SCHEDULE 3Application and modification of legislation

PART 1Application and modification of the 2000 Act

Disciplinary powersF361

Sections 66 (disciplinary powers) to 70 (statements of policy: procedure) of the 2000 Act apply with the following modifications—

a

in section 66 omit subsections (3)(aa) to (ac), (3A) to (3D), (5A), (8) and (9); and

b

for section 66A substitute—

66A

1

For the purpose of action by the FCA, a person is guilty of misconduct if, while a relevant person, the person has been knowingly concerned in

F54a

a contravention of the Electronic Money Regulations 2011 by an electronic money issuer which is an electronic money institution, credit institution, credit union or municipal bank F55, or

b

a contravention of a requirement imposed by or under section 312R of the 2000 Act by an electronic money institution.

F562

“Relevant person” means—

a

in relation to subsection (1)(a), any person responsible for the management of the electronic money issuer or, where relevant, any person responsible for the management of electronic money issuance by the electronic money issuer, or

b

in relation to subsection (1)(b), any person responsible for the management of the electronic money institution or, where relevant, any person responsible for the management of electronic money issuance by the electronic money institution.

c

in section 67—

i

omit subsections (2A), (2B), (5A), (5B), (8) and (9);

ii

in subsection (1) omit the words from “; and if it proposes” to the end;

iii

in subsection (4) omit the words from “and if it decides” to the end; and

iv

in subsection (7) omit the words “and if the regulator decides” to the end.

The Tribunal2

M1Part 9 of the 2000 Act (hearings and appeals) applies in respect of references to the Upper Tribunal made under these Regulations as it applies in respect of references to the Upper Tribunal made under that Act, with the following modifications—

a

in section 133 M2 (proceedings before Tribunal: general provision)—

i

omit subsection (1)(b) and (c);

ii

in subsection (2) in the definition of “relevant decision” omit “, (b) or (c)”;

F1iia

for subsection (7A) substitute—

7A

A reference is a “disciplinary reference” for the purposes of this section if it is in respect of any of the following decisions—

a

a decision to publish a statement under regulation 50 of the Electronic Money Regulations 2011;

b

a decision to impose a penalty under regulation 51 of those Regulations;

c

a decision to suspend or impose a restriction on authorisation under regulation 52 of those Regulations;

d

a decision to take action under section 66 of the 2000 Act as applied by those Regulations;

e

a decision to take action under section 345 of the 2000 Act as applied by those Regulations.

b

in section 133A (decision and supervisory notices, etc)—

i

in subsection (1) omit “, as a result of section 388(2),”; and

F33ii

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c

in section 133B (offences)—

i

omit subsection (1)(b) and (c); and

ii

in subsection (4)(a) for “the statutory maximum” substitute “ level 5 on the standard scale ”.

F37Authority rules2A

1

Section 137A of the 2000 Act applies for the purposes of these Regulations as if—

a

references to authorised persons were references to authorised electronic money institutions F49and small electronic money institutions;

b

in subsection (1)—

i

the reference in paragraph (a) to the carrying on of regulated activities were to the issuance of electronic money, and

ii

the reference in paragraph (b) to the carrying on of activities which are not regulated activities were to the carrying on of activities in connection with the issuance of electronic money;

F50c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F60c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F581A

Section 137B of the 2000 Act (FCA general rules: clients’ money, right to rescind etc) applies as if—

a

references to authorised persons were references to authorised electronic money institutions and small electronic money institutions;

b

after subsection (1) there were inserted—

1A

Rules relating to the safeguarding of relevant assets held by an authorised electronic money institution, a small electronic money institution or a relevant credit union (“a relevant institution”) may—

a

make any provision in relation to those relevant assets which might be made under subsection (1) in relation to clients’ money;

b

treat two or more relevant assets as being part of a single asset pool, and make provision for the distribution of assets in that pool;

c

authorise the retention by a relevant institution of income or capital gains accruing in relation to relevant assets;

d

make provision as to the distribution of such income or capital gains which are not to be retained by the relevant institution.

c

in subsection (2) the references to “clients’ money” and “money” were read as including a reference to relevant assets;

d

after subsection (3), there were inserted—

3A

“Relevant assets” means assets held by a relevant institution to satisfy its obligations to safeguard funds received—

a

in exchange for electronic money that has been issued, or

b

where no electronic money has been issued—

i

from, or for the benefit of, a payment service user for the execution of a payment transaction, or

ii

from a payment service provider for the execution of a payment transaction on behalf of a payment service user,

including proceeds derived from the realisation of such assets.

