(1) The rules on access of an authorised or registered payment service provider that is a legal person to a payment system shall -
(a) be objective, non-discriminatory and proportionate, and
(b) not inhibit access more than is necessary -
(i) to safeguard against specific risks, such as settlement risk, operational risk and business risk, and
(ii) to protect the financial and operational stability of the payment system.
(2) A payment system shall not impose on a payment service provider, a payment service user or other payment systems any of the following requirements:
(a) restrictive rules on effective participation in other payment systems;
(b) rules which discriminate between authorised payment service providers or between registered payment service providers in relation to the rights, obligations and entitlements of participants;
(c) restrictions on the basis of institutional status.
(3) Paragraphs (1) and (2) shall not apply to:
(a) a payment system designated under the European C
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