(1) The Treasury may by direction require the Payment Systems Regulator to carry out a review of any generally applicable requirement specified in the direction if -
(a) the requirement has been in force for at least 12 months,
(b) the Treasury consider that it is in the public interest that the requirement is reviewed, and
(c) it does not appear to the Treasury that -
(i) the regulator is carrying out, or proposes to carry out, a review of that requirement, or
(ii) if the regulator proposes to carry out a review, the proposals are appropriate for the purposes of carrying out an effective review.
(2) The Treasury must consult the Payment Systems Regulator before giving a direction under subsection (1).
(3) In exercising the power under this section, the Treasury must have regard to the desirability of minimising any adverse effect that the carrying out of the review may have on the exercise by the Payment Systems Regulator of any of its other functions.
(4) A direction under subsection
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