Schedule 3, Part 1, paragraph 3

Part 11 of the 2000 Act (information gathering and investigations) applies with the following modifications— in section 165 (Regulator’s power to require information: authorised persons etc)— for references to “an authorised person” substitute “ a person mentioned in paragraph (a), (b), ... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”; in subsection (4) for “this Act” substitute “ the Electronic Money Regulations 2011 ”; and in subsection (7) omit paragraphs (b), (c) and (d); in section 166 (reports by skilled persons)— in subsection (2), for paragraph (a) substitute— a person mentioned in paragraph (a), (b), ... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 (“A”) omit subsections (10) and (11); in section 166A (appointment of skilled person to collect and update information), for each reference to an “authorised person” substitute “person mentioned in paragraph (a), (b), ... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011; in section 167 (appointment of persons to carry out general investigations)— in subsection (1)— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in paragraph (a) for “a recognised investment exchange or an authorised person or of an appointed representative” substitute “ a person mentioned in paragraph (a), (b), ... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”; in paragraph (c) for “a recognised investment exchange or an authorised person” substitute “ a person mentioned in paragraph (a), (b), ... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”; in subsection (4)— for “in relation to a former authorised person (or appointed representative)” substitute “ in relation to a person who was formerly a person mentioned in paragraph (a), (b), ... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”; in paragraph (a) for “he was an authorised person (or appointed representative)” substitute “ it was a person mentioned in paragraph (a), (b), ... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”; and for paragraph (b) substitute— the ownership or control of a person who was formerly a person mentioned in paragraph (a), (b), ... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 at any time when it was such a person. in subsection (5) for “regulated activities” substitute “ the activity of issuing electronic money ”; ... for subsection (5A) substitute— “Investigating authority” means the FCA. omit subsection (6) ; in section 168 (appointment of persons to carry out investigations in particular cases)— in subsection (1)— before paragraph (b) insert— a person may have contravened any requirement of or imposed under the Electronic Money Regulations 2011or section 312R; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in paragraph (b) for “, 191F,” to the end substitute “ or 191F or under regulation 63, 64 or 66 of the Electronic Money Regulations 2011. ”; for subsection (2) substitute— Subsection (3) also applies if it appears to an investigating authority that there are circumstances suggesting that a person may be guilty of an offence under, or has contravened a requirement of, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. omit subsections (4) and (5); and for subsection (6), substitute— “Investigating authority” means the FCA. in section 169 (investigations etc in support of overseas regulator)— in subsection (8) for “Part XXIII” substitute “ sections 348, 349... and 352, as applied with modifications by the Electronic Money Regulations 2011 ”; and in subsection (13) for “has the same meaning as in section 195” substitute “ means a competent authority designated in accordance with Article 3 of the electronic money directive ”; in section 170 (investigations: general)— in subsection (1) omit “or (5)”; in subsection (3)(a) omit “or (4)”; and for subsection (10) substitute— “Investigating authority”, in relation to an investigator, means the FCA. in section 171 (powers of persons appointed under section 167), omit subsections (3A) and (7); in subsection (4) of section 172 (additional power of persons appointed as a result of section 168(1) or (4)), omit “or (4)”; in section 174 (admissibility of statements made to investigators)— in subsection (2) omit “or in proceedings in relation to action to be taken against that person under section 123”; in subsection (3)(a) for “398” substitute “ regulation 66 of the Electronic Money Regulations 2011 ”; and in subsection (4) omit “or (5)”; in subsection (8) of section 175 (information and documents: supplemental provisions) omit “or (5)”; in section 176 (entry of premises under warrant)— in subsection (1)— omit “the Secretary of State,”; and for “the first, second or third” substitute “ the first or second ”; in subsection (3)(a) for “an authorised person or an appointed representative” substitute “ a person mentioned in paragraph (a), (b), ... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”; omit subsection (4); in subsection (10) omit “or (5)”; in subsection (11)(a) omit “87C, 87J,”; and in subsection (5)(a) of section 177 (offences)— for “six months” substitute “ three months ”; and for “the statutory maximum” substitute “ level 5 on the standard scale ”.

← 3 · All articles · 5A →

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