PART 5Regulation of payment systems

F1Technical Standards

Annotations:

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.