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The Electronic Money Regulations 2011
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The Electronic Money Regulations 2011, Paragraph 1 is up to date with all changes known to be in force on or before 26 November 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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Changes and effects yet to be applied to Schedule 3 Paragraph 1:
- Regulations power to amend conferred by 2021 c. 22 s. 23
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Disciplinary powersU.K.
This section has no associated Explanatory Memorandum
[F11. Sections 66 (disciplinary powers) to 70 (statements of policy: procedure) of the 2000 Act apply with the following modifications—
(a)in section 66 omit subsections (3)(aa) to (ac), (3A) to (3D), (5A), (8) and (9); and
(b)for section 66A substitute—
“66A.—(1) For the purpose of action by the FCA, a person is guilty of misconduct if, while a relevant person, the person has been knowingly concerned in
[F2(a)]a contravention of the Electronic Money Regulations 2011 by an electronic money issuer which is an electronic money institution, credit institution, credit union or municipal bank [F3, or
(b)a contravention of a requirement imposed by or under section 312R of the 2000 Act by an electronic money institution.]
[F4(2) “Relevant person” means—
(a)in relation to subsection (1)(a), any person responsible for the management of the electronic money issuer or, where relevant, any person responsible for the management of electronic money issuance by the electronic money issuer, or
(b)in relation to subsection (1)(b), any person responsible for the management of the electronic money institution or, where relevant, any person responsible for the management of electronic money issuance by the electronic money institution.”]; and
(c)in section 67—
(i)omit subsections (2A), (2B), (5A), (5B), (8) and (9);
(ii)in subsection (1) omit the words from “; and if it proposes” to the end;
(iii)in subsection (4) omit the words from “and if it decides” to the end; and
(iv)in subsection (7) omit the words “and if the regulator decides” to the end.]
Textual Amendments
F1Sch. 3 para. 1 substituted (7.3.2016) by The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) Order 2016 (S.I. 2016/163), arts. 1, 4
F2Word in Sch. 3 para. 1(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 62(a)(i) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F3Words in Sch. 3 para. 1(b) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 62(a)(ii) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F4Words in Sch. 3 para. 1(b) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 62(a)(iii) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
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