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31.—(1) Section 203 (power to prohibit the carrying on of Consumer Credit Act business) M1 and 204 (power to restrict the carrying on of Consumer Credit Act business) M2 of, and Schedule 16 (prohibitions and restrictions imposed by the Office of Fair Trading) M3 to, the 2000 Act apply in relation to EEA authorised electronic money institutions exercising passport rights in the United Kingdom under these Regulations as they apply in relation to EEA firms exercising passport rights under Part 2 of Schedule 3 to the 2000 Act (EEA passport rights) with the following modifications—
(a)in section 203(10)—
(i)for the definition of “ a consumer credit EEA firm” substitute—
““a consumer credit EEA firm” means an EEA authorised electronic money institution (as defined in regulation 2(1) of the Electronic Money Regulations 2011) which is exercising passport rights in the United Kingdom and is carrying on any Consumer Credit Act business;”; and
(ii)for the definition of “listed activity” substitute—
““listed activity” means the issuance of electronic money and any activity carried on in accordance with Article 6 of the electronic money directive;”; and
(b)in paragraph 2(5)(b) of Schedule 16, for “the firm's home state regulator” substitute “ the home state competent authority (as defined by regulation 2(1) of the Electronic Money Regulations 2011) ”.
(2) Sections 21 (businesses needing a licence) M4 and 39(1) (offences against Part 3) M5 of the Consumer Credit Act 1974M6 do not apply in relation to the carrying on by an EEA authorised electronic money institution of electronic money issuance or a payment service which is Consumer Credit Act business, unless the Office of Fair Trading has exercised the power conferred on it by section 203 of the 2000 Act, as applied with modifications by paragraph (1), in relation to that institution.
(3) In this regulation “Consumer Credit Act business” has the same meaning as in section 203 of the 2000 Act.
Marginal Citations
M1Section 203 was amended by the Enterprise Act 2002 (c.40), section 278(1) and Schedule 25, paragraph 40(1) and (7), by the Consumer Credit Act 2006, section 33 and by S.I. 2000/2952 and 2007/3300.
M2Section 204 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 40(1) and (8).
M3Schedule 16 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 40(1) and (21).
M4Section 21 was amended by the Consumer Credit Act 2006, section 33(1).
M5Section 39 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 6(1) and (19).