s 125 Saving and transitional provisions for designated payment systems
125.—(1) Any payment system that, immediately before 28 January 2020, is a designated payment system under section 7(1) of the PSOA is deemed, on 28 January 2020, to be a designated payment system under section 42(1). (2) Any condition or restriction to which a person is subject, immediately before 28 January 2020, in the person’s capacity as an operator, a settlement institution or a participant of a designated payment system under the PSOA, is deemed, on 28 January 2020, to be a condition or restriction to which that person is subject under this Act, only to the extent that the condition or restriction is consistent with the provisions of this Act. (3) Any individual who, immediately before 28 January 2020, is a chief executive officer or director of an operator of a designated payment system under the PSOA is deemed, on 28 January 2020, to have been appointed as chief executive officer or director (as the case may be) of that operator with the approval of the Authority under section 65(3)(b) of this Act. (4) Any approval mentioned in section 23(1) of the PSOA that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval under section 59(3) of an application under section 59(1) to be a 5% controller of an operator of a designated payment system. (5) Any approval mentioned in section 23(2) of the PSOA (for a person to become a 12% controller of an operator of a designated payment system) that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval under section 59(3) of an application under section 59(1) to be a 12% controller of an operator of a designated payment system. (6) Any approval mentioned in section 23(2) of the PSOA (for a person to become a 20% controller of an operator of a designated payment system) that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval under section 59(3) of an application under section 59(1) to be a 20% controller of an operator of a designated payment system. (7) Any condition or restriction imposed under section 24 of the PSOA for an approval mentioned in section 23(1) or (2) of the PSOA is deemed, on 28 January 2020, to be a condition or restriction imposed under section 59(4) for the corresponding approval under section 59(3).