(1) The Treasury may at any time by notice in writing to the Payment Systems Regulator make recommendations to the Regulator about aspects of the economic policy of His Majesty's Government to which the Regulator should have regard when considering -
(a) how to advance one or more of its payment systems objectives,
(b) the application of the regulatory principles in section 53, and
(c) its exercise of functions under -
(i) Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions,
(ii) the Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911), or
(iii) the Payment Services Regulations 2017 (S.I. 2017/752).
(2) The Treasury must make recommendations under subsection (1) at least once in each Parliament.
(3) The Payment Systems Regulator must respond to each recommendation made to it under subsection (1) by notifying the Treasury in writing of -
(a) action that the Regulator has taken or intend
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