The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018

• (c) in so far as it is practicable to do so, of any changes arising as a result of the United Kingdom's withdrawal from the European Union to—

• (i) the protection afforded to B's assets held by A in relation to the performance of the pre-existing contract; or

• (ii) the availability to B of an alternative dispute resolution procedure or compensation scheme under the pre-existing contract.

• (7) If at any time after A has provided B with any information under sub-paragraph (6)—

• (a) there is, or is likely to be, a material change affecting that information; or

• (b) it becomes apparent to the applicant that the information is incomplete or contains a material inaccuracy,

A must provide B with details of the change, the complete information or a correction of the inaccuracy (as the case may be) as soon as it is reasonably practicable to do so.

• (8) The FCA may issue guidance in respect of compliance with an obligation under sub-paragraph (6) or (7).

Duration of extension period

37

• (1) The Treasury may by regulations made by statutory instrument amend paragraph 31 so as to extend the extension period referred to in that paragraph, if the Treasury consider it necessary to do so.

• (2) The Treasury may make regulations under sub-paragraph (1) only if, no later than 6 months before the end of the period to be increased, the FCA has submitted to the Treasury an assessment as to the effect of extending, or not extending, the period in paragraph 12G.

• (3) Regulations under sub-paragraph (1) may not extend the period for the time being by more than 12 months.

• (4) A statutory instrument containing regulations under sub-paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.

PART 4 — Supplementary provision

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• (1) The reference in regulation 61 of the Electronic Money Regulations 2011 (FCA’s indemnity from liability in damages) to the functions of the FCA under those Regulations is to be read as including a reference to its functions under Parts 1 and 1A of this Schedule.

• (2) The reference in regulation 121 of the Payment Services Regulations 2017 (FCA’s indemnity from liability in damages) to the functions of the FCA under those Regulations is to be read as including a reference to its functions under Parts 2 and 3 of this Schedule.

• (3) “The FCA” means the Financial Conduct Authority.

Supervision and enforcement of persons to whom paragraph 12B applies

Supervision and enforcement of persons to whom paragraph 12L (exemption from prohibition) applies

12HA

• (1) The following sub-paragraphs apply in relation to a person to whom paragraph 12L applies.

• (2) Sections 165, 166, 175 and 177 of the 2000 Act, as modified by Schedule 3 to EMR 2011, apply as if the references to an electronic money issuer were references to a person who is exempt from the prohibition in regulation 63(1) of those Regulations by virtue of paragraph 12L.

• (3) If the FCA considers that a person—

• (a) has not notified the FCA in accordance with paragraph 12C; or

• (b) has acted in a manner which the FCA considers contrary to the advancement of its objectives under EMR 2011 or the 2018 Regulations,

the FCA may publish a statement to that effect.

• (4) The procedure in regulation 53 of EMR 2011 applies to the publication of a statement under sub-paragraph (3) as if the references to regulation 50 were references to this paragraph.

• (5) Section 393(4) of the 2000 Act applies to notices issued in accordance with this paragraph in the same way as it applies to notices issued in accordance with regulation 53 in relation to the publication of statements under regulation 50 of EMR 2011 by virtue of paragraph 8 of Schedule 3 to EMR 2011.

• (6) The FCA may, if it considers it appropriate to do so, publish information provided under paragraph 12C in respect of a person.

• (7) Publication under sub-paragraph (6) is to be in such a manner as the regulator considers appropriate.

Variation and cancellation of authorisation

Variation and cancellation: procedure

Power to charge fees

Exemption from prohibition

Duration of extension period

Supervision and enforcement of persons to whom paragraph 26 applies

Supervision and enforcement of persons to whom paragraph 36 applies

32A

• (1) The following sub-paragraphs apply in relation to a person to whom paragraph 36 applies.

• (2) Sections 165, 166, 175 and 177 of the 2000 Act, as modified by paragraph 4 of Schedule 6 to the PSR 2017, apply as if the references to a payment service provider were to a person who is exempt from the prohibition in regulation 138(1) of those Regulations by virtue of paragraph 36.

• (3) If the FCA considers that a person—

• (a) has not notified the FCA in accordance with paragraph 27; or

• (b) has acted in a manner which the FCA considers contrary to the advancement of its objectives under the PSR 2017 or the 2018 Regulations,

the FCA may publish a statement to that effect.

• (4) The procedure in regulation 112 of the PSR 2017 applies to the publication of a statement under sub-paragraph (3) as if the references to regulation 110 were references to this paragraph.

• (5) Section 393(4) of the 2000 Act applies to notices issued in accordance with this paragraph in the same way as it applies to notices issued in accordance with regulation 53 in relation to the publication of statements under regulation 110 of the PSR 2017 by virtue of paragraph 10 of Schedule 6 to the PSR 2017.

• (6) The FCA may, if it considers it appropriate to do so, publish information provided under paragraph 27 in respect of a person.

• (7) Publication under sub-paragraph (6) is to be in such a manner as the regulator considers appropriate.

Variation and cancellation of authorisation

Variation and cancellation: procedure

Power to charge fees

Exemption from prohibition

Duration of extension period