Section 55 System rulesI1

(1)

The Payment Systems Regulator may require the operator of a regulated payment system—

(a)

to establish rules for the operation of the system;

(b)

to change the rules in a specified way or so as to achieve a specified purpose;

(c)

to notify the Payment Systems Regulator of any proposed change to the rules;

(d)

not to change the rules without the approval of the Payment Systems Regulator.

(2)

A requirement under subsection (1)(c) or (d) may be general or specific.

(3)

A requirement under this section that is imposed on—

(a)

all operators of regulated payment systems, or

(b)

every operator of a regulated payment system of a specified description,

is referred to in this Part as a “generally-imposed requirement”.

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