The Payment Services Regulations 2009 No. 209

SCHEDULE 5 U.K. Application and modification of legislation

PART 1 U.K. Application and modification of the 2000 Act

Disciplinary powers U.K.

1.  Sections 66(1) (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.”; and

(c) omit subsection (7).

Commencement Information

I1 Sch. 5 para. 1 comes into force in accordance with reg. 1(2)

(1)

Amended by S.I. 2007/126.