Schedule 6, Part 1, paragraph 5

Part 12 of the 2000 Act (control over authorised persons) applies with the following modifications— references to a UK authorised person are to be read as references to an authorised payment institution or small payment institution other than one included in the register pursuant to regulation 153(1) (transitional provisions); section 178 (obligation to notify the appropriate regulator) is to be read as if for subsection (2A) there were substituted— In this Part, “the appropriate regulator” means the FCA. section 187(2)(b) (approval with conditions) is to be read as if “section 187A(3)(b) or” were omitted; section 187A (assessment: consultation by PRA with FCA) is to be disregarded; section 187C (variation etc of conditions) is to be read as if subsection (1) were omitted; section 188(1), (2) and (3) (assessment: consultation with EC competent authorities) are to be read as if after “home state regulator” there were inserted “ or home state competent authority ”; section 191A (objection by the appropriate regulator) is to be read as if subsection (4A) were omitted; section 191B (restriction notices) is to be read as if— subsection (2A) were omitted; after subsection (2B) there were inserted— In a restriction notice, the FCA must direct that voting power to which the notice relates is, until further notice, not to be exercisable. for subsection (3)(b) there were substituted— voting power that has been exercised as a result of the acquisition is void; section 191C (orders for sale of shares) is to be read as if subsection (2A) were omitted; section 191D (obligation to notify the appropriate regulator: dispositions of control) is to be read as if subsection (1A) were omitted; section 191F (offences) is to be read as if in subsections (8)(a) and (9)(a), for “to a fine not exceeding the statutory maximum” there were substituted in each case “ to a fine, which in Scotland or Northern Ireland may not exceed the statutory maximum ”; section 191G (interpretation) is to be read as if, in subsection (1), the definition of “UK authorised person” were omitted; and section 192 (power to change definitions of control etc) is to be disregarded.

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