Section 185A Recognition criteria: DSA service providerF1

(1)

The Treasury may make a recognition order in respect of a DSA service provider only if satisfied that any deficiencies in the services provided by the service provider, or any disruption to the provision of those services, would be likely—

(a)

to threaten the stability of, or confidence in, the UK financial system, or

(b)

to have serious consequences for business or other interests throughout the United Kingdom.

(2)

In considering whether to specify a DSA service provider the Treasury must have regard to—

(a)

the value of the services in relation to payment systems that the DSA service provider presently provides or is likely to provide in the future,

(b)

the nature of the services in relation to payment systems that the DSA service provider provides,

(c)

whether those services or their equivalent could be provided by others, and

(d)

the relationship between the DSA service provider and—

(i)

operators of payment systems that use digital settlement assets, and

(ii)

other DSA service providers.

Annotations

Textual amendments

F1: S. 185A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 11

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