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The Mortgage Credit Directive Order 2015

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Application of provisions of the Act to registered consumer-buy-to-let mortgage firmsF21F22F23F24F25F26F27F28U.K.

This section has no associated Explanatory Memorandum

23.—(1) For the purposes of the following provisions of the Act, a requirement imposed by or under this Part on a consumer buy-to-let mortgage firm in respect of its consumer buy-to-let mortgage business is to be treated as if it were a requirement imposed on an authorised person by or under the Act—

(a)section 204A F1 (meaning of “relevant requirements”);

(b)section 380 F2 (injunctions);

(c)section 382 F3 (restitution orders);

(d)section 384 (power of FCA or PRA to require restitution); and

(e)section 398 F4 (misleading FCA or PRA: residual cases).

(2) The following provisions of the Act apply in respect of the exercise by the FCA of its functions under this Part in relation to a registered consumer buy-to-let mortgage firm as they apply in respect of the exercise by the FCA of its functions under the Act in relation to an authorised person—

(a)section 165 F5 (regulators' power to require information: authorised persons etc.);

(b)section 166 F6 (reports by skilled persons);

(c)section 167 F7 (appointment of persons to carry out general investigations);

(d)section 168(4) to (6) F8 (appointment of persons to carry out investigations in particular cases);

(e)section 169 F9 (investigations etc. in support of overseas regulator);

(f)section 170 F10 (investigations: general);

(g)section 171 F11 (powers of persons appointed under section 167);

(h)section 172 (additional power of persons appointed as a result of section 168(1) or (4));

(i)section 173 (powers of persons appointed as a result of section 168(2));

(j)section 174 F12 (admissibility of statements made to investigators);

(k)section 175 F13 (information and documents: supplemental provisions);

(l)section 176 F14 (entry of premises under warrant);

(m)section 176A F15 (retention of documents taken under section 176);

(n)section 177 F16 (offences);

(o)section 205 F17 (public censure); and

(p)section 206 F18 (financial penalties).

(3) Section 168 of the Act is to be read as if subsection (4) included a reference to circumstances suggesting that a person may have failed to comply with the obligations imposed by this Part.

(4) Sections 207 to 211 (disciplinary measures: procedure and policy) of, and paragraph 20 (penalties) of Schedule 1ZA to, the Act F19 apply in relation to the exercise of the FCA's powers under section 205 or 206 of the Act as applied by paragraph (2)(o) and (p) as they apply in relation to the exercise of such powers under section 205 or 206 of the Act in respect of authorised persons.

(5) Registered consumer buy-to-let mortgage firms are to be treated as regulated persons for the purposes of paragraph 21 of Schedule 1ZA to the Act (financial penalty scheme) F20.

F1Section 204A was inserted by paragraphs 1 and 10 of Schedule 9 to the Financial Services Act 2012 (c. 21).

F2Section 380 was amended by paragraph 19 of Schedule 9 to the Financial Services Act 2012 (c. 21), paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 (c. 33) and S.I. 2013/1773.

F3Section 382 was amended by paragraph 21 of Schedule 9 to the Financial Services Act 2012, paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 and S.I. 2013/1773.

F4Section 398 was amended by paragraph 36 of Schedule 9 to the Financial Services Act 2012 and by S.I. 2013/1773.

F5Section 165 was amended by paragraph 15 of Schedule 2 to the Financial Services Act 2010 (c. 28), paragraph 1 of Schedule 12 to the Financial Services Act 2012 and S.I. 2013/1773.

F6Section 166 was substituted by paragraph 5 of Schedule 12 to the Financial Services Act 2012.

F7Section 167 was amended by paragraph 7 of Schedule 12 to the Financial Services Act 2012 and S.I. 2007/126.

F8Section 168 was amended by paragraph 33 of Schedule 7 to the Counter-Terrorism Act 2008 (c. 28), paragraph 16 of Schedule 2 to the Financial Services Act 2010, paragraph 8 of Schedule 12 to the Financial Services Act 2012 and S.I. 2007/126, 2012/2554 and 2013/1773.

F9Section 169 was amended by paragraph 9 of Schedule 12 to the Financial Services Act 2012.

F10Section 170 was amended by paragraph 10 of Schedule 12 to the Financial Services Act 2012.

F11Section 171 was amended by S.I. 2007/126.

F12Section 174 was amended by paragraph 12 of Schedule 12 to the Financial Services Act 2012.

F13Section 175 was amended by paragraph 13 of Schedule 12 to the Financial Services Act 2012.

F14Section 176 was amended by paragraph 17 of Schedule 2 to the Financial Services Act 2010, paragraph 14 of Schedule 12 to the Financial Services Act 2012 and S.I. 2005/1433.

F15Section 176A was inserted by paragraph 15 of Schedule 12 to the Financial Services Act 2012.

F16Section 177 was amended by paragraph 8 of Schedule 8 to the Financial Services Act 2012 and S.I. 2001/1090.

F17Section 205 was amended by paragraph 11 of Schedule 9 to the Financial Services Act 2012.

F18Section 206 was amended by section 10 of the Financial Services Act 2010 and by paragraph 12 of Schedule 9 to the Financial Services Act 2012.

F19Sections 207 to 211 were amended by paragraphs 18, 19 and 20 of Schedule 2 to the Financial Services Act 2010 (c. 28) and by paragraphs 14, 15, 16, 17 and 18 of Schedule 9 to the Financial Services Act 2012 (c. 21).

F20Schedule 1ZA was substituted by Schedule 3 to the Financial Services Act 2012.

F221972 c. 68. Section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c. 51) and the European Union (Amendment) Act 2008 (c. 7), Schedule, Part 1. By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c. 51) legislation may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1992 (Cm 2183).

F24S.I. 2001/1201, amended by S.I. 2003/1675, 2005/592, 2006/2383, 2008/2831, 2009/1342, 2010/671, 2011/1626 and 2012/641 and 700; there are other amending instruments but none is relevant to this Order.

F25Paragraph 2 was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and paragraph 2A was inserted by section 29 of that Act.

F26Paragraph 26 of Schedule 2 was substituted by section 8 of the Financial Services Act 2012 (c. 21).

F27Paragraph 1A of Schedule 2 was inserted by section 28 of the Legislative and Regulatory Reform Act 2006 and amended by Part 1 of the Schedule to the European Union (Amendment) Act 2008 and S.I. 2007/1388.

F28Section 14A of the Interpretation Act 1978 (c. 30) (inserted by section 59 of the Enterprise and Regulatory Reform Act 2013 (c. 24)) provides that, where an Act provides a power to make subordinate legislation, that subordinate legislation may include a requirement to review the effectiveness of the legislation.

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