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Electronic Money Regulations 2011 [SI 2011 No. 99]Introductory TextPart 1 Introductory Provisions (regs. 1-3B)Regulation 1 Citation and commencementRegulation 2 InterpretationRegulation 3 Electronic money: exclusionsRegulation 3A Notification of use of limited network exclusionRegulation 3B Notification of use of electronic communications exclusionPart 2 Registration (regs. 4-18)The register (reg. 4)Regulation 4 The register of certain electronic money issuersAuthorisation (regs. 5-11)Regulation 5 Application to become an authorised electronic money institution or variation of an existing authorisationRegulation 6 Conditions for authorisationRegulation 7 Imposition of requirementsRegulation 8 Variation etc at request of an authorised electronic money institutionRegulation 9 Determination of application for authorisation or variation of authorisationRegulation 10 Cancellation of authorisationRegulation 11 Variation of authorisation on Authority's own initiativeRegistration as a small electronic money institution (regs. 12-16)Regulation 12 Application for registration as a small electronic money institution or variation of an existing registrationRegulation 13 Conditions for registrationRegulation 14 Average outstanding electronic moneyRegulation 15 Supplementary provisionsRegulation 16 Application for authorisation if requirements cease to be metCommon provisions (regs. 17-18)Regulation 17 Duty to notify changesRegulation 18 Electronic money institutions acting without permissionPart 3 Prudential Supervision (regs. 19-31)Capital requirements (reg. 19)Regulation 19 Capital requirementsSafeguarding (regs. 20-27)Regulation 20 Safeguarding requirementsRegulation 21 Safeguarding option 1Regulation 22 Safeguarding option 2Regulation 23 Power of the Authority to exclude assetsRegulation 24 Insolvency events (except electronic money institution special administration)Regulation 24A Insolvency RegulationsRegulation 25 Accounting and statutory auditRegulation 26 OutsourcingRegulation 27 Record keepingExercise of passport rights (regs. 28-31)Regulation 28 Notice of intentionRegulation 29 Decision following notