The Master Directions consolidate and update the regulatory framework governing Payment System Operators (PSOs) under the Payment and Settlement Systems Act. These introduce a streamlined, on-tap authorisation process, prescribe eligibility criteria including net-worth and fit-and-proper requirements, and provide perpetual validity of authorisation subject to continued regulatory compliance. It also restricts significant investments from jurisdictions identified by the Financial Action Task Force (FATF) as non-compliant with anti-money laundering and counter- terror financing standards. The Directions further formalise a one-year cooling-off period for entities whose authorisation is revoked, surrendered, or refused.