- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (13/08/2017)
- Gwreiddiol (a wnaed Fel)
Version Superseded: 13/10/2017
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The Electronic Money Regulations 2011, Section 34 is up to date with all changes known to be in force on or before 03 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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34.—(1) An electronic money institution may provide payment services in the United Kingdom through an agent only if the agent is included on the register.
(2) An authorised electronic money institution may provide payment services in the exercise of its passport rights through an agent only if the agent is included on the register.
(3) An application for an agent to be included on the register must—
(a)contain, or be accompanied by, the following information—
(i)the name and address of the agent;
(ii)where relevant, a description of the internal control mechanisms that will be used by the agent—
(aa)in the case of an agent in the United Kingdom, to comply with [F1the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017] ; and
(bb)in the case of an EEA agent, to comply with provisions of the money laundering directive; and
(iii)the identity of the directors and persons responsible for the management of the agent and[F2, if the agent is not an electronic money institution or an EEA authorised electronic money institution, or a payment service provider within the meaning of the Payment Services Regulations 2017,] evidence that they are fit and proper persons; F3...
[F4(iiia)the services for which the agent is appointed;
(iiib)the unique identification code or number of the agent, if any; and]
(iv)such other information as the Authority may reasonably require; and
(b)be made in such manner as the Authority may direct.
(4) Different directions may be given, and different requirements imposed, in relation to different applications or categories of application.
(5) At any time after receiving an application and before determining it, the Authority may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application.
[F5(5A) Where the application relates to the provision of services in exercise of passport rights through an EEA agent, the Authority must, within one month beginning with the date on which it received the completed application, inform the host state competent authority of the information provided under paragraph (3) or (5).]
(6) The Authority may refuse to include the agent on the register only if—
(a)it has not received the information referred to in paragraph (3)(a), or is not satisfied that such information is correct;
(b)it is not satisfied that the directors and persons responsible for the management of the agent are fit and proper persons;
(c)it has reasonable grounds to suspect that, in connection with the provision of services through the agent—
(i)money laundering or terrorist financing within the meaning of the money laundering directive (or, in the United Kingdom, [F6the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017] ) is taking place, has taken place, or has been attempted; or
(ii)the risk of such activities taking place would be increased.
F7(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9) If the Authority proposes to refuse to include the agent on the register, it must give the applicant a warning notice.
(10) The Authority must, having considered any representations made in response to the warning notice—
(a)if it decides not to include the agent on the register, give the applicant a decision notice; or
(b)if it decides to include the agent on the register, give the applicant notice of its decision, stating the date on which the registration takes effect.
[F8(10A) Where the application relates to the provision of services in exercise of passport rights through an EEA agent, the Authority must—
(a)take into account any information received from the host state competent authority in making its decision; and
(b)notify the host state competent authority of its decision, providing reasons for that decision if the Authority does not agree with the assessment of the host state competent authority.
(10B) The Authority must give notice under paragraph (10) and (10A)—
(a)where the application relates to the provision of services in the United Kingdom, within a period of two months beginning on the date on which the Authority received the completed application;
(b)where the application relates to the provision of services in the exercise of passport rights through an EEA agent, within a period of three months beginning on the date on which the Authority received the completed application.]
(11) If the Authority decides not to include the agent on the register the applicant may refer the matter to the Upper Tribunal.
(12) If the Authority decides to include the agent on the register, it must update the register as soon as practicable.
[F9(12A) An authorised electronic money institution must notify the Authority of the date on which it starts to provide services in another EEA State through a registered EEA agent, and the FCA must notify such date to the host state competent authority.]
(13) An application under paragraph (3) may be combined with an application under regulation 5 or 12, in which case the application must be determined in the manner set out in regulation 9 (if relevant, as applied by regulation 15).
(14) An electronic money institution must ensure that an agent acting on its behalf informs payment service users of the agency arrangement.
[F10(15) An authorised electronic money institution must notify the Authority without undue delay if there is any change in the information notified under paragraph (3) or (5).]
Textual Amendments
F1Words in reg. 34(3)(a)(ii)(aa) substituted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 28(6)(a) (with regs. 8, 15)
F2Words in reg. 34(3)(a)(iii) inserted (13.8.2017 for specified purposes) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(23)(a)(i) (with reg. 3)
F3Word in reg. 34(3)(a) omitted (13.8.2017 for specified purposes) by virtue of The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(23)(a)(ii) (with reg. 3)
F4Reg. 34(3)(a)(iiia)(iiib) inserted (13.8.2017 for specified purposes) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(23)(a)(iii) (with reg. 3)
F5Reg. 34(5A) inserted (13.8.2017 for specified purposes) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(23)(b) (with reg. 3)
F6Words in reg. 34(6)(c)(i) substituted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 28(6)(b) (with regs. 8, 15)
F7Reg. 34(7)(8) omitted (13.8.2017 for specified purposes) by virtue of The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(23)(c) (with reg. 3)
F8Reg. 34(10A)(10B) inserted (13.8.2017 for specified purposes) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(23)(d) (with reg. 3)
F9Reg. 34(12A) inserted (13.8.2017 for specified purposes) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(23)(e) (with reg. 3)
F10Reg. 34(15) inserted (13.8.2017 for specified purposes) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(23)(f) (with reg. 3)
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