Part 5F1... Payment Systems F3and service providers
Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2
Recognised systems F4and service providers
Words in s. 184 cross-heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 6
I1185Recognition criteria F5: payment system
1
The Treasury may make a recognition order in respect of F2a payment system only if satisfied that any deficiencies in the design of the system, or any disruption of its operation, would be likely—
a
to threaten the stability of, or confidence in, the UK financial system, or
b
to have serious consequences for business or other interests throughout the United Kingdom.
2
In considering whether to specify a system the Treasury must have regard to—
a
the number and value of the transactions that the system presently processes or is likely to process in the future,
b
the nature of the transactions that the system processes,
c
whether those transactions or their equivalent could be handled by other systems,
d
the relationship between the system and other systems, and
e
whether the system is used by the Bank of England in the course of its role as a monetary authority.
Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2