PART 5Regulation of payment systems
Designation as a regulated payment system
I147Revocation of designation orders
1
The Treasury may revoke a designation order.
2
The Treasury must revoke a designation order if they are not satisfied that the criteria in section 44 are met in respect of the payment system to which the order relates.
3
Before revoking a designation order made in respect of a payment system, the Treasury must—
a
consult the Payment Systems Regulator and, if the payment system is a recognised F1... payment system, the Bank of England,
b
notify the operator of the payment system, and
c
consider any representations made.
4
The Treasury must consider any request by the operator of a regulated payment system for the revocation of its designation order.