This section has no associated Explanatory Notes
13(1)Section 206A (suspending permission to carry on regulated activities etc.) is amended as follows.
(2)In subsection (1), for “Authority” substitute “appropriate regulator”.
(3)After that subsection insert—
“(1A)The power conferred by subsection (1) is also exercisable by the FCA if it considers that an authorised person has contravened a requirement imposed on the person by—
(a)the Payment Services Regulations 2009, or
(b)the Electronic Money Regulations 2011.”
(4)In subsection (2)—
(a)in the definition of “permission”, for “the Authority” substitute “the FCA or the PRA”, and
(b)omit the definition of “relevant requirement”.
(5)In subsection (6), for “Authority” substitute “appropriate regulator”.