Schedule 8, Part 2, paragraph 5(20)

In regulation 30 (supervision of firms exercising passport rights)— in paragraph (2)(b)(ii) after “information” insert “ , including on compliance with the conditions at regulation 6(4)(a) and (4A) ”; for paragraph (4) substitute— The Authority may direct that an EEA authorised electronic money institution exercising its passport rights to services in the United Kingdom through a branch or an agent in the United Kingdom must report to the Authority on such activities, for information and statistical purposes and, where the institution has exercised its right of establishment in the United Kingdom, to monitor compliance with Part 5 of these Regulations. Reports required under paragraph (4) must be given at such times and in such form, and verified in such manner, as the Authority may direct. An agent in the United Kingdom appointed by an EEA authorised electronic money institution or a branch of an EEA authorised electronic money institution in the United Kingdom must maintain the confidentiality of any confidential information provided to the Authority under paragraph (4). If a host state competent authority informs the Authority that an authorised electronic money institution providing services through an EEA branch or an EEA agent does not comply with a provision of the payment services directive, the Authority must— exercise its powers as appropriate without undue delay, to ensure that the authorised payment institution complies with the relevant provisions; and inform the host state competent authority and the competent authority of any other relevant EEA State of the measures taken without delay. Where immediate action is necessary to address a serious risk to the collective interests of electronic money holders or payment service users in the United Kingdom, the Authority may, in addition to providing information under paragraph (2), take precautionary measures in relation to an EEA authorised electronic money institution pending action by the home state competent authority. Any measures taken under paragraph (8) must be temporary and must end when the risk identified has been addressed. If the Authority decides to take measures under paragraph (8), it must inform the home state competent authority, the competent authority of any other relevant EEA State, and the European Banking Authority of the measures to be taken and the reason that immediate action is necessary— in advance of taking the measures, if that is compatible with the need for immediate action; and in any event without undue delay. In paragraphs (7)(b) and (10) “competent authority of any other relevant EEA State” means a competent authority designated in accordance with the electronic money directive in an EEA State which the Authority considers to have an interest in the measures taken, or to be taken, by the Authority.

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