http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/part/1/2020-12-31The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018texttext/xmlenStatute Law DatabaseEXITING THE EUROPEAN UNIONFINANCIAL SERVICES AND MARKETS2024-05-16Expert Participation2020-12-31 These Regulations are made in exercise of the powers in section 8(1) of the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies (in particular under paragraphs (a), (b), (c), (e), (f) and (g) of section 8(2)) arising from the withdrawal of the United Kingdom from the European Union. SCHEDULE 2Amendments of subordinate legislationPART 1Amendments of Electronic Money Regulations 20111The Electronic Money Regulations 2011  are amended as follows.21Regulation 2 (interpretation) is amended as follows.2In paragraph (1)—aomit the definition of “the capital requirements directive”;bin the definition of “credit institution”—ifor “within the EEA” substitute “ in the United Kingdom ”;iifor the words from “outside the EEA” to the end substitute “ outside the United Kingdom ”;comit the definitions of—the EEA;EEA agent;EEA authorised electronic money institution;EEA branch;domit the definition of “the electronic money directive”;ein the definition of “electronic money issuer”—iomit paragraph (c);iifor paragraph (f) substitute—fthe Bank of England, when not acting in its capacity as a monetary authority or other public authority;;fomit the definitions of—European Banking Authority;home state competent authority;host state competent authority;gomit the definition of “the money laundering directive”;homit the definition of “passport right”;iomit the definition of “the payment services directive”;jin the definition of “payment transaction”, for “Article 4(5) of the payment services directive” substitute “ regulation 2(1) of the Payment Services Regulations 2017 .3Omit paragraph (3).3In regulation 3 (electronic money: exclusions), in paragraph (a)(iv), for “a single EEA State” substitute “ the United Kingdom ”.41Regulation 4 (the register of certain electronic money issuers) is amended as follows.2In paragraph (1)(a), omit “and their EEA branches”.3In paragraph (2), omit “(c),”.4Omit paragraph (7).51Regulation 6 (conditions for authorisation) is amended as follows.2In paragraph (4)(b), for “EEA” substituted “ United Kingdom ”.3In paragraph (8)(b), for “not an EEA state” substitute “ outside the United Kingdom ”.6In the heading to Part 3, omit “and Passporting”.71Regulation 21 (safeguarding option 1) is amended as follows.2In paragraph (7)—ain the definition of “authorised credit institution”, for the words from “or otherwise authorised” to “other than” substitute “ or an approved foreign credit institution (see paragraph (8)), but does not include ”;bin the definition of “authorised custodian”, omit the words from “or authorised” to the end.3After paragraph (7) insert—8In paragraph (7), “approved foreign credit institution” means—athe central bank of a State that is a member of the Organisation for Economic Co-operation and Development (“an OECD state”),ba credit institution that is supervised by the central bank or other banking regulator of an OECD state,cany credit institution that—iis subject to regulation by the banking regulator of a State that is not an OECD state,iiis required by the law of the country or territory in which it is established to provide audited accounts,iiihas minimum net assets of £5 million (or its equivalent in any other currency at the relevant time),ivhas a surplus of revenue over expenditure for the last two financial years, andvhas an annual report which is not materially qualified.8In regulation 22 (safeguarding option 2), in paragraph (3), in the definition of “authorised insurer”, omit the words from “or otherwise authorised” to “that Directive”.91Regulation 25 (accounting and statutory audit) is amended as follows.2In paragraph (2), for the words from “statutory auditors” to the end substitute “ statutory auditor ”.3In paragraph (3), omit “or audit firm”.4At the end insert—6In this regulation “statutory auditor” has the same meaning as in Part 42 of the Companies Act 2006 (see section 1210 of that Act).10Omit regulation 28 (notice of intention), regulation 29 (decision following notice of intention), regulation 29A (notice of intention from an EEA authorised payment institution) and regulation 30 (supervision of firms exercising passport rights).111Regulation 32 (additional activities) is amended as follows.2In paragraph (1)(d), omit “European Union or”.3In paragraph (4), for “EEA” substitute “ United Kingdom ”.12In regulation 33 (use of distributors and agents), omit paragraph (3).131Regulation 34 (requirement for agents to be registered) is amended as follows.2Omit paragraph (2).3In paragraph (3)(a)—ain paragraph (ii), for the words from “by the agent” to the end substitute “ by the agent to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ;bin paragraph (iii), omit “or an EEA authorised electronic money institution”.4Omit paragraph (5A).5In paragraph (6)(c)(i), for the words from “money laundering directive” to “Regulations 2017)” substitute “ Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”.6Omit paragraph (10A).7In paragraph (10B), for the words from “and (10A)” to the end substitute “ within a period of two months beginning on the date on which the Authority received the completed application ”.8Omit paragraph (12A).14In regulation 37 (duty to notify change in circumstance), in paragraph (1)(a), for the words from “institution” to the end substitute “ institution, its fulfilment of any of the conditions set out in regulation 6(4) to (8) or the requirement in regulation 19(1) to maintain own funds ”.15Omit regulation 59A (credit agreements).16In regulation 63 (prohibition on issuing electronic money by persons other than electronic money issuers), in paragraph (1)—aomit sub-paragraph (c);bin sub-paragraph (d), omit the words from “or exercising” to “EEA firms)”;cin sub-paragraph (f), omit the words from “the European” to the end.171Regulation 71 (duty to co-operate and exchange information) is amended as follows.2In paragraph (1)—aomit sub-paragraph (a);bfor sub-paragraphs (b) to (d) substitute—bthe Bank of England; andcany other public authorities which exercise functions that are relevant to electronic money issuers,;cfor the words from “under the electronic” to the end substitute “ under these Regulations and other relevant legislation ”.3In paragraph (2)—ain sub-paragraph (a), for “(1)(a), (c) and (d)” substitute “ (1)(c) ”;bfor sub-paragraph (b) substitute—bthe Bank of England when acting in its capacity as monetary and oversight authority;;cfor the words from “under the electronic” to the end substitute “ under these Regulations and other relevant legislation ”.4Omit paragraph (3).18Omit regulations 74 to 78A (transitional provisions).19In Schedule 1 (information to be included in or with an application for authorisation), in paragraph 5E(b)(iii), omit the words from “taking into” to the end.20Omit Schedule 2A (credit agreements).211Schedule 3 (application and modification of legislation) is