3.Amendments of subordinate legislation and related transitional provisions
Amendments of subordinate legislation
PART 1 Amendments of Electronic Money Regulations 2011
1.The Electronic Money Regulations 2011 are amended as follows.
3.In regulation 3 (electronic money: exclusions), in paragraph (a)(iv), for...
4.(1) Regulation 4 (the register of certain electronic money issuers)...
5.(1) Regulation 6 (conditions for authorisation) is amended as follows....
7.(1) Regulation 21 (safeguarding option 1) is amended as follows....
8.In regulation 22 (safeguarding option 2), in paragraph (3), in...
9.(1) Regulation 25 (accounting and statutory audit) is amended as...
10.Omit regulation 28 (notice of intention), regulation 29 (decision following...
11.(1) Regulation 32 (additional activities) is amended as follows.
12.In regulation 33 (use of distributors and agents), omit paragraph...
13.(1) Regulation 34 (requirement for agents to be registered) is...
14.In regulation 37 (duty to notify change in circumstance), in...
16.In regulation 63 (prohibition on issuing electronic money by persons...
17.(1) Regulation 71 (duty to co-operate and exchange information) is...
21.(1) Schedule 3 (application and modification of legislation) is amended...
PART 2 Amendments of Payment Services Regulations 2017
23.The Payment Services Regulations 2017 are amended as follows.
24.In regulation 1 (citation, commencement and extent), in paragraph (5),...
26.(1) Regulation 4 (register of certain payment service providers) is...
27.In regulation 6 (conditions for authorisation as a payment institution),...
28.In regulation 22 (capital requirements), in paragraph (2)(b)(i), for “pursuant...
29.(1) Regulation 23 (safeguarding requirements) is amended as follows.
30.(1) Regulation 24 (accounting and statutory audit) is amended as...
31.Omit regulations 26 to 30 (which relate to the exercise...
32.(1) Regulation 32 (additional activities) is amended as follows.
33.(1) Regulation 34 (use of agents) is amended as follows....
34.In regulation 37 (duty to notify change in circumstance), omit...
35.(1) Regulation 40 (application of Part 6) is amended as...
36.In regulation 60 (information requirements for account information service providers),...
37.(1) Regulation 62 (provision of information leaflet) is amended as...
38.(1) Regulation 63 (application of Part 7) is amended as...
40.In regulation 68 (confirmation of availability of funds for card-based...
41.In regulation 69 (access to payment accounts for payment initiation...
42.In regulation 70 (access to payment accounts for account information...
43.(1) Regulation 85 (application of regulations 86 to 88) is...
44.In regulation 86 (payment transactions to a payment account), in...
45.In regulation 89 (value date and availability of funds), in...
46.In regulation 96 (force majeure), in paragraph (2), omit “EU...
47.(1) Regulation 99 (incident reporting) is amended as follows.
48.In regulation 100 (authentication), in paragraph (5), for “regulatory technical...
49.In regulation 101 (dispute resolution), omit paragraph (3).
50.(1) Regulation 106 (functions of the FCA) is amended as...
51.After regulation 106 insert— Technical standards (1) The FCA may make technical standards specifying—
52.(1) Regulation 107 (application of Part 9 to requirements of...
53.In regulation 109 (reporting requirements), omit paragraph (6).
56.(1) Regulation 124 (functions of the Payment Systems Regulator) is...
57.In regulation 125 (directions), in paragraph (2), for “directive”, in...
58.In regulation 133 (complaints), in paragraph (1), for “directive” substitute...
59.In regulation 134 (guidance), in paragraph (1)(a), for “directive” substitute...
60.In regulation 135 (information and investigation), in paragraph (1)(e), for...
61.In regulation 138 (prohibition on provision of payment services by...
62.(1) Regulation 147 (duty to co-operate and exchange of information)...
63.After regulation 148 insert— Single Euro Payments Area (1) If the SEPA Regulation is revoked under regulation 15...
64.(1) Regulation 150 (transitional and saving provisions: authorised payment institutions)...
65.In regulation 152 (transitional provisions: payments through network operators), omit...
66.In regulation 153 (transitional and saving provisions: general), omit paragraph...
67.In regulation 154 (transitional provisions: account information services and payment...
69.In Schedule 1 (payment services), in paragraph 2(k)(iv), for “a...
72.(1) Schedule 6 (application and modification of legislation) is amended...
PART 1 Transitional provisions relating to Electronic Money Regulations 2011
PART 1A Continuation of authorisation for limited purposes: Electronic Money Regulations 2011
PART 2 Transitional provisions relating to Payment Services Regulations 2017
PART 3 Continuation of authorisation for limited purposes: Payment Services Regulations 2017