Section 210 was amended by the Financial Services Act 2010 (c.28) Schedule 2, paragraph 20.

Reg. 59(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(3)

Reg. 59(2)-(5) substituted for reg. 59(2) (1.4.2013) by The Payment to Treasury of Penalties Regulations 2013 (S.I. 2013/429), regs. 1, 2(5)

Words in reg. 61 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(4)

Reg. 49(3) inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(25) (with reg. 3)

Reg. 61 modified by S.I. 2018/1201, reg. 38(1) (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 10(3))

Reg. 59A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 15 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 48(1)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 53 (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Reg. 49(1A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 54 (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Words in reg. 50 inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 55 (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Word in reg. 51(1)(a) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 56(a) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Reg. 51(1)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 56(b) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Words in reg. 52(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 57 (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Word in reg. 54(1)(a) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(a) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Reg. 54(1)(c)(d) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(b) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Words in reg. 54(2)(a) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(c) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Words in reg. 54(2) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(d) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Word in reg. 54(3)(a) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(e) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Reg. 54(3)(aa) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(f) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Words in reg. 54(3)(b) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 58(g) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Words in reg. 55(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 59 (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Words in reg. 57(1) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 60 (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Words in reg. 58(1) renumbered as reg. 58(1)(a) (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 61(a) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Reg. 58(1)(b) and word inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 61(b) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)

Reg. 47(3)(4) inserted (18.9.2023) by The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), regs. 1(2)(a), 2(2)(b)

Reg. 47(2)(ca) inserted (18.9.2023 for specified purposes) by The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), regs. 1(2)(a)(3)(a), 2(2)(a)

http://www.legislation.gov.uk/uksi/2011/99/part/6The Electronic Money Regulations 2011texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-06-19Expert Participation2024-01-04These Regulations implement Directive 2009/110/EC of the European Parliament and of the Council of 16th September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions (“the Directive”) (OJ No L 275, 27.10.2000, p.39).PART 6THE AUTHORITYThe functions of the Authority47Functions of the Authority1

The Authority is to have the functions conferred on it by these Regulations.

2

In discharging its function of determining the general policy and principles by reference to which it performs particular functions under these Regulations, the Authority must have regard to—

a

the need to use its resources in the most efficient and economic way;

b

the responsibilities of those who manage the affairs of electronic money issuers;

c

the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;

ca

the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term, including in a way consistent with contributing towards achieving compliance by the Secretary of State with—

i

section 1 (target for 2050) of the Climate Change Act 2008, and

ii

section 5 (environmental targets: effect) of the Environment Act 2021,

where the Authority considers the exercise of its functions to be relevant to the making of such a contribution;

d

the desirability of facilitating innovation in connection with the issuance of electronic money and the provision of payment services;

e

the international character of financial services and markets and the desirability of maintaining the competitive position of the United Kingdom;

f

the need to minimise the adverse effects on competition that may arise from anything done in the discharge of those functions;

g

the desirability of facilitating competition in relation to the issuance of electronic money and the provision of payment services; and

h

the desirability of enhancing the understanding and knowledge of members of the public of financial matters (including the United Kingdom financial system).

3

The Treasury may at any time by notice in writing to the Authority make recommendations to the Authority about aspects of the economic policy of His Majesty’s Government to which the Authority should have regard when considering the application of the principles in paragraph (2).

4

Section 1JA of the 2000 Act applies in relation to any recommendation made under paragraph (3) as if—

a

that recommendation were made under section 1JA(1)(d);

b

the reference in subsection (1)(d) to “the regulatory principles in section 3B” were a reference to the principles set out in regulation 47(2) of these Regulations.

Supervision and enforcement48Monitoring and enforcement1

The Authority must maintain arrangements designed to enable it to determine whether—

a

persons on whom requirements are imposed by or under Part 2, 3 or 4 of these Regulations are complying with them;

aa

electronic money institutions on whom requirements are imposed by or under section 312R of the 2000 Act are complying with them;

b

there has been any contravention of regulation 63(1), 64(1) or 66(1) or (2).

2

The Authority may maintain arrangements designed to enable it to determine whether persons on whom requirements are imposed by or under Part 5 of these Regulations are complying with them.

3

The arrangements referred to in paragraphs (1) and (2) may provide for functions to be performed on behalf of the Authority by any body or person who is, in its opinion, competent to perform them.

4

The Authority must also maintain arrangements for enforcing the provisions of these Regulations.

5

Paragraph (3) does not affect the Authority's duty under paragraph (1).

49Reporting requirements1

An electronic money issuer must give the Authority such information in respect of its issuance of electronic money and provision of payment services and its compliance with requirements imposed by or under Parts 2 to 5 of these Regulations as the Authority may direct.

1A

An electronic money institution must give the Authority such information in respect of its compliance with requirements imposed by or under section 312R of the 2000 Act as the Authority may direct.

2

Information required under this regulation must be given at such times and in such form, and verified in such manner, as the Authority may direct.

3

A direction under this regulation must specify the purpose for which the information is required, as appropriate, and the time within which the information is to be given.

50Public censure

If the Authority considers that an electronic money issuer has contravened a requirement imposed on it by or under these Regulations or, in the case of an electronic money institution, section 312R of the 2000 Act the Authority may publish a statement to that effect.

51Financial penalties1

The Authority may impose a penalty of such amount as it considers appropriate on—

a

an electronic money issuer who has contravened a requirement imposed on it by or under these Regulations; ...

aa

an electronic money institution who has contravened a requirement imposed on it by or under section 312R of the 2000 Act; or

b

a person who has contravened regulation 63(1), 64(1) or 66(1) or (2).

2

A penalty under this regulation is a debt due from that person to the Authority, and is recoverable accordingly.

52Suspending authorisation etc1

If the Authority considers that an electronic money institution has contravened a requirement imposed on it by or under these Regulations or by or under section 312R of the 2000 Act, it may—

a

suspend, for such period as it considers appropriate, the institution's authorisation or, as the case may be, registration; or

b

impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the carrying on of electronic money issuance or payment services business by the institution as it considers appropriate.

2

The period for which a suspension or restriction is to have effect may not exceed 12 months.

3

A suspension may relate only to the carrying on of an activity in specified circumstances.

4

A restriction may, in particular, be imposed so as to require the institution concerned to take, or refrain from taking, specified action.

5

The Authority may—

a

withdraw a suspension or restriction; or

b

vary a suspension or restriction so as to reduce the period for which it has effect or otherwise to limit its effect.

6

Any one or more of the powers in—

a

paragraph (1)(a) and (b) of this regulation; and

b

regulations 50 and 51,

may be exercised in relation to the same contravention.

53Proposal to take disciplinary measures1

Where the Authority proposes—

a

to publish a statement under regulation 50;

b

to impose a penalty under regulation 51; or

c

to suspend an institution's authorisation or registration or impose a restriction under regulation 52,

it must give the person concerned a warning notice.

2

The warning notice must set out the terms of the statement, the amount of the penalty or the period for which the suspension or restriction is to have effect, as the case may be.

3

If, having considered any representations made in response to the warning notice, the Authority decides to take any of the steps mentioned in paragraph (1), it must without delay give the person concerned a decision notice.

4

The decision notice must set out the terms of any statement, the amount of any penalty or the period for which any suspension or restriction is to have effect, as the case may be.

5

If the Authority decides to take any of the steps mentioned in paragraph (1) the person concerned may refer the matter to the Upper Tribunal.

6

Sections 210 (statements of policy) and 211 (statements of policy: procedure) of the 2000 Act apply—

a

in respect of the imposition of penalties under regulation 51 as they apply in respect of the imposition of penalties under Part 14 of the 2000 Act (disciplinary measures); and

b

in respect of the imposition of a suspension or restriction under regulation 52 as they apply in respect of the imposition of a suspension or restriction under that Part of that Act.

7

After a statement under regulation 50 is published, the Authority must send a copy of it to the person concerned and to any person to whom a copy of the decision notice was given under section 393(4) of the 2000 Act (third party rights) (as applied by paragraph 8 of Schedule 3 to these Regulations).

