# The Payment Services Regulations 2017, Paragraph 5: Control over payment institutions


Part 12 of the 2000 Act (control over authorised persons) applies with the following modifications—
(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);
(b) 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.”;
(c) section 187(2)(b) (approval with conditions) is to be read as if “section 187A(3)(b) or” were omitted;
(d) section 187A (assessment: consultation by PRA with FCA) is to be disregarded;
(e) section 187C (variation etc of conditions) is to be read as if subsection (1) were omitted;
(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 ”;
(g) section 191A (objection by the appropriate regulator) is to be read as if subsection (4A) were omitted;
(h) section 191B (restriction notices) is to be read as if—
(i) subsection (2A) were omitted;
(ii) after subsection (2B) there were inserted—
“(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.”;
(iii) for subsection (3)(b) there were substituted—
“(b) voting power that has been exercised as a result of the acquisition is void;”;
(i) section 191C (orders for sale of shares) is to be read as if subsection (2A) were omitted;
(j) section 191D (obligation to notify the appropriate regulator: dispositions of control) is to be read as if subsection (1A) were omitted;
(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 ”;
(l) section 191G (interpretation) is to be read as if, in subsection (1), the definition of “UK authorised person” were omitted; and
(m) section 192 (power to change definitions of control etc) is to be disregarded.

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Source: https://www.legislation.gov.uk/uksi/2017/752/schedule/6/paragraph/5 (the official version)
Page: https://openlegislation.uk/payment-services-regulations-2017/schedule-6/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.