”) or has serious consequences for business or other interests throughout the United Kingdom (“system-wide consequences”).
442.Subsection (2) gives  the Bank of England the power to specify that a recognised inter-bank payment system must cease operation for a specified time, until further notice, or permanently. The terms of the closure order will depend on the seriousness of the threat to financial stability or to other business interests in the UK and the individual circumstances of the case. Subsection (3) provides that a closure order may apply to part or all of the payment system in question.
443.Subsection (4) makes it an offence for an operator to fail to comply with a closure order. A fine may be imposed on a person found guilty of contravening the order.