Section 185 Recognition criteria : payment systemF2I1
United Kingdom
The Treasury may make a recognition order in respect of F1a payment system only if satisfied that any deficiencies in the design of the system, or any disruption of its operation, would be likely—
to threaten the stability of, or confidence in, the UK financial system, or
to have serious consequences for business or other interests throughout the United Kingdom.
In considering whether to specify a system the Treasury must have regard to—
the number and value of the transactions that the system presently processes or is likely to process in the future,
the nature of the transactions that the system processes,
whether those transactions or their equivalent could be handled by other systems,
the relationship between the system and other systems, and
whether the system is used by the Bank of England in the course of its role as a monetary authority.
Annotations
Textual amendments
- F1
Word in s. 185(1) substituted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 7
- F2
Words in s. 185 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 10
Commencement
- I1
S. 185 in force at 4.8.2009 by S.I. 2009/2038, art. 2, Sch. para. 3
Notes on Part 5
Textual amendments
- F1
Word in Pt. 5 heading omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 2
- F2
Words in Pt. 5 heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 2
Notes on Recognised systems and service providers
Textual amendments
- F1
Words in s. 184 cross-heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 6