Statutory Instruments
2011 No. 2944
Banks And Banking
Financial Services
The Protection of the Euro against Counterfeiting (Amendment) Regulations 2011
Made
8th December 2011
Laid before Parliament
9th December 2011
Coming into force
31st December 2011
The Treasury are a government department designated( 1 ) for the purposes of section 2(2) of the European Communities Act 1972( 2 ) in relation to measures relating to the protection of the euro against counterfeiting.
The Treasury, in exercise of the powers conferred on them by section 2(2) of the European Communities Act 1972, make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Protection of the Euro against Counterfeiting (Amendment) Regulations 2011 and come into force on 31st December 2011.
Amendment of the Protection of the Euro against Counterfeiting Regulations 2001
2. —(1)The Protection of the Euro against Counterfeiting Regulations 2001( 3 ) are amended as follows.
(2) In regulation 1(2)(a), after “counterfeiting” insert “as amended by Council Regulation (EC) No. 44/2009 4 ).
(3) In regulations 2 and 3(1), for “A credit institution, or other institution or establishment within” substitute “An institution or economic agent referred to in”.
(4) After regulation 3 insert—
“ 3A. —(1) An institution or economic agent referred to in Article 6(1) of the Community Regulation, which fails to ensure that euro notes and euro coins which it has received and which it intends to put back into circulation are checked for authenticity by trained personnel or by a machine authorised for that purpose by the European Central Bank, in the case of banknotes, or the European Commission, in the case of coins, shall be guilty of an offence and liable—
(a) on summary conviction, to a fine not exceeding the statutory maximum; or
(b) on conviction on indictment, to a fine. ” .
Review
3. —(1) The Treasury must from time to time—
(a) carry out a review of regulation 2,
(b) set out the conclusions of the review in a report, and
(c) publish the report.
(2) In carrying out the review the Treasury must, so far as is reasonable, have regard to how Council Regulation (EC) No. 1339/2001 (EC) No. 44/2009
(3) The report must in particular—
(a) set out the objectives intended to be achieved by regulation 2,
(b) assess the extent to which those objectives are achieved, and
(c) assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with an alternative system.
(4) The first report under this regulation must be published before the end of the period of five years beginning with the day on which these Regulations come into force.
(5) Reports under this regulation are afterwards to be published at intervals not exceeding five years.
Brooks Newmark
Angela Watkinson
Two of the Lords Commissioners of Her Majesty’s Treasury
8th December 2011
1972 c.68 . Section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51) and the European Union (Amendment) Act 2008 (c.7) , Schedule, Part 1.
O.J. No. L 17, 22.1.09, p.1. Council Regulation (EC) No. 45/2009 (OJ No. L 17 22.1.2009, p.4) amends Council Regulation (EC) No. 1339/2001 (OJ No. L 181 4.7.2001, p. 11) so that the amendments to Council Regulation (EC) No. 1338/2001 (OJ No. L 181 4.7.2001, p. 6) made by Council Regulation 44/2009 also apply in Member States which have not adopted the euro as their single currency.