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The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012
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- UK Statutory Instruments
- 2012 No. 3122
- Regulation 14
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The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012, Section 14 is up to date with all changes known to be in force on or before 08 November 2024. 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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Changes and effects yet to be applied to Regulation 14:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
- reg. 4-18 words substituted by S.I. 2018/1199 reg. 3(3) (This amendment not applied to legislation.gov.uk. Reg. 3(3) substituted immediately before IP completion day by S.I. 2020/1385, regs. 1(4), 45(3))
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This section has no associated Explanatory Memorandum
14.—(1) The functions of the Authority under these Regulations are to be treated for the purposes of [F1paragraph 23 of Part 3 of Schedule 1ZA] to the 2000 Act (fees) as functions conferred on the Authority under that Act.
(2) The 2000 Act applies in relation to those functions with the following modifications—
(a)section [F21B(5)(a) (regulatory principles to be applied by FCA)] does not apply to the making of rules under [F3paragraph 23 of Part 3 of Schedule 1ZA] by virtue of this regulation;
(b)rules made under [F3paragraph 23 of Part 3 of Schedule 1ZA] by virtue of this regulation are not to be treated as regulating provisions for the purposes of section [F4140A(1)] (competition scrutiny: interpretation); and
(c)[F5paragraph 23(7) of Part 3 of Schedule 1ZA] are omitted.
[F6(3) The Authority must in respect of each of its financial years pay to the Treasury any amounts received by it during the year by way of penalties imposed under regulation 6.
(4) The Treasury may give directions to the Authority as to how the Authority is to comply with its duty under paragraph (3).
(5) The directions may in particular—
(a)specify the time when any payment is required to be made to the Treasury, and
(b)require the Authority to provide the Treasury at specified times with information relating to penalties that the Authority has imposed under regulation 6.
(6) The Treasury must pay into the Consolidated Fund any sums received by them under this regulation.]
Textual Amendments
F1Words in reg. 14(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 248(3)(a)
F2Words in reg. 14(2)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 248(3)(b)
F3Words in reg. 14(2)(a)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 248(3)(a)
F4Words in reg. 14(2)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 248(3)(c)
F5Words in reg. 14(2)(c) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 248(3)(d)
F6Reg. 14(3)-(6) substituted for reg. 14(3) (1.4.2013) by The Payment to Treasury of Penalties Regulations 2013 (S.I. 2013/429), regs. 1, 2(7)
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