Print Options
PrintThe Whole
Instrument
PrintThe Whole
Part
PrintThe Whole
Cross Heading
PrintThis
Section
only
Status:
This is the original version (as it was originally made).
Power of Authority to require restitution
This section has no associated Explanatory Memorandum
55.—(1) 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, 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).
Back to top