amended as follows.2In paragraph 2A (Authority rules), in sub-paragraph (1)—ain paragraph (a), for “, small electronic money institutions and EEA authorised electronic money institutions” substitute “ and small electronic money institutions ”;bomit paragraph (c).3In paragraph 3 (information gathering and investigations)—ain paragraphs (a)(i), (b)(i), (ba), (c)(i)(bb) and (cc) and (ii)(aa), (bb) and (cc), in each of the modifications of sections 165, 166, 166A and 167 of the Financial Services and Markets Act 2000 referring to the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011, omit “(c),”;bin paragraph (d), in the modification of section 168(1) of the Financial Services and Markets Act 2000, omit paragraphs (ac) and (ad);cin paragraph (k), in the modification of section 176(3)(a) of the Financial Services and Markets Act 2000, omit “(c),”.4Omit paragraph 4A (incoming firms: intervention by the Authority).221Schedule 5 (Gibraltar) is amended as follows.2In the heading before paragraph 1, for “deemed passport rights” substitute “ market access rights ”.3In paragraph 1—ain sub-paragraph (1)(b), after “in accordance with” insert “ Gibraltar legislation which implemented ”;bafter sub-paragraph (1) insert—1ASuch a firm is referred to in the following provisions of this Schedule as a Gibraltar-based firm.;cfor sub-paragraphs (2) and (3) substitute—2A Gibraltar-based firm is to be treated as having an entitlement, corresponding to the passport right deriving from the electronic money directive that such a firm had immediately before IP completion day, to establish a branch or provide services in the United Kingdom.2ADespite their amendment or revocation by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the provisions of these Regulations listed in sub-paragraph (2B), as they had effect immediately before IP completion day, continue to apply for the purposes of this paragraph.2BThe provisions referred to in sub-paragraph (2A) are as follows—ain regulation 2 (interpretation), in paragraph (1), paragraph (c) of the definition of “electronic money issuer”;bin regulation 4 (the register of electronic money issuers), in paragraph (2), the reference to paragraph (c) of the definition of electronic money issuer;din regulation 21 (safeguarding option 1), paragraph (7);ein regulation 22 (safeguarding option 2), paragraph (3);fregulation 25 (accounting and statutory audit);gregulations 29A and 30 (passporting);hin regulation 34 (requirement for agents to be registered), paragraph (3)(a)(iii);iregulation 59A and Schedule 2A (credit agreements);jregulation 63 (prohibition on issuing electronic money by persons other than electronic money issuers);kin regulation 71 (duty to co-operate and exchange information), paragraph (1);lin Schedule 3 (application and modification of legislation), paragraphs 2A and 3.3In those provisions as applying for the purposes of this paragraph—areferences to an “EEA authorised electronic money institution” are to be read as references to the firm;breferences to the home state competent authority are to be read as references to the Gibraltar Financial Services Commission;creferences to a “passport right” are to be read as references to the entitlement mentioned in sub-paragraph (2);dreferences to the authorisation of any person as a credit institution, custodian or insurer in accordance with a directive are to be read as a reference to authorisation in accordance with Gibraltar legislation which implemented the directive;ereferences to a person's rights or entitlements are to be read as references to the rights or entitlements the person would have, if the person's rights or entitlements were being determined immediately before IP completion day.4In the heading before paragraph 2, for “deemed passport rights” substitute “market access rights.5In paragraph 2—ain sub-paragraph (1) for “its passport right,” substitute “ the passport right that such a firm had immediately before IP completion day,”;bafter sub-paragraph (1) insert—1ADespite their amendment or revocation by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the provisions of these Regulations listed in sub-paragraph (1B), as they had effect immediately before IP completion day, continue to apply for the purposes of this paragraph.1BThe provisions referred to in sub-paragraph (1A) are as follows—aregulations 28 to 30 (passporting);bin regulation 33 (use of distributors and agents), paragraph (3);cin regulation 34 (requirement for agents to be registered), paragraphs (2), (3), (5A), (10A), (10B) and (12A);din regulation 37 (duty to notify change in circumstance), paragraph (1)(a);cregulation 71 (duty to co-operate).;cfor sub-paragraph (2) substitute—2In relation to an authorised electronic money institution which establishes a branch or provides services in Gibraltar, those provisions are to be read as if—areferences to an “EEA branch” were references to such a branch;breferences to an “EEA State” were references to Gibraltar;creferences to the host state competent authority were references to the Gibraltar Financial Services Commission; andereferences to a “passport right” were references to the entitlement mentioned in sub-paragraph (1).6After paragraph 2 insert—References to Gibraltar regulator2A1The Treasury may by regulations made by statutory instrument make such amendments of the references in paragraphs 1 and 2 to the Gibraltar Financial Services Commission, or any references previously substituted for those references, as appear to the Treasury to be appropriate in order to take account of any change in the law of Gibraltar.2A statutory instrument containing regulations under sub-paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.7Omit paragraph 3.Sch. 2 para. 1 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)S.I. 2011/99.Sch. 2 para. 2 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)S.I. 2017/752.Sch. 2 para. 3 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 4 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 5 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 6 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 7 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 8 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 9 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)2006 c. 46.Sch. 2 para. 10 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 11 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 12 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 13 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)S.I. 2017/692.Sch. 2 para. 14 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 15 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 16 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 17 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 18 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 19 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 20 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Sch. 2 para. 21 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)2000 c. 8.Sch. 2 para. 22 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Words in Sch. 2 para. 22(3)(c) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 6(a)(i)Words in Sch. 2 para. 22(5)(a) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 6(a)(ii)Words in Sch. 2 para. 22(5)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 6(a)(iii)
