ELM 8.7 Provision of information

Form ELM-SI may be obtained from the Authorisation Enquiries department of the FSA. For details on how to contact the department, see ELM 8.5 (Application for a small e-money issuer).

Form ELM-SI is set out at ELM 8 Annex 2 RR.

12FSA027 is set out at ELM 8 Annex 2 R. FSA027 will, for the purposes of periodic reports under ELM 8.7.1 R, be submitted by the electronic system designated by the FSA. However for change reports under ELM 8.7.2 R and ELM 8.7.3 R, the report must be submitted in paper to the FSA, and a copy of FSA027 may be downloaded and printed off from FSA/docs/elm/elm_8_annex2r.pdf.

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. (1)

   section 175 (Information and documents: supplemental provisions);

2. (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. (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 (Obtaining information from certified persons etc.) 4and section 165 of the Act (Authority's power to require information: authorised persons etc.))4. 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. See EG 3 for3 guidance on the FSA's policies relating to the use of its investigation powers.

The FSA may request the small e-money issuer to provide revised documentation containing the correct information, if appropriate.

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.

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. (1)

   apply to the courts for an injunction (see EG 10 3(Injunctions));

   3
2. (2)

   apply to the courts for a restitution order (see EG 11 3(Restitution and redress)); and

   3
3. (3)

   revoke the small e-money issuer certificate (see ELM 8.6).

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)).

For3 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 EG 12.3

See also ELM 8.3.11 G and ELM 8.3.12 G (Criminal offences relating to status).