3B

Assets which may be “relevant assets” include—

a

money;

b

insurance policies, including rights arising under those policies;

c

guarantees, including rights arising under those guarantees;

d

other investments, whether or not specified by the Treasury under section 22 of the 2000 Act.

3C

A “relevant credit union” means a credit union which issues electronic money.

3D

In paragraph (1A)(b), “asset pool” means a collection of assets collectively owned by those persons whose funds the relevant institution is required to safeguard, and in which the relevant institution may also have an interest.

1B

Section 137P (control of information rules) of the 2000 Act applies as if—

a

references to authorised persons were references to authorised electronic money institutions and small electronic money institutions;

b

the reference to “Either regulator” were read as a reference to the FCA.

2

Sections 137T (general supplementary powers) and 141A (power to make consequential amendments of references to rules) and Chapter 2 of Part 9A (rules: modification, waiver, contravention and procedural provisions) of the 2000 Act apply in relation to rules made pursuant to F61sub-paragraphs (1), (1A) or (1B) as they do in relation to other rules made by the FCA under F62sections 137A, 137B and 137P of the 2000 Act, subject to F63sub-paragraphs (2A) and (3).

F592A

Section 138C (evidential provisions) applies as if in that section—

a

in subsection (1) “by other provisions of this Act” were read as “by or under the Electronic Money Regulations 2011”;

b

references to “either regulator”, “a regulator”, “that regulator” or to “the regulator making the rule” were read as references to the FCA.

F643

Section 138D (actions for damages) applies as if in that section—

a

subsection (1) were omitted;

b

in subsection (2), the reference to “an authorised person” were a reference to “an authorised payment institution, a small payment institution, a registered account information service provider or an electronic money institution”;

c

subsection (6) were omitted and “private person” has the meaning given in regulation 72(3) of these Regulations (right to bring actions).

Information gathering and investigations3

M3Part 11 of the 2000 Act (information gathering and investigations) applies with the following modifications—

a

in section 165 (F6Regulator’s power to require information: authorised persons etc)—

i

for references to “an authorised person” substitute “ a person mentioned in paragraph (a), (b), F41... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

ii

in subsection (4) for “this Act” substitute “ the Electronic Money Regulations 2011 ”; and

iii

in subsection (7) omit paragraphs F3(b), (c) and (d);

F4b

in section 166 (reports by skilled persons)—

i

in subsection (2), for paragraph (a) substitute—

a

a person mentioned in paragraph (a), (b), F43... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 (“A”)

ii

omit subsections (10) and (11);

F2ba

in section 166A (appointment of skilled person to collect and update information), for each reference to an “authorised person” substitute “person mentioned in paragraph (a), (b), F40... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011;

c

in section 167 M4 (appointment of persons to carry out general investigations)—

i

in subsection (1)—

F7aa

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

bb

in paragraph (a) for “a recognised investment exchange or an authorised person or of an appointed representative” substitute “ a person mentioned in paragraph (a), (b), F44... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

cc

in paragraph (c) for “a recognised investment exchange or an authorised person” substitute “ a person mentioned in paragraph (a), (b), F45... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

ii

in subsection (4)—

aa

for “in relation to a former authorised person (or appointed representative)” substitute “ in relation to a person who was formerly a person mentioned in paragraph (a), (b), F46... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

bb

in paragraph (a) for “he was an authorised person (or appointed representative)” substitute “ it was a person mentioned in paragraph (a), (b), F47... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”; and

cc

for paragraph (b) substitute—

b

the ownership or control of a person who was formerly a person mentioned in paragraph (a), (b), F48... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 at any time when it was such a person.

iii

in subsection (5) for “regulated activities” substitute “ the activity of issuing electronic money ”; F8...

F5iiia

for subsection (5A) substitute—

5A

“Investigating authority” means the FCA.

iv

omit subsection (6) M5;

d

M6in section 168 (appointment of persons to carry out investigations in particular cases)—

i

in subsection (1)—

F9aa

before paragraph (b) insert—

ab

a person may have contravened any requirement of or imposed under the Electronic Money Regulations 2011F57or section 312R;

F39 ac

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F39ad

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

bb

in paragraph (b) for “, F10191F,” to the end substitute “ or 191F or under regulation 63, 64 or 66 of the Electronic Money Regulations 2011. ”;

ii

for subsection (2) substitute—

2

Subsection (3) also applies if it appears to an investigating authority that there are circumstances suggesting that a person may be guilty of an offence under, or has contravened a requirement of, F38the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

iii

omit subsections (4) and (5); and

F11iv

for subsection (6), substitute—

6

“Investigating authority” means the FCA.

