PART 5Regulation of payment systems
Designation as a regulated payment system
I144Designation criteria
1
The Treasury may make a designation order in respect of a payment system only if they are satisfied that any deficiencies in the design of the system, or any disruption of its operation, would be likely to have serious consequences for those who use, or are likely to use, the services provided by the system.
2
In considering whether to make a designation order in respect of a payment system, the Treasury must have regard to—
a
the number and value of the transactions that the system presently processes or is likely to process in the future,
b
the nature of the transactions that the system presently processes or is likely to process in the future,
c
whether those transactions or their equivalent could be handled by other payment systems, and
d
the relationship between the system and other payment systems.