54Injunctions1

If, on the application of the Authority, the court is satisfied—

a

that there is a reasonable likelihood that any person will contravene a requirement imposed by or under these Regulations; ...

b

that any person has contravened such a requirement and that there is a reasonable likelihood that the contravention will continue or be repeated,

c

that there is a reasonable likelihood that an electronic money institution will contravene a requirement imposed on it by or under section 312R of the 2000 Act; or

d

that an electronic money institution has contravened such a requirement and that there is a reasonable likelihood that the contravention will continue or be repeated,

the court may make an order restraining (or, in Scotland, an interdict prohibiting) the contravention.

2

If, on the application of the Authority, the court is satisfied—

a

that any person has contravened a requirement imposed by or under these Regulations or an electronic money institution has contravened a requirement imposed on it by or under section 312R of the 2000 Act; and

b

that there are steps which could be taken for remedying the contravention,

the court may make an order requiring that person or institution, and any other person who appears to have been knowingly concerned in the contravention, to take such steps as the court may direct to remedy it.

3

If, on the application of the Authority, the court is satisfied that any person may have—

a

contravened a requirement imposed by or under these Regulations; ...

aa

in the case of an electronic money institution, contravened a requirement imposed on it by or under section 312R of the 2000 Act; or

b

been knowingly concerned in the contravention of a requirement described in sub-paragraph (a) or (aa),

it may make an order restraining (or, in Scotland, an interdict prohibiting) them from disposing of, or otherwise dealing with, any assets of theirs which it is satisfied that they are reasonably likely to dispose of or otherwise deal with.

4

The jurisdiction conferred by this regulation is exercisable by the High Court and the Court of Session.

5

In paragraph (2), references to remedying a contravention include references to mitigating its effect.

55Power of Authority to require restitution1

The Authority may exercise the power in paragraph (2) if it is satisfied that an electronic money issuer (referred to in this regulation and regulation 56 as “the person concerned”) has contravened a requirement imposed by or under these Regulations, or been knowingly concerned in the contravention of such a requirement, or, where the electronic money issuer is an electronic money institution, has contravened a requirement imposed on it by or under section 312R of the 2000 Act, or been knowingly concerned in the contravention of such a requirement, and that—

a

profits have accrued to the person concerned as a result of the contravention; or

b

one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.

2

The power referred to in paragraph (1) is a power to require the person concerned, in accordance with such arrangements as the Authority considers appropriate, to pay to the appropriate person or distribute among the appropriate persons such amount as appears to the Authority to be just having regard—

a

in a case within sub-paragraph (a) of paragraph (1), to the profits appearing to the Authority to have accrued;

b

in a case within sub-paragraph (b) of that paragraph, to the extent of the loss or other adverse effect;

c

in a case within both of those sub-paragraphs, to the profits appearing to the Authority to have accrued and to the extent of the loss or other adverse effect.

3

In paragraph (2) “appropriate person” means a person appearing to the Authority to be someone—

a

to whom the profits mentioned in paragraph (1)(a) are attributable; or

b

who has suffered the loss or adverse effect mentioned in paragraph (1)(b).

56Proposal to require restitution1

If the Authority proposes to exercise the power in regulation 55(2), it must give the person concerned a warning notice.

2

The warning notice must state the amount which the Authority proposes to require the person concerned to pay or distribute as mentioned in regulation 55(2).

3

If, having considered any representations made in response to the warning notice, the Authority decides to exercise the power in regulation 55(2), it must without delay give the person concerned a decision notice.

4

The decision notice must—

a

state the amount that the person concerned is to pay or distribute;

b

identify the person or persons to whom that amount is to be paid or among whom that amount is to be distributed; and

c

state the arrangements in accordance with which the payment or distribution is to be made.

5

If the Authority decides to exercise the power in regulation 55(2), the person concerned may refer the matter to the Upper Tribunal.

57Restitution orders1

The court may, on the application of the Authority, make an order under paragraph (2) if it is satisfied that an electronic money issuer has contravened a requirement imposed by or under these Regulations, or been knowingly concerned in the contravention of such a requirement, or, where the electronic money issuer is an electronic money institution, has contravened a requirement imposed on it by or under section 312R of the 2000 Act, or been knowingly concerned in the contravention of such a requirement, and that—

a

profits have accrued to the electronic money issuer as a result of the contravention; or

b

one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.

2

The court may order the electronic money issuer to pay to the Authority such sum as appears to the court to be just having regard—

a

in a case within sub-paragraph (a) of paragraph (1), to the profits appearing to the court to have accrued;

b

in a case within sub-paragraph (b) of that paragraph, to the extent of the loss or other adverse effect;

c

in a case within both those sub-paragraphs, to the profits appearing to the court to have accrued and to the extent of the loss or other adverse effect.

3

Any amount paid to the Authority in pursuance of an order under paragraph (2) must be paid by it to such qualifying person or distributed by it among such qualifying persons as the court may direct.

4

In paragraph (3), “qualifying person” means a person appearing to the court to be someone—

a

to whom the profits mentioned in paragraph (1)(a) are attributable; or

b

who has suffered the loss or adverse effect mentioned in paragraph (1)(b).

5

On an application under paragraph (1) the court may require the electronic money issuer to supply it with such accounts or other information as it may require for any one or more of the following purposes—

a

establishing whether any and, if so, what profits have accrued to them as mentioned in sub-paragraph (a) of that paragraph;

b

establishing whether any person or persons have suffered any loss or adverse effect as mentioned in sub-paragraph (b) of that paragraph; and

c

determining how any amounts are to be paid or distributed under paragraph (3).

6

The court may require any accounts or other information supplied under paragraph (5) to be verified in such manner as it may direct.

7

The jurisdiction conferred by this regulation is exercisable by the High Court and the Court of Session.

8

Nothing in this regulation affects the right of any person other than the Authority to bring proceedings in respect of the matters to which this regulation applies.

58Complaints1

The Authority must maintain arrangements designed to enable electronic money holders and other interested parties to submit complaints to it that

a

a requirement imposed by or under Part 5 of these Regulations has been breached by an electronic money issuer , or

b

a requirement imposed by or under section 312R of the 2000 Act has been breached by an electronic money institution.

2

Where it considers it appropriate, the Authority must include in any reply to a complaint under paragraph (1) details of the ombudsman scheme established under Part 16 of the 2000 Act (the ombudsman scheme).

Miscellaneous59Costs of supervision1

The functions of the Authority under these Regulations are to be treated for the purposes of paragraph 23 (fees) of Part 3 of Schedule 1ZA to the 2000 Act as functions conferred on the Authority under that Act with the following modifications—

a

section 1B(5)(a) of the 2000 Act (the FCA’s general duties) does not apply to the making of rules under paragraph 23 of Part 3 of Schedule 1ZA by virtue of this regulation;

b

rules made under paragraph 23 of Part 3 of Schedule 1ZA by virtue of this regulation are not to be treated as regulating provisions for the purposes of section 140A(1) of the 2000 Act (competition scrutiny);

c

paragraph 23(7) does not apply.

2

The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 51.

3

The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (2).

4

The directions may in particular—

a

specify the time when any payment is required to be made to the Treasury, and

b

require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 51.

5

The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.

59ACredit agreements

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

60Guidance1

The Authority may give guidance consisting of such information and advice as it considers appropriate with respect to—

a

the operation of these Regulations;

b

any matters relating to the functions of the Authority under these Regulations;

c

any other matters about which it appears to the Authority to be desirable to give information or advice in connection with these Regulations.

2

The Authority may—

a

publish its guidance;

b

offer copies of its published guidance for sale at a reasonable price;

c

if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.

61Authority's exemption from liability in damages

The functions of the Authority under these Regulations are to be treated for the purposes of paragraph 25 (exemption from liability in damages) of Part 4 of Schedule 1ZA to the 2000 Act as functions conferred on the Authority under that Act.

62Application and modification of primary and secondary legislation

The provisions of primary and secondary legislation specified in Schedule 3 apply in respect of the Authority's functions under these Regulations with the modifications set out in that Schedule.

