PART 5Regulation of payment systems
F1Technical Standards
97CTreasury approval
1
A standards instrument may be made only if it has been approved by the Treasury.
2
The Treasury may refuse to approve a standards instrument if subsection (3) applies.
3
This subsection applies if it appears to the Treasury that the instrument would—
a
have implications for public funds (within the meaning of section 78(2) of the Banking Act 2009); or
b
prejudice any current or proposed negotiations for an international agreement between the United Kingdom and one or more other countries, international organisations or institutions.
4
For the purposes of subsection (3), “international organisations” includes the European Union.
5
The Treasury must notify the Payment Systems Regulator in writing whether or not they approve a standards instrument within four weeks after the day on which that instrument is submitted to the Treasury for approval (“the relevant period”).
6
Provision of a draft standards instrument to the Treasury for consultation does not amount to submission of the instrument for approval.
7
If the Treasury do not approve the instrument, they must—
a
set out in the notice given under subsection (5) the Treasury’s reasons for not approving the instrument;
b
lay before Parliament—
i
a copy of that notice;
ii
a copy of any statement made by the Payment Systems Regulator as to its reasons for wishing to make the instrument.
8
If the Treasury do not give notice under subsection (5) before the end of the relevant period, the Treasury is deemed to have approved the standards instrument.
Ss. 97A-97D and cross-heading inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 10(4)