Part 5... Payment Systems and service providers

Recognised systems and service providers

F1186AAmendment of recognition order

(1)

The Treasury may amend a recognition order.

(2)

Before amending a recognition order 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 recognised F4... payment system F5or the recognised DSA service provider (as appropriate), and

(c)

consider any representations made.

F6(See section 206A(4) for the procedure to be followed before amending a recognition order so as to specify a person under section 206A(2)(b) (service providers in relation to recognised payment systems) in the order.)

F7(2A)

Before amending a recognition order so as to revoke or amend the specification of a person under section 206A(2)(b), the Treasury must also—

(a)

consult the FCA and the PRA,

(b)

notify the specified person, and

(c)

consider any representations made.

(3)

In addition, the Treasury—

(a)

must consult the FCA before amending a recognition order in respect of a payment system F8or 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 F9or provider has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.

(4)

The Treasury must consider any request by the operator of a recognised F10... payment system F11or by a recognised DSA service provider for the amendment of its recognition order F12or any request by a service provider in relation to such a system F13or provider, for the amendment or revocation of its specification.