PART 5Regulation of payment systems
Regulatory and competition functions
I154Directions
1
The Payment Systems Regulator may give directions in writing to participants in regulated payment systems.
2
A direction given to a participant in a regulated payment system may—
a
require or prohibit the taking of specified action in relation to the system;
b
set standards to be met in relation to the system.
3
A direction under this section may apply—
a
generally,
b
in relation to—
i
all operators, or every operator of a regulated payment system of a specified description,
ii
all infrastructure providers, or every person who is an infrastructure provider in relation to a regulated payment system of a specified description, or
iii
all payment service providers, or every person who is a payment service provider in relation to a regulated payment system of a specified description, or
c
in relation to specified persons or persons of a specified description.
4
The Payment Systems Regulator must publish any direction given under this section that applies as mentioned in subsection (3)(a) or (b).
5
A direction under this section that applies as mentioned in subsection (3)(a) or (b) is referred to in this Part as a “general direction”.