http://www.legislation.gov.uk/uksi/2011/99/regulation/56/madeThe Electronic Money Regulations 2011Business practice and regulationLiabilitiesRegulation and deregulationLegislationenKing's Printer of Acts of Parliament2024-05-09FINANCIAL SERVICES AND MARKETSThese 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 AUTHORITYSupervision and enforcement56Proposal 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.

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<num>56</num>
<heading>Proposal to require restitution</heading>
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<num>1</num>
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<p>If the Authority proposes to exercise the power in regulation 55(2), it must give the person concerned a warning notice.</p>
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<num>2</num>
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<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>
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<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>
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<p>The decision notice must—</p>
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<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>
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<p>state the arrangements in accordance with which the payment or distribution is to be made.</p>
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<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>
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