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The Electronic Money Regulations 2011
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The Electronic Money Regulations 2011, Section 56 is up to date with all changes known to be in force on or before 01 January 2025. 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.
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- Regulations power to amend conferred by 2021 c. 22 s. 23
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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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