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<Schedules RestrictExtent="E+W+S+N.I." RestrictStartDate="2020-12-31">
<Schedule DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2" NumberOfProvisions="77" RestrictStartDate="2020-12-31" id="schedule-2" RestrictExtent="E+W+S+N.I.">
<Number>SCHEDULE 2</Number>
<TitleBlock>
<Title>Amendments of subordinate legislation</Title>
</TitleBlock>
<ScheduleBody>
<Part DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/part/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/part/1" NumberOfProvisions="23" RestrictStartDate="2020-12-31" id="schedule-2-part-1" RestrictExtent="E+W+S+N.I.">
<Number>
<Strong>PART 1</Strong>
</Number>
<Title>Amendments of Electronic Money Regulations 2011</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/1" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-1" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537311"/>
1
</Pnumber>
<P1para>
<Text>
The Electronic Money Regulations 2011
<CommentaryRef Ref="c23524541"/>
 are amended as follows.
</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-2" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537321"/>
2
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/1" id="schedule-2-paragraph-2-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulation 2 (interpretation) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2" id="schedule-2-paragraph-2-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph (1)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/a" id="schedule-2-paragraph-2-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>omit the definition of “the capital requirements directive”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/b" id="schedule-2-paragraph-2-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in the definition of “credit institution”—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/b/i/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/b/i" id="schedule-2-paragraph-2-2-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>
for “within the EEA” substitute
<InlineAmendment>“ in the United Kingdom ”</InlineAmendment>
;
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/b/ii/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/b/ii" id="schedule-2-paragraph-2-2-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>
for the words from “outside the EEA” to the end substitute
<InlineAmendment>“ outside the United Kingdom ”</InlineAmendment>
;
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/c/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/c" id="schedule-2-paragraph-2-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>omit the definitions of—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3para>
<Text>the EEA</Text>
</P3para>
</BlockAmendment>
<AppendText>;</AppendText>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3para>
<Text>EEA agent</Text>
</P3para>
</BlockAmendment>
<AppendText>;</AppendText>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3para>
<Text>EEA authorised electronic money institution</Text>
</P3para>
</BlockAmendment>
<AppendText>;</AppendText>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3para>
<Text>EEA branch</Text>
</P3para>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/d/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/d" id="schedule-2-paragraph-2-2-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>omit the definition of “the electronic money directive”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/e/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/e" id="schedule-2-paragraph-2-2-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>in the definition of “electronic money issuer”—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/e/i/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/e/i" id="schedule-2-paragraph-2-2-e-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>omit paragraph (c);</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/e/ii/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/e/ii" id="schedule-2-paragraph-2-2-e-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>for paragraph (f) substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3>
<Pnumber>f</Pnumber>
<P3para>
<Text>the Bank of England, when not acting in its capacity as a monetary authority or other public authority;</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>;</AppendText>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/f/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/f" id="schedule-2-paragraph-2-2-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>omit the definitions of—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3para>
<Text>European Banking Authority</Text>
</P3para>
</BlockAmendment>
<AppendText>;</AppendText>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3para>
<Text>home state competent authority</Text>
</P3para>
</BlockAmendment>
<AppendText>;</AppendText>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3para>
<Text>host state competent authority</Text>
</P3para>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/g/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/g" id="schedule-2-paragraph-2-2-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>omit the definition of “the money laundering directive”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/h/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/h" id="schedule-2-paragraph-2-2-h">
<Pnumber>h</Pnumber>
<P3para>
<Text>omit the definition of “passport right”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/i/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/i" id="schedule-2-paragraph-2-2-i">
<Pnumber>i</Pnumber>
<P3para>
<Text>omit the definition of “the payment services directive”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/2/j/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/2/j" id="schedule-2-paragraph-2-2-j">
<Pnumber>j</Pnumber>
<P3para>
<Text>
in the definition of “payment transaction”, for “Article 4(5) of the payment services directive” substitute
<InlineAmendment>
“ regulation 2(1) of the Payment Services Regulations 2017
<CommentaryRef Ref="c23524551"/>
</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/2/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/2/3" id="schedule-2-paragraph-2-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Omit paragraph (3).</Text>
</P2para>
</P2>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/3" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-3" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537331"/>
3
</Pnumber>
<P1para>
<Text>
In regulation 3 (electronic money: exclusions), in paragraph (a)(iv), for “a single EEA State” substitute
<InlineAmendment>“ the United Kingdom ”</InlineAmendment>
.
