Sch. 3 Pt. 1A inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 10(2)

http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12M/2019-09-06The 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 Participation2019-09-06These 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.The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018SCHEDULE 3Transitional ProvisionsPART 1AContinuation of authorisation for limited purposes: Electronic Money Regulations 2011Duration of extension period12M.(1)

The Treasury may by regulations made by statutory instrument amend paragraph 12G so as to extend the extension period referred to in that paragraph, if the Treasury consider it necessary to do so.

(2)

The Treasury may make regulations under sub-paragraph (1) only if, no later than 6 months before the end of the period to be increased, the FCA has submitted to the Treasury an assessment as to the effect of extending, or not extending, the period in paragraph 12G.

(3)

Regulations under sub-paragraph (1) may not extend the period for the time being by more than 12 months.

(4)

A statutory instrument containing regulations under sub-paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.

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Sch. 3 Pt. 1A inserted (1.3.2019) by
<ref eId="clnlyxx93-00016" href="http://www.legislation.gov.uk/id/uksi/2019/405">The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405)</ref>
,
<ref eId="clnlyxx93-00017" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/405/regulation/1/2">regs. 1(2)</ref>
,
<ref eId="clnlyxx93-00018" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/405/regulation/10/2">10(2)</ref>
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PART 1A
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">The Treasury may by regulations made by statutory instrument amend paragraph 12G so as to extend the extension period referred to in that paragraph, if the Treasury consider it necessary to do so.</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">The Treasury may make regulations under sub-paragraph (1) only if, no later than 6 months before the end of the period to be increased, the FCA has submitted to the Treasury an assessment as to the effect of extending, or not extending, the period in paragraph 12G.</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">Regulations under sub-paragraph (1) may not extend the period for the time being by more than 12 months.</ins>
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