Section 45 ProcedureI1

United Kingdom

(1)

Before making a designation order in respect of a payment system the Treasury must—

(a)

consult the Payment Systems Regulator and, if the system is a recognised F1... payment system, the Bank of England,

(b)

notify the operator of the system, and

(c)

consider any representations made.

(2)

In considering whether to make a designation order in respect of a payment system, the Treasury may rely on information provided by—

(a)

the Bank of England,

(b)

the FCA,

(c)

the PRA, or

(d)

the Payment Systems Regulator.

Annotations

F1: Word in s. 45(1)(a) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 36