SCHEDULE 3Application and modification of legislation
PART 1Application and modification of the 2000 Act
Control over electronic money institutions4
Part 12 M1 of the 2000 Act (control over authorised persons) applies with the following modifications—
a
for references to “UK authorised person” substitute “
electronic money institution
”
;
F1aa
in section 178 for subsection (2A) substitute—
2A
In this Part, “the appropriate regulator” means the FCA.
ab
in section 187(2)(b) omit “section 187A(3)(b) or”;
ac
omit section 187A;
b
in section 188 (assessment: consultation with EC competent authorities)—
i
in subsections (1) and (2) after “home state regulator” insert “
or home state competent authority
”
; and
ii
in subsection (3) after “host state regulator” insert “
or host state competent authority
”
;
F2ba
in section 191A omit subsection (4A);
F3c
in section 191B (restriction notices)—
i
omit subsection (2A);
ii
after subsection (2B) insert—
2C
In a restriction notice, the FCA must direct that voting power to which the notice relates is, until further notice, not to be exercisable.
iii
for subsection (3)(b) substitute—
b
voting power that has been exercised as a result of the acquisition is void;
F4ca
in section 191C omit subsection (2A);
cb
in section 191D omit subsection (1A);
d
e
in section 191F (offences) in subsections (8)(a) and (9)(a), for “the statutory maximum” substitute in each case “
level 5 on the standard scale
”
;
f
in section 191G (interpretation), in subsection (1), omit the definition of “UK authorised person”; and
g
omit section 192 (power to change definitions of control etc.).