ELM 8.7 Provision of information
Periodic reports
A small e-money issuer must:
- (1)
complete a Form ELM-SI (see ELM 8 Annex 2 R) as at the end of each financial year and half financial year; and
- (2)
within 10 business days of that date, deliver it to the FSA in the manner indicated in the form.
Change reports
If none of the conditions referred to in ELM 8.4 continue to apply to a small e-money issuer, it must, within two business days of the change occurring:
- (1)
complete a Form ELM-SI; and
- (2)
deliver it to the FSA in the manner indicated in the form.
- (1)
If the total liabilities of a small e-money issuer with respect to issuing e-money exceed 5 million euro, it must, within two business days of the excess occurring:
- (a)
complete a Form ELM-SI; and
- (b)
deliver it to the FSA in the manner indicated in the form.
- (a)
- (2)
ELM 8.7.3 R (1) applies only if neither of the conditions referred to in ELM 8.4.9 G and ELM 8.4.10 G (that is the second and third conditions) apply to the small e-money issuer.
FORM ELM-SI
Form ELM-SI is set out at ELM 8 Annex 2 RR.
Other powers
The FSA may also, by notice in writing given to a small e-money issuer, require him to provide specified information (or information of a specified description) or produce specified documents (or documents of a specified description).
The information or documents referred to in ELM 8.7.6 G must be reasonably required by the FSA for the purpose of determining whether the small e-money issuer meets, or has met, any one or more of the conditions referred to in ELM 8.4.
The following sections in the Act apply to a requirement referred to in ELM 8.7.6 G (see article 9G(9) of the Regulated Activities Order) (Obtaining information from certified persons etc.):
- (1)
section 175 (Information and documents: supplemental provisions);
- (2)
section 176 (Entry of premises under warrant), the reference in section 176(3)(a) to an authorised person being read as a reference to a small e-money issuer; and
- (3)
section 177 (Offences).
The information or documents. referred to in ELM 8.7.6 G must be provided or produced before the end of the reasonable period, and at the place, specified by the FSA. The FSA may require the information to be provided in such form as it may reasonably require. The FSA may require the information to be verified, and the document authenticated, in such manner as it may reasonably require (see article 9G(6) of the Regulated Activities Order and section 165 of the Act (Obtaining information from certified persons etc.). The FSA may use the power to require information and documents from small e-money issuers in support of its enforcement functions.
The FSA may by notice in writing to a small e-money issuer require him to provide a report by a skilled person on any matter about which the FSA has required or could require the provision of information or production of documents under the powers referred to in ELM 8.7.8 G and ELM 8.7.9 G.
The FSA may appoint one or more competent persons to carry out an investigation if it appears to it that there are circumstances suggesting that a small e-money issuer may not meet any of the conditions referred to in ELM 8.4. The FSA may also use this power if the small e-money issuer may not have met any of these conditions at any time since the small e-money issuer certificate was given.ENF 2 (Information gathering and investigation powers) contains guidance on the FSA's policies relating to the use of its investigation powers.
Accurate and complete reports
A small e-money issuer must take reasonable steps to ensure that all information it gives to the FSA on its activities relating to e-money is:
- (1)
factually accurate or, in the case of estimates and judgements, fairly and properly based after appropriate enquiries have been made by the small e-money issuer; and
- (2)
complete, in that it should include anything of which the FSA would reasonably expect notice.
Correcting information which has been provided
- (1)
If a small e-money issuer becomes aware, or has information that reasonably suggests that it has or may have provided the FSA with information which was or may have been false, misleading, incomplete or inaccurate, or has or may have changed in a material particular, it must notify the FSA immediately.
- (2)
The notification must include:
- (a)
details of the information which is or may be false, misleading, incomplete or inaccurate, or has or may have changed;
- (b)
an explanation why such information was or may have been provided; and
- (c)
the correct information;
unless ELM 8.7.14 R applies.
- (a)
Availability of information
If the information in ELM 8.7.13 R (2) cannot be submitted with the notification (because it is not immediately available), it must be submitted as soon as possible afterwards.
The FSA may request the small e-money issuer to provide revised documentation containing the correct information, if appropriate.
Unobtainable information
If a small e-money issuer is unable to obtain the information required by the FSA, it should inform the FSA that the scope of the information provided is, or may be, limited.
Administrative and civil enforcement powers
Where a small e-money issuer contravenes a rule in ELM 8.7 (Provision of information), or a requirement imposed under the powers referred to in ELM 8.7.6 G to ELM 8.7.11 G, the FSA may, among its other enforcement powers:
- (1)
apply to the courts for an injunction (see ENF 6 (Injunctions));
- (2)
apply to the courts for a restitution order (see ENF 9 (Restitution and redress)); and
- (3)
revoke the small e-money issuer certificate (see ELM 8.6).
Criminal offences relating to the provision of information
A person who knowingly or recklessly provides the FSA with information which is false or misleading in a material particular, in purported compliance with a requirement imposed by or under the Act, commits an offence (section 398 of the Act (Misleading the Authority: residual cases)).
An offence by a body corporate or partnership may be attributed to an officer or certain other persons (section 400 of the Act (Offences by bodies corporate etc)).
ENF 15 (Prosecution of criminal offences) and DEC 4.6 (Decisions to apply to the civil courts and to prosecute criminal offences) contain guidance on the FSA's policy and procedures relating to the exercise of its powers to prosecute criminal offences), including offences under section 398 and 400 of the Act.
See also ELM 8.3.11 G and ELM 8.3.12 G (Criminal offences relating to status).