Financial Services (Banking Reform) Act 2013 (c. 33)

PART 5 U.K. Regulation of payment systems

Designation as a regulated payment system U.K.

47 Revocation of designation orders U.K.

(1) The Treasury may revoke a designation order.

(2) The Treasury must revoke a designation order if they are not satisfied that the criteria in section 44 are met in respect of the payment system to which the order relates.

(3) Before revoking a designation order made in respect of a payment system, the Treasury must—

(a) consult the Payment Systems Regulator and, if the payment system is a recognised inter-bank payment system, the Bank of England,

(b) notify the operator of the payment system, and

(c) consider any representations made.

(4) The Treasury must consider any request by the operator of a regulated payment system for the revocation of its designation order.

Commencement Information

I1 S. 47 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1