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<destination href="#regulation-51-1-aa"/>
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<source href="#key-e43c57711ccb7b006323e19d2120c3da"/>
<destination href="#regulation-52-1"/>
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<source href="#key-52d38d0d10ab2e354a4e105609b6b645"/>
<destination href="#regulation-54-1-c"/>
</textualMod>
<textualMod type="insertion" eId="mod-key-de02e39e74da0bd731aa7479a6cd13cb-1693920263487">
<source href="#key-de02e39e74da0bd731aa7479a6cd13cb"/>
<destination href="#regulation-54-2-a"/>
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<textualMod type="insertion" eId="mod-key-a17efe46ecccde5b9a5d9bab4aed1f16-1693920337537">
<source href="#key-a17efe46ecccde5b9a5d9bab4aed1f16"/>
<destination href="#regulation-54-2"/>
</textualMod>
<textualMod type="insertion" eId="mod-key-f300d65f765537627cefcbc6a969278e-1693920557831">
<source href="#key-f300d65f765537627cefcbc6a969278e"/>
<destination href="#regulation-54-3-aa"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-53dd5007db133d2306e03626d1ed9928-1693920651828">
<source href="#key-53dd5007db133d2306e03626d1ed9928"/>
<destination href="#regulation-54-3-b"/>
</textualMod>
<textualMod type="insertion" eId="mod-key-e38a602c6e3f311b268c4c32e9b45d02-1693922482285">
<source href="#key-e38a602c6e3f311b268c4c32e9b45d02"/>
<destination href="#regulation-55-1"/>
</textualMod>
<textualMod type="insertion" eId="mod-key-bc66eb8ffb16017aa2ce8d6bff2e0cf5-1693923510586">
<source href="#key-bc66eb8ffb16017aa2ce8d6bff2e0cf5"/>
<destination href="#regulation-57-1"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-1db8c2b4cd99701ca6742f7008a14d23-1693924348303">
<source href="#key-1db8c2b4cd99701ca6742f7008a14d23"/>
<destination href="#regulation-58-1-a"/>
</textualMod>
<textualMod type="insertion" eId="mod-key-75e1fd5c36c398a677e9c5411ed89e30-1693924467794">
<source href="#key-75e1fd5c36c398a677e9c5411ed89e30"/>
<destination href="#regulation-58-1-a"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">
<source href="#key-c4a582c99d8b3ef818d57ab204f10b34"/>
<destination href="#regulation-59"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-e390e492d238214a46d2bfbd62066b6c-1541608788933">
<source href="#key-e390e492d238214a46d2bfbd62066b6c"/>
<destination href="#regulation-59-2"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-ac29e612089544c09c884b9335874c49-1541609244687">
<source href="#key-ac29e612089544c09c884b9335874c49"/>
<destination href="#regulation-61"/>
</textualMod>
</passiveModifications>
<restrictions source="#source">
<restriction refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#body" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-49" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-59" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-61" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#part-6-crossheading-miscellaneous" refersTo="#e+w+s+ni" type="jurisdiction"/>
</restrictions>
</analysis>
<temporalData source="#source">
<temporalGroup eId="period1">
<timeInterval start="#effective-date-1" refersTo="#period-concept1"/>
</temporalGroup>
<temporalGroup eId="period2">
<timeInterval start="#effective-date-2" refersTo="#period-concept2"/>
</temporalGroup>
<temporalGroup eId="period3">
<timeInterval start="#effective-date-3" refersTo="#period-concept3"/>
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<temporalGroup eId="period4">
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</temporalGroup>
<temporalGroup eId="period5">
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</temporalGroup>
<temporalGroup eId="period7">
<timeInterval start="#effective-date-7" refersTo="#period-concept7"/>
</temporalGroup>
<temporalGroup eId="period8">
<timeInterval start="#effective-date-8" refersTo="#period-concept8"/>
</temporalGroup>
</temporalData>
<references source="#source">
<TLCOrganization eId="source" href="http://www.legislation.gov.uk/id/publisher/StatuteLawDatabase" showAs="Statute Law Database"/>
<passiveRef href="http://www.legislation.gov.uk/id/ukpga/2021/22" showAs="Financial Services Act 2021"/>
<passiveRef href="http://www.legislation.gov.uk/id/ukpga/2023/29" showAs="Financial Services and Markets Act 2023"/>
<TLCLocation eId="e+w+s+ni" href="/ontology/jurisdictions/uk.EnglandWalesScotlandNorthernIreland" showAs="England, Wales, Scotland, Northern Ireland"/>
<TLCTerm eId="term-appropriate-person" href="/ontology/term/uk.appropriate-person" showAs="appropriate person"/>
<TLCTerm eId="term-qualifying-person" href="/ontology/term/uk.qualifying-person" showAs="qualifying person"/>
<TLCConcept eId="period-concept1" href="/ontology/time/2011.02.09" showAs="since 2011-02-09"/>
<TLCConcept eId="period-concept2" href="/ontology/time/2013.04.01" showAs="since 2013-04-01"/>
<TLCConcept eId="period-concept3" href="/ontology/time/2018.01.13" showAs="since 2018-01-13"/>
<TLCConcept eId="period-concept4" href="/ontology/time/2019.03.01" showAs="since 2019-03-01"/>
<TLCConcept eId="period-concept5" href="/ontology/time/2020.12.31" showAs="since 2020-12-31"/>
<TLCConcept eId="period-concept6" href="/ontology/time/2023.08.29" showAs="since 2023-08-29"/>
<TLCConcept eId="period-concept7" href="/ontology/time/2023.09.18" showAs="since 2023-09-18"/>
<TLCConcept eId="period-concept8" href="/ontology/time/2024.01.04" showAs="since 2024-01-04"/>
</references>
<notes source="#source">
<note class="commentary M" eId="c20674771">
<p>
Section 210 was amended by the
<ref href="http://www.legislation.gov.uk/id/ukpga/2010/28">Financial Services Act 2010 (c.28)</ref>
Schedule 2, paragraph 20.
</p>
</note>
<note class="commentary F" eId="key-c4a582c99d8b3ef818d57ab204f10b34">
<p>
Reg. 59(1) substituted (1.4.2013) by
<ref href="http://www.legislation.gov.uk/id/uksi/2013/472">The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2013/472/schedule/2/paragraph/196/3">Sch. 2 para. 196(3)</ref>
</p>
</note>
<note class="commentary F" eId="key-e390e492d238214a46d2bfbd62066b6c">
<p>
Reg. 59(2)-(5) substituted for reg. 59(2) (1.4.2013) by
<ref href="http://www.legislation.gov.uk/id/uksi/2013/429">The Payment to Treasury of Penalties Regulations 2013 (S.I. 2013/429)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2013/429/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2013/429/regulation/2/5">2(5)</ref>
</p>
</note>
<note class="commentary F" eId="key-ac29e612089544c09c884b9335874c49">
<p>
Words in reg. 61 substituted (1.4.2013) by
<ref href="http://www.legislation.gov.uk/id/uksi/2013/472">The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2013/472/schedule/2/paragraph/196/4">Sch. 2 para. 196(4)</ref>
</p>
</note>
<note class="commentary F" eId="key-d19b78efe7b385b22f2b17942e0fae46">
<p>
Reg. 49(3) inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752">The Payment Services Regulations 2017 (S.I. 2017/752)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/2/c/iii">reg. 1(2)(c)(iii)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/3/f/i">(3)(f)(i)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/6">(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/schedule/8/paragraph/5/25">Sch. 8 para. 5(25)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/3">reg. 3</ref>
)
</p>
</note>
<note class="commentary C" eId="key-904149e0f9db63595de1a29592836a45">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/61">Reg. 61</ref>
modified by S.I. 2018/1201, reg. 38(1) (as inserted (1.3.2019) by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/405">The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/405/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/405/regulation/10/3">10(3)</ref>
)
</p>
</note>
<note class="commentary F" eId="key-a544ad64af28c55791629feb93af90ea">
<p>
Reg. 59A omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1201">The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1201/regulation/1/3">reg. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/15">Sch. 2 para. 15</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1201/regulation/4">reg. 4</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/3/part/1">Sch. 3 Pt. 1</ref>
) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/405">S.I. 2019/405</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/405/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/405/regulation/10">10</ref>
and as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/1010">S.I. 2019/1010</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/1010/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/1010/regulation/7">7</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2019/1212">S.I. 2019/1212</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/7">7</ref>
and
