Part VI MISCELLANEOUS
70 Penalties under implementation regulations.
1
Paragraphs 8(3), 9(2) and 10(3) of Schedule 8 to the Banking Coordination (Second Council Directive) Regulations 1992 shall cease to have effect.
2
Regulations under section 2(2) of the M1European Communities Act 1972 for the purpose of implementing—
a
F1Article 29 of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions (which requires the United Kingdom to make provision for the exercise in the United Kingdom by supervisory authorities of other member States of information and inspection powers in relation to institutions authorised by them), or
b
F1Articles 52, 55 and 56 of that Directive (which make similar provision in relation to the consolidated supervision of credit institutions),
may, notwithstanding paragraph 1(1)(d) of Schedule 2 to that Act, create offences punishable in the same way as offences under sections 39, 40 and 41 of the M2Banking Act 1987.
3
In this section—
“the Second Banking Co-ordination Directive” means the M3Community Council Directive No.89/646/EEC on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions and amending Directive 77/780/EEC; and
“the Supervision of Credit Institutions Directive” means the M4Community Council Directive No.92/30/EEC on the supervision of credit institutions on a consolidated basis.
4
Subsection (1) shall not affect the punishment for an offence committed before that subsection comes into force.