The Electronic Money Regulations 2011

Information gathering and investigations U.K.

3.  Part 11 M1 of the 2000 Act (information gathering and investigations) applies with the following modifications—

(a) in section 165 (Authority's power to require information: authorised persons etc)—

(i) for references to “an authorised person” substitute “ a person mentioned in paragraph (a), (b), (c), (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(ii) in subsection (4) for “this Act” substitute “ the Electronic Money Regulations 2011 ”; and

(iii) in subsection (7) omit paragraphs (b) and (c);

(b) in subsection (2)(a) of section 166 (reports by skilled persons), for “an authorised person” substitute “ a person mentioned in paragraph (a), (b), (c), (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(c) in section 167 M2 (appointment of persons to carry out general investigations)—

(i) in subsection (1)—

(aa) omit “or the Secretary of State”;

(bb) in paragraph (a) for “a recognised investment exchange or an authorised person or of an appointed representative” substitute “ a person mentioned in paragraph (a), (b), (c), (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(cc) in paragraph (c) for “a recognised investment exchange or an authorised person” substitute “ a person mentioned in paragraph (a), (b), (c), (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(ii) in subsection (4)—

(aa) for “in relation to a former authorised person (or appointed representative)” substitute “ in relation to a person who was formerly a person mentioned in paragraph (a), (b), (c), (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(bb) in paragraph (a) for “he was an authorised person (or appointed representative)” substitute “ it was a person mentioned in paragraph (a), (b), (c), (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”; and

(cc) for paragraph (b) substitute—

“(b) the ownership or control of a person who was formerly a person mentioned in paragraph (a), (b), (c), (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 at any time when it was such a person.”;

(iii) in subsection (5) for “regulated activities” substitute “ the activity of issuing electronic money ”; and

(iv) omit subsection (6) M3 ;

(d) in section 168 M4 (appointment of persons to carry out investigations in particular cases)—

(i) in subsection (1)—

(aa) in paragraph (a) for “any regulation made under section 142” substitute “ any requirement of or imposed under the Electronic Money Regulations 2011 ”;

(bb) in paragraph (b) for “, 191,” to the end substitute “ or 191F or under regulation 63, 64 or 66 of the Electronic Money Regulations 2011. ”;

(ii) for subsection (2) substitute—

“(2) Subsection (3) also applies if it appears to an investigating authority that there are circumstances suggesting that a person may be guilty of an offence under, or has contravened a requirement of, the Money Laundering Regulations 2007.”;

(iii) omit subsections (4) and (5); and

(iv) in subsection (6) omit “or the Secretary of State”;

(e) in section 169 (investigations etc in support of overseas regulator)—

(i) in subsection (8) for “Part XXIII” substitute “ sections 348, 349, 351 and 352, as applied with modifications by the Electronic Money Regulations 2011 ”; and

(ii) in subsection (13) for “has the same meaning as in section 195” substitute “ means a competent authority designated in accordance with Article 3 of the electronic money directive ”;

(f) in section 170 (investigations: general)—

(i) in subsection (1) omit “or (5)”;

(ii) in subsection (3)(a) omit “or (4)”; and

(iii) for subsection (10) substitute—

“(10) “Investigating authority”, in relation to an investigator, means the Authority.”;

(g) in section 171 M5 (powers of persons appointed under section 167), omit subsections (3A) and (7);

(h) in subsection (4) of section 172 (additional power of persons appointed as a result of section 168(1) or (4)), omit “or (4)”;

(i) in section 174 (admissibility of statements made to investigators)—

(i) in subsection (2) omit “or in proceedings in relation to action to be taken against that person under section 123”;

(ii) in subsection (3)(a) for “398” substitute “ regulation 66 of the Electronic Money Regulations 2011 ”; and

(iii) in subsection (4) omit “or (5)”;

(j) in subsection (8) of section 175 (information and documents: supplemental provisions) omit “or (5)”;

(k) in section 176 M6 (entry of premises under warrant)—

(i) in subsection (1)—

(aa) omit “the Secretary of State,”; and

(bb) for “the first, second or third” substitute “ the first or second ”;

(ii) in subsection (3)(a) for “an authorised person or an appointed representative” substitute “ a person mentioned in paragraph (a), (b), (c), (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

(iii) omit subsection (4);

(iv) in subsection (10) omit “or (5)”;

(v) in subsection (11)(a) omit “87C, 87J,”; and

(l) in subsection (5)(a) of section 177 (offences)—

(i) for “six months” substitute “ three months ”; and

(ii) for “the statutory maximum” substitute “ level 5 on the standard scale ”.