PART 5Regulation of payment systems
Regulatory and competition functions
I158Power to require disposal of interest in payment system
1
The Payment Systems Regulator may require a person who has an interest in F2—
a
the operator of a regulated payment system, or
b
an infrastructure provider in relation to such a system,
to dispose of all or part of that interest.
2
The power conferred by subsection (1) may be exercised only if the Payment Systems Regulator is satisfied that, if the power is not exercised, there is likely to be a restriction or distortion of competition in—
a
the market for payment systems, or
b
a market for services provided by payment systems.
F12A
The reference in subsection (2) to a restriction or distortion of competition includes, in particular, a restriction or distortion of competition—
a
between different operators of payment systems,
b
between different payment services providers, or
c
between different infrastructure providers.
3
The Payment Systems Regulator may not exercise the power conferred by subsection (1) without the consent of the Treasury.
4
If the Payment Systems Regulator decides to exercise the power conferred by subsection (1) in relation to a person who has an interest in the operator of a regulated payment system—
a
the Payment Systems Regulator must notify the relevant competition authorities (see subsection (5)), and
b
the relevant competition authorities may not take any action in relation to the person that would require the person to dispose of all or part of that interest.
5
The relevant competition authorities are—
a
the Secretary of State,
b
the Competition and Markets Authority, and
c
the FCA.