e

in section 169 (investigations etc in support of overseas regulator)—

i

in subsection (8) for “Part XXIII” substitute “ sections 348, 349F12... and 352, as applied with modifications by the Electronic Money Regulations 2011 ”; and

ii

in subsection (13) for “has the same meaning as in section 195” substitute “ means a competent authority designated in accordance with Article 3 of the electronic money directive ”;

f

in section 170 (investigations: general)—

i

in subsection (1) omit “or (5)”;

ii

in subsection (3)(a) omit “or (4)”; and

iii

for subsection (10) substitute—

10

“Investigating authority”, in relation to an investigator, means F13the FCA.

g

in section 171 M7 (powers of persons appointed under section 167), omit subsections (3A) and (7);

h

in subsection (4) of section 172 (additional power of persons appointed as a result of section 168(1) or (4)), omit “or (4)”;

i

in section 174 (admissibility of statements made to investigators)—

i

in subsection (2) omit “or in proceedings in relation to action to be taken against that person under section 123”;

ii

in subsection (3)(a) for “398” substitute “ regulation 66 of the Electronic Money Regulations 2011 ”; and

iii

in subsection (4) omit “or (5)”;

j

in subsection (8) of section 175 (information and documents: supplemental provisions) omit “or (5)”;

k

in section 176 M8(entry of premises under warrant)—

i

in subsection (1)—

aa

omit “the Secretary of State,”; and

bb

for “the first, second or third” substitute “ the first or second ”;

ii

in subsection (3)(a) for “an authorised person or an appointed representative” substitute “ a person mentioned in paragraph (a), (b), F42... (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011 ”;

iii

omit subsection (4);

iv

in subsection (10) omit “or (5)”;

v

in subsection (11)(a) omit “87C, 87J,”; and

l

in subsection (5)(a) of section 177 (offences)—

i

for “six months” substitute “ three months ”; and

ii

for “the statutory maximum” substitute “ level 5 on the standard scale ”.

Control over electronic money institutionsC14

Part 12 M9 of the 2000 Act (control over authorised persons) applies with the following modifications—

a

for references to “UK authorised person” substitute “ electronic money institution ”;

F14aa

in section 178 for subsection (2A) substitute—

2A

In this Part, “the appropriate regulator” means the FCA.

ab

in section 187(2)(b) omit “section 187A(3)(b) or”;

ac

omit section 187A;

b

in section 188 (assessment: consultation with EC competent authorities)—

i

in subsections (1) and (2) after “home state regulator” insert “ or home state competent authority ”; and

ii

in subsection (3) after “host state regulator” insert “ or host state competent authority ”;

F15ba

in section 191A omit subsection (4A);

F16c

in section 191B (restriction notices)—

i

omit subsection (2A);

ii

after subsection (2B) insert—

2C

In a restriction notice, the FCA must direct that voting power to which the notice relates is, until further notice, not to be exercisable.

iii

for subsection (3)(b) substitute—

b

voting power that has been exercised as a result of the acquisition is void;

F17ca

in section 191C omit subsection (2A);

cb

in section 191D omit subsection (1A);

d

after section 191E (requirements for notices under section 191D) insert—

191EADirection by F18the FCA

F18The FCA may direct that this Part does not apply in respect of an electronic money institution which carries on business activities other than the issuance of electronic money and payment services.

e

in section 191F (offences) in subsections (8)(a) and (9)(a), for “the statutory maximum” substitute in each case “ level 5 on the standard scale ”;

f

in section 191G (interpretation), in subsection (1), omit the definition of “UK authorised person”; and

g

omit section 192 (power to change definitions of control etc.).

Incoming firms: interventions by the AuthorityF514A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Auditors and actuaries5

Part 22 (auditors and actuaries) applies with the following modifications—

a

for references to “authorised person” substitute “ electronic money institution ”; F19...

