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The Electronic Money Regulations 2011
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Disciplinary powers
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1. Sections 66(1) (disciplinary powers) to 70 (statements of policy: procedure) of the 2000 Act apply with the following modifications to section 66—
(a)for subsection (2) substitute—
“(2) A person is guilty of misconduct if, while a relevant person, he had been knowingly concerned in a contravention of the Electronic Money Regulations 2011 by an electronic money issuer which is an electronic money institution, credit institution, credit union or municipal bank.”;
(b)omit subsections (3)(aa) and (ab), (3A) to (3D), (5A) and (7) to (9); and
(c)for subsection (6) substitute—
“(6) Relevant person” means any person responsible for the management of the electronic money issuer or, where relevant, any person responsible for the management of electronic money issuance by the electronic money issuer.”.
(1)
Amended by S.I. 2007/126 and section 24 of, and paragraph 8 of Schedule 2 to, the Financial Services Act 2010 (c.28).
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