Part 5... Payment Systems and service providers

Recognised systems and service providers

187De-recognition

(1)

The Treasury may revoke a recognition order.

(2)

The Treasury must revoke a recognition order if not satisfied—

F1(a)

that the criteria in section 185 are met in respect of the recognised F2... payment system. F3, 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 F4and the Payment Systems Regulator,

F5(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 F6... payment system F7or the recognised DSA service provider (as appropriate), and

(c)

consider any representations made.

F8(4)

In addition, the Treasury—

(a)

must consult the FCA before revoking a recognition order in respect of a payment system F9or 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 F10or 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 F11... payment system F12, or by a recognised DSA service provider for the revocation of its recognition order.