Section 70(2)

Regulations under section 2(2) of the European Communities Act 1972 for the purpose of implementing— may, notwithstanding paragraph 1(1)(d) of Schedule 2 to that Act, create offences punishable in the same way as offences punishable on summary conviction under section 177 of the Financial Services and Markets Act 2000. Articles 52 and 159 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 relating to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (which requires the United Kingdom to make provision for the exercise in the United Kingdom by supervisory authorities of other Member States of information and inspection powers in relation to institutions authorised by them), or Articles 119(2) and (3), 122 and 124 to 126 of that Directive (which make similar provision in relation to the consolidated supervision of institutions).

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Source: legislation.gov.uk · retrieved 2026-09-04