Words in Sch. 3 para. 5 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 8(2)(c)

http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/5The 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 Participation2023-07-11These 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 3Transitional ProvisionsPART 1Transitional provisions relating to Electronic Money Regulations 20115Requirements imposed by FCA1

This paragraph applies in relation to a person to whom paragraph 2 applies.

2

Any requirement which—

a

was imposed on the person—

i

as a precautionary measure under regulation 30(8) of EMR 2011, or

ii

under section 196 of the 2000 Act as applied by paragraph 4A of Schedule 3 to EMR 2011, and

b

has effect immediately before IP completion day,

is to continue to have effect at and after that time as if it were imposed by the FCA under regulation 7 of EMR 2011.

3

The FCA may exercise its powers under regulation 7 of EMR 2011 in relation to the person if it appears to the FCA that, immediately before IP completion day, the condition in section 194(1)(a) or (b) of the 2000 Act, as applied by paragraph 4A of Schedule 3 to EMR 2011, was met.

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Words in Sch. 3 para. 5 substituted (31.1.2020 immediately before exit day) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/56">The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/56/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/56/regulation/8/2/c">8(2)(c)</ref>
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The FCA may exercise its powers under regulation 7 of EMR 2011 in relation to the person if it appears to the FCA that, immediately before
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