(1) Where the first, second and third conditions are met, the Bank of England may give a direction under this section to the Payment Systems Regulator.
(2) The first condition is that the Payment Systems Regulator is proposing to exercise any of its powers under this Part in relation to a participant in a regulated payment system.
(3) The second condition is that the Bank of England is of the opinion that the exercise of the power in the manner proposed may -
(a) threaten the stability of the UK financial system,
(b) have serious consequences for business or other interests in the United Kingdom, or
(c) have an adverse effect on the Bank's ability to act in its capacity as a monetary authority.
(4) The third condition is that the Bank of England is of the opinion that the giving of the direction is necessary in order to avoid the possible consequence falling within subsection (3).
(5) A direction under this section is a direction requiring the Payment Systems Regulator not to exercise
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