SCHEDULE 2Amendments of subordinate legislation

The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012248

1

The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012358 are amended as follows.

2

In regulation 2(1) (interpretation), in the definition of “the Authority”, for “Financial Services Authority” substitute “Financial Conduct Authority”.

3

In regulation 14 (costs of supervision)—

a

in paragraphs (1), (2)(a) and (2)(b) for “paragraph 17 of Part 3 of Schedule 1” substitute “paragraph 23 of Part 3 of Schedule 1ZA”359;

b

in paragraph (2)(a), for “2(3) (the Authority’s general duties)” substitute “1B(5)(a) (regulatory principles to be applied by FCA)”;

c

in paragraph (2)(b), for “159(1)” substitute “140A(1)”;

d

in paragraph (2)(c), for “paragraph 17(2) and (3) of Part 3 of Schedule 1” substitute “paragraph 23(7) of Part 3 of Schedule 1ZA”.

4

In regulation 16 (exemption from liability in damages), for “19” substitute “25” and for “Schedule 1” substitute “Schedule 1ZA”.

5

In regulation 17 (exchange of information), after “Authority” in both places insert “and the Prudential Regulation Authority”.

6

In the Schedule (application and modification of legislation)—

a

in paragraph 1(a)(iii), after “subsections” insert “(2A),”;

b

in paragraph 2(a), for “Authority’s” substitute “regulator’s”;

c

in paragraph 2(a)(iii), for “(b) and (c)” substitute “(b), (c) and (d)”;

d

in paragraph 2(b), for “Authority’s” substitute “PRA’s”;

e

for paragraph 2(c) substitute—

c

in sections 166 (reports by skilled persons) and 166A (appointment of skilled person to collect and update information)—

i

for “an authorised person” in each place those words appear, substitute “a payment service provider (within the meaning given by regulation 2 of the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012)”;

ii

omit subsections (10) and (11) of section 166;

f

in paragraph 2(e)(i)(bb), for ““191”” substitute ““191F””;

g

for paragraph 2(e)(iii) substitute—

iii

for subsection (6), substitute—

6

“Investigating authority” means the FCA.

h

for paragraph 3 substitute—

Disciplinary measures3

Sections 210 (statements of policy) and 211 (statements of policy: procedure) apply in respect of the imposition and amount of penalties under regulation 6 as they apply in respect of the imposition and amount of penalties under section 206 (financial penalties) of the 2000 Act with the following modifications to section 210—

a

a reference to a regulator is to the FCA; and

b

after subsection (8) insert—

9

Until such time a statement of policy has been issued in respect of the imposition and amount of penalties under regulation 6 of the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012, any statement issued under this section as applied by paragraph 3 of the Schedule to the Cross-Border Payments in Euro Regulations 2010 shall also apply for the purposes of this section.

i

in paragraph 4(a)(i), for “competent authority” substitute “PRA”;

j

in paragraph 4(a)(iii)(bb), for “(b)” substitute “(aa)”;

k

for paragraph 4(a)(iii)(cc), substitute—

cc

for paragraph (d), substitute—

d

a person appointed to make a report under section 166 or 166A;

l

in paragraph 4(a)(iii)(ee), for “paragraph (f)” substitute “paragraphs (ea) and (f)”;

m

for paragraph 4(iv), substitute—

iv

for subsection (6) substitute—

6

In subsection (5)(f), “expert” includes any body or person appointed under regulation 4(2) of the Payment in Euros (Credit Transfers and Direct Debits) Regulations 2012.

n

in paragraph 5(c), after “(5),” insert “(5A), (6A),”;

o

in paragraph 5(e), for “Authority’s” substitute “FCA’s and PRA’s”;

p

for paragraph 7(a)(ii), substitute—

ii

omit subsection (5); and

q

in paragraph 8, before “under the 2000 Act” insert “given by the Authority”.