Section 186(2)

In addition, the Treasury— must consult the FCA before making a recognition order in respect of a payment system or a DSA service provider, where the operator of the system or the provider — is, or has applied to become, a recognised investment exchange, or has, or has applied for, a Part 4A permission, and if the operator or provider has, or has applied for, a Part 4A permission for the carrying on of a PRA-regulated activity, must also consult the PRA.

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Source: legislation.gov.uk · retrieved 2026-09-04