Paragraph 56

Regulation 124 (functions of the Payment Systems Regulator) is amended as follows.

In paragraph (1), for the words from “is designated” to the end substitute “has the functions and powers conferred on it by these Regulations”.

In paragraph (2), omit the words from “, and to the extent” to “paragraph (1),”.

In paragraph (3), for “directive”, in both places, substitute “qualifying”.