The Payment Accounts Regulations 2015

Issuing the designation certificate

This section has no associated Explanatory Memorandum

3.—(1) Where—

(a)an application has been made under paragraph 2;

(b)the applicant has paid any fee charged by virtue of paragraph 4(1); and

(c)the Regulator is satisfied that the requirements of regulation 15(2) are met with respect to the switching service to which the application relates;

the Regulator may issue a designation certificate declaring the switching service to be an alternative arrangement (and identifying the operator of that switching service).

(2) A designation certificate must state the date on which it comes into effect.

(3) Where the Regulator refuses an application for a designation certificate, it must give the applicant a written notice to that effect stating the reasons for the refusal and the right of appeal provided for in paragraph 12.