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PART 5Regulation of payment systems

Regulatory and competition functions

56Power to require granting of access to payment systems

(1)This section applies where a person (“the applicant”) applies for an order under this section.

(2)The Payment Systems Regulator may by order require the operator of a regulated payment system to enable the applicant to become a payment service provider in relation to the system.

(3)The Payment Systems Regulator may by order require any payment service provider with direct access to a regulated payment system to enter into an agreement with the applicant to enable the applicant to become a payment service provider in relation to the system.

(4)An order under this section may provide for the applicant to become a payment service provider in relation to a payment system—

(a)for a period specified in the order;

(b)on terms and conditions specified in the order.