(1)Before making a recognition order in respect of a payment system the Treasury must—
(a)consult the Bank of England,
(b)notify the operator of the system, and
(c)consider any representations made.
[F1(2)In addition, the Treasury—
(a)must consult the FCA before making 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.]
(3)In considering whether to make a recognition order in respect of a payment system the Treasury may rely on information provided by the Bank of England[F2, the FCA or the PRA].
Textual Amendments
F1S. 186(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(4)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 186(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(4)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 186 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 3