SCHEDULE 7Application and modification of legislation
PART 1Application and modification of the Act
The Tribunal1
1
Section 13345 (proceedings before Tribunal: general provision) to section 133B46 (offences) of the Act apply in respect of references and appeals made to the Tribunal under these Regulations as they apply in respect of references and appeals made to the Tribunal under the Act in respect of a decision of the FCA with the following modifications.
2
Section 133 applies as if for subsection (7A) there were substituted—
7A
A reference is a “disciplinary reference” for the purposes of this section if it is in respect of any of the following decisions made under the Payment Accounts Regulations 2015—
a
a decision to publish a statement under regulation 33;
b
a decision to impose a penalty under regulation 34;
c
a decision to publish a statement under regulation 35;
d
a decision to impose a penalty under regulation 35.
3
Section 133A47 (Proceedings before Tribunal: decision and supervisory notices, etc.) applies as if in subsection (1) “, as a result of section 388(2),” were omitted.
Information gathering and investigations2
1
Subject to sub-paragraph (2), Part 11 of the Act (information gathering and investigations) applies to the Authority’s functions under these Regulations as it applies to its functions under the Act with the modifications set out in sub-paragraphs (3) to (16).
2
3
References to an authorised person are to be treated as references to a payment service provider.
4
References to a regulator (other than to an overseas regulator) are to be treated as references to the Authority.
5
Section 16550 (Authority’s power to require information) applies as if in subsection (7) paragraphs (b), (c) and (d) were omitted.
6
Section 16651 (reports by skilled persons) applies as if subsections (10) and (11) were omitted.
7
Section 166A52 (appointment of skilled person to collect and update information) applies as if subsection (10) were omitted.
8
Section 16753 (appointment of persons to carry out general investigations) applies as if—
a
references to an investigating authority were references to the Authority;
b
references to—
i
a recognised investment exchange; and
ii
an appointed representative;
were omitted;
c
in subsection (5) for “regulated activities” there were substituted “payment services F1as defined in regulation 2(1) of the Payment Services Regulations 2017, as amended from time to time”; and
d
subsections (5A) and (6) were omitted.
9
Section 16854 (appointment of persons to carry out investigations in particular cases) applies as if—
a
references to an investigating authority were references to the Authority;
b
in subsection (1)—
i
in paragraph (b) for “191F” to the end, there were substituted “or;”;
ii
after paragraph (b) there were inserted—
c
a person may have contravened any requirement of or imposed under the Payment Accounts Regulations 2015.
c
subsections (2), (4), (5) and (6) were omitted.
10
Section 16955 (investigations etc in support of overseas regulator) applies as if—
a
b
in subsection (8) for “Part XXIII” there were substituted “sections 348, 349 and 352”; and
c
subsection (13) were omitted.
11
Section 17056 (investigations: general) applies as if—
a
references to an investigating authority were references to the Authority;
b
in subsection (1) “or (5)” were omitted;
c
in subsection (3)(a) “or (4)” were omitted;
d
subsection (3)(b) were omitted; and
e
subsection (10) were omitted.
12
Section 17157 (powers of persons appointed under section 167) applies as if subsections (3A) and (7) were omitted.
13
Section 172 (additional power of persons appointed as a result of section 168(1) or (4)) applies as if in subsection (4) “or (4)” were omitted.
14
Section 17458 (admissibility of statements made to investigators) applies as if—
a
in subsection (2)—
i
“or in proceedings in relation to action to be taken against that person under section 123”; and
ii
“or (as the case may be) a regulator”;
were omitted;
b
in subsection (3)(a) “177(4) or” were omitted;
c
in subsection (4) “or (5)” were omitted; and
d
in subsection (5) “, 173” were omitted.
15
Section 17559 (information and documents: supplemental provisions) applies as if in subsection (8) “or (5)” were omitted.
16
Section 17660 (entry of premises under a warrant) applies as if—
a
in subsection (1) “the Secretary of State,” were omitted;
b
in subsection (3)(a) “or an appointed representative” were omitted;
c
in subsection (10) “or (5)” were omitted;
d
in subsection (11)(a) for “87C” to “169A” there were substituted “165”; and
e
in subsection (11)(b) “, 173” were omitted.
Restriction on disclosure of information3
1
Sections 34861 (restrictions on disclosure of confidential information by FCA, PRA etc), 34962 (exceptions from section 348) and 352 (offences) of the Act apply to information received in connection with the Authority’s functions under these Regulations as they apply in relation to information received in connection with the Authority’s functions under the Act with the following modifications.
2
Section 348 applies as if—
a
in subsection (3)(a) for “this Act” there were substituted “the Payment Accounts Regulations 2015”;
b
in subsection (5)—
i
paragraphs (aa) and (c) were omitted;
ii
in paragraph (e) for “paragraphs (a) to (c)” there were substituted “paragraph (a)”;
iii
in paragraph (ea) for “those paragraphs” there were substituted “that paragraph”;
iv
paragraph (f) were omitted;
c
subsection (6) were omitted.
3
Section 349 applies as if subsections (3A) and (3B) were omitted.
4
Section 352 applies as if—
a
in subsection (1) “or 350(5)” were omitted;
b
subsection (4) were omitted;
c
in subsection (5) “or (4)” were omitted;
d
in subsection (6)(a) “or that it had been disclosed in accordance with section 350” were omitted.
Warning notices and decision notices4
1
Subject to sub-paragraph (2), Part 26 of the Act (notices) applies to notices given by the Authority under these Regulations as it applies to notices given by the Authority under the Act with the following modifications.
2
Section 391A63 does not apply.
3
Section 38764 (warning notices) applies as if subsections (1A) and (3A) were omitted.
4
Section 38865 (decision notices) applies as if subsections (1A) and (2) were omitted.
5
Section 39066 (final notices) applies as if—
a
subsections (6) and (10) were omitted; and
b
in subsection (8) “or (6)(c)” were omitted.
6
Section 39167 (publication) applies as if—
a
for subsection (1ZB) there were substituted—
1ZB
A warning notice falls within this subsection if it is given under regulation 36 of the Payment Accounts Regulations 2015.
7
Section 39268 (application of sections 393 and 394) applies as if for paragraphs (a) and (b) there were substituted—
warning noticed and decision notices given in accordance with regulation 36 of the Payment Accounts Regulations 2015.
8
Section 39569 (the FCA’s and PRA’s procedures) applies as if—
a
subsection (1)(b)(ii) were omitted;
b
in subsection (9) “other than a warning notice or decision notice relating to a decision of the PRA that is required by a decision of the FCA of the kind mentioned in subsection 1(b)(ii)” were omitted;
c
subsection (9A) were omitted; and
d
in subsection (13) for “in accordance with” to the end there were substituted “under regulation 31 of the Payment Accounts Regulations 2015.”.
Misleading the Authority5
Section 39870 of the Act (misleading FCA or PRA: residual cases) applies in respect of requirements imposed by or under these Regulations, as it applies in respect of requirements imposed by or under the Act.
Institution of proceedings6
Section 40171 of the Act (proceedings for offences) applies in respect of offences under these Regulations as it applies in respect of offences under the Act, but as if—
a
references to the appropriate regulator were references to the Authority; and
b
subsections (3A) and (3B) were omitted.
Limitation on power to require documents7
Section 413 of the Act (protected items) applies for the purposes of these Regulations as it applies for the purposes of the Act.