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Banking Act 2009

Section 187: De-recognition

418.Subsection (1) gives the Treasury the power to revoke a recognition order.

419.Subsection (2) provides that the Treasury must revoke a recognition order if the criteria under which recognition was made (section 185) are no longer met.

420.Subsections (3) and (4) set out the process involved in revoking a recognition order. This process involves the same consultation process as required for the making of a recognition order.

421.Subsection (5) ensures that if an operator of a recognised payment system requests that its recognition order made under this Part be revoked, the Treasury must consider the request.

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