PART 5Regulation of payment systems
Designation as a regulated payment system
45Procedure
(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.