The Payment Accounts Regulations 2015

Information gathering and investigations

2.—(1) Subject to sub-paragraph (2), Part 11 of the Act (information gathering and investigations) applies to the Authority’s functions under these Regulations as it applies to its functions under the Act with the modifications set out in sub-paragraphs (3) to (16).

(2) Sections 165A to 165C(1), 169A(2) and 173 do not apply.

(3) References to an authorised person are to be treated as references to a payment service provider.

(4) References to a regulator (other than to an overseas regulator) are to be treated as references to the Authority.

(5) Section 165(3) (Authority’s power to require information) applies as if in subsection (7) paragraphs (b), (c) and (d) were omitted.

(6) Section 166(4) (reports by skilled persons) applies as if subsections (10) and (11) were omitted.

(7) Section 166A(5) (appointment of skilled person to collect and update information) applies as if subsection (10) were omitted.

(8) Section 167(6) (appointment of persons to carry out general investigations) applies as if—

(a) references to an investigating authority were references to the Authority;

(b) references to—

(i) a recognised investment exchange; and

(ii) an appointed representative;

were omitted;

(c) in subsection (5) for “regulated activities” there were substituted “payment services”; and

(d) subsections (5A) and (6) were omitted.

(9) Section 168(7) (appointment of persons to carry out investigations in particular cases) applies as if—

(a) references to an investigating authority were references to the Authority;

(b) in subsection (1)—

(i) in paragraph (b) for “191F” to the end, there were substituted “or;”;

(ii) after paragraph (b) there were inserted—

“(c) a person may have contravened any requirement of or imposed under the Payment Accounts Regulations 2015.”; and

(c) subsections (2), (4), (5) and (6) were omitted.

(10) Section 169(8) (investigations etc in support of overseas regulator) applies as if—

(a) references to an overseas regulator were references to a competent authority in a member State other than the United Kingdom designated in accordance with Article 21 of the Payment Accounts Directive;

(b) in subsection (8) for “Part XXIII” there were substituted “sections 348, 349 and 352”; and

(c) subsection (13) were omitted.

(11) Section 170(9) (investigations: general) applies as if—

(a) references to an investigating authority were references to the Authority;

(b) in subsection (1) “or (5)” were omitted;

(c) in subsection (3)(a) “or (4)” were omitted;

(d) subsection (3)(b) were omitted; and

(e) subsection (10) were omitted.

(12) Section 171(10) (powers of persons appointed under section 167) applies as if subsections (3A) and (7) were omitted.

(13) Section 172 (additional power of persons appointed as a result of section 168(1) or (4)) applies as if in subsection (4) “or (4)” were omitted.

(14) Section 174(11) (admissibility of statements made to investigators) applies as if—

(a) in subsection (2)—

(i) “or in proceedings in relation to action to be taken against that person under section 123”; and

(ii) “or (as the case may be) a regulator”;

were omitted;

(b) in subsection (3)(a) “177(4) or” were omitted;

(c) in subsection (4) “or (5)” were omitted; and

(d) in subsection (5) “, 173” were omitted.

(15) Section 175(12) (information and documents: supplemental provisions) applies as if in subsection (8) “or (5)” were omitted.

(16) Section 176(13) (entry of premises under a warrant) applies as if—

(a) in subsection (1) “the Secretary of State,” were omitted;

(b) in subsection (3)(a) “or an appointed representative” were omitted;

(c) in subsection (10) “or (5)” were omitted;

(d) in subsection (11)(a) for “87C” to “169A” there were substituted “165”; and

(e) in subsection (11)(b) “, 173” were omitted.

(1)

Section 165A was inserted by section 18(1) and (2) of the Financial Services Act 2010 (c.28) and subsequently amended by section 41 of, and paragraph 2 of Part 1 of Schedule 12 to, the Financial Services Act 2012. Section 165B was inserted by section 18(1) and (2) of the Financial Services Act 2010 and subsequently amended by section 41 of, and paragraph 3 of Part 1 of Schedule 12 to, the Financial Services Act 2012. Section 165C was inserted by section 18(1) and (2) of the Financial Services Act 2010 and subsequently amended by section 41 of, and paragraph 4 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

(2)

Section 169A was inserted by section 18(1) and (3) of the Financial Services Act 2010 and subsequently amended by section 41 of, and paragraph 10 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

(3)

Section 165 was amended by section 24(1) and (2) of, and by paragraphs 1 and 15 of Part 1 of Schedule 2 to, the Financial Services Act 2010, and by section 41 of, and paragraph 1 of Part 1 of Schedule 12 to, the Financial Services Act 2012, and by S.I. 2013/1773 and S.I. 2015/575.

(4)

Section 166 was substituted by section 41 of, and paragraph 5 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

(5)

Section 166A was inserted by section 41 of, and paragraph 6 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

(6)

Section 167 was amended by section 41 of, and paragraph 7(1), (2) and (3) of Part 1 of Schedule 12 to, the Financial Services Act 2012, and by S.I. 2007/126 and S.I. 2015/575.

(7)

Section 168 was amended by section 41 of, and paragraphs 8(1), 8(2)(a) and (b), 8(3)(a) and (b), 8(4)(a)-(g), 8(5) and 8(6) of Part 1 of Schedule 12 to, the Financial Services Act 2012, by section 47 of, and paragraph 1 and 11 of Schedule 3 to, the Pension Schemes Act 2015 (c.8), and by section 62 of, and paragraph 33 of Part 7 of Schedule 7 to, the Counter-Terrorism Act 2008 (c. 28), and by section 24(1) and (2) of, and paragraphs 1 and 16(1), (2) and (3) of Part 1 of Schedule 2 to, the Financial Services Act 2010, and by S.I. 2007/126, S.I. 2012/2554 and S.I. 2013/1773.

(8)

Section 169 was amended by section 41 of, and paragraph 9(1), (2) and (6) of Part 1 of Schedule 12 to, the Financial Services Act 2012.

(9)

Section 170 was amended by section 41 of, and paragraph 10 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

(10)

Section 171 was amended by S.I. 2007/126.

(11)

Section 174 was amended by section 41 of, and paragraph 12 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

(12)

Section 175 was amended by section 41 of, and paragraph 13 of Part 1 of Schedule 12 to, the Financial Services Act 2012.

(13)

Section 176 was amended by section 41 of, and paragraph 14 of Part 1 of Schedule 12 to, the Financial Services Act 2012, and by section 24(1) and (2) of, and paragraphs 1 and 17 of Part 1 of Schedule 2 to, the Financial Services Act 2010, and by S.I. 2005/1433.