SCHEDULE 5Application and modification of legislation

PART 1Application and modification of the 2000 Act

Disciplinary powersI11

Sections 6654 (disciplinary powers) to 70 (statements of policy: procedure) of the 2000 Act apply with the following modifications to section 66—

a

for subsection (2) substitute—

2

A person is guilty of misconduct if, while a relevant person, he has been knowingly concerned in a contravention of the Payment Services Regulations 2009 by an authorised payment institution or a small payment institution.

b

for subsection (6) substitute—

6

Relevant person” means any person responsible for the management of the authorised payment institution or small payment institution or, where relevant, any person responsible for the management of the institution’s payment services activities.

c

omit subsection (7).