(1) A wholesale cash oversight order must specify whether the person in respect of whom the order is made is recognised -
(a) as having market significance only, or
(b) as also having systemic significance.
(2) The Treasury may recognise a person as having market significance only if satisfied that any significant deficiency in, or disruption to, the performance of the person's relevant functions in relation to wholesale cash distribution activities would be likely to undermine the effectiveness, resilience, or sustainability of wholesale cash distribution -
(a) throughout the United Kingdom, or
(b) throughout any part of the United Kingdom.
(3) The Treasury may recognise a person as having systemic significance only if satisfied that any significant deficiency in, or disruption to, the performance of the person's relevant functions in relation to wholesale cash distribution activities would be likely (in addition to the consequences mentioned in subsection (2)) -
(a) to threaten the s
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