http://www.legislation.gov.uk/ukpga/2009/1/section/185Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2026-02-20Expert Participation2026-01-19 Banking Act 2009s. 4(8A) (8B)Financial Services Act 2012s. 96(3)Sch. 20s. 122(3)Banking Act 2009s. 8(2)(d) and wordFinancial Services Act 2012s. 96(4)(b)Sch. 20s. 122(3) Part 51851The Treasury may make a recognition order in respect of a payment system only if satisfied that any deficiencies in the design of the system, or any disruption of its operation, would be likely—ato threaten the stability of, or confidence in, the UK financial system, orbto have serious consequences for business or other interests throughout the United Kingdom.2In considering whether to specify a system the Treasury must have regard to—athe number and value of the transactions that the system presently processes or is likely to process in the future,bthe nature of the transactions that the system processes,cwhether those transactions or their equivalent could be handled by other systems,dthe relationship between the system and other systems, andewhether the system is used by the Bank of England in the course of its role as a monetary authority.S. 185 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 3Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2Word in s. 185(1) substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 7Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2Words in s. 184 cross-heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 6Words in s. 185 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 10