Part 5F5... Payment Systems F14and service providers

Annotations:
Amendments (Textual)
F5

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

Recognised systems F15and service providers

Annotations:
Amendments (Textual)

I1187De-recognition

1

The Treasury may revoke a recognition order.

2

The Treasury must revoke a recognition order if not satisfied—

F8a

that the criteria in section 185 are met in respect of the recognised F2... payment system. F7, or

b

that the criteria in section 185A are met in respect of the recognised DSA service provider.

3

Before revoking a recognition order the Treasury must—

a

consult the Bank of England F6and the Payment Systems Regulator,

F9aa

in the case of a recognition order in respect of a DSA service provider, consult the FCA,

b

notify the operator of the recognised F3... payment system F10or the recognised DSA service provider (as appropriate), and

c

consider any representations made.

F14

In addition, the Treasury—

a

must consult the FCA before revoking a recognition order in respect of a payment system F12or 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 F13or provider 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 F4... payment system F11, or by a recognised DSA service provider for the revocation of its recognition order.