Section 54 DirectionsI1

(1)

The Payment Systems Regulator may give directions in writing to participants in regulated payment systems.

(2)

A direction given to a participant in a regulated payment system may—

(a)

require or prohibit the taking of specified action in relation to the system;

(b)

set standards to be met in relation to the system.

(3)

A direction under this section may apply—

(a)

generally,

(b)

in relation to—

(i)

all operators, or every operator of a regulated payment system of a specified description,

(ii)

all infrastructure providers, or every person who is an infrastructure provider in relation to a regulated payment system of a specified description, or

(iii)

all payment service providers, or every person who is a payment service provider in relation to a regulated payment system of a specified description, or

(c)

in relation to specified persons or persons of a specified description.

(4)

The Payment Systems Regulator must publish any direction given under this section that applies as mentioned in subsection (3)(a) or (b).

(5)

A direction under this section that applies as mentioned in subsection (3)(a) or (b) is referred to in this Part as a “general direction”.

Annotations

Commencement

I1: S. 54 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1