- Latest available (Revised)
- Original (As made)
The Payment to Treasury of Penalties Regulations 2013
You are here:
- UK Statutory Instruments
- 2013 No. 429
- Explanatory Note
What Version
Opening Options
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the following regulations to provide that the amounts received by the regulator by way of penalties imposed under the regulations is to be paid by the regulator to the Treasury–
The Money Laundering Regulations 2007;
The Transfer of Funds (Information on the Payer) Regulations 2007;
The Regulated Covered Bonds Regulations 2008;
The Payment Services Regulations 2009;
The Electronic Money Regulations 2011;
The Recognised Auction Platforms Regulations 2011;
The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012.
These provisions reflect the provisions made by the Financial Services Act 2012 (c. 21) (see in particular section 109) in relation to the payment to the Treasury of penalties received by the regulators under the Financial Services and Markets Act 2000 (c.8).
The Treasury are to pay the sums received into the Consolidated Fund.
The amendments made to the Money Laundering Regulations 2007 relate to amounts received by the Financial Services Authority in the financial year beginning 1st April 2012. In the case of all other amendments, the amendments relate only to amounts received after 1st April 2013. This reflects the fact that no amount by way of penalties has been received or is expected to be received under the other regulations in the financial year beginning 1st April 2012.
A full impact assessment of the effect that these Regulations will have on the costs of business and the voluntary sector is available from, Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.hm-treasury.gov.uk and is published alongside the Regulations on www.legislation.gov.uk.
Options/Help
Print Options
PrintThe Whole Instrument
PrintThis Explanatory Note only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Impact Assessments
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
- Why the government is proposing to intervene;
- The main options the government is considering, and which one is preferred;
- How and to what extent new policies may impact on them; and,
- The estimated costs and benefits of proposed measures.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.