PART 5Regulation of payment systems

Designation as a regulated payment system

I145Procedure

1

Before making a designation order in respect of a payment system the Treasury must—

a

consult the Payment Systems Regulator and, if the system is a recognised F1... payment system, the Bank of England,

b

notify the operator of the system, and

c

consider any representations made.

2

In considering whether to make a designation order in respect of a payment system, the Treasury may rely on information provided by—

a

the Bank of England,

b

the FCA,

c

the PRA, or

d

the Payment Systems Regulator.