</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/4/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/4" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-4" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537341"/>
4
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/4/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/4/1" id="schedule-2-paragraph-4-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulation 4 (the register of certain electronic money issuers) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/4/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/4/2" id="schedule-2-paragraph-4-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph (1)(a), omit “and their EEA branches”.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/4/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/4/3" id="schedule-2-paragraph-4-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph (2), omit “(c),”.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/4/4/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/4/4" id="schedule-2-paragraph-4-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Omit paragraph (7).</Text>
</P2para>
</P2>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/5/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/5" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-5" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537351"/>
5
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/5/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/5/1" id="schedule-2-paragraph-5-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulation 6 (conditions for authorisation) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/5/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/5/2" id="schedule-2-paragraph-5-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In paragraph (4)(b), for “EEA” substituted
<InlineAmendment>“ United Kingdom ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/5/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/5/3" id="schedule-2-paragraph-5-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In paragraph (8)(b), for “not an EEA state” substitute
<InlineAmendment>“ outside the United Kingdom ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/6/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/6" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-6" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537361"/>
6
</Pnumber>
<P1para>
<Text>In the heading to Part 3, omit “and Passporting”.</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/7/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/7" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-7" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537371"/>
7
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/7/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/7/1" id="schedule-2-paragraph-7-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulation 21 (safeguarding option 1) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/7/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/7/2" id="schedule-2-paragraph-7-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph (7)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/7/2/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/7/2/a" id="schedule-2-paragraph-7-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
in the definition of “authorised credit institution”, for the words from “or otherwise authorised” to “other than” substitute
<InlineAmendment>“ or an approved foreign credit institution (see paragraph (8)), but does not include ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/7/2/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/7/2/b" id="schedule-2-paragraph-7-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in the definition of “authorised custodian”, omit the words from “or authorised” to the end.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/7/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/7/3" id="schedule-2-paragraph-7-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>After paragraph (7) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>8</Pnumber>
<P2para>
<Text>
In paragraph (7), “
<Term>approved foreign credit institution</Term>
” means—
</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>the central bank of a State that is a member of the Organisation for Economic Co-operation and Development (“an OECD state”),</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>a credit institution that is supervised by the central bank or other banking regulator of an OECD state,</Text>
</P3para>
</P3>
<P3>
<Pnumber>c</Pnumber>
<P3para>
<Text>any credit institution that—</Text>
<P4>
<Pnumber>i</Pnumber>
<P4para>
<Text>is subject to regulation by the banking regulator of a State that is not an OECD state,</Text>
</P4para>
</P4>
<P4>
<Pnumber>ii</Pnumber>
<P4para>
<Text>is required by the law of the country or territory in which it is established to provide audited accounts,</Text>
</P4para>
</P4>
<P4>
<Pnumber>iii</Pnumber>
<P4para>
<Text>has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time),</Text>
</P4para>
</P4>
<P4>
<Pnumber>iv</Pnumber>
<P4para>
<Text>has a surplus of revenue over expenditure for the last two financial years, and</Text>
</P4para>
</P4>
<P4>
<Pnumber>v</Pnumber>
<P4para>
<Text>has an annual report which is not materially qualified.</Text>
</P4para>
</P4>
</P3para>
</P3>
</P2para>
</P2>
</BlockAmendment>
</P2para>
</P2>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/8/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/8" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-8" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537381"/>
8
</Pnumber>
<P1para>
<Text>In regulation 22 (safeguarding option 2), in paragraph (3), in the definition of “authorised insurer”, omit the words from “or otherwise authorised” to “that Directive”.</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/9/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/9" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-9" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537391"/>
9
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/9/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/9/1" id="schedule-2-paragraph-9-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulation 25 (accounting and statutory audit) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/9/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/9/2" id="schedule-2-paragraph-9-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In paragraph (2), for the words from “statutory auditors” to the end substitute
<InlineAmendment>“ statutory auditor ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/9/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/9/3" id="schedule-2-paragraph-9-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph (3), omit “or audit firm”.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/9/4/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/9/4" id="schedule-2-paragraph-9-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>At the end insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>6</Pnumber>
<P2para>
<Text>
In this regulation “
<Term>statutory auditor</Term>
” has the same meaning as in Part 42 of the Companies Act 2006
<CommentaryRef Ref="c23524571"/>
(see section 1210 of that Act).
