The Financial Market Infrastructure Administration (Designation of VocaLink) Order 2018

• Citation: S.I. 2018/858
• Sections: 3

Section 1 Citation and commencement

This Order may be cited as the Financial Market Infrastructure Administration (Designation of VocaLink) Order 2018, and comes into force on 9th August 2018.

Section 2 Designation of Vocalink

VocaLink Limited is designated for the purposes of section 112(2)(c) of the Financial Services (Banking Reform) Act 2013 in connection with its provision of services to the operators of Faster Payments Service, Bacs and LINK.

Section 3 Review

(1) The Treasury must from time to time—

(a) carry out a review of the regulatory provision contained in this Order; and

(b) publish a report setting out the conclusions of the review.

(2) The first report must be published before the end of the period of five years beginning with the date on which this Order comes into force.

(3) Subsequent reports must be published at intervals not exceeding five years.

(4) Section 30(4) of the Small Business, Enterprise and Employment Act 2015 requires that a review carried out under these Rules must in particular—

(a) set out the objectives intended to be achieved by the regulatory provision in this Order;

(b) assess the extent to which those objectives are achieved; and

(c) assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved in another way which involves less onerous regulatory provision.

(5) In this Order, “regulatory provision” has the same meaning as in sections 28 to 32 of the Small Business, Enterprise and Employment Act 2015 (see section 32 of that Act).