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Change 1
As published
58 Power to require disposal of interest in payment system
(1) The Payment Systems Regulator may require a person who has an interest in —
(a) the operator of a regulated payment system, or
(b) an infrastructure provider in relation to such a system,
to dispose of all or part of that interest.
(2) The power conferred by subsection (1) may be exercised only if the Payment Systems Regulator is satisfied that, if the power is not exercised, there is likely to be a restriction or distortion of competition in—
(a) the market for payment systems, or
(b) a market for services provided by payment systems.
(2A) The reference in subsection (2) to a restriction or distortion of competition includes, in particular, a restriction or distortion of competition—
(a) between different operators of payment systems,
(b) between different payment services providers, or
(c) between different infrastructure providers.
(3) The Payment Systems Regulator may not exercise the power conferred by subsection (1) without the consent of the Treasury.
(4) If the Payment Systems Regulator decides to exercise the power conferred by subsection (1) in relation to a person who has an interest in the operator of a regulated payment system—
(a) the Payment Systems Regulator must notify the relevant competition authorities (see subsection (5)), and
(b) the relevant competition authorities may not take any action in relation to the person that would require the person to dispose of all or part of that interest.
(5) The relevant competition authorities are—
(a) the Secretary of State,
(b) the Competition and Markets Authority, and
(c) the FCA.
Your change, as a redline
58 Power to require disposal of interest in payment system
(1) The Payment Systems Regulator may require a person who has an interest in —
(a) the operator of a regulated payment system, or
(b) an infrastructure provider in relation to such a system,
to dispose of all or part of that interest.
(2) The power conferred by subsection (1) may be exercised only if the Payment Systems Regulator is satisfied that, if the power is not exercised, there is likely to be a restriction or distortion of competition in—
(a) the market for payment systems, or
(b) a market for services provided by payment systems.
(2A) The reference in subsection (2) to a restriction or distortion of competition includes, in particular, a restriction or distortion of competition—
(a) between different operators of payment systems,
(b) between different payment services providers, or
(c) between different infrastructure providers.
(3) The Payment Systems Regulator may not exercise the power conferred by subsection (1) without the consent of the Treasury.
(4) If the Payment Systems Regulator decides to exercise the power conferred by subsection (1) in relation to a person who has an interest in the operator of a regulated payment system—
(a) the Payment Systems Regulator must notify the relevant competition authorities (see subsection (5)), and
(b) the relevant competition authorities may not take any action in relation to the person that would require the person to dispose of all or part of that interest.
(5) The relevant competition authorities are—
(a) the Secretary of State,
(b) the Competition and Markets Authority, and
(c) the FCA.
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