<ref href="http://www.legislation.gov.uk/id/uksi/2020/56">S.I. 2020/56</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/56/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/56/regulation/8">8</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-208fd9e48e9de88aa531629c7d69202c">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/48/1/aa">Reg. 48(1)(aa)</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/53">Sch. 2 para. 53</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-d9d96676371cd0936fa7650ef109e7d0">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/49/1A">Reg. 49(1A)</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/54">Sch. 2 para. 54</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-0862950f8f18ec6fde39f860db962a00">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/50">reg. 50</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/55">Sch. 2 para. 55</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-031ea5a47062dd98cb85ab26541b8b00">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/51/1/a">reg. 51(1)(a)</ref>
omitted (29.8.2023) by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/56/a">Sch. 2 para. 56(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-b9cab17a2d72b3c66432231ee2b33fda">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/51/1/aa">Reg. 51(1)(aa)</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/56/b">Sch. 2 para. 56(b)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-e43c57711ccb7b006323e19d2120c3da">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/52/1">reg. 52(1)</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/57">Sch. 2 para. 57</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-4dd4c917b92536d9ce698c5cb6e7b001">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/54/1/a">reg. 54(1)(a)</ref>
omitted (29.8.2023) by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/58/a">Sch. 2 para. 58(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-52d38d0d10ab2e354a4e105609b6b645">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/54/1/c">Reg. 54(1)(c)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/54/1/d">(d)</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/58/b">Sch. 2 para. 58(b)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-de02e39e74da0bd731aa7479a6cd13cb">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/54/2/a">reg. 54(2)(a)</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/58/c">Sch. 2 para. 58(c)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-a17efe46ecccde5b9a5d9bab4aed1f16">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/54/2">reg. 54(2)</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/58/d">Sch. 2 para. 58(d)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-01d8a7bb1b410369f292deb4f2dfd1e3">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/54/3/a">reg. 54(3)(a)</ref>
omitted (29.8.2023) by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/58/e">Sch. 2 para. 58(e)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-f300d65f765537627cefcbc6a969278e">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/54/3/aa">Reg. 54(3)(aa)</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/58/f">Sch. 2 para. 58(f)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-53dd5007db133d2306e03626d1ed9928">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/54/3/b">reg. 54(3)(b)</ref>
substituted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/58/g">Sch. 2 para. 58(g)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-e38a602c6e3f311b268c4c32e9b45d02">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/55/1">reg. 55(1)</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/59">Sch. 2 para. 59</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-bc66eb8ffb16017aa2ce8d6bff2e0cf5">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/57/1">reg. 57(1)</ref>
inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/60">Sch. 2 para. 60</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-1db8c2b4cd99701ca6742f7008a14d23">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/58/1">reg. 58(1)</ref>
renumbered as reg. 58(1)(a) (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/61/a">Sch. 2 para. 61(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-75e1fd5c36c398a677e9c5411ed89e30">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/58/1/b">Reg. 58(1)(b)</ref>
and word inserted (29.8.2023) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/2/paragraph/61/b">Sch. 2 para. 61(b)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/2/3">s. 2(3)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/zz/iv">reg. 4(zz)(iv)</ref>
</p>
</note>
<note class="commentary F" eId="key-72811ef9be315cfc250e34ac320f56b9">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/47/3">Reg. 47(3)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/47/4">(4)</ref>
inserted (18.9.2023) by
<ref href="http://www.legislation.gov.uk/id/uksi/2023/790">The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/790/regulation/1/2/a">regs. 1(2)(a)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/790/regulation/2/2/b">2(2)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-5e541ceea4f37277efe97f4fa9ddfadd">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/47/2/ca">Reg. 47(2)(ca)</ref>
inserted (18.9.2023 for specified purposes) by
<ref href="http://www.legislation.gov.uk/id/uksi/2023/790">The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/790/regulation/1/2/a">regs. 1(2)(a)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2023/790/regulation/1/3/a">(3)(a)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2023/790/regulation/2/2/a">2(2)(a)</ref>
</p>
</note>
</notes>
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<dc:contributor>Expert Participation</dc:contributor>
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<dc:description>These Regulations implement Directive 2009/110/EC of the European Parliament and of the Council of 16th September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions (“the Directive”) (OJ No L 275, 27.10.2000, p.39).</dc:description>
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<num>
<strong>PART 6</strong>
</num>
<heading>THE AUTHORITY</heading>
<hcontainer name="crossheading" eId="part-6-crossheading-the-functions-of-the-authority" period="#period7">
<heading>
<em>The functions of the Authority</em>
</heading>
<hcontainer name="regulation" eId="regulation-47" period="#period7">
<num>47</num>
<heading>Functions of the Authority</heading>
<paragraph eId="regulation-47-1">
<num>1</num>
<content>
<p>The Authority is to have the functions conferred on it by these Regulations.</p>
</content>
</paragraph>
<paragraph eId="regulation-47-2">
<num>2</num>
<intro>
<p>In discharging its function of determining the general policy and principles by reference to which it performs particular functions under these Regulations, the Authority must have regard to—</p>
</intro>
<subparagraph eId="regulation-47-2-a">
<num>a</num>
<content>
<p>the need to use its resources in the most efficient and economic way;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-47-2-b">
<num>b</num>
<content>
<p>the responsibilities of those who manage the affairs of electronic money issuers;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-47-2-c">
<num>c</num>
<content>
<p>the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-47-2-ca">
<num>
<ins class="key-5e541ceea4f37277efe97f4fa9ddfadd-1695027395344 first">
<noteRef href="#key-5e541ceea4f37277efe97f4fa9ddfadd" marker="F24" class="commentary attribute F"/>
ca
</ins>
</num>
<intro>
<p>
<ins class="key-5e541ceea4f37277efe97f4fa9ddfadd-1695027395344">the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term, including in a way consistent with contributing towards achieving compliance by the Secretary of State with—</ins>
</p>
</intro>
<clause eId="regulation-47-2-ca-i">
<num>
<ins class="key-5e541ceea4f37277efe97f4fa9ddfadd-1695027395344">i</ins>
</num>
<content>
<p>
<ins class="key-5e541ceea4f37277efe97f4fa9ddfadd-1695027395344">section 1 (target for 2050) of the Climate Change Act 2008</ins>
<ins class="key-5e541ceea4f37277efe97f4fa9ddfadd-1695027395344">, and</ins>
</p>
</content>
</clause>
<clause eId="regulation-47-2-ca-ii">
<num>
<ins class="key-5e541ceea4f37277efe97f4fa9ddfadd-1695027395344">ii</ins>
</num>
<content>
<p>
<ins class="key-5e541ceea4f37277efe97f4fa9ddfadd-1695027395344">section 5 (environmental targets: effect) of the Environment Act 2021</ins>
<ins class="key-5e541ceea4f37277efe97f4fa9ddfadd-1695027395344">,</ins>
</p>
</content>
</clause>
<wrapUp>
<p>
<ins class="key-5e541ceea4f37277efe97f4fa9ddfadd-1695027395344 last">where the Authority considers the exercise of its functions to be relevant to the making of such a contribution;</ins>
</p>
</wrapUp>
</subparagraph>
<subparagraph eId="regulation-47-2-d">
<num>d</num>
<content>
<p>the desirability of facilitating innovation in connection with the issuance of electronic money and the provision of payment services;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-47-2-e">
<num>e</num>
<content>
<p>the international character of financial services and markets and the desirability of maintaining the competitive position of the United Kingdom;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-47-2-f">
<num>f</num>
<content>
