Part 5F3... Payment Systems F6and service providers

Annotations:
Amendments (Textual)
F3

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

Recognised systems F7and service providers

Annotations:
Amendments (Textual)

I1186Procedure

1

Before making a recognition order in respect of a payment system F9or a DSA service provider the Treasury must—

a

consult the Bank of England F4and the Payment Systems Regulator,

F10aa

in the case of a recognition order in respect of a DSA service provider, consult the FCA,

b

notify the operator of the system F11or the DSA service provider (as appropriate), and

c

consider any representations made.

F5(See section 206A(4) for the procedure to be followed before specifying a person under section 206A(2)(b) (service providers in relation to recognised payment systems) in a recognition order.)

F12

In addition, the Treasury—

a

must consult the FCA before making a recognition order in respect of a payment system F12or 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 F13or provider has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.

3

In considering whether to make a recognition order in respect of a payment system F8or a DSA service provider the Treasury may rely on information provided by the Bank of EnglandF2, the FCA or the PRA.