125.—(1) The Payment Systems Regulator may give a direction in writing to any regulated person.
(2) A direction may be given for the purpose of—
(a)obtaining information about—
(i)compliance with a [F1qualifying] requirement; or
(ii)the application of a [F1qualifying] requirement to a person;
(b)remedying a failure to comply with a [F1qualifying] requirement; or
(c)preventing a failure to comply, or continued non-compliance, with a [F1qualifying] requirement.
(3) A direction may require or prohibit the taking of specified action.
(4) A direction may apply—
(a)in relation to all regulated persons or in relation to every regulated person of a specified description; or
(b)in relation to a specified regulated person or specified regulated persons.
(5) A direction that applies as mentioned in paragraph (4)(a) is referred to in this Part as a “general direction”.
(6) A direction requiring the provision of information must specify the purpose for which the information is required, as appropriate, and the time within which the information is to be given.
(7) The Payment Systems Regulator must publish any general direction.
Textual Amendments
F1Word in reg. 125(2) substituted (31.12.2020) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 57 (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)