{
  "url": "https://openlegislation.uk/payment-services-regulations-2017/schedule-6/paragraph-5",
  "json_url": "https://openlegislation.uk/payment-services-regulations-2017/schedule-6/paragraph-5.json",
  "legislation": "uksi/2017/752",
  "legislation_title": "The Payment Services Regulations 2017",
  "legislation_url": "https://openlegislation.uk/payment-services-regulations-2017",
  "path": "schedule/6/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": "Control over payment institutions",
  "text": "Part 12 of the 2000 Act (control over authorised persons) applies with the following modifications—\n(a) 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);\n(b) section 178 (obligation to notify the appropriate regulator) is to be read as if for subsection (2A) there were substituted—\n“(2A) In this Part, “the appropriate regulator” means the FCA.”;\n(c) section 187(2)(b) (approval with conditions) is to be read as if “section 187A(3)(b) or” were omitted;\n(d) section 187A (assessment: consultation by PRA with FCA) is to be disregarded;\n(e) section 187C (variation etc of conditions) is to be read as if subsection (1) were omitted;\n(f) 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 ”;\n(g) section 191A (objection by the appropriate regulator) is to be read as if subsection (4A) were omitted;\n(h) section 191B (restriction notices) is to be read as if—\n(i) subsection (2A) were omitted;\n(ii) after subsection (2B) there were inserted—\n“(2C) In a restriction notice, the FCA must direct that voting power to which the notice relates is, until further notice, not to be exercisable.”;\n(iii) for subsection (3)(b) there were substituted—\n“(b) voting power that has been exercised as a result of the acquisition is void;”;\n(i) section 191C (orders for sale of shares) is to be read as if subsection (2A) were omitted;\n(j) section 191D (obligation to notify the appropriate regulator: dispositions of control) is to be read as if subsection (1A) were omitted;\n(k) 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 ”;\n(l) section 191G (interpretation) is to be read as if, in subsection (1), the definition of “UK authorised person” were omitted; and\n(m) section 192 (power to change definitions of control etc) is to be disregarded.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "M",
      "label": "M1",
      "text": "Part 12 was amended by section 26 of the Financial Services Act 2012 and paragraphs 38 to 40 of Schedule 2 to the Bank of England and Financial Services Act 2016, and by S.I. 2009/534, 2011/1043 and 1613, 2013/3115, 2014/3329, 2015/534, 575 and 1755 and 2016/1239."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Sch. 6 para. 5 excluded (20.11.2018) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(2), Sch. 3 para. 19(1)(f) (with reg. 4)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2017/752/schedule/6/paragraph/5",
    "retrieved_at": "2026-10-28T23:09:36.065342+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."
}