The Transfer of Funds (Information on the Payer) Regulations 2007 (revoked)

UK Statutory Instrument 2007 No. 3298 — creates 4 criminal offences.

4offences created

0recorded in force

0revoked

Made: 22 November 2007
In force from: 15 December 2007
Extent: Not stated
Subject: Corporate, financial services, company law, employment, charity, electoral and tax
Made under: European Communities Act 1972, Financial Services and Markets Act 2000

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations make provision for the enforcement of the obligations set out in EC Regulation 1781/2006/EC of the European Parliament and of the Council of 15th November 2006 on information on the payer accompanying transfers of funds (“the EC Regulation”) (OJ No L 345, 8.12.2006). The EC Regulation imposes obligations on payment services providers when they make or receive a transfer of funds. An impact assessment has been prepared and a copy of this has been placed in the library of each House of Parliament and is available on HM Treasury’s website (www.hm-treasury.gov.uk). Part 2 makes provision for the supervision of payment service providers (individuals or businesses whose business includes services for the electronic transfer of funds on behalf of a payer). Regulation 3 allocates supervisors to payment service providers: those authorised by the Financial Services Authority will be supervised by it; those not so authorised are supervised by Her Majesty’s Revenue and Customs. Regulation 4 sets out the duties on the two supervisors. Regulation 5 enables supervisors to impose charges on providers they supervise for compliance with the EC Regulation. Part 3 provides enforcement powers for the supervisors. These include powers to obtain information from payment service providers and persons connected to them (in regulation 7), to enter and inspect premises (regulations 8 and 9), and to apply to court when a provider has failed to comply with a requirement to produce information to a supervisor (regulation 10). Civil penalties may be imposed by the supervisors under regulation 11 on providers who fail to comply with the requirements of the EC Regulation. Provision is made for reviews of and appeals against such penalties (regulations 12 and 13). Payment service providers and their officers and senior management who fail to comply with the requirements of the EC Regulation may also be guilty of a criminal offence (regulations 14 to 16). Providers convicted of a criminal offence may not also be liable to a civil penalty. Regulation 17 contains provision for the recovery of penalties and charges through the court. Regulation 18 reflects the position under Article 17(2) of the EC Regulation that transfers of funds between the United Kingdom and any of the Crown Dependencies are to be treated as transfers within the United Kingdom. Regulation 19 makes consequential amendments to primary legislation.

Offences created by this instrument

A payment service provider is guilty of an offence in respect of any transfer of funds to which the payments… regulation 14(1) · Status not determined · Mixed — some elements strict, some not
If an offence under regulation 14 committed by a body corporate is shown— a to have been committed with the consent or… regulation 16(1) · Status not determined · Strict liability
If an offence under regulation 14 committed by a partnership is shown— a to have been committed with the consent or… regulation 16(2) · Status not determined · Strict liability
If an offence under regulation 14 committed by an unincorporated association (other than a partnership) is shown— a to… regulation 16(3) · Status not determined · Strict liability

What Parliament said about it

Hansard was searched for this instrument by name and returned nothing. That is the ordinary outcome: an instrument laid under the negative procedure is usually never debated, and becomes law without a word said about it in either House.

How Parliament handled it

Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.

Check the source

This instrument on legislation.gov.uk The authoritative text, including amendments made since
Other instruments from 2007