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Section 186 ProcedureI1

United Kingdom

(1)

Before making a recognition order in respect of a payment system F1or a DSA service provider the Treasury must—

(a)

consult the Bank of England F2and the Payment Systems Regulator,

F3(aa)

in the case of a recognition order in respect of a DSA service provider, consult the FCA,

(b)

notify the operator of the system F4or the DSA service provider (as appropriate), and

(c)

consider any representations made.

F5(See section 206A(4) for the procedure to be followed before specifying a person under section 206A(2)(b) (service providers in relation to recognised payment systems) in a recognition order.)

F6(2)

In addition, the Treasury—

(a)

must consult the FCA before making a recognition order in respect of a payment system F7or a DSA service provider, where the operator of the system or the provider —

(i)

is, or has applied to become, a recognised investment exchange, or

(ii)

has, or has applied for, a Part 4A permission, and

(b)

if the operator F8or provider has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.

(3)

In considering whether to make a recognition order in respect of a payment system F9or a DSA service provider the Treasury may rely on information provided by the Bank of EnglandF10, the FCA or the PRA.

Annotations

Textual amendments

F1: Words in s. 186(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(2)
F2: Words in s. 186(1)(a) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(5)(a)
F3: S. 186(1)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(3)
F4: Words in s. 186(1)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(4)
F5: Words in s. 186(1) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(5)(b)
F6: S. 186(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(4)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7: Words in s. 186(2)(a) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(5)
F8: Words in s. 186(2)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(6)
F9: Words in s. 186(3) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 12(7)
F10: Words in s. 186(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(4)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement

I1: S. 186 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