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Section 187 De-recognitionI1

United Kingdom

(1)

The Treasury may revoke a recognition order.

(2)

The Treasury must revoke a recognition order if not satisfied—

F1(a)

that the criteria in section 185 are met in respect of the recognised F2... payment system. F3, or

(b)

that the criteria in section 185A are met in respect of the recognised DSA service provider.

(3)

Before revoking a recognition order the Treasury must—

(a)

consult the Bank of England F4and the Payment Systems Regulator,

F5(aa)

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

(b)

notify the operator of the recognised F6... payment system F7or the recognised DSA service provider (as appropriate), and

(c)

consider any representations made.

F8(4)

In addition, the Treasury—

(a)

must consult the FCA before revoking a recognition order in respect of a payment system F9or 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 F10or provider has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.

(5)

The Treasury must consider any request by the operator of a recognised F11... payment system F12, or by a recognised DSA service provider for the revocation of its recognition order.

Annotations

Textual amendments

F1: Words in s. 187(2) renumbered as s.187(2)(a) (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(2)(a)
F2: Word in s. 187(2) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 9
F3: S. 187(2)(b) and word inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(2)(b)
F4: Words in s. 187(3)(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(7)
F5: S. 187(3)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(3)
F6: Word in s. 187(3)(b) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 9
F7: Words in s. 187(3)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(4)
F8: S. 187(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 104(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9: Words in s. 187(4)(a) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(5)
F10: Words in s. 187(4)(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(6)
F11: Word in s. 187(5) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 9
F12: Words in s. 187(5) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 14(7)

Commencement

I1: S. 187 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