SCHEDULES

SCHEDULE 7Consequential Amendments

PART 1Consequential Amendments to Primary Legislation

Proceeds of Crime Act 20026

1

The Proceeds of Crime Act 2002 M1 is amended as follows.

2

In section 333D (other permitted disclosures etc), in subsection (1)(a) for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “ the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”.

3

In section 333E (interpretation), in subsection (4), for the words from “Directive 2005/60/EC”M2 to “2005” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 M3”.

4

In Part 1 of Schedule 9 M4 (business in the regulated sector), in paragraph 1(1)—

a

in paragraph (b) M5—

i

for “Capital Requirements Regulation”, in both places, substitute “ Capital Requirements Directive ”;

ii

at the end of sub-paragraph (i), omit “or”;

iii

after sub-paragraph (i), insert—

ia

an undertaking whose only listed activity is as a creditor under an agreement which—

aa

falls within section 12(a) of the Consumer Credit Act 1974 M6 (debtor-creditor-supplier agreements);

bb

provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and

cc

provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or

b

after paragraph (j), insert—

ja

the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 M7 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);

c

in paragraph (q)—

i

after “involves the” insert “ making or ”;

ii

for “15,000” substitute “ 10,000 ”.

5

In paragraph 1(5)(b), omit “contained in international standards and are”.

6

In paragraph 1(6) M8, at the end of paragraph (c) for “or” substitute “ and ”.

7

In paragraph 2—

a

in sub-paragraph (1)(c) for “25” substitute “ 26 ”;

b

in sub-paragraph (1)(d), at the end, omit “or”;

c

at the end, insert—

g

the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M9) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order M10; or

h

the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006 M11.

d

in sub-paragraph (3)—

i

in paragraph (a), for “£64,000” substitute “£100,000;

ii

in paragraph (f), after “(r)” insert “ to (t) ”.

8

In paragraph 3—

a

in sub-paragraph (1)—

i

at the appropriate place insert—

“the Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms M12;

ii

at the end of the definition of “the Capital Requirements Regulation insert “ of 26th June 2013 on prudential requirements for credit institutions and investment firms ”; and

b

in sub-paragraph (3)—

i

for “the Banking Consolidation Directive” substitute “ the Capital Requirements Regulation, the Capital Requirements Directive ”;

ii

after “Part as”, insert “ in that Regulation or ”.

9

In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4—

a

in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));

b

in sub-paragraph (2)—

i

after paragraph (d), insert—

da

the Chartered Institute of Legal Executives;

ii

omit paragraph (f).