The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012

Costs of supervisionU.K.

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