Paragraph 3 Information gathering and investigations

United Kingdom

M1Part 11 of the 2000 Act (information gathering and investigations) applies with the following modifications—

(a)

in section 165 (F1Regulator’s power to require information: authorised persons etc)—

(i)

for references to “an authorised person” substitute “ a person mentioned in paragraph (a), (b), F2... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(ii)

in subsection (4) for “this Act” substitute “ the Electronic Money Regulations 2011 ”; and

(iii)

in subsection (7) omit paragraphs F3(b), (c) and (d);

F4(b)

in section 166 (reports by skilled persons)—

(i)

in subsection (2), for paragraph (a) substitute—

“(a)
a person mentioned in paragraph (a), (b), F5... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 (“A”)”;

(ii)

omit subsections (10) and (11);

F6(ba)

in section 166A (appointment of skilled person to collect and update information), for each reference to an “authorised person” substitute “person mentioned in paragraph (a), (b), F7... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011;

(c)

in section 167 M2 (appointment of persons to carry out general investigations)—

(i)

in subsection (1)—

F8(aa)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(bb)

in paragraph (a) for “a recognised investment exchange or an authorised person or of an appointed representative” substitute “ a person mentioned in paragraph (a), (b), F9... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(cc)

in paragraph (c) for “a recognised investment exchange or an authorised person” substitute “ a person mentioned in paragraph (a), (b), F10... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(ii)

in subsection (4)—

(aa)

for “in relation to a former authorised person (or appointed representative)” substitute “ in relation to a person who was formerly a person mentioned in paragraph (a), (b), F11... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(bb)

in paragraph (a) for “he was an authorised person (or appointed representative)” substitute “ it was a person mentioned in paragraph (a), (b), F12... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”; and

(cc)

for paragraph (b) substitute—

“(b)
the ownership or control of a person who was formerly a person mentioned in paragraph (a), (b), F13... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 at any time when it was such a person.”;

(iii)

in subsection (5) for “regulated activities” substitute “ the activity of issuing electronic money ”; F14...

F15(iiia)

for subsection (5A) substitute—

“(5A)
“Investigating authority” means the FCA.”; and

(iv)

omit subsection (6) M3;

(d)

M4in section 168 (appointment of persons to carry out investigations in particular cases)—

(i)

in subsection (1)—

F16(aa)

before paragraph (b) insert—

“(ab)
a person may have contravened any requirement of or imposed under the Electronic Money Regulations 2011F17or section 312R;
F18( ac)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(ad)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .”;

(bb)

in paragraph (b) for “, F19191F,” to the end substitute “ or 191F or under regulation 63, 64 or 66 of the Electronic Money Regulations 2011. ”;

(ii)

for subsection (2) substitute—

“(2)
Subsection (3) also applies if it appears to an investigating authority that there are circumstances suggesting that a person may be guilty of an offence under, or has contravened a requirement of, F20the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.”;

(iii)

omit subsections (4) and (5); and

F21(iv)

for subsection (6), substitute—

“(6)
“Investigating authority” means the FCA.”;

(e)

in section 169 (investigations etc in support of overseas regulator)—

(i)

in subsection (8) for “Part XXIII” substitute “ sections 348, 349F22... and 352, as applied with modifications by the Electronic Money Regulations 2011 ”; and

(ii)

in subsection (13) for “has the same meaning as in section 195” substitute “ means a competent authority designated in accordance with Article 3 of the electronic money directive ”;

(f)

in section 170 (investigations: general)—

(i)

in subsection (1) omit “or (5)”;

(ii)

in subsection (3)(a) omit “or (4)”; and

(iii)

for subsection (10) substitute—

“(10)
“Investigating authority”, in relation to an investigator, means F23the FCA.”;

(g)

in section 171 M5 (powers of persons appointed under section 167), omit subsections (3A) and (7);

(h)

in subsection (4) of section 172 (additional power of persons appointed as a result of section 168(1) or (4)), omit “or (4)”;

(i)

in section 174 (admissibility of statements made to investigators)—

(i)

in subsection (2) omit “or in proceedings in relation to action to be taken against that person under section 123”;

(ii)

in subsection (3)(a) for “398” substitute “ regulation 66 of the Electronic Money Regulations 2011 ”; and

(iii)

in subsection (4) omit “or (5)”;

(j)

in subsection (8) of section 175 (information and documents: supplemental provisions) omit “or (5)”;

(k)

in section 176 M6(entry of premises under warrant)—

(i)

in subsection (1)—

(aa)

omit “the Secretary of State,”; and

(bb)

for “the first, second or third” substitute “ the first or second ”;

(ii)

in subsection (3)(a) for “an authorised person or an appointed representative” substitute “ a person mentioned in paragraph (a), (b), F24... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(iii)

omit subsection (4);

(iv)

in subsection (10) omit “or (5)”;

(v)

in subsection (11)(a) omit “87C, 87J,”; and

(l)

in subsection (5)(a) of section 177 (offences)—

(i)

for “six months” substitute “ three months ”; and

(ii)

for “the statutory maximum” substitute “ level 5 on the standard scale ”.

Annotations

Textual amendments

F1: Words in Sch. 3 para. 3(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(i)(aa)
F2: Word in Sch. 3 para. 3(a)(i) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(3)(a) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in Sch. 3 para. 3(a)(iii) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(i)(bb)
F4: Sch. 3 para. 3(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(ii)
F5: Word in Sch. 3 para. 3(b)(i) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(3)(a) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7: S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F6: Sch. 3 para. 3(ba) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(iii)
F7: Word in Sch. 3 para. 3(ba) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(3)(a) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F8: Sch. 3 para. 3(c)(i)(aa) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(iv)(aa)
F9: Word in Sch. 3 para. 3(c)(i)(bb) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(3)(a) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F10: Word in Sch. 3 para. 3(c)(i)(cc) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(3)(a) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F11: Word in Sch. 3 para. 3(c)(ii)(aa) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(3)(a) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F12: Word in Sch. 3 para. 3(c)(ii)(bb) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(3)(a) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F13: Word in Sch. 3 para. 3(c)(ii)(cc) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(3)(a) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F14: Word in Sch. 3 para. 3(c)(iii) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(iv)(bb),
F15: Sch. 3 para. 3(c)(iiia) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(iv)(cc)
F16: Sch. 3 para. 3(d)(i)(aa) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(v)(aa)
F17: Words in Sch. 3 para. 3(d)(i) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 62(b) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv)
F18: Words in Sch. 3 para. 3(d) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(3)(b) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)
F19: Word in Sch. 3 para. 3(d)(i)(bb) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(v)(bb)
F20: Words in Sch. 3 para. 3(d)(ii) substituted (10.1.2020) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (S.I. 2019/1511), regs. 1(2), 19
F21: Sch. 3 para. 3(d)(iv) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(v)(cc)
F22: Word in Sch. 3 para. 3(e)(i) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(vi)
F23: Words in Sch. 3 para. 3(f)(iii) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(c)(vii)
F24: Word in Sch. 3 para. 3(k) omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(3)(c) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Marginal citations

M1: Part 11 was amended by section 18 of, and paragraphs 15, 16 and 17 of Schedule 2 to, the Financial Services Act 2010.
M2: Amended by S.I. 2007/126.
M3: Subsection (6) was inserted by S.I. 2007/126.
M4: Amended by S.I. 2007/126.
M5: Amended by S.I.2007/126.
M6: Amended by S.I. 2005/1433.