Source: http://www.legislation.gov.uk/uksi/2011/99/body/made
Timestamp: 2017-12-11 09:45:04
Document Index: 709752076

Matched Legal Cases: ['art 7', 'art 2', 'art 3', 'art 2', 'art 4', 'arts 5', 'art 16']

the Credit Unions Act 1979(3); or
the Credit Unions (Northern Ireland) Order 1985(4);
“the electronic money directive” means Directive 2009/110/EC(5) of the European Parliament and of the Council of 16th September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC(6) and 2006/48/EC and repealing Directive 2000/46/EC(7);
“the money laundering directive” means Directive 2005/60/EC of the European Parliament and of the Council of 26th October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing(8);
“municipal bank” means a company which, immediately before 1st December 2001, fell within the definition in section 103 of the Banking Act 1987(9);
“payment services” has the same meaning as in the Payment Services Regulations 2009(11);
“the payment services directive” means Directive 2007/64/EC of the European Parliament and of the Council of 13th November 2007 on payment services in the internal market(12);
(7) The applicant must comply with a requirement of the Money Laundering Regulations 2007(13) to be included in a register maintained under those Regulations where such a requirement applies to the applicant.
(a)an offence under Part 7 of the Proceeds of Crime Act 2002 (money laundering)(14) or under the Money Laundering Regulations 2007;
(b)an offence under section 15 (fund-raising), 16 (use and possession), 17 (funding arrangements), 18 (money laundering) or 63 (terrorist finance: jurisdiction) of the Terrorism Act 2000(15);
(d)an offence under the Terrorist Asset-Freezing etc. Act 2010(16) or the Al-Qaida and Taliban (Asset-Freezing) Regulations 2010(17);
(i)asset items falling into one of the categories set out in Table 1 of point 14 of Annex 1 to Directive 2006/49/EC(18) for which the specific risk capital charge is no higher than 1.6% but excluding other qualifying items as defined in point 15 of that Annex; or
“authorised custodian” means a person authorised for the purposes of the 2000 Act to safeguard and administer investments or authorised as an investment firm under Article 5 of Directive 2004/39/EC of 12th April 2004 on markets in financial instruments(19) which holds those investments under regulatory standards at least equivalent to those set out under Article 13 of that directive.
“authorised insurer” means a person authorised for the purposes of the 2000 Act to effect and carry out a contract of general insurance as principal or otherwise authorised in accordance with Article 6 of the First Council Directive 73/239/EEC of 24th July 1973 on the business of direct insurance other than life insurance(20), other than a person in the same group as the electronic money institution;
(2) Such accounting information must be subject, where relevant, to an auditor’s report prepared by the institution’s statutory auditors or an audit firm (within the meaning of Directive 2006/43/EC of the European Parliament and of the Council of 17th May 2006 on statutory audits of annual accounts and consolidated accounts(21)).
(e)the auditor is precluded from stating in the auditor’s report, where applicable, that the annual accounts give a true and fair view of the matters referred to in section 495 of the Companies Act 2006 (auditor’s report on company’s annual accounts) including as that section is applied and modified by regulation 39 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008(22) (“the LLP Regulations”); or
(f)the auditor is required to state in the auditor’s report in relation to the person concerned any of the facts referred to in subsection (2), (3) or (5) of section 498(23) of the Companies Act 2006 (duties of auditor) or, in the case of limited liability partnerships, subsection (2), (3) or (4) of section 498 as applied and modified by regulation 40 of the LLP Regulations.
31.—(1) Section 203 (power to prohibit the carrying on of Consumer Credit Act business)(24) and 204 (power to restrict the carrying on of Consumer Credit Act business)(25) of, and Schedule 16 (prohibitions and restrictions imposed by the Office of Fair Trading)(26) to, the 2000 Act apply in relation to EEA authorised electronic money institutions exercising passport rights in the United Kingdom under these Regulations as they apply in relation to EEA firms exercising passport rights under Part 2 of Schedule 3 to the 2000 Act (EEA passport rights) with the following modifications—
(2) Sections 21 (businesses needing a licence)(27) and 39(1) (offences against Part 3)(28) of the Consumer Credit Act 1974(29) do not apply in relation to the carrying on by an EEA authorised electronic money institution of electronic money issuance or a payment service which is Consumer Credit Act business, unless the Office of Fair Trading has exercised the power conferred on it by section 203 of the 2000 Act, as applied with modifications by paragraph (1), in relation to that institution.
(6) Sections 210(30) (statements of policy) and 211 (statements of policy: procedure) of the 2000 Act apply—
(b)rules made under paragraph 17 by virtue of this regulation are not to be treated as regulating provisions for the purposes of section 159(1) of the 2000 Act (competition scrutiny)(31);
(d)a credit institution authorised in the UK or exercising an EEA right in accordance with Part 2 of Schedule 3 to the 2000 Act (exercise of passport rights by EEA firms)(32);
(a)section 33 of the Criminal Justice Act 1925(33) (procedure on charge of offence against corporation) and section 46 of, and Schedule 3 to, the Magistrates’ Courts Act 1980(34) (corporations) apply as they do in relation to a body corporate;
(b)section 70 (of the Criminal Procedure (Scotland) Act 1995(35) (proceedings against bodies corporate) applies as it does in relation to a body corporate;
(c)section 18 of the Criminal Justice (Northern Ireland) Act 1945(36) (procedure on charge) and Schedule 4 to the Magistrates’ Courts (Northern Ireland) Order 1981(37) (corporations) apply as they do in relation to a body corporate.
(2) Subject to the requirements of the Data Protection Act 1998(38), sections 348(39) and 349(40) of the 2000 Act (as applied with modifications by paragraph 6 of Schedule 3 to these Regulations), regulation 49A of the Money Laundering Regulations 2007(41) and any other applicable restrictions on the disclosure of information, the Authority and the Commissioners may provide information to each other and—
(12) In this regulation, “Part 4 permission” has the same meaning as in the 2000 Act(42).
(b)is an EEA firm qualifying for authorisation under Schedule 3 to the 2000 Act(43) in respect of the activity of issuing electronic money; and
(3) In this regulation “electronic money institution” has the meaning given in Article 1(3)(a) of Directive 2000/46/EC of the European Parliament and of the Council of 18th September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions (“the first electronic money directive”)(44).
(a)has a certificate (which has not been revoked) given by the Authority under article 9C of the Financial Services and Markets 2000 (Regulated Activities) Order 2001(45) (“the Order”); and
(2) Parts 5 and 6 of these Regulations, and Part 16 of, and Schedule 17 to, the 2000 Act (the ombudsman scheme)(46), shall apply to a person falling within paragraph (1) as if the person were an electronic money institution.
78.—(1) For the purposes of the application of the 2000 Act or any provision made under or by virtue of it in relation to any person during the transitional period, paragraph 2 of Schedule 3(47) to that Act (definition of “Banking Consolidation Directive”) shall be read as if the amendments of the banking consolidation directive by the electronic money directive had not been made.