Regulation 62

Disciplinary powers

1. 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 -

(a) 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, or

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

(2)

"Relevant person" means -