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Changes over time for: Section 56
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 29/08/2023.
Changes to legislation:
The Electronic Money Regulations 2011, Section 56 is up to date with all changes known to be in force on or before 11 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
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Proposal to require restitutionU.K.
This section has no associated Explanatory Memorandum
56.—(1) 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.
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