PART 5 U.K.Regulation of payment systems

Designation as a regulated payment system U.K.

45 Procedure U.K.

(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.

Textual Amendments

F1 Word in s. 45(1)(a) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 36

Commencement Information

I1 S. 45 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1