(1) The Treasury may make a recognition order in respect of a payment system only if satisfied that any deficiencies in the design of the system, or any disruption of its operation, would be likely -
(a) to threaten the stability of, or confidence in, the UK financial system, or
(b) to have serious consequences for business or other interests throughout the United Kingdom.
(2) In considering whether to specify a system the Treasury must have regard to -
(a) the number and value of the transactions that the system presently processes or is likely to process in the future,
(b) the nature of the transactions that the system processes,
(c) whether those transactions or their equivalent could be handled by other systems,
(d) the relationship between the system and other systems, and
(e) whether the system is used by the Bank of England in the course of its role as a monetary authority.