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The Payment Services Regulations 2012
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- 2012 No. 1791
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Money Laundering Regulations 2007 (S.I. 2007/2157), the Payment Services Regulations 2009 (S.I. 2009/209) and the Electronic Money Regulations 2011 (S.I. 2011/99) in relation to the provision of payment services and electronic money.
Regulation 2 amends the Money Laundering Regulations 2007 in order to enable the Commissioners for Her Majesty’s Revenue and Customs to cancel the registration of a money service business maintained under those Regulations where the money service business:
(a)is providing or purporting to provide a payment service in the United Kingdom;
(b)is not included in the register of payment service providers maintained by the Financial Services Authority for the purposes of the Payment Services Regulations 2009; and
(c)does not benefit from any relevant exception to inclusion on the register of payment service providers.
Paragraphs (1) to (5) of regulation 3 amend the Payment Services Regulations 2009 in order to impose additional registration requirements on small payment institutions.
Regulations 3(6) and 4 amend the Payment Services Regulations 2009 and the Electronic Money Regulations 2011 to reflect the fact that, as part of a restructuring of the Financial Reporting Council, the Auditing Practices Board has been dissolved.
An Impact Assessment of the effect of this instrument on the costs of business and the voluntary sector has been prepared and is available on HM Treasury’s website (www.hmtreasury.gov.uk) or from the Banking and Credit Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and is annexed to the Explanatory Memorandum which is available alongside the instrument at www.legislation.gov.uk.
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