The Financial Services (Consequential Amendments) Regulations 2020

The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018

8.—(1) Schedule 3 (transitional provisions) to the Electronic Money, Payment Services and Payment Systems (Amendment, and Transitional Provisions) (EU Exit) Regulations 2018(1) is amended as follows.

(2) In the following provisions, for the words “exit day”, wherever they occur, substitute “IP completion day”—

(a) paragraph 2 (transitional authorisation for EEA authorised electronic money institutions);

(b) paragraph 4 (registration of agents);

(c) paragraph 5 (requirements imposed by FCA);

(d) paragraph 8 (power of FCA to cancel transitional authorisation);

(e) paragraph 9 (notice of intention);

(f) paragraph 10 (transition period);

(g) paragraph 12B (continued authorisation for limited purposes);

(h) paragraph 12E (permitted services);

(i) paragraph 12G (extension period);

(j) paragraph 12I (variation and cancellation of authorisation);

(k) paragraph 12L (exemption from prohibition);

(l) paragraph 14 (transitional authorisation for EEA authorised payment institution etc);

(m) paragraph 16 (registration of agents);

(n) paragraph 17 (requirements imposed by FCA);

(o) paragraph 20 (power of FCA to cancel transitional authorisation);

(p) paragraph 21 (notice of intention);

(q) paragraph 22 (transition period);

(r) paragraph 26 (continued authorisation for limited purposes);

(s) paragraph 29 (permitted services);

(t) paragraph 31 (extension period);

(u) paragraph 33 (variation and cancellation of authorisation);

(v) paragraph 36 (exemption from prohibition).

(3) In paragraph 3 (requirements to be met by notification) for sub-paragraph (1)(b) substitute—

“(b) be made during the period beginning with 28 December 2018 and ending with the day preceding the day on which IP completion day falls.”

(4) In paragraph 15 (requirements to be met by notification) for sub-paragraph (1)(b) substitute—

“(b) be made during the period beginning with 28 December 2018 and ending with the day preceding the day on which IP completion day falls.”

(1)

S.I. 2018/1201, amended by S.I. 2019/405.