(1)Before making a designation order in respect of a payment system the Treasury must—
(a)consult the Payment Systems Regulator and, if the system is a recognised inter-bank payment system, the Bank of England,
(b)notify the operator of the system, and
(c)consider any representations made.
(2)In considering whether to make a designation order in respect of a payment system, the Treasury may rely on information provided by—
(a)the Bank of England,
(b)the FCA,
(c)the PRA, or
(d)the Payment Systems Regulator.
Commencement Information
I1S. 45 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1