</Text>
</P2para>
</P2>
</BlockAmendment>
</P2para>
</P2>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/10/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/10" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-10" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537401"/>
10
</Pnumber>
<P1para>
<Text>Omit regulation 28 (notice of intention), regulation 29 (decision following notice of intention), regulation 29A (notice of intention from an EEA authorised payment institution) and regulation 30 (supervision of firms exercising passport rights).</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/11/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/11" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-11" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23537411"/>
11
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/11/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/11/1" id="schedule-2-paragraph-11-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulation 32 (additional activities) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/11/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/11/2" id="schedule-2-paragraph-11-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph (1)(d), omit “European Union or”.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/11/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/11/3" id="schedule-2-paragraph-11-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In paragraph (4), for “EEA” substitute
<InlineAmendment>“ United Kingdom ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/12/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/12" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-12" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23746111"/>
12
</Pnumber>
<P1para>
<Text>In regulation 33 (use of distributors and agents), omit paragraph (3).</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-13" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23746521"/>
13
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13/1" id="schedule-2-paragraph-13-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulation 34 (requirement for agents to be registered) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13/2" id="schedule-2-paragraph-13-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Omit paragraph (2).</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13/3" id="schedule-2-paragraph-13-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph (3)(a)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/3/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13/3/a" id="schedule-2-paragraph-13-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
in paragraph (ii), for the words from “by the agent” to the end substitute
<InlineAmendment>
“ by the agent to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
<CommentaryRef Ref="c23524581"/>
</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/3/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13/3/b" id="schedule-2-paragraph-13-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in paragraph (iii), omit “or an EEA authorised electronic money institution”.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/4/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13/4" id="schedule-2-paragraph-13-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Omit paragraph (5A).</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/5/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13/5" id="schedule-2-paragraph-13-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
In paragraph (6)(c)(i), for the words from “money laundering directive” to “Regulations 2017)” substitute
<InlineAmendment>“ Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/6/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13/6" id="schedule-2-paragraph-13-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>Omit paragraph (10A).</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/7/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13/7" id="schedule-2-paragraph-13-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>
In paragraph (10B), for the words from “and (10A)” to the end substitute
<InlineAmendment>“ within a period of two months beginning on the date on which the Authority received the completed application ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/13/8/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/13/8" id="schedule-2-paragraph-13-8">
<Pnumber>8</Pnumber>
<P2para>
<Text>Omit paragraph (12A).</Text>
</P2para>
</P2>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/14/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/14" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-14" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23746531"/>
14
</Pnumber>
<P1para>
<Text>
In regulation 37 (duty to notify change in circumstance), in paragraph (1)(a), for the words from “institution” to the end substitute
<InlineAmendment>“ institution, its fulfilment of any of the conditions set out in regulation 6(4) to (8) or the requirement in regulation 19(1) to maintain own funds ”</InlineAmendment>
.
</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/15/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/15" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-15" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23746541"/>
15
</Pnumber>
<P1para>
<Text>Omit regulation 59A (credit agreements).</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/16/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/16" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-16" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23746551"/>
16
</Pnumber>
<P1para>
<Text>In regulation 63 (prohibition on issuing electronic money by persons other than electronic money issuers), in paragraph (1)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/16/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/16/a" id="schedule-2-paragraph-16-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>omit sub-paragraph (c);</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/16/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/16/b" id="schedule-2-paragraph-16-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in sub-paragraph (d), omit the words from “or exercising” to “EEA firms)”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/16/c/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/16/c" id="schedule-2-paragraph-16-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>in sub-paragraph (f), omit the words from “the European” to the end.</Text>
</P3para>
</P3>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-17" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23554351"/>
17
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17/1" id="schedule-2-paragraph-17-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Regulation 71 (duty to co-operate and exchange information) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17/2" id="schedule-2-paragraph-17-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph (1)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/2/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17/2/a" id="schedule-2-paragraph-17-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>omit sub-paragraph (a);</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/2/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17/2/b" id="schedule-2-paragraph-17-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>for sub-paragraphs (b) to (d) substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>the Bank of England; and</Text>
</P3para>
</P3>
<P3>
<Pnumber>c</Pnumber>
<P3para>
<Text>any other public authorities which exercise functions that are relevant to electronic money issuers,</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/2/c/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17/2/c" id="schedule-2-paragraph-17-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for the words from “under the electronic” to the end substitute
<InlineAmendment>“ under these Regulations and other relevant legislation ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17/3" id="schedule-2-paragraph-17-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph (2)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/3/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17/3/a" id="schedule-2-paragraph-17-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
in sub-paragraph (a), for “(1)(a), (c) and (d)” substitute
<InlineAmendment>“ (1)(c) ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/3/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17/3/b" id="schedule-2-paragraph-17-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>for sub-paragraph (b) substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>the Bank of England when acting in its capacity as monetary and oversight authority;</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/3/c/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17/3/c" id="schedule-2-paragraph-17-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for the words from “under the electronic” to the end substitute
<InlineAmendment>“ under these Regulations and other relevant legislation ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/17/4/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/17/4" id="schedule-2-paragraph-17-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Omit paragraph (3).</Text>
</P2para>
</P2>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/18/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/18" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-18" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23746561"/>
18
</Pnumber>
<P1para>
<Text>Omit regulations 74 to 78A (transitional provisions).</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/19/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/19" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-19" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23746571"/>
19
</Pnumber>
<P1para>
<Text>In Schedule 1 (information to be included in or with an application for authorisation), in paragraph 5E(b)(iii), omit the words from “taking into” to the end.</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/20/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/20" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-20" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23746581"/>
20
</Pnumber>
<P1para>
