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”.