Schedule 8, Part 2, paragraph 5(31)

In Schedule 3 (application and modification of legislation)— after paragraph 2 (the tribunal) insert— Section 137A of the 2000 Act applies for the purposes of these Regulations as if— references to authorised persons were references to authorised electronic money institutions, small electronic money institutions and EEA authorised electronic money institutions; in subsection (1)— the reference in paragraph (a) to the carrying on of regulated activities were to the issuance of electronic money, and the reference in paragraph (b) to the carrying on of activities which are not regulated activities were to the carrying on of activities in connection with the issuance of electronic money; in subsection (5)— references to EEA firms were to EEA authorised issuance of electronic money institutions; in paragraph (a), reference to permission conferred by Part 2 of Schedule 3 to the 2000 Act were to permission conferred by regulation 29A(2) of these Regulations; in paragraph (b), reference to any of the single market directives or the emission allowance auctioning regulation were to the electronic money directive; after subsection (5) there were inserted— The FCA may make a rule pursuant to paragraph (1) only if the FCA is also making, or has made, a rule under this section or section 137R concerning the same matter which applies to authorised persons in connection with the issuance of electronic money. Sections 137T (general supplementary powers) and 141A (power to make consequential amendments of references to rules) and Chapter 2 of Part 9A (rules: modification, waiver, contravention and procedural provisions) of the 2000 Act apply in relation to rules made pursuant to paragraph (1) as they do in relation to other rules made by the FCA under section 137A of the 2000 Act, subject to sub-paragraph (3). Section 138D (actions for damages) applies as if in that section subsection (6) were omitted and “private person” had the meaning given in regulation 72(3) of these Regulations. after paragraph 4 (control over electronic money institutions) insert— Part 13 of the 2000 Act (incoming firms: intervention by FCA or PRA) applies with the following modifications. References to— “the regulator” or “the appropriate regulator” are to be read as references to the Authority; requirements imposed by or under the 2000 Act are to be read as references to requirements imposed by or under these Regulations. Section 193 (interpretation) is to be read as if— in subsection (1), for the definition of “incoming firm” there were substituted— “incoming firm” means an EEA authorised electronic money institution which is exercising, or has exercised, its right to provide services in the United Kingdom in accordance with the Electronic Money Regulations 2011; subsection (1A) were omitted; and for subsection (2) there were substituted— Expressions used in this Part and in the Payment Services Regulations 2017 have the same meaning in this Part as they have in those Regulations. Section 194 (general grounds on which power of intervention is exercisable) is to be read as if subsections (1)(c)(ii) and (1AA) to (5) were omitted. Sections 194A to 194C, 195A, 195B, 198 to 199A and 201 are to be ignored. Section 195 (exercise of power in support of overseas regulator) is to be read as if— subsection (2A) were omitted; and in subsection (5)(b), the reference to an EEA firm's EEA authorisation were a reference to an EEA authorised electronic money institution's authorisation under the electronic money directive. Section 196 (the power of intervention) is to be read as if— in subsection (1), for paragraphs (a) and (b) there were substituted— the firm were an authorised electronic money institution; and the FCA were entitled to exercise its power under regulation 12 of the Electronic Money Regulations 2011 (variation of authorisation on Authority's own initiative) by imposing a requirement such as may, under regulation 7 of those Regulations (imposition of requirements) be included in an authorisation under those Regulations. subsection (3) were omitted. Section 202 (contravention of requirement) is to be read as if for subsection (2) there were substituted— Regulation 72 of the Electronic Money Regulations 2011 (right to bring actions) applies to the contravention as if it were a contravention of Part 5 of those Regulations.

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