F20aa

for references to “appropriate regulator” or “regulator” substitute “FCA”;

ab

omit all references to “recognised investment exchange”;

F65ac

in section 340 (appointment)—

i

for references to the “regulator making the rules” substitute “FCA”;

ii

for references to “an authorised person” substitute “an electronic money institution or a person required by regulation 3B of the Electronic Money Regulations 2011 to provide an audit opinion to the FCA”;

iii

omit subsections (3A), (5A) and (8)(b);

iv

in subsection (5), omit “(3A) or”;

ad

in section 344 omit subsection (4);

ae

in section 345—

i

in subsection (2)(a) omit “or any particular class of authorised person;”;

ii

omit subsection (2)(b);

iii

in subsection (3)(a), for “FCA-authorised person” substitute “electronic money institution”;

iv

omit subsection (3)(b), (c) and (d);

v

omit subsection (4);

af

omit section 345A;

ag

in section 345B—

i

in paragraph (1) omit “or the PRA proposes to act under section 345A(3)”;

ii

in paragraphs (4) and (7) omit “or the PRA decides to act under section 345A(3)”;

ah

in section 345C omit “or 345A(4)(b)”;

ai

in section 345D omit subsections (2) and (9);

b

in subsection (1)(a) of section 346 (provision of false or misleading information)—

i

for “six months” substitute “ three months ”; and

ii

for “the statutory maximum” substitute “ level 5 on the standard scale ”.

Restriction on disclosure of information6

Sections 348 (restrictions on disclosure of confidential information by F21FCA, PRA etc), 349 (exceptions from section 348)F22... and 352M10 (offences) of the 2000 Act apply with the following modifications—

a

in section 348—

F23i

in subsection (2)(b) for the words from “, the PRA” to the end substitute “under the Electronic Money Regulations 2011; and

ii

in subsection (3)(a) for “this Act” substitute “ the Electronic Money Regulations 2011 ”;

iii

in subsection (5)—

aa

for “this Part”, substitute “ the Electronic Money Regulations 2011 ”;

bb

omit paragraphs F24(aa) and (c);

cc

in paragraph (e) for “a person mentioned in paragraphs (a) to (c)” substitute “F25the FCA”;

F26dd

in paragraph (ea) for “a person mentioned in those paragraphs” substitute “the FCA”;

ee

in paragraph (f) for “a person mentioned in those paragraphs” substitute “the FCA

F27iv

in subsection (6) for paragraphs (a) and (b) substitute “any body or person appointed under regulation 48 of the Electronic Money Regulations 2011”; and

F28b

in section 349—

i

in subsection (2)(c) omit “or the PRA”;

ii

omit F52subsection (3A).

InsolvencyF537

The sections of the 2000 Act mentioned in the first column of the Table apply with any modifications shown in the third column.

Section

Subject

Modifications

Generally (for the sections mentioned below)

To be read as if—

(a) references to an authorised person or recognised investment exchange were to an electronic money institution;

(b) references to the appropriate regulator, or to the regulator or a regulator, were to the FCA;

(c) references to creditors included users or holders.

Section 356

Powers of FCA to participate in proceedings: company voluntary arrangements

To be read as if subsections (4) and (5) were omitted.

Section 357

Powers of FCA to participate in proceedings: individual voluntary arrangements

To be read as if subsections (7) and (8) were omitted.

Section 358

Powers of FCA to participate in proceedings: trust deeds for creditors in Scotland

To be read as if subsection (6A) were omitted.

Section 359

Administration order

To be read as if—

(a) subsection (1)(b) were omitted;

(b) subsection (1)(c) were substituted with—

“(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”;

(c) subsection (1A) were omitted;

(d) in subsection (3)(a), the reference to an agreement were to a contract for electronic money issuance or payment services;

(e) subsection (3)(b) and (c) were omitted;

(f) in subsection (4) the definitions of “agreement, “authorised deposit taker”, “authorised reclaim fund” and “relevant deposit” were omitted;

(g) subsection (5) were omitted.

Section 361

Administrators duty to report to FCA

To be read as if—

(a) in subsection (2)(a) the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011;

(b) subsection (2)(b) were omitted;

(c) subsection (2A) were omitted;

(d) in subsection (3)(b) the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011.

Section 362

Powers of FCA to participate in proceedings

To be read as if—

(a) subsection (1)(b) were omitted;

(b) subsection (1)(c) were substituted with—

“(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”;

(c) subsections (7) and (8) were omitted.

Section 362A

Administrator appointed by company or directors

To be read as if subsection (2B) were omitted.

Section 363

Receivership: powers of FCA to participate in proceedings

To be read as if—

(a) subsection (1)(b) were omitted;

(b) subsection (1)(c) were substituted with—

“(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”;

(c) subsection (6) were omitted.

Section 364

Receiver’s duty to report to FCA

To be read as if—

(a) in subsection (b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011,”;

(b) in the words after subsection (b), the words from “and,” to the end were omitted.

