# The Electronic Money Regulations 2011, Paragraph 5: Auditors and actuaries

Extent: E+W+S+N.I.

Part 22 (auditors and actuaries) applies with the following modifications—
(a) for references to “authorised person” substitute “ electronic money institution ”; ...
(aa) for references to “appropriate regulator” or “regulator” substitute “FCA”;
(ab) omit all references to “recognised investment exchange”;
(ac) 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 ”.

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Source: https://www.legislation.gov.uk/uksi/2011/99/schedule/3/paragraph/5 (the official version)
Page: https://openlegislation.uk/electronic-money-regulations-2011/schedule-3/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.