This is the original version (as it was originally enacted).
(1)Before making a recognition order in respect of a payment system the Treasury must—
(a)consult the Bank of England,
(b)notify the operator of the system, and
(c)consider any representations made.
(2)The Treasury must also consult the FSA before making a recognition order in respect of a payment system the operator of which—
(a)is, or has applied to become, a recognised investment exchange within the meaning of section 285 of the Financial Services and Markets Act 2000,
(b)is, or has applied to become, a recognised clearing house within the meaning of that section, or
(c)has, or has applied for, permission under Part 4 of that Act (regulated activities).
(3)In considering whether to make a recognition order in respect of a payment system the Treasury may rely on information provided by the Bank of England or the FSA.
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