5. Part 22 (auditors and actuaries) applies with the following modifications—
(a)for references to “authorised person” substitute “ electronic money institution ”; F1...
[F2(aa)for references to “appropriate regulator” or “regulator” substitute “FCA”;
(ab)omit all references to “recognised investment exchange”;
(ac)in section 340 omit subsections (3A),(5A) and (8)(b);
(ad)in section 344 omit subsection (4);
(ae)in section 345—
(i)in subsection (2)(a) omit “or any particular class of authorised person;”;
(ii)omit subsection (2)(b);
(iii)in subsection (3)(a), for “FCA-authorised person” substitute “electronic money institution”;
(iv)omit subsection (3)(b), (c) and (d);
(v)omit subsection (4);
(af)omit section 345A;
(ag)in section 345B—
(i)in paragraph (1) omit “or the PRA proposes to act under section 345A(3)”;
(ii)in paragraphs (4) and (7) omit “or the PRA decides to act under section 345A(3)”;
(ah)in section 345C omit “or 345A(4)(b)”;
(ai)in section 345D omit subsections (2) and (9);]
(b)in subsection (1)(a) of section 346 (provision of false or misleading information)—
(i)for “six months” substitute “ three months ”; and
(ii)for “the statutory maximum” substitute “ level 5 on the standard scale ”.
Textual Amendments
F1Word in Sch. 3 para. 5(a) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(e)(i)
F2Sch. 3 para. 5(aa)-(ai) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(e)(ii)