SCHEDULE 3U.K.Application and modification of legislation

PART 1U.K.Application and modification of the 2000 Act

Auditors and actuariesU.K.

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”;

[F3(ac)in section 340 (appointment)—

(i)for references to the “regulator making the rules” substitute “FCA”;

(ii)for references to “an authorised person” substitute “an electronic money institution or a person required by regulation 3B of the Electronic Money Regulations 2011 to provide an audit opinion to the FCA”;

(iii)omit subsections (3A), (5A) and (8)(b);

(iv)in subsection (5), omit “(3A) or”;]

(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