Banking Act 2009

186 Procedure

(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.