<p>the need to minimise the adverse effects on competition that may arise from anything done in the discharge of those functions;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-47-2-g">
<num>g</num>
<content>
<p>the desirability of facilitating competition in relation to the issuance of electronic money and the provision of payment services; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-47-2-h">
<num>h</num>
<content>
<p>the desirability of enhancing the understanding and knowledge of members of the public of financial matters (including the United Kingdom financial system).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-47-3">
<num>
<ins class="key-72811ef9be315cfc250e34ac320f56b9-1695027367827 first">
<noteRef href="#key-72811ef9be315cfc250e34ac320f56b9" marker="F23" class="commentary attribute F"/>
3
</ins>
</num>
<content>
<p>
<ins class="key-72811ef9be315cfc250e34ac320f56b9-1695027367827">The Treasury may at any time by notice in writing to the Authority make recommendations to the Authority about aspects of the economic policy of His Majesty’s Government to which the Authority should have regard when considering the application of the principles in paragraph (2).</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-47-4">
<num>
<ins class="key-72811ef9be315cfc250e34ac320f56b9-1695027367827">4</ins>
</num>
<intro>
<p>
<ins class="key-72811ef9be315cfc250e34ac320f56b9-1695027367827">Section 1JA of the 2000 Act</ins>
<ins class="key-72811ef9be315cfc250e34ac320f56b9-1695027367827"> applies in relation to any recommendation made under paragraph (3) as if—</ins>
</p>
</intro>
<subparagraph eId="regulation-47-4-a">
<num>
<ins class="key-72811ef9be315cfc250e34ac320f56b9-1695027367827">a</ins>
</num>
<content>
<p>
<ins class="key-72811ef9be315cfc250e34ac320f56b9-1695027367827">that recommendation were made under section 1JA(1)(d);</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-47-4-b">
<num>
<ins class="key-72811ef9be315cfc250e34ac320f56b9-1695027367827">b</ins>
</num>
<content>
<p>
<ins class="key-72811ef9be315cfc250e34ac320f56b9-1695027367827 last">the reference in subsection (1)(d) to “the regulatory principles in section 3B” were a reference to the principles set out in regulation 47(2) of these Regulations.</ins>
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</hcontainer>
<hcontainer name="crossheading" eId="part-6-crossheading-supervision-and-enforcement" period="#period6">
<heading>
<em>Supervision and enforcement</em>
</heading>
<hcontainer name="regulation" eId="regulation-48" period="#period6">
<num>48</num>
<heading>Monitoring and enforcement</heading>
<paragraph eId="regulation-48-1">
<num>1</num>
<intro>
<p>The Authority must maintain arrangements designed to enable it to determine whether—</p>
</intro>
<subparagraph eId="regulation-48-1-a">
<num>a</num>
<content>
<p>persons on whom requirements are imposed by or under Part 2, 3 or 4 of these Regulations are complying with them;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-48-1-aa">
<num>
<ins class="key-208fd9e48e9de88aa531629c7d69202c-1693915056155 first">
<noteRef href="#key-208fd9e48e9de88aa531629c7d69202c" marker="F6" class="commentary attribute F"/>
aa
</ins>
</num>
<content>
<p>
<ins class="key-208fd9e48e9de88aa531629c7d69202c-1693915056155 last">electronic money institutions on whom requirements are imposed by or under section 312R of the 2000 Act are complying with them;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-48-1-b">
<num>b</num>
<content>
<p>there has been any contravention of regulation 63(1), 64(1) or 66(1) or (2).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-48-2">
<num>2</num>
<content>
<p>The Authority may maintain arrangements designed to enable it to determine whether persons on whom requirements are imposed by or under Part 5 of these Regulations are complying with them.</p>
</content>
</paragraph>
<paragraph eId="regulation-48-3">
<num>3</num>
<content>
<p>The arrangements referred to in paragraphs (1) and (2) may provide for functions to be performed on behalf of the Authority by any body or person who is, in its opinion, competent to perform them.</p>
</content>
</paragraph>
<paragraph eId="regulation-48-4">
<num>4</num>
<content>
<p>The Authority must also maintain arrangements for enforcing the provisions of these Regulations.</p>
</content>
</paragraph>
<paragraph eId="regulation-48-5">
<num>5</num>
<content>
<p>Paragraph (3) does not affect the Authority's duty under paragraph (1).</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-49" period="#period6">
<num>49</num>
<heading>Reporting requirements</heading>
<paragraph eId="regulation-49-1">
<num>1</num>
<content>
<p>An electronic money issuer must give the Authority such information in respect of its issuance of electronic money and provision of payment services and its compliance with requirements imposed by or under Parts 2 to 5 of these Regulations as the Authority may direct.</p>
</content>
</paragraph>
<paragraph eId="regulation-49-1A">
<num>
<ins class="key-d9d96676371cd0936fa7650ef109e7d0-1693915267709 first">
<noteRef href="#key-d9d96676371cd0936fa7650ef109e7d0" marker="F7" class="commentary attribute F"/>
1A
</ins>
</num>
<content>
<p>
<ins class="key-d9d96676371cd0936fa7650ef109e7d0-1693915267709 last">An electronic money institution must give the Authority such information in respect of its compliance with requirements imposed by or under section 312R of the 2000 Act as the Authority may direct.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-49-2">
<num>2</num>
<content>
<p>Information required under this regulation must be given at such times and in such form, and verified in such manner, as the Authority may direct.</p>
</content>
</paragraph>
<paragraph eId="regulation-49-3" period="#period3">
<num>
<ins class="key-d19b78efe7b385b22f2b17942e0fae46-1606131057168 first">
<noteRef href="#key-d19b78efe7b385b22f2b17942e0fae46" marker="F4" class="commentary attribute F"/>
3
</ins>
</num>
<content>
<p>
<ins class="key-d19b78efe7b385b22f2b17942e0fae46-1606131057168 last">A direction under this regulation must specify the purpose for which the information is required, as appropriate, and the time within which the information is to be given.</ins>
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-50" period="#period6">
<num>50</num>
<heading>Public censure</heading>
<content>
<p>
If the Authority considers that an electronic money issuer has contravened a requirement imposed on it by or under these Regulations
<ins class="key-0862950f8f18ec6fde39f860db962a00-1693917929991 first last">
<noteRef href="#key-0862950f8f18ec6fde39f860db962a00" marker="F8" class="commentary attribute F"/>
or, in the case of an electronic money institution, section 312R of the 2000 Act
</ins>
the Authority may publish a statement to that effect.
</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-51" period="#period6">
<num>51</num>
<heading>Financial penalties</heading>
<paragraph eId="regulation-51-1">
<num>1</num>
<intro>
<p>The Authority may impose a penalty of such amount as it considers appropriate on—</p>
</intro>
<subparagraph eId="regulation-51-1-a">
<num>a</num>
<content>
<p>
an electronic money issuer who has contravened a requirement imposed on it by or under these Regulations;
<noteRef href="#key-031ea5a47062dd98cb85ab26541b8b00" marker="F9" class="commentary F"/>
...
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-51-1-aa">
<num>
<ins class="key-b9cab17a2d72b3c66432231ee2b33fda-1693918553277 first">
<noteRef href="#key-b9cab17a2d72b3c66432231ee2b33fda" marker="F10" class="commentary attribute F"/>
aa
</ins>
</num>
<content>
<p>
<ins class="key-b9cab17a2d72b3c66432231ee2b33fda-1693918553277 last">an electronic money institution who has contravened a requirement imposed on it by or under section 312R of the 2000 Act; or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-51-1-b">
<num>b</num>
<content>
<p>a person who has contravened regulation 63(1), 64(1) or 66(1) or (2).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-51-2">
<num>2</num>
<content>
<p>A penalty under this regulation is a debt due from that person to the Authority, and is recoverable accordingly.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-52" period="#period6">
<num>52</num>
<heading>Suspending authorisation etc</heading>
<paragraph eId="regulation-52-1">
<num>1</num>
<intro>
<p>
If the Authority considers that an electronic money institution has contravened a requirement imposed on it by or under these Regulations
<ins class="key-e43c57711ccb7b006323e19d2120c3da-1693918751422 first last">
<noteRef href="#key-e43c57711ccb7b006323e19d2120c3da" marker="F11" class="commentary attribute F"/>
or by or under section 312R of the 2000 Act
</ins>
, it may—
</p>
</intro>
<subparagraph eId="regulation-52-1-a">
<num>a</num>
<content>
<p>suspend, for such period as it considers appropriate, the institution's authorisation or, as the case may be, registration; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-52-1-b">
<num>b</num>
<content>
