PART 5

Regulation of payment systems

Consultation, accountability and oversight

Power of Treasury to require the imposition of generally applicable requirements
104F
1
The Treasury may by regulations require the Payment Systems Regulator to exercise a power under this Part to impose a generally applicable requirement in relation to a specified activity or a specified description of person.
2
Regulations under this section may—
a
specify matters that the requirement must cover;
b
specify a period within which the requirement must be made.
3
But except so far as permitted by subsection (2), regulations under this section may not require the requirement to be imposed—
a
in a specified form or with specified content, or
b
to achieve or advance a specified outcome.
4
If no period is specified under subsection (2)(b) the requirement must be imposed as soon as reasonably practicable after the coming into force of the regulations.
Ss. 104A-104I inserted (29.8.2023 for specified purposes, 1.8.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 7; S.I. 2023/779, reg. 4(ccc)(v); S.I. 2023/1382, reg. 11(c)