The Cross-Border Payments in Euro Regulations 2010

Warning notices and decision notices

5.  Part 26 of the 2000 Act (notices) applies with the following modifications—

(a) omit section 388(2) (decision notices);

(b) in section 390 (final notices)—

(i) omit subsections (6) and (10); and

(ii) in subsection (8) omit “or (6)(c)”;

(c) in section 391 (publication), omit subsections (5), (8) and (10);

(d) for section 392 (application of sections 393 and 394) substitute—

“392.    Sections 393 and 394 apply to—

(a) a warning notice given in accordance with regulations 7(1) or 10(1) of the Cross-Border Payments in Euro Regulations 2010;

(b) a decision notice given in accordance with regulations 7(3) or 10(3) of the Cross-Border Payments in Euro Regulations 2010.”; and

(e) in section 395 (the Authority’s procedures)—

(i) omit subsections (1)(a), (3) and (4);

(ii) in subsection (9) omit “a supervisory notice, or”

(iii) for subsection (13) substitute—

“(13) Until such time as a statement has been issued in accordance with subsection (5) the procedures applicable to the giving of warning notices under regulations 86(1) and 89(1), and decision notices under regulations 86(3) and 89(3), of the Payment Services Regulations 2009, shall apply to the giving of warning notices under regulations 7(1) and 10(1), and decision notices under regulations 7(3) and 10(3), of the Cross-Border Payments in Euro Regulations 2010.”.