<Text>Omit Schedule 2A (credit agreements).</Text>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/21/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/21" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-21" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23746591"/>
21
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/21/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/21/1" id="schedule-2-paragraph-21-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Schedule 3 (application and modification of legislation) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/21/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/21/2" id="schedule-2-paragraph-21-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph 2A (Authority rules), in sub-paragraph (1)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/21/2/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/21/2/a" id="schedule-2-paragraph-21-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
in paragraph (a), for “, small electronic money institutions and EEA authorised electronic money institutions” substitute
<InlineAmendment>“ and small electronic money institutions ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/21/2/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/21/2/b" id="schedule-2-paragraph-21-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>omit paragraph (c).</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/21/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/21/3" id="schedule-2-paragraph-21-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph 3 (information gathering and investigations)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/21/3/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/21/3/a" id="schedule-2-paragraph-21-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
in paragraphs (a)(i), (b)(i), (ba), (c)(i)(bb) and (cc) and (ii)(aa), (bb) and (cc), in each of the modifications of sections 165, 166, 166A and 167 of the Financial Services and Markets Act 2000
<CommentaryRef Ref="c23524591"/>
referring to the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011, omit “(c),”;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/21/3/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/21/3/b" id="schedule-2-paragraph-21-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in paragraph (d), in the modification of section 168(1) of the Financial Services and Markets Act 2000, omit paragraphs (ac) and (ad);</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/21/3/c/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/21/3/c" id="schedule-2-paragraph-21-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>in paragraph (k), in the modification of section 176(3)(a) of the Financial Services and Markets Act 2000, omit “(c),”.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/21/4/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/21/4" id="schedule-2-paragraph-21-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Omit paragraph 4A (incoming firms: intervention by the Authority).</Text>
</P2para>
</P2>
</P1para>
</P1>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22" RestrictStartDate="2020-12-31" id="schedule-2-paragraph-22" RestrictExtent="E+W+S+N.I.">
<Pnumber>
<CommentaryRef Ref="c23746601"/>
22
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/1" id="schedule-2-paragraph-22-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Schedule 5 (Gibraltar) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/2/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/2" id="schedule-2-paragraph-22-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In the heading before paragraph 1, for “deemed passport rights” substitute
<InlineAmendment>“ market access rights ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/3" id="schedule-2-paragraph-22-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/3/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/3/a" id="schedule-2-paragraph-22-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
in sub-paragraph (1)(b), after “in accordance with” insert
<InlineAmendment>“ Gibraltar legislation which implemented ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/3/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/3/b" id="schedule-2-paragraph-22-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>after sub-paragraph (1) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>1A</Pnumber>
<P2para>
<Text>Such a firm is referred to in the following provisions of this Schedule as a Gibraltar-based firm.</Text>
</P2para>
</P2>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/3/c/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/3/c" id="schedule-2-paragraph-22-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>for sub-paragraphs (2) and (3) substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>2</Pnumber>
<P2para>
<Text>
A Gibraltar-based firm is to be treated as having an entitlement, corresponding to the passport right deriving from the electronic money directive that such a firm had immediately before
<Substitution ChangeId="key-1ff0111ecd87c8fa1c414c81ff524346-1621507203359" CommentaryRef="key-1ff0111ecd87c8fa1c414c81ff524346">IP completion day</Substitution>
, to establish a branch or provide services in the United Kingdom.
</Text>
</P2para>
</P2>
<P2>
<Pnumber>2A</Pnumber>
<P2para>
<Text>
Despite their amendment or revocation by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the provisions of these Regulations listed in sub-paragraph (2B), as they had effect immediately before
<Substitution ChangeId="key-1ff0111ecd87c8fa1c414c81ff524346-1621507161948" CommentaryRef="key-1ff0111ecd87c8fa1c414c81ff524346">IP completion day</Substitution>
, continue to apply for the purposes of this paragraph.
</Text>
</P2para>
</P2>
<P2>
<Pnumber>2B</Pnumber>
<P2para>
<Text>The provisions referred to in sub-paragraph (2A) are as follows—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>in regulation 2 (interpretation), in paragraph (1), paragraph (c) of the definition of “electronic money issuer”;</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>in regulation 4 (the register of electronic money issuers), in paragraph (2), the reference to paragraph (c) of the definition of electronic money issuer;</Text>
</P3para>
</P3>
<P3>
<Pnumber>d</Pnumber>
<P3para>
<Text>in regulation 21 (safeguarding option 1), paragraph (7);</Text>
</P3para>
</P3>
<P3>
<Pnumber>e</Pnumber>
<P3para>
<Text>in regulation 22 (safeguarding option 2), paragraph (3);</Text>
</P3para>
</P3>
<P3>
<Pnumber>f</Pnumber>
<P3para>
<Text>regulation 25 (accounting and statutory audit);</Text>
</P3para>
</P3>
<P3>
<Pnumber>g</Pnumber>
<P3para>
<Text>regulations 29A and 30 (passporting);</Text>
</P3para>
</P3>
<P3>
<Pnumber>h</Pnumber>
<P3para>
<Text>in regulation 34 (requirement for agents to be registered), paragraph (3)(a)(iii);</Text>
</P3para>
</P3>
<P3>
<Pnumber>i</Pnumber>
<P3para>
<Text>regulation 59A and Schedule 2A (credit agreements);</Text>
</P3para>
</P3>
<P3>
<Pnumber>j</Pnumber>
<P3para>
<Text>regulation 63 (prohibition on issuing electronic money by persons other than electronic money issuers);</Text>
</P3para>
</P3>
<P3>
<Pnumber>k</Pnumber>
<P3para>
<Text>in regulation 71 (duty to co-operate and exchange information), paragraph (1);</Text>
</P3para>
</P3>
<P3>
<Pnumber>l</Pnumber>
<P3para>
<Text>in Schedule 3 (application and modification of legislation), paragraphs 2A and 3.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2>
<Pnumber>3</Pnumber>
<P2para>
<Text>In those provisions as applying for the purposes of this paragraph—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>references to an “EEA authorised electronic money institution” are to be read as references to the firm;</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>references to the home state competent authority are to be read as references to the Gibraltar Financial Services Commission;</Text>
</P3para>
</P3>
<P3>
<Pnumber>c</Pnumber>
<P3para>
<Text>references to a “passport right” are to be read as references to the entitlement mentioned in sub-paragraph (2);</Text>
</P3para>
</P3>
<P3>
<Pnumber>d</Pnumber>
<P3para>
<Text>references to the authorisation of any person as a credit institution, custodian or insurer in accordance with a directive are to be read as a reference to authorisation in accordance with Gibraltar legislation which implemented the directive;</Text>
</P3para>
</P3>
<P3>
<Pnumber>e</Pnumber>
<P3para>
<Text>
references to a person's rights or entitlements are to be read as references to the rights or entitlements the person would have, if the person's rights or entitlements were being determined immediately before
<Substitution ChangeId="key-1ff0111ecd87c8fa1c414c81ff524346-1621507279458" CommentaryRef="key-1ff0111ecd87c8fa1c414c81ff524346">IP completion day</Substitution>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
</BlockAmendment>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/4n1/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/4n1" id="schedule-2-paragraph-22-4n1">
<Pnumber>4</Pnumber>
<P2para>
<Text>In the heading before paragraph 2, for “deemed passport rights” substitute “market access rights.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/4/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/4" id="schedule-2-paragraph-22-4">
<Pnumber>5</Pnumber>
<P2para>
<Text>In paragraph 2—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/4/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/4/a" id="schedule-2-paragraph-22-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
in sub-paragraph (1) for “its passport right,” substitute
<InlineAmendment>
“ the passport right that such a firm had immediately before
<Substitution ChangeId="key-9c30fbf27daa1993525aac504a9aeb57-1621507237088" CommentaryRef="key-9c30fbf27daa1993525aac504a9aeb57">IP completion day</Substitution>
,”
</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/4/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/4/b" id="schedule-2-paragraph-22-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>after sub-paragraph (1) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>1A</Pnumber>
<P2para>
<Text>
Despite their amendment or revocation by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the provisions of these Regulations listed in sub-paragraph (1B), as they had effect immediately before
<Substitution ChangeId="key-411132504f642dc85f46aa14efb5c357-1621507317764" CommentaryRef="key-411132504f642dc85f46aa14efb5c357">IP completion day</Substitution>
, continue to apply for the purposes of this paragraph.
