- Latest available (Revised)
- Point in Time (12/12/2011)
- Original (As made)
Version Superseded: 22/04/2021
Point in time view as at 12/12/2011. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
The Recognised Auction Platforms Regulations 2011, Section 11 is up to date with all changes known to be in force on or before 12 September 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
11.—(1) The Money Laundering Regulations 2007 M1 are amended as follows.
(2) In regulation 2(1), insert at the appropriate place—
““auction platform” has the meaning given by regulation 3(13A);
“the emission allowance auctioning regulation” means Commission Regulation (EU) No. 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowances trading within the Community;”.
(3) In regulation 3—
(a)after paragraph (1), insert—
“(1A) Regulations 2, 20, 21, 23, 24, 35 to 42, and 44 to 48 apply to an auction platform acting in the course of business carried on by it in the United Kingdom, and such an auction platform is a relevant person for the purposes of those provisions.”;
(b)after paragraph (13), insert—
“(13A) “Auction platform” means a platform which auctions two-day spot or five-day futures, within the meanings given by Article 3(4) and (5) of the emission allowance auctioning regulation, when it carries out activities covered by that regulation.”.
(4) In regulation 20(4) and (5), after “financial institution” insert “ and an auction platform ”.
(5) In regulation 23(1)(a), after paragraph (iv), insert—
“(v)auction platforms;”.
(6) In regulation 24, after paragraph (1), insert—
“(1A) The Authority, when carrying out its supervisory functions in relation to an auction platform—
(a)must effectively monitor the auction platform's compliance with—
(i)the customer due diligence requirements of Articles 19 and 20(6) of the emission allowance auctioning regulation;
(ii)the monitoring and record keeping requirements of Article 54 of the emission allowance auctioning regulation; and
(iii)the notification requirements of Article 55(2) and (3) of the emission allowance auctioning regulation; and
(b)may monitor the auction platform's compliance with regulations 20 and 21 of these Regulations.”.
(7) In regulation 42—
(a)in paragraph (1), after “a relevant person” insert “ (except an auction platform) ”;
(b)after paragraph (1), insert—
“(1A) A designated authority may impose a penalty of such amount as it considers appropriate on an auction platform which fails to comply with—
(a)the customer due diligence requirements of Article 19 or 20(6) of the emission allowance auctioning regulation;
(b)the monitoring and record keeping requirements of Article 54 of the emission allowance auctioning regulation; or
(c)regulation 20(1), (4) or (5) or 21 of these Regulations;
and, for this purpose, “appropriate” means effective, proportionate and dissuasive.”;
(c)in paragraph (2), after “paragraph (1)” insert “ or (1A) ”.
(8) In regulation 45—
(a)in paragraph (1), after “a person” insert “ (except an auction platform) ”;
(b)after paragraph (1), insert—
“(1A) An auction platform which fails to comply with the customer due diligence requirements of Article 19 or 20(6) of the emission allowance auctioning regulation, the monitoring and record keeping requirements of Article 54 of that regulation, or regulation 20(1), (4) or (5) or 21 of these Regulations, is guilty of an offence and liable—
(a)on summary conviction, to a fine not exceeding the statutory maximum;
(b)on conviction on indictment, to imprisonment for a term not exceeding two years, to a fine or to both.”;
(c)in paragraph (2), after “paragraph (1)” insert “ or (1A) ”.
Marginal Citations
M1S.I. 2007/2157. amended by the Terrorist Asset-Freezing etc. Act 2010 (c.38), sections 45(1), 52(1), Schedule 1, Part 1, paragraph 6(a), and Schedule 2, Part 1 and by S.I. 2007/3299, S.I. 2009/56, S.I. 2009/1835, S.I. 2009/1912, S.I. 2010/22 and S.I. 2011/99; there are other amending instruments but none is relevant.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: