PART 5Regulation of payment systems
Consultation, accountability and oversight
104EF1Report on certain reviews
1
This section applies where the Treasury have given a direction to the Payment Systems Regulator under section 104D(1) to carry out a review.
2
The Payment Systems Regulator must provide a written report to the Treasury as to the opinion of the Regulator in relation to the following matters—
a
whether the requirements under review advance one or more of the payment systems objectives;
b
whether and to what extent the requirements are functioning effectively and achieving their intended purpose;
c
whether any amendments need to be made to the requirements and, if so, what those amendments should be;
d
whether any requirements should be withdrawn (with or without replacement);
e
whether any other action should be taken and, if so, what that action should be.
3
As soon as practicable after receiving the report the Treasury must—
a
lay before Parliament a copy of the report, and
b
publish the report in such manner as the Treasury think fit.
4
When complying with subsection (3) the Treasury may withhold material from the report if the Treasury consider that publication of the material would be against the public interest.