187De-recognitionU.K.
This section has no associated Explanatory Notes
(1)The Treasury may revoke a recognition order.
(2)The Treasury must revoke a recognition order if not satisfied—
[(a)]that the criteria in section 185 are met in respect of the recognised ... payment system. [, or
(b)that the criteria in section 185A are met in respect of the recognised DSA service provider.]
(3)Before revoking a recognition order the Treasury must—
(a)consult the Bank of England [and the Payment Systems Regulator],
[(aa)in the case of a recognition order in respect of a DSA service provider, consult the FCA,]
(b)notify the operator of the recognised ... payment system [or the recognised DSA service provider (as appropriate)], and
(c)consider any representations made.
[(4)In addition, the Treasury—
(a)must consult the FCA before revoking a recognition order in respect of a payment system [or a DSA service provider, where the operator of the system or the provider] —
(i)is, or has applied to become, a recognised investment exchange, or
(ii)has, or has applied for, a Part 4A permission, and
(b)if the operator [or provider] has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.]
(5)The Treasury must consider any request by the operator of a recognised ... payment system [, or by a recognised DSA service provider] for the revocation of its recognition order.
Textual Amendments
Commencement Information