Paragraph 5 Control over payment institutionsC1

references to a UK authorised person are to be read as references to an authorised payment institution or small payment institution other than one included in the register pursuant to regulation 153(1) (transitional provisions);

section 178 (obligation to notify the appropriate regulator) is to be read as if for subsection (2A) there were substituted—

“(2A)

In this Part, “the appropriate regulator” means the FCA.”;

section 187(2)(b) (approval with conditions) is to be read as if “section 187A(3)(b) or” were omitted;

section 187A (assessment: consultation by PRA with FCA) is to be disregarded;

section 187C (variation etc of conditions) is to be read as if subsection (1) were omitted;

section 188(1), (2) and (3) (assessment: consultation with EC competent authorities) are to be read as if after “home state regulator” there were inserted “ or home state competent authority ”;

section 191A (objection by the appropriate regulator) is to be read as if subsection (4A) were omitted;

section 191B (restriction notices) is to be read as if—

section 191C (orders for sale of shares) is to be read as if subsection (2A) were omitted;

section 191D (obligation to notify the appropriate regulator: dispositions of control) is to be read as if subsection (1A) were omitted;

section 191F (offences) is to be read as if in subsections (8)(a) and (9)(a), for “to a fine not exceeding the statutory maximum” there were substituted in each case “ to a fine, which in Scotland or Northern Ireland may not exceed the statutory maximum ”;

section 191G (interpretation) is to be read as if, in subsection (1), the definition of “UK authorised person” were omitted; and

section 192 (power to change definitions of control etc) is to be disregarded.