Section 47 Revocation of designation ordersI1

United Kingdom

(1)

The Treasury may revoke a designation order.

(2)

The Treasury must revoke a designation order if they are not satisfied that the criteria in section 44 are met in respect of the payment system to which the order relates.

(3)

Before revoking a designation order made in respect of a payment system, the Treasury must—

(a)

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

(b)

notify the operator of the payment system, and

(c)

consider any representations made.

(4)

The Treasury must consider any request by the operator of a regulated payment system for the revocation of its designation order.

Annotations

Textual amendments

F1: Word in s. 47(3)(a) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 38

Commencement

I1: S. 47 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1