(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(d)whether any requirements should be withdrawn (with or without replacement);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.]
Textual Amendments
F1Ss. 104A-104I inserted (29.8.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 7 para. 7; S.I. 2023/779, reg. 4(ccc)(v)