Regulation 19 Liable personsI1
United Kingdom
Where under this Part—
a reporting cryptoasset service provider or self-certification provider is made liable to a penalty, and
the reporting cryptoasset service provider or self-certification provider is a partnership or trust,
the liability to the penalty falls upon a liable person of the reporting cryptoasset service provider or self-certification provider.
In paragraph (1), “liable person” means, in relation to—
a partnership, a partner of the partnership,
a trust which is not a collective investment scheme, a trustee of the trust, or
a trust which is a collective investment scheme, a trustee, manager or operator of the scheme.
In this regulation, “collective investment scheme” means any arrangements that are a “collective investment scheme” within the meaning of the Financial Services and Markets Act 2000f1.
Annotations
Commencement
Footnotes
- f1
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2000 c. 8. The meaning of “collective investment scheme” is given in section 235 of the Financial Services and Markets Act 2000. The power under section 235(5) to provide that arrangements do not amount to a collective investment scheme has been exercised by the Treasury by the following instruments: S.I. 2001/1062, 2001/3650, 2005/57, 2007/800, 2008/1641, 2008/1813, 2015/754, 2015/2061, 2021/90, 2021/566, 2022/466 and 2025/17.