(1) Where the first, second and third conditions are met, the Bank of England may give a direction under this section to the FCA.
(2) The first condition is that the FCA is proposing to exercise any of its powers in relation to -
(a) a recognised payment system that includes arrangements using digital settlement assets, or
(b) a recognised DSA service provider.
(3) The second condition is that the Bank of England is of the opinion that the exercise of the power in the manner proposed may -
(a) threaten the stability of the UK financial system,
(b) have serious consequences for business or other interests in the United Kingdom (including for the payment system or provider in relation to which the powers are proposed to be exercised), or
(c) have an adverse effect on the Bank's ability to act in its capacity as a monetary authority.
(4) The third condition is that the Bank of England is of the opinion that the giving of the direction is necessary in order to avoid an outcome mentioned in
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