PART 5

Regulation of payment systems

Designation as a regulated payment system

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