SCHEDULES

SCHEDULE 4The Payment Systems Regulator

F1Engagement with Parliamentary Committees

Annotations:
Amendments (Textual)

14A

1

This paragraph applies where the Regulator issues a relevant consultation.

2

For the purposes of this paragraph the Regulator issues a relevant consultation if it—

a

publishes proposed generally applicable requirements under section 104,

b

publishes a proposal under a duty imposed by another provision of this Act or by any other enactment, or

c

publishes other proposals about the exercise of any of its general functions.

3

The Regulator must, as soon as reasonably practicable after issuing the consultation, notify in writing the chair of each relevant Parliamentary Committee that the consultation has been issued.

4

The notification must specify the parts of the consultation (if any) that address the ways in which the proposals subject to consultation—

a

advance the Regulator’s payment systems objectives,

b

demonstrate that the Regulator has had regard to the regulatory principles in section 53 when preparing the proposals, and

c

engage with matters to which the Regulator must have regard under regulations made under section 102B.

5

The notification must also specify any other part of the consultation which the Regulator considers should be drawn to the attention of the relevant Parliamentary Committees.

6

References in this paragraph to the relevant Parliamentary Committees are references to—

a

the Treasury Committee of the House of Commons,

b

the Committee of the House of Lords which—

i

is charged with responsibility by that House for the purposes of this paragraph, and

ii

has notified the Regulator that it is a relevant Parliamentary Committee for those purposes, and

c

the Joint Committee of both Houses which—

i

is charged with responsibility by those Houses for the purposes of this paragraph, and

ii

has notified the Regulator that it is a relevant Parliamentary Committee for those purposes.

7

References in this paragraph to the Treasury Committee of the House of Commons—

a

if the name of that Committee is changed, are references to that Committee by its new name, and

b

if the functions of that Committee (or substantially corresponding functions) become functions of a different Committee of the House of Commons, are to be treated as reference to the Committee by which the functions are exercisable.

8

Any question arising under sub-paragraph (7) is to be determined by the Speaker of the House of Commons.

14B

1

This paragraph applies where—

a

the Regulator issues a public consultation, and

b

a Committee of the House of Commons or the House of Lords, or a joint Committee of both Houses, has provided to the Regulator representations in response to the consultation.

2

For the purposes of this paragraph, the Regulator issues a public consultation if it publishes the draft of any proposals for the purpose of bringing them to the attention of the public (whether or not under a duty to do so imposed by an enactment).

3

The Regulator must give to the chair of the Committee concerned a written response to the representations.

4

The duty to respond imposed by sub-paragraph (3) applies only so far as the Regulator would not be under a corresponding duty to do so imposed by another enactment.

5

The Regulator is not required under sub-paragraph (3) to provide any information whose publication would in the opinion of the Regulator be against the public interest.