Section 46

The Treasury may amend a designation order. Before amending a designation order made in respect of a payment system, the Treasury must— consult the Payment Systems Regulator and, if the payment system is a recognised ... payment system, the Bank of England, notify the operator of the payment system, and consider any representations made. The Treasury must consider any request by the operator of a regulated payment system for the amendment of its designation order.

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