Section 365

Voluntary winding up: powers of FCA to participate in proceedings

To be read as if subsection (8) were omitted.

Section 367

Winding-up petitions

To be read as if—

(a) subsection (1)(b) were omitted;

(b) subsection (1)(c) were substituted with—

“(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”;

(c) subsection (1A) were omitted;

(d) in subsection (4) for “an agreement” there were substituted “a contract for electronic money issuance or payment services”;

(e) subsection (5) were omitted.

Section 370

Liquidator’s duty to report to FCA

To be read as if —

(a) in subsection (1)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011,”;

(b) in the words after subsection (1)(b), the words from “and,” to the end were omitted;

(c) in subsection (2)(b), the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011.

Section 371

Winding up: powers of FCA to participate in proceedings

To be read as if —

(a) subsection (1)(b) were omitted;

(b) subsection (1)(c) were substituted with—

“(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”;

(c) subsections (6) and (7) were omitted.

Section 372

Bankruptcy: Petitions

To be read as if —

(a) subsection (1A) were omitted;

(b) in subsections (3) and (4), the reference to agreement, in both places it occurs, were to a contract for electronic money issuance or payment services;

(c) in subsections (2) and (6) the reference to subsection (1A), in each place it occurs, were omitted;

(d) in subsection (7)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”;

(e) subsection (8) were omitted.

Section 373

Bankruptcy: insolvency practitioner’s duty to report to FCA

To be read as if —

(a) in subsection (1)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011,”;

(b) in the words after subsection (1)(b), the words from “and,” to the end were omitted;

(c) in subsection (1A)(b), the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011.

Section 374

Bankruptcy: powers of FCA to participate in proceedings

To be read as if —

(a) in subsection (5)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”;

(b) in subsection (6)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”;

(c) subsections (7) and (8) were omitted.

Section 375

Provisions against debt avoidance: right of FCA to apply for an order

To be read as if—

(a) in subsection (1)(a), for the words from “carrying” to the end there were substituted “issuing electronic money (whether or not in contravention of regulation 63(1) of the Electronic Money Regulations 2011);”;

(b) in subsection (1)(b), the reference to a regulated activity carried on were to electronic money issuance services being provided;

(c) subsection (1A) were omitted;

(d) in subsection (2), “or subsection (1A)(b) (as the case may be)” were omitted.

Warning notices and decision notices8

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

F29za

in section 387 (warning notices), omit subsections (1A) and (3A);

a

in section 388 (decision notices), F30omit subsections (1A) and (2);

b

in section 390 M11 (final notices)—

i

omit subsections (6) and (10); and

ii

in subsection (8) omit “or (6)(c)”;

c

in section 391 (publication)—

F31iza

for subsection (1ZB) substitute—

1ZB

A warning notice falls within this subsection if it is given under—

a

section 67;

b

section 345B;

c

regulation 10 of the Electronic Money Regulations 2011 (including regulation 10 as applied by regulation 15 of those Regulations);

d

regulation 29 of those Regulations;

e

regulation 35 of those Regulations;

f

regulation 53 of those Regulations; or

g

regulation 56 of those Regulations.

izb

omit subsection (6A);

i

in subsection (10) for “has the same meaning as in section 395” substitute “ means a notice given under regulation 11(6), (9) or (10)(b) (including as applied by regulation 15) of F34, or paragraph 4 of Schedule 4A to, the Electronic Money Regulations 2011 ”; and

ii

omit subsection (11).

d

for section 392 M12 (application of sections 393 and 394) substitute—

392

Sections 393 and 394 apply to—

a

a warning notice given in accordance with regulations 10(4) (including as applied by regulation 15), 29(2) (in relation to the cancellation of a registration), 35(2), 53(1) or 56(1) of the Electronic Money Regulations 2011;

b

a decision notice given in accordance with regulations 10(5)(a) (including as applied by regulation 15), 29(3)(a) (in relation to the cancellation of a registration), 35(3)(a), 53(3) or 56(3) of the Electronic Money Regulations 2011.

e

in section 395 F32(the FCA’s and PRA’s procedures) in subsection (13) for “in accordance with” to the end substitute “ under regulation 11(6), (9) or (10)(b) (including as applied by regulation 15) of F35, or paragraph 4 of Schedule 2A to, the Electronic Money Regulations 2011. ”.

Limitation on powers to require documents9

Section 413 of the 2000 Act (protected items) applies for the purposes of these Regulations as it applies for the purposes of that Act.