Section 206J Amendment or revocation of a wholesale cash oversight orderF1

(1)

The Treasury may amend or revoke a wholesale cash oversight order.

(2)

The Treasury must revoke a wholesale cash oversight order if no longer satisfied that the person specified in the order—

(a)

performs a relevant function in relation to a wholesale cash distribution activity, and

(b)

has market significance.

(3)

If a person is specified in a wholesale cash oversight order as having systemic significance, the Treasury must amend the order (so that the person is specified as having market significance only) if—

(a)

satisfied that the person continues to have market significance, but

(b)

no longer satisfied that the person has systemic significance.

(4)

Subject to subsections (2) and (3), the Treasury must consider any request by a person specified in a wholesale cash oversight order for the amendment or revocation of the order.

(5)

Section 206I (procedure) applies to the amendment or revocation of a wholesale cash oversight order as it applies to the making of the order.

Annotations

Textual amendments

F1: Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1