(1) This section applies where it appears to the Payment Systems Regulator that there is a material risk that a relevant action it proposes to take would be incompatible with an international trade obligation.
(2) The Payment Systems Regulator must give written notice to the Treasury of the proposed action before proceeding to take it.
(3) Subsection (2) applies only if a duty to consult applies in respect of the taking of the relevant action.
(4) For the purposes of subsection (1) the Payment Systems Regulator proposes to take a "relevant action" if it -
(a) proposes to impose a generally applicable requirement, or
(b) proposes to make changes to its general policies and practices.
(5) For the purposes of subsection (3) a duty to consult applies in respect of a relevant action if -
(a) the duty imposed by section 104 to publish a draft of a proposed requirement applies in respect of the action, or
(b) any other duty (whether or not imposed by a provision of this Act) to publish the pr
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