Commentary on Sections Recognised systems Section 184: Recognition order
411.Subsection (1) gives the Treasury the power to designate an inter-bank payment system as a recognised system. Once a payment system is ‘recognised’, the Bank of England’s powers of formal regulatory oversight specified in this Part apply.
412.Subsection (2) provides that a recognition order must include as much detail as is reasonably practicable of the arrangements that constitute the inter-bank payment system.
413.Subsection (3) provides that a payment system operated solely by the Bank of England may not be recognised.