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(1)The Treasury may by regulations require the Payment Systems Regulator to exercise a power under this Part to impose a generally applicable requirement in relation to a specified activity or a specified description of person.
(2)Regulations under this section may—
(a)specify matters that the requirement must cover;
(b)specify a period within which the requirement must be made.
(3)But except so far as permitted by subsection (2), regulations under this section may not require the requirement to be imposed—
(a)in a specified form or with specified content, or
(b)to achieve or advance a specified outcome.
(4)If no period is specified under subsection (2)(b) the requirement must be imposed as soon as reasonably practicable after the coming into force of the regulations.]
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)