<p>impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the carrying on of electronic money issuance or payment services business by the institution as it considers appropriate.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-52-2">
<num>2</num>
<content>
<p>The period for which a suspension or restriction is to have effect may not exceed 12 months.</p>
</content>
</paragraph>
<paragraph eId="regulation-52-3">
<num>3</num>
<content>
<p>A suspension may relate only to the carrying on of an activity in specified circumstances.</p>
</content>
</paragraph>
<paragraph eId="regulation-52-4">
<num>4</num>
<content>
<p>A restriction may, in particular, be imposed so as to require the institution concerned to take, or refrain from taking, specified action.</p>
</content>
</paragraph>
<paragraph eId="regulation-52-5">
<num>5</num>
<intro>
<p>The Authority may—</p>
</intro>
<subparagraph eId="regulation-52-5-a">
<num>a</num>
<content>
<p>withdraw a suspension or restriction; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-52-5-b">
<num>b</num>
<content>
<p>vary a suspension or restriction so as to reduce the period for which it has effect or otherwise to limit its effect.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-52-6">
<num>6</num>
<intro>
<p>Any one or more of the powers in—</p>
</intro>
<subparagraph eId="regulation-52-6-a">
<num>a</num>
<content>
<p>paragraph (1)(a) and (b) of this regulation; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-52-6-b">
<num>b</num>
<content>
<p>regulations 50 and 51,</p>
</content>
</subparagraph>
<wrapUp>
<p>may be exercised in relation to the same contravention.</p>
</wrapUp>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-53" period="#period1">
<num>53</num>
<heading>Proposal to take disciplinary measures</heading>
<paragraph eId="regulation-53-1">
<num>1</num>
<intro>
<p>Where the Authority proposes—</p>
</intro>
<subparagraph eId="regulation-53-1-a">
<num>a</num>
<content>
<p>to publish a statement under regulation 50;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-53-1-b">
<num>b</num>
<content>
<p>to impose a penalty under regulation 51; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-53-1-c">
<num>c</num>
<content>
<p>to suspend an institution's authorisation or registration or impose a restriction under regulation 52,</p>
</content>
</subparagraph>
<wrapUp>
<p>it must give the person concerned a warning notice.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-53-2">
<num>2</num>
<content>
<p>The warning notice must set out the terms of the statement, the amount of the penalty or the period for which the suspension or restriction is to have effect, as the case may be.</p>
</content>
</paragraph>
<paragraph eId="regulation-53-3">
<num>3</num>
<content>
<p>If, having considered any representations made in response to the warning notice, the Authority decides to take any of the steps mentioned in paragraph (1), it must without delay give the person concerned a decision notice.</p>
</content>
</paragraph>
<paragraph eId="regulation-53-4">
<num>4</num>
<content>
<p>The decision notice must set out the terms of any statement, the amount of any penalty or the period for which any suspension or restriction is to have effect, as the case may be.</p>
</content>
</paragraph>
<paragraph eId="regulation-53-5">
<num>5</num>
<content>
<p>If the Authority decides to take any of the steps mentioned in paragraph (1) the person concerned may refer the matter to the Upper Tribunal.</p>
</content>
</paragraph>
<paragraph eId="regulation-53-6">
<num>6</num>
<intro>
<p>
Sections 210
<noteRef href="#c20674771" marker="M1" class="commentary M"/>
(statements of policy) and 211 (statements of policy: procedure) of the 2000 Act apply—
</p>
</intro>
<subparagraph eId="regulation-53-6-a">
<num>a</num>
<content>
<p>in respect of the imposition of penalties under regulation 51 as they apply in respect of the imposition of penalties under Part 14 of the 2000 Act (disciplinary measures); and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-53-6-b">
<num>b</num>
<content>
<p>in respect of the imposition of a suspension or restriction under regulation 52 as they apply in respect of the imposition of a suspension or restriction under that Part of that Act.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-53-7">
<num>7</num>
<content>
<p>After a statement under regulation 50 is published, the Authority must send a copy of it to the person concerned and to any person to whom a copy of the decision notice was given under section 393(4) of the 2000 Act (third party rights) (as applied by paragraph 8 of Schedule 3 to these Regulations).</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-54" period="#period6">
<num>54</num>
<heading>Injunctions</heading>
<paragraph eId="regulation-54-1">
<num>1</num>
<intro>
<p>If, on the application of the Authority, the court is satisfied—</p>
</intro>
<subparagraph eId="regulation-54-1-a">
<num>a</num>
<content>
<p>
that there is a reasonable likelihood that any person will contravene a requirement imposed by or under these Regulations;
<noteRef href="#key-4dd4c917b92536d9ce698c5cb6e7b001" marker="F12" class="commentary F"/>
...
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-54-1-b">
<num>b</num>
<content>
<p>that any person has contravened such a requirement and that there is a reasonable likelihood that the contravention will continue or be repeated,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-54-1-c">
<num>
<ins class="key-52d38d0d10ab2e354a4e105609b6b645-1693920164784 first">
<noteRef href="#key-52d38d0d10ab2e354a4e105609b6b645" marker="F13" class="commentary attribute F"/>
c
</ins>
</num>
<content>
<p>
<ins class="key-52d38d0d10ab2e354a4e105609b6b645-1693920164784">that there is a reasonable likelihood that an electronic money institution will contravene a requirement imposed on it by or under section 312R of the 2000 Act; or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-54-1-d">
<num>
<ins class="key-52d38d0d10ab2e354a4e105609b6b645-1693920164784">d</ins>
</num>
<content>
<p>
<ins class="key-52d38d0d10ab2e354a4e105609b6b645-1693920164784 last">that an electronic money institution has contravened such a requirement and that there is a reasonable likelihood that the contravention will continue or be repeated,</ins>
</p>
</content>
</subparagraph>
<wrapUp>
<p>the court may make an order restraining (or, in Scotland, an interdict prohibiting) the contravention.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-54-2">
<num>2</num>
<intro>
<p>If, on the application of the Authority, the court is satisfied—</p>
</intro>
<subparagraph eId="regulation-54-2-a">
<num>a</num>
<content>
<p>
that any person has contravened a requirement imposed by or under these Regulations
<ins class="key-de02e39e74da0bd731aa7479a6cd13cb-1693920263487 first last">
<noteRef href="#key-de02e39e74da0bd731aa7479a6cd13cb" marker="F14" class="commentary attribute F"/>
or an electronic money institution has contravened a requirement imposed on it by or under section 312R of the 2000 Act
</ins>
; and
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-54-2-b">
<num>b</num>
<content>
<p>that there are steps which could be taken for remedying the contravention,</p>
</content>
</subparagraph>
<wrapUp>
<p>
the court may make an order requiring that person
<ins class="key-a17efe46ecccde5b9a5d9bab4aed1f16-1693920337537 first last">
<noteRef href="#key-a17efe46ecccde5b9a5d9bab4aed1f16" marker="F15" class="commentary attribute F"/>
or institution
</ins>
, and any other person who appears to have been knowingly concerned in the contravention, to take such steps as the court may direct to remedy it.
</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-54-3">
<num>3</num>
<intro>
<p>If, on the application of the Authority, the court is satisfied that any person may have—</p>
</intro>
<subparagraph eId="regulation-54-3-a">
<num>a</num>
<content>
<p>
contravened a requirement imposed by or under these Regulations;
<noteRef href="#key-01d8a7bb1b410369f292deb4f2dfd1e3" marker="F16" class="commentary F"/>
...
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-54-3-aa">
<num>
<ins class="key-f300d65f765537627cefcbc6a969278e-1693920557831 first">
<noteRef href="#key-f300d65f765537627cefcbc6a969278e" marker="F17" class="commentary attribute F"/>
aa
</ins>
</num>
<content>
<p>
<ins class="key-f300d65f765537627cefcbc6a969278e-1693920557831 last">in the case of an electronic money institution, contravened a requirement imposed on it by or under section 312R of the 2000 Act; or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-54-3-b">
<num>b</num>
<content>
<p>
been knowingly concerned in the contravention of
<ins class="substitution key-53dd5007db133d2306e03626d1ed9928-1693920651828 first last">
<noteRef href="#key-53dd5007db133d2306e03626d1ed9928" marker="F18" class="commentary attribute F"/>
a requirement described in sub-paragraph (a) or (aa)
</ins>
,
</p>
</content>
</subparagraph>
<wrapUp>
<p>it may make an order restraining (or, in Scotland, an interdict prohibiting) them from disposing of, or otherwise dealing with, any assets of theirs which it is satisfied that they are reasonably likely to dispose of or otherwise deal with.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-54-4">
