(1)The Treasury may revoke a recognition order.
(2)The Treasury must revoke a recognition order if not satisfied that the criteria in section 185 are met in respect of the recognised inter-bank payment system.
(3)Before revoking a recognition order the Treasury must—
(a)consult the Bank of England,
(b)notify the operator of the recognised inter-bank payment system, and
(c)consider any representations made.
(4)The Treasury must also consult the FSA before revoking a recognition order in respect of a payment system the operator of which—
(a)is, or has applied to become, a recognised investment exchange within the meaning of section 285 of the Financial Services and Markets Act 2000,
(b)is, or has applied to become, a recognised clearing house within the meaning of that section, or
(c)has, or has applied for, permission under Part 4 of that Act (regulated activities).
(5)The Treasury must consider any request by the operator of a recognised inter-bank payment system for the revocation of its recognition order.
Commencement Information
I1S. 187 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 3