Banking Act 2009

187 De-recognition U.K.

(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 F1 ... payment system.

(3) Before revoking a recognition order the Treasury must—

(a) consult the Bank of England [F2 and the Payment Systems Regulator],

(b) notify the operator of the recognised F3 ... payment system, and

(c) consider any representations made.

[F4 (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 F5 ... payment system for the revocation of its recognition order.

Textual Amendments

F1 Word in s. 187(2) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 9

F2 Words in s. 187(3)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(7)

F3 Word in s. 187(3)(b) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 9

F4 S. 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.

F5 Word in s. 187(5) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 9

Commencement Information

I1 S. 187 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 3