(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.
[F1(4)In addition, the Treasury—
(a)must consult the FCA before revoking a recognition order in respect of a payment system the operator of which—
(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 has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.]
(5)The Treasury must consider any request by the operator of a recognised inter-bank payment system for the revocation of its recognition order.
Textual Amendments
F1S. 187(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 187 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 3