</Text>
</P2para>
</P2>
<P2>
<Pnumber>1B</Pnumber>
<P2para>
<Text>The provisions referred to in sub-paragraph (1A) are as follows—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>regulations 28 to 30 (passporting);</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>in regulation 33 (use of distributors and agents), paragraph (3);</Text>
</P3para>
</P3>
<P3>
<Pnumber>c</Pnumber>
<P3para>
<Text>in regulation 34 (requirement for agents to be registered), paragraphs (2), (3), (5A), (10A), (10B) and (12A);</Text>
</P3para>
</P3>
<P3>
<Pnumber>d</Pnumber>
<P3para>
<Text>in regulation 37 (duty to notify change in circumstance), paragraph (1)(a);</Text>
</P3para>
</P3>
<P3>
<Pnumber>c</Pnumber>
<P3para>
<Text>regulation 71 (duty to co-operate).</Text>
</P3para>
</P3>
</P2para>
</P2>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/4/c/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/4/c" id="schedule-2-paragraph-22-4-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>for sub-paragraph (2) substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>2</Pnumber>
<P2para>
<Text>In relation to an authorised electronic money institution which establishes a branch or provides services in Gibraltar, those provisions are to be read as if—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>references to an “EEA branch” were references to such a branch;</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>references to an “EEA State” were references to Gibraltar;</Text>
</P3para>
</P3>
<P3>
<Pnumber>c</Pnumber>
<P3para>
<Text>references to the host state competent authority were references to the Gibraltar Financial Services Commission; and</Text>
</P3para>
</P3>
<P3>
<Pnumber>e</Pnumber>
<P3para>
<Text>references to a “passport right” were references to the entitlement mentioned in sub-paragraph (1).</Text>
</P3para>
</P3>
</P2para>
</P2>
</BlockAmendment>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/5/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/5" id="schedule-2-paragraph-22-5">
<Pnumber>6</Pnumber>
<P2para>
<Text>After paragraph 2 insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group>
<Title>References to Gibraltar regulator</Title>
<P1>
<Pnumber>2A</Pnumber>
<P1para>
<P2>
<Pnumber>1</Pnumber>
<P2para>
<Text>The Treasury may by regulations made by statutory instrument make such amendments of the references in paragraphs 1 and 2 to the Gibraltar Financial Services Commission, or any references previously substituted for those references, as appear to the Treasury to be appropriate in order to take account of any change in the law of Gibraltar.</Text>
</P2para>
</P2>
<P2>
<Pnumber>2</Pnumber>
<P2para>
<Text>A statutory instrument containing regulations under sub-paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</BlockAmendment>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/22/6/2020-12-31" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/2/paragraph/22/6" id="schedule-2-paragraph-22-6">
<Pnumber>7</Pnumber>
<P2para>
<Text>Omit paragraph 3.</Text>
</P2para>
</P2>
</P1para>
</P1>
</Part>
</ScheduleBody>
</Schedule>
</Schedules>
</Secondary>
<Commentaries>
<Commentary id="c23537311" Type="I">
<Para>
<Text>
Sch. 2 para. 1 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d12e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc169971354227" CitationRef="d12e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00005" CitationRef="d12e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23524541" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2011/99" id="c00018" Class="UnitedKingdomStatutoryInstrument" Year="2011" Number="99">S.I. 2011/99</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c23537321" Type="I">
<Para>
<Text>
Sch. 2 para. 2 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d31e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc159463539071" CitationRef="d31e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00010" CitationRef="d31e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23524551" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2017/752" id="c00021" Class="UnitedKingdomStatutoryInstrument" Year="2017" Number="752">S.I. 2017/752</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c23537331" Type="I">
<Para>
<Text>
Sch. 2 para. 3 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d49e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00014" CitationRef="d49e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00015" CitationRef="d49e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23537341" Type="I">
<Para>
<Text>
Sch. 2 para. 4 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d67e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00018" CitationRef="d67e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00019" CitationRef="d67e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23537351" Type="I">
<Para>
<Text>
Sch. 2 para. 5 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d85e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00022" CitationRef="d85e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00023" CitationRef="d85e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23537361" Type="I">
<Para>
<Text>
Sch. 2 para. 6 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d103e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00026" CitationRef="d103e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00027" CitationRef="d103e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23537371" Type="I">
<Para>
<Text>
Sch. 2 para. 7 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d121e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00030" CitationRef="d121e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00031" CitationRef="d121e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23537381" Type="I">
<Para>
<Text>
Sch. 2 para. 8 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d139e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00034" CitationRef="d139e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00035" CitationRef="d139e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23537391" Type="I">
<Para>
<Text>
Sch. 2 para. 9 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d157e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00038" CitationRef="d157e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00039" CitationRef="d157e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23524571" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2006/46" id="c00036" Year="2006" Class="UnitedKingdomPublicGeneralAct" Number="46">2006 c. 46</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c23537401" Type="I">
<Para>
<Text>
Sch. 2 para. 10 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d175e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00043" CitationRef="d175e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00044" CitationRef="d175e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23537411" Type="I">
