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”.