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The Payment Accounts Regulations 2015
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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Payment Accounts Regulations 2015 No. 2038
Provision of information in respect of alternative arrangements
This section has no associated Explanatory Memorandum
7.—(1) The Regulator may by notice in writing require a person to provide information—
(a)which the Regulator thinks will help it in determining whether to issue a designation certificate under paragraph 3(1); or
(b)which the Regulator otherwise requires in connection with its functions under this Schedule.
(2) A notice under sub-paragraph (1)—
(a)may require information to be provided—
(i)in a specified form or manner;
(ii)at a specified time;
(iii)in respect of a specified period; and
(b)must inform the recipient of—
(i)the Regulator’s ability to apply to the court for an order pursuant to paragraph 11 for the purpose of securing the recipient’s compliance with the notice; and
(ii)where the recipient is an operator, the Regulator’s power pursuant to paragraph 9(1)(a) to require the payment of a penalty in the event of the operator’s failure to comply with the notice.
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