(2)M1Regulations under section 2(2) of the European Communities Act 1972 for the purpose of implementing—

[F1(a)Articles 52 and 159 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 relating to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (which requires the United Kingdom to make provision for the exercise in the United Kingdom by supervisory authorities of other Member States of information and inspection powers in relation to institutions authorised by them), or

(b)Articles 119(2) and (3), 122 and 124 to 126 of that Directive (which make similar provision in relation to the consolidated supervision of institutions).]

may, notwithstanding paragraph 1(1)(d) of Schedule 2 to that Act, create offences punishable in the same way as offences [F2punishable on summary conviction under section 177 of the Financial Services and Markets Act 2000].

(3)In this section—

• “the Second Banking Co-ordination Directive” means the M2Community Council Directive No. 89/646/EEC on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions and amending Directive 77/780/EEC; and

• “the Supervision of Credit Institutions Directive” means the M3Community Council Directive No. 92/30/EEC on the supervision of credit institutions on a consolidated basis.

(4)Subsection (1) shall not affect the punishment for an offence committed before that subsection comes into force.