This section has no associated Explanatory Memorandum
56.—(1) Regulation 124 (functions of the Payment Systems Regulator) is amended as follows.U.K.
(2) In paragraph (1), for the words from “is designated” to the end substitute “ has the functions and powers conferred on it by these Regulations ”.
(3) In paragraph (2), omit the words from “, and to the extent” to “paragraph (1),”.
(4) In paragraph (3), for “directive”, in both places, substitute “ qualifying ”.
Commencement Information
I1Sch. 2 para. 56 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)