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  1. Electronic Money Regulations 2011 [SI 2011 No. 99]
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 18 January 2011

Electronic Money Regulations 2011 [SI 2011 No. 99]

Consolidation Status: Updated to reflect all known changes

To be revoked by s. 1 and Sch. 1 Pt 2 to the Financial Services and Markets Act 2023 (c. 29) (FSMA 2023), Sch. 1 Pt 2 not yet fully commenced.

Comparing proposed amendment...
Introductory Text
Part 1 Introductory Provisions (regs. 1-3B)
In force
 Regulation 1 Citation and commencement
In force
 Regulation 2 Interpretation
In force
 Regulation 3 Electronic money: exclusions
In force
 Regulation 3A Notification of use of limited network exclusion
In force
 Regulation 3B Notification of use of electronic communications exclusion
Part 2 Registration (regs. 4-18)
The register (reg. 4)
In force
 Regulation 4 The register of certain electronic money issuers
Authorisation (regs. 5-11)
In force
 Regulation 5 Application to become an authorised electronic money institution or variation of an existing authorisation
In force
 Regulation 6 Conditions for authorisation
In force
 Regulation 7 Imposition of requirements
In force
 Regulation 8 Variation etc at request of an authorised electronic money institution
In force
 Regulation 9 Determination of application for authorisation or variation of authorisation
In force
 Regulation 10 Cancellation of authorisation
In force
 Regulation 11 Variation of authorisation on Authority's own initiative
Registration as a small electronic money institution (regs. 12-16)
In force
 Regulation 12 Application for registration as a small electronic money institution or variation of an existing registration
In force
⚠ Regulation 13 Conditions for registration
In force
 Regulation 14 Average outstanding electronic money
In force
 Regulation 15 Supplementary provisions
In force
 Regulation 16 Application for authorisation if requirements cease to be met
Common provisions (regs. 17-18)
In force
 Regulation 17 Duty to notify changes
In force
 Regulation 18 Electronic money institutions acting without permission
Part 3 Prudential Supervision (regs. 19-31)
Capital requirements (reg. 19)
In force
 Regulation 19 Capital requirements
Safeguarding (regs. 20-27)
In force
 Regulation 20 Safeguarding requirements
In force
 Regulation 21 Safeguarding option 1
In force
 Regulation 22 Safeguarding option 2
In force
 Regulation 23 Power of the Authority to exclude assets
In force
 Regulation 24 Insolvency events (except electronic money institution special administration)
In force
 Regulation 24A Insolvency Regulations
In force
 Regulation 25 Accounting and statutory audit
In force
 Regulation 26 Outsourcing
In force
 Regulation 27 Record keeping
Exercise of passport rights (regs. 28-31)
Omitted
 Regulation 28 Notice of intention
Omitted
 Regulation 29 Decision following notice of intention
Omitted
 Regulation 29A Notice of intention from an EEA authorised payment institution
Omitted
 Regulation 30 Supervision of firms exercising passport rights
Omitted
 Regulation 31 Carrying on of Consumer Credit Act business by an EEA authorised electronic money institution
Part 4 Additional Activities and use of Distributors and Agents (regs. 31A-37)
In force
 Regulation 31A Record keeping
In force
 Regulation 32 Additional activities
In force
 Regulation 33 Use of distributors and agents
In force
 Regulation 34 Requirement for agents to be registered
In force
 Regulation 35 Removal of agents from the register
In force
 Regulation 36 Reliance
In force
 Regulation 37 Duty to notify change in circumstance
Part 5 Issuance and Redeemability of Electronic Money (regs. 38-46)
In force
 Regulation 38 Application of Part 5
In force
 Regulation 39 Issuance and redeemability
In force
 Regulation 40 Conditions of redemption
In force
 Regulation 41 Fees for redemption
In force
 Regulation 42 Amount of redemption
In force
 Regulation 43 Requests for redemption
In force
 Regulation 44 Redemption rights of persons other than consumers
In force
 Regulation 45 Prohibition of interest
In force
 Regulation 46 Termination of a contract
Part 6 The Authority (regs. 47-62)
The functions of the Authority (reg. 47)
In force
 Regulation 47 Functions of the Authority
Supervision and enforcement (regs. 48-58)
In force
 Regulation 48 Monitoring and enforcement
In force
 Regulation 49 Reporting requirements
In force
 Regulation 50 Public censure
In force
 Regulation 51 Financial penalties
In force
 Regulation 52 Suspending authorisation etc
In force
 Regulation 53 Proposal to take disciplinary measures
In force
 Regulation 54 Injunctions
In force
 Regulation 55 Power of Authority to require restitution
In force
 Regulation 56 Proposal to require restitution
In force
 Regulation 57 Restitution orders
In force
 Regulation 58 Complaints
Miscellaneous (regs. 59-62)
In force
 Regulation 59 Costs of supervision
Omitted
 Regulation 59A Credit agreements
In force
 Regulation 60 Guidance
In force
 Regulation 61 Authority's exemption from liability in damages
In force
 Regulation 62 Application and modification of primary and secondary legislation
Part 7 General (regs. 63-80)
Offences (regs. 63-70)
In force
 Regulation 63 Prohibition on issuing electronic money by persons other than electronic money issuers
In force
 Regulation 64 False claims to be an electronic money issuer
In force
 Regulation 65 Defences
In force
 Regulation 66 Misleading the authority
In force
 Regulation 67 Restriction on penalties
In force
 Regulation 68 Liability of officers of bodies corporate etc
In force
 Regulation 69 Prosecution
In force
 Regulation 70 Proceedings against unincorporated bodies
Duties of the Authority and the Commissioners to co-operate (reg. 71)
In force
 Regulation 71 Duty to co-operate and exchange information
Actions for breach of requirements (regs. 72-73)
In force
 Regulation 72 Right to bring actions
In force
 Regulation 73 Prohibition on contracting-out
Transitional provisions (regs. 74-78A)
Omitted
 Regulation 74 Persons with a Part 4 permission
Omitted
 Regulation 75 EEA firms
Omitted
 Regulation 76 Certified persons
Omitted
 Regulation 77 Existing fixed term contracts
Omitted
 Regulation 78 Amendments to the banking consolidation directive
Omitted
 Regulation 78A Transitional arrangements for existing electronic money institutions on the implementation of the second payment services directive
Amendments to legislation (reg. 79)
In force
 Regulation 79 Amendments to primary and secondary legislation
Gibraltar (reg. 80)
In force
 Regulation 80 Application to Gibraltar
In force
 Schedule 1 Information to be included in or with an application for authorisation
Schedule 2 Capital Requirements
In force
 Schedule 2, Part 1 Initial capital (paras. 1-3)
In force
 Schedule 2, Part 2 Own funds (paras. 4-25)
In force
 Schedule 2ZA Application and modification of the Banking Act 2009
Schedule 2A Credit agreements
Omitted
 Schedule 2A, Part 1 Prohibitions and restrictions (paras. 1-2)
Omitted
 Schedule 2A, Part 2 Procedure and appeals (paras. 3-6)
Schedule 3 Application and modification of legislation
In force
 Schedule 3, Part 1 Application and modification of the 2000 Act (paras. 1-9)
In force
 Schedule 3, Part 2 Application and modification of secondary legislation (paras. 10-11)
Schedule 4 Amendments to primary and secondary legislation
In force
 Schedule 4, Part 1 Amendments to primary legislation (paras. 1-6)
In force
 Schedule 4, Part 2 Amendments to secondary legislation (paras. 7-21)
In force
 Schedule 5 Gibraltar
Signature
Explanatory Note
Explanatory Memorandum
Impact Assessment
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