Introductory
(a) "the Regulator" means the Payment Systems Regulator;
(b) references to the functions of the Regulator are to functions conferred on it by or under this Part.
Constitution
(1) The constitution of the Regulator must provide for it to have a board whose members are the directors of the Regulator.
(2) The board is to consist of the following members -
(a) a member to chair it, appointed by the FCA with the approval of the Treasury;
(b) a member to be the Managing Director, appointed by the FCA with the approval of the Treasury;
(c) one or more other members appointed by the FCA.
(3) The persons who may be appointed under sub-paragraph (2) include persons who are members of the FCA's governing body.
(4) A person may be appointed under sub-paragraph (2) only if the person has knowledge or experience which is likely to be relevant to the exercise by the Regulator of its functions.
(5) A person appointed under sub-paragraph (2)(a) or (b) is li
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