The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012

Warning notices and decision notices U.K.

5.  Part 26 of the 2000 Act (notices) applies with the following modifications—

(a) omit section 388(2) (decision notices);

(b) in section 390 (final notices)—

(i) omit subsections (6) and (10); and

(ii) in subsection (8) omit “or (6)(c)”;

(c) in section 391 (publication), omit subsections (5), [F1 (5A), (6A),] (7A), (7B), (8) and (10);

(d) for section 392 (application of sections 393 and 394) substitute—

Application of sections 393 and 394

Sections 393 and 394 apply to—

(a) a warning notice given in accordance with regulation 7(1) or 10(1) of the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012;

(b) a decision notice given in accordance with regulation 7(3) or 10(3) of the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012.”; and

(e) in section 395 (the [F2 FCA’s and PRA’s] procedures)—

(i) omit subsections (1)(a), (3) and (4);

(ii) in subsection (9) omit “a supervisory notice, or”; and

(iii) for subsection (13) substitute—

“(13) Until such time as a statement has been issued in accordance with subsection (5), the procedures applicable to the giving of warning notices under section 395 as applied by paragraph 5 of the Schedule to the Cross-Border Payments in Euro Regulations 2010, shall apply to the giving of warning notices under regulations 7(1) and 10(1), and decision notices under regulations 7(3) and 10(3), of the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012.”.

Textual Amendments

F1 Words in Sch. para. 5(c) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 248(6)(n)

F2 Words in Sch. para. 5(e) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 248(6)(o)