Paragraph 5 Auditors and actuaries

United Kingdom

Part 22 (auditors and actuaries) applies with the following modifications—

(a)

for references to “authorised person” substitute “ electronic money institution ”; F1...

F2(aa)

for references to “appropriate regulator” or “regulator” substitute “FCA”;

(ab)

omit all references to “recognised investment exchange”;

(F3ac)

in section 340 (appointment)—

(i)

for references to the “regulator making the rules” substitute “FCA”;

(ii)

for references to “an authorised person” substitute “an electronic money institution or a person required by regulation 3B of the Electronic Money Regulations 2011 to provide an audit opinion to the FCA”;

(iii)

omit subsections (3A), (5A) and (8)(b);

(iv)

in subsection (5), omit “(3A) or”;

(ad)

in section 344 omit subsection (4);

(ae)

in section 345—

(i)

in subsection (2)(a) omit “or any particular class of authorised person;”;

(ii)

omit subsection (2)(b);

(iii)

in subsection (3)(a), for “FCA-authorised person” substitute “electronic money institution”;

(iv)

omit subsection (3)(b), (c) and (d);

(v)

omit subsection (4);

(af)

omit section 345A;

(ag)

in section 345B—

(i)

in paragraph (1) omit “or the PRA proposes to act under section 345A(3)”;

(ii)

in paragraphs (4) and (7) omit “or the PRA decides to act under section 345A(3)”;

(ah)

in section 345C omit “or 345A(4)(b)”;

(ai)

in section 345D omit subsections (2) and (9);

(b)

in subsection (1)(a) of section 346 (provision of false or misleading information)—

(i)

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

(ii)

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

Annotations

Textual amendments

F1: Word in Sch. 3 para. 5(a) 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)(e)(i)
F2: Sch. 3 para. 5(aa)-(ai) 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)(e)(ii)
F3: Sch. 3 para. 5(ac) substituted (18.9.2023) by The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 (S.I. 2023/790), regs. 1(2)(a), 2(3)(b)