(This note is not part of the Order)
This Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ("the principal Order"). It gives effect to Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions (OJ L275, 27.10.2000, p.39); and Directive 2000/28/EC of the European Parliament and of the Council of 18 September 2000 amending Directive 2000/12/EC relating to the taking up and pursuit of the business of credit institutions (OJ L275, 27.10.2000, p.37).
Part II of the Order provides for the issuing of electronic money to be a regulated activity under the Financial Services and Markets Act 2000 ("the Act").
Article 2 inserts a definition of "electronic money" into the principal Order. Article 3 amends that Order to provide that a sum is not a "deposit" for the purposes of that Order if it is immediately exchanged for ele
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