<Para>
<Text>
Sch. 2 para. 11 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d193e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00047" CitationRef="d193e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00048" CitationRef="d193e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23746111" Type="I">
<Para>
<Text>
Sch. 2 para. 12 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d211e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00051" CitationRef="d211e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00052" CitationRef="d211e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23746521" Type="I">
<Para>
<Text>
Sch. 2 para. 13 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d229e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00055" CitationRef="d229e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00056" CitationRef="d229e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23524581" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2017/692" id="c00045" Class="UnitedKingdomStatutoryInstrument" Year="2017" Number="692">S.I. 2017/692</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c23746531" Type="I">
<Para>
<Text>
Sch. 2 para. 14 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d247e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00060" CitationRef="d247e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00061" CitationRef="d247e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23746541" Type="I">
<Para>
<Text>
Sch. 2 para. 15 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d265e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00064" CitationRef="d265e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00065" CitationRef="d265e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23746551" Type="I">
<Para>
<Text>
Sch. 2 para. 16 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d283e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00068" CitationRef="d283e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00069" CitationRef="d283e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23554351" Type="I">
<Para>
<Text>
Sch. 2 para. 17 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d301e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00072" CitationRef="d301e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00073" CitationRef="d301e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23746561" Type="I">
<Para>
<Text>
Sch. 2 para. 18 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d319e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00076" CitationRef="d319e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00077" CitationRef="d319e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23746571" Type="I">
<Para>
<Text>
Sch. 2 para. 19 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d337e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00080" CitationRef="d337e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00081" CitationRef="d337e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23746581" Type="I">
<Para>
<Text>
Sch. 2 para. 20 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d355e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00084" CitationRef="d355e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00085" CitationRef="d355e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23746591" Type="I">
<Para>
<Text>
Sch. 2 para. 21 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d373e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00088" CitationRef="d373e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00089" CitationRef="d373e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c23524591" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2000/8" id="c00062" Year="2000" Class="UnitedKingdomPublicGeneralAct" Number="8">2000 c. 8</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c23746601" Type="I">
<Para>
<Text>
Sch. 2 para. 22 in force at 31.12.2020 on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d391e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00093" CitationRef="d391e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00094" CitationRef="d391e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-1ff0111ecd87c8fa1c414c81ff524346" Type="F">
<Para>
<Text>
Words in Sch. 2 para. 22(3)(c) substituted (30.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="c6j2cfdr4-00008" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301" Title="The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</Citation>
,
<CitationSubRef id="c6j2cfdr4-00009" CitationRef="c6j2cfdr4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="c6j2cfdr4-00010" CitationRef="c6j2cfdr4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3" SectionRef="regulation-3">3</CitationSubRef>
,
<CitationSubRef id="c6j2cfdr4-00011" CitationRef="c6j2cfdr4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/6/a/i" SectionRef="schedule-paragraph-6-a-i" Operative="true">Sch. para. 6(a)(i)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-9c30fbf27daa1993525aac504a9aeb57" Type="F">
<Para>
<Text>
Words in Sch. 2 para. 22(5)(a) substituted (30.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="c6j2cfdr4-00019" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301" Title="The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</Citation>
,
<CitationSubRef id="c6j2cfdr4-00020" CitationRef="c6j2cfdr4-00019" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="c6j2cfdr4-00021" CitationRef="c6j2cfdr4-00019" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3" SectionRef="regulation-3">3</CitationSubRef>
,
<CitationSubRef id="c6j2cfdr4-00022" CitationRef="c6j2cfdr4-00019" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/6/a/ii" SectionRef="schedule-paragraph-6-a-ii" Operative="true">Sch. para. 6(a)(ii)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-411132504f642dc85f46aa14efb5c357" Type="F">
<Para>
<Text>
Words in Sch. 2 para. 22(5)(b) substituted (30.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="c6j2cfdr4-00030" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301" Title="The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</Citation>
,
<CitationSubRef id="c6j2cfdr4-00031" CitationRef="c6j2cfdr4-00030" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="c6j2cfdr4-00032" CitationRef="c6j2cfdr4-00030" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3" SectionRef="regulation-3">3</CitationSubRef>
,
<CitationSubRef id="c6j2cfdr4-00033" CitationRef="c6j2cfdr4-00030" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/6/a/iii" SectionRef="schedule-paragraph-6-a-iii" Operative="true">Sch. para. 6(a)(iii)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>