SCHEDULE 3Application and modification of legislation

PART 1Application and modification of the 2000 Act

Disciplinary powersF11

Sections 66 (disciplinary powers) to 70 (statements of policy: procedure) of the 2000 Act apply with the following modifications—

a

in section 66 omit subsections (3)(aa) to (ac), (3A) to (3D), (5A), (8) and (9); and

b

for section 66A substitute—

66A

1

For the purpose of action by the FCA, a person is guilty of misconduct if, while a relevant person, the person has been knowingly concerned in

F2a

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 F3, or

b

a contravention of a requirement imposed by or under section 312R of the 2000 Act by an electronic money institution.

F42

“Relevant person” means—

a

in relation to subsection (1)(a), 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, or

b

in relation to subsection (1)(b), any person responsible for the management of the electronic money institution or, where relevant, any person responsible for the management of electronic money issuance by the electronic money institution.

c

in section 67—

i

omit subsections (2A), (2B), (5A), (5B), (8) and (9);

ii

in subsection (1) omit the words from “; and if it proposes” to the end;

iii

in subsection (4) omit the words from “and if it decides” to the end; and

iv

in subsection (7) omit the words “and if the regulator decides” to the end.