Part 5U.K.F1... Payment Systems [F2and service providers]

Textual Amendments

F1Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2

Recognised systems [F3and service providers] U.K.

Textual Amendments

186ProcedureU.K.

(1)Before making a recognition order in respect of a payment system [F4or a DSA service provider] the Treasury must—

(a)consult the Bank of England [F5and the Payment Systems Regulator],

[F6(aa)in the case of a recognition order in respect of a DSA service provider, consult the FCA,]

(b)notify the operator of the system [F7or the DSA service provider (as appropriate)], and

(c)consider any representations made.

[F8(See section 206A(4) for the procedure to be followed before specifying a person under section 206A(2)(b) (service providers in relation to recognised payment systems) in a recognition order.)]

[F9(2)In addition, the Treasury—

(a)must consult the FCA before making a recognition order in respect of a payment system [F10or a DSA service provider, where the operator of the system or the provider] —

(i)is, or has applied to become, a recognised investment exchange, or

(ii)has, or has applied for, a Part 4A permission, and

(b)if the operator [F11or provider] has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.]

(3)In considering whether to make a recognition order in respect of a payment system [F12or a DSA service provider] the Treasury may rely on information provided by the Bank of England[F13, the FCA or the PRA].

Textual Amendments

F13Words in s. 186(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(4)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement Information

I1S. 186 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 3