<num>4</num>
<content>
<p>The jurisdiction conferred by this regulation is exercisable by the High Court and the Court of Session.</p>
</content>
</paragraph>
<paragraph eId="regulation-54-5">
<num>5</num>
<content>
<p>In paragraph (2), references to remedying a contravention include references to mitigating its effect.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-55" period="#period6">
<num>55</num>
<heading>Power of Authority to require restitution</heading>
<paragraph eId="regulation-55-1">
<num>1</num>
<intro>
<p>
The Authority may exercise the power in paragraph (2) if it is satisfied that an electronic money issuer (referred to in this regulation and regulation 56 as “the person concerned”) has contravened a requirement imposed by or under these Regulations, or been knowingly concerned in the contravention of such a requirement,
<ins class="key-e38a602c6e3f311b268c4c32e9b45d02-1693922482285 first last">
<noteRef href="#key-e38a602c6e3f311b268c4c32e9b45d02" marker="F19" class="commentary attribute F"/>
or, where the electronic money issuer is an electronic money institution, has contravened a requirement imposed on it by or under section 312R of the 2000 Act, or been knowingly concerned in the contravention of such a requirement,
</ins>
and that—
</p>
</intro>
<subparagraph eId="regulation-55-1-a">
<num>a</num>
<content>
<p>profits have accrued to the person concerned as a result of the contravention; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-55-1-b">
<num>b</num>
<content>
<p>one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-55-2">
<num>2</num>
<intro>
<p>The power referred to in paragraph (1) is a power to require the person concerned, in accordance with such arrangements as the Authority considers appropriate, to pay to the appropriate person or distribute among the appropriate persons such amount as appears to the Authority to be just having regard—</p>
</intro>
<subparagraph eId="regulation-55-2-a">
<num>a</num>
<content>
<p>in a case within sub-paragraph (a) of paragraph (1), to the profits appearing to the Authority to have accrued;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-55-2-b">
<num>b</num>
<content>
<p>in a case within sub-paragraph (b) of that paragraph, to the extent of the loss or other adverse effect;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-55-2-c">
<num>c</num>
<content>
<p>in a case within both of those sub-paragraphs, to the profits appearing to the Authority to have accrued and to the extent of the loss or other adverse effect.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-55-3">
<num>3</num>
<intro>
<p>
In paragraph (2) “
<term refersTo="#term-appropriate-person">appropriate person</term>
” means a person appearing to the Authority to be someone—
</p>
</intro>
<subparagraph eId="regulation-55-3-a">
<num>a</num>
<content>
<p>to whom the profits mentioned in paragraph (1)(a) are attributable; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-55-3-b">
<num>b</num>
<content>
<p>who has suffered the loss or adverse effect mentioned in paragraph (1)(b).</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-56" period="#period1">
<num>56</num>
<heading>Proposal to require restitution</heading>
<paragraph eId="regulation-56-1">
<num>1</num>
<content>
<p>If the Authority proposes to exercise the power in regulation 55(2), it must give the person concerned a warning notice.</p>
</content>
</paragraph>
<paragraph eId="regulation-56-2">
<num>2</num>
<content>
<p>The warning notice must state the amount which the Authority proposes to require the person concerned to pay or distribute as mentioned in regulation 55(2).</p>
</content>
</paragraph>
<paragraph eId="regulation-56-3">
<num>3</num>
<content>
<p>If, having considered any representations made in response to the warning notice, the Authority decides to exercise the power in regulation 55(2), it must without delay give the person concerned a decision notice.</p>
</content>
</paragraph>
<paragraph eId="regulation-56-4">
<num>4</num>
<intro>
<p>The decision notice must—</p>
</intro>
<subparagraph eId="regulation-56-4-a">
<num>a</num>
<content>
<p>state the amount that the person concerned is to pay or distribute;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-56-4-b">
<num>b</num>
<content>
<p>identify the person or persons to whom that amount is to be paid or among whom that amount is to be distributed; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-56-4-c">
<num>c</num>
<content>
<p>state the arrangements in accordance with which the payment or distribution is to be made.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-56-5">
<num>5</num>
<content>
<p>If the Authority decides to exercise the power in regulation 55(2), the person concerned may refer the matter to the Upper Tribunal.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-57" period="#period6">
<num>57</num>
<heading>Restitution orders</heading>
<paragraph eId="regulation-57-1">
<num>1</num>
<intro>
<p>
The court may, on the application of the Authority, make an order under paragraph (2) if it is satisfied that an electronic money issuer has contravened a requirement imposed by or under these Regulations, or been knowingly concerned in the contravention of such a requirement,
<ins class="key-bc66eb8ffb16017aa2ce8d6bff2e0cf5-1693923510586 first last">
<noteRef href="#key-bc66eb8ffb16017aa2ce8d6bff2e0cf5" marker="F20" class="commentary attribute F"/>
or, where the electronic money issuer is an electronic money institution, has contravened a requirement imposed on it by or under section 312R of the 2000 Act, or been knowingly concerned in the contravention of such a requirement,
</ins>
and that—
</p>
</intro>
<subparagraph eId="regulation-57-1-a">
<num>a</num>
<content>
<p>profits have accrued to the electronic money issuer as a result of the contravention; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-57-1-b">
<num>b</num>
<content>
<p>one or more persons have suffered loss or been otherwise adversely affected as a result of the contravention.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-57-2">
<num>2</num>
<intro>
<p>The court may order the electronic money issuer to pay to the Authority such sum as appears to the court to be just having regard—</p>
</intro>
<subparagraph eId="regulation-57-2-a">
<num>a</num>
<content>
<p>in a case within sub-paragraph (a) of paragraph (1), to the profits appearing to the court to have accrued;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-57-2-b">
<num>b</num>
<content>
<p>in a case within sub-paragraph (b) of that paragraph, to the extent of the loss or other adverse effect;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-57-2-c">
<num>c</num>
<content>
<p>in a case within both those sub-paragraphs, to the profits appearing to the court to have accrued and to the extent of the loss or other adverse effect.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-57-3">
<num>3</num>
<content>
<p>Any amount paid to the Authority in pursuance of an order under paragraph (2) must be paid by it to such qualifying person or distributed by it among such qualifying persons as the court may direct.</p>
</content>
</paragraph>
<paragraph eId="regulation-57-4">
<num>4</num>
<intro>
<p>
In paragraph (3), “
<term refersTo="#term-qualifying-person">qualifying person</term>
” means a person appearing to the court to be someone—
</p>
</intro>
<subparagraph eId="regulation-57-4-a">
<num>a</num>
<content>
<p>to whom the profits mentioned in paragraph (1)(a) are attributable; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-57-4-b">
<num>b</num>
<content>
<p>who has suffered the loss or adverse effect mentioned in paragraph (1)(b).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-57-5">
<num>5</num>
<intro>
<p>On an application under paragraph (1) the court may require the electronic money issuer to supply it with such accounts or other information as it may require for any one or more of the following purposes—</p>
</intro>
<subparagraph eId="regulation-57-5-a">
<num>a</num>
<content>
<p>establishing whether any and, if so, what profits have accrued to them as mentioned in sub-paragraph (a) of that paragraph;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-57-5-b">
<num>b</num>
<content>
<p>establishing whether any person or persons have suffered any loss or adverse effect as mentioned in sub-paragraph (b) of that paragraph; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-57-5-c">
<num>c</num>
<content>
<p>determining how any amounts are to be paid or distributed under paragraph (3).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-57-6">
<num>6</num>
<content>
<p>The court may require any accounts or other information supplied under paragraph (5) to be verified in such manner as it may direct.</p>
</content>
</paragraph>
<paragraph eId="regulation-57-7">
<num>7</num>
<content>
<p>The jurisdiction conferred by this regulation is exercisable by the High Court and the Court of Session.</p>
</content>
</paragraph>
<paragraph eId="regulation-57-8">
<num>8</num>
<content>
<p>Nothing in this regulation affects the right of any person other than the Authority to bring proceedings in respect of the matters to which this regulation applies.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-58" period="#period6">
<num>58</num>
<heading>Complaints</heading>
<paragraph eId="regulation-58-1">
<num>1</num>
<intro>
<p>The Authority must maintain arrangements designed to enable electronic money holders and other interested parties to submit complaints to it that </p>
</intro>
<subparagraph eId="regulation-58-1-a">
<num>
<ins class="substitution key-1db8c2b4cd99701ca6742f7008a14d23-1693924348303 first last">
<noteRef href="#key-1db8c2b4cd99701ca6742f7008a14d23" marker="F21" class="commentary attribute F"/>
a
</ins>
</num>
<content>
<p>
a requirement imposed by or under Part 5 of these Regulations has been breached by an electronic money issuer
<ins class="key-75e1fd5c36c398a677e9c5411ed89e30-1693924467794 first">
<noteRef href="#key-75e1fd5c36c398a677e9c5411ed89e30" marker="F22" class="commentary attribute F"/>
, or
</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-58-1-b">
<num>
<ins class="key-75e1fd5c36c398a677e9c5411ed89e30-1693924467794">b</ins>
</num>
<content>
<p>
<ins class="key-75e1fd5c36c398a677e9c5411ed89e30-1693924467794 last">a requirement imposed by or under section 312R of the 2000 Act has been breached by an electronic money institution.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-58-2">
<num>2</num>
<content>
<p>Where it considers it appropriate, the Authority must include in any reply to a complaint under paragraph (1) details of the ombudsman scheme established under Part 16 of the 2000 Act (the ombudsman scheme).</p>
</content>
</paragraph>
</hcontainer>
</hcontainer>
<hcontainer name="crossheading" eId="part-6-crossheading-miscellaneous" period="#period5">
<heading>
<em>Miscellaneous</em>
</heading>
<hcontainer name="regulation" eId="regulation-59" period="#period2">
<num>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469 first">
<noteRef href="#key-c4a582c99d8b3ef818d57ab204f10b34" marker="F1" class="commentary attribute F"/>
59
</ins>
</num>
<heading>Costs of supervision</heading>
<paragraph eId="regulation-59-1">
<num>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">1</ins>
</num>
<intro>
<p>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">The functions of the Authority under these Regulations are to be treated for the purposes of paragraph 23 (fees) of Part 3 of Schedule 1ZA to the </ins>
<abbr title="Financial Services and Markets Act 2000 c. 8" xml:lang="">
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">2000 Act</ins>
</abbr>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469"> as functions conferred on the Authority under that Act with the following modifications—</ins>
</p>
</intro>
<subparagraph eId="regulation-59-1-a">
<num>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">a</ins>
</num>
<content>
<p>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">section 1B(5)(a) of the </ins>
<abbr title="Financial Services and Markets Act 2000 c. 8" xml:lang="">
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">2000 Act</ins>
</abbr>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469"> (the </ins>
<abbr title="Financial Conduct Authority" xml:lang="">
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">FCA</ins>
</abbr>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">’s general duties) does not apply to the making of rules under paragraph 23 of Part 3 of Schedule 1ZA by virtue of this regulation;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-59-1-b">
<num>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">b</ins>
</num>
<content>
<p>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">rules made under paragraph 23 of Part 3 of Schedule 1ZA by virtue of this regulation are not to be treated as regulating provisions for the purposes of section 140A(1) of the </ins>
<abbr title="Financial Services and Markets Act 2000 c. 8" xml:lang="">
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">2000 Act</ins>
</abbr>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469"> (competition scrutiny);</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-59-1-c">
<num>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469">c</ins>
</num>
<content>
<p>
<ins class="substitution key-c4a582c99d8b3ef818d57ab204f10b34-1541608757469 last">paragraph 23(7) does not apply.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-59-2">
<num>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933 first">
<noteRef href="#key-e390e492d238214a46d2bfbd62066b6c" marker="F2" class="commentary attribute F"/>
2
</ins>
</num>
<content>
<p>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933">The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 51.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-59-3">
<num>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933">3</ins>
</num>
<content>
<p>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933">The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (2).</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-59-4">
<num>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933">4</ins>
</num>
<intro>
<p>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933">The directions may in particular—</ins>
</p>
</intro>
<subparagraph eId="regulation-59-4-a">
<num>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933">a</ins>
</num>
<content>
<p>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933">specify the time when any payment is required to be made to the Treasury, and</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-59-4-b">
<num>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933">b</ins>
</num>
<content>
<p>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933">require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 51.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-59-5">
<num>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933">5</ins>
</num>
<content>
<p>
<ins class="substitution key-e390e492d238214a46d2bfbd62066b6c-1541608788933 last">The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.</ins>
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-59A" period="#period5">
<num>
<noteRef href="#key-a544ad64af28c55791629feb93af90ea" marker="F5" class="commentary F"/>
59A
</num>
<heading>Credit agreements</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-60" period="#period1">
<num>60</num>
<heading>Guidance</heading>
<paragraph eId="regulation-60-1">
<num>1</num>
<intro>
<p>The Authority may give guidance consisting of such information and advice as it considers appropriate with respect to—</p>
</intro>
<subparagraph eId="regulation-60-1-a">
<num>a</num>
<content>
<p>the operation of these Regulations;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-60-1-b">
<num>b</num>
<content>
<p>any matters relating to the functions of the Authority under these Regulations;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-60-1-c">
<num>c</num>
<content>
<p>any other matters about which it appears to the Authority to be desirable to give information or advice in connection with these Regulations.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-60-2">
<num>2</num>
<intro>
<p>The Authority may—</p>
</intro>
<subparagraph eId="regulation-60-2-a">
<num>a</num>
<content>
<p>publish its guidance;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-60-2-b">
<num>b</num>
<content>
<p>offer copies of its published guidance for sale at a reasonable price;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-60-2-c">
<num>c</num>
<content>
<p>if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-61" period="#period4">
<num>
<noteRef href="#key-904149e0f9db63595de1a29592836a45" marker="C1" class="commentary C"/>
61
</num>
<heading>Authority's exemption from liability in damages</heading>
<content>
<p>
The functions of the Authority under these Regulations are to be treated for the purposes of
<ins class="substitution key-ac29e612089544c09c884b9335874c49-1541609244687 first">
<noteRef href="#key-ac29e612089544c09c884b9335874c49" marker="F3" class="commentary attribute F"/>
paragraph 25 (exemption from liability in damages) of Part 4 of Schedule 1ZA to the
</ins>
<abbr title="Financial Services and Markets Act 2000 c. 8" xml:lang="">
<ins class="substitution key-ac29e612089544c09c884b9335874c49-1541609244687 last">2000 Act</ins>
</abbr>
as functions conferred on the Authority under that Act.
</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-62" period="#period1">
<num>62</num>
<heading>Application and modification of primary and secondary legislation</heading>
<content>
<p>The provisions of primary and secondary legislation specified in Schedule 3 apply in respect of the Authority's functions under these Regulations with the modifications set out in that Schedule.</p>
</content>
</hcontainer>
</hcontainer>
</part>
</portionBody>
</portion>
</akomaNtoso>