Part 5... Payment Systems and service providers
Recognised systems and service providers
186Procedure
(1)
Before making a recognition order in respect of a payment system F1or a DSA service provider the Treasury must—
(a)
consult the Bank of England F2and the Payment Systems Regulator,
F3(aa)
in the case of a recognition order in respect of a DSA service provider, consult the FCA,
(b)
notify the operator of the system F4or the DSA service provider (as appropriate), and
(c)
consider any representations made.
F5(See section 206A(4) for the procedure to be followed before specifying a person under section 206A(2)(b) (service providers in relation to recognised payment systems) in a recognition order.)
F6(2)
In addition, the Treasury—
(a)
must consult the FCA before making a recognition order in respect of a payment system F7or a DSA service provider, where the operator of the system or the provider —
(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 F8or provider has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.