{
  "url": "https://openlegislation.uk/electronic-money-regulations-2011/schedule-3/paragraph-5",
  "json_url": "https://openlegislation.uk/electronic-money-regulations-2011/schedule-3/paragraph-5.json",
  "legislation": "uksi/2011/99",
  "legislation_title": "The Electronic Money Regulations 2011",
  "legislation_url": "https://openlegislation.uk/electronic-money-regulations-2011",
  "path": "schedule/3/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": "Auditors and actuaries",
  "text": "Part 22 (auditors and actuaries) applies with the following modifications—\n(a) for references to “authorised person” substitute “ electronic money institution ”; ...\n(aa) for references to “appropriate regulator” or “regulator” substitute “FCA”;\n(ab) omit all references to “recognised investment exchange”;\n(ac) in section 340 (appointment)—\n(i) for references to the “regulator making the rules” substitute “FCA”;\n(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”;\n(iii) omit subsections (3A), (5A) and (8)(b);\n(iv) in subsection (5), omit “(3A) or”;\n(ad) in section 344 omit subsection (4);\n(ae) in section 345—\n(i) in subsection (2)(a) omit “or any particular class of authorised person;”;\n(ii) omit subsection (2)(b);\n(iii) in subsection (3)(a), for “FCA-authorised person” substitute “electronic money institution”;\n(iv) omit subsection (3)(b), (c) and (d);\n(v) omit subsection (4);\n(af) omit section 345A;\n(ag) in section 345B—\n(i) in paragraph (1) omit “or the PRA proposes to act under section 345A(3)”;\n(ii) in paragraphs (4) and (7) omit “or the PRA decides to act under section 345A(3)”;\n(ah) in section 345C omit “or 345A(4)(b)”;\n(ai) in section 345D omit subsections (2) and (9);\n(b) in subsection (1)(a) of section 346 (provision of false or misleading information)—\n(i) for “six months” substitute “ three months ”; and\n(ii) for “the statutory maximum” substitute “ level 5 on the standard scale ”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/99/schedule/3/paragraph/5",
    "retrieved_at": "2026-10-29T02:19:56.724638+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}