Schedule 3, Part 1, paragraph 5

Part 22 (auditors and actuaries) applies with the following modifications— for references to “authorised person” substitute “ electronic money institution ”; ... for references to “appropriate regulator” or “regulator” substitute “FCA”; omit all references to “recognised investment exchange”; in section 340 (appointment)— for references to the “regulator making the rules” substitute “FCA”; for references to “an authorised person” substitute “an electronic money institution or a person required by regulation 3B of the Electronic Money Regulations 2011 to provide an audit opinion to the FCA”; omit subsections (3A), (5A) and (8)(b); in subsection (5), omit “(3A) or”; in section 344 omit subsection (4); in section 345— in subsection (2)(a) omit “or any particular class of authorised person;”; omit subsection (2)(b); in subsection (3)(a), for “FCA-authorised person” substitute “electronic money institution”; omit subsection (3)(b), (c) and (d); omit subsection (4); omit section 345A; in section 345B— in paragraph (1) omit “or the PRA proposes to act under section 345A(3)”; in paragraphs (4) and (7) omit “or the PRA decides to act under section 345A(3)”; in section 345C omit “or 345A(4)(b)”; in section 345D omit subsections (2) and (9); in subsection (1)(a) of section 346 (provision of false or misleading information)— for “six months” substitute “ three months ”; and for “the statutory maximum” substitute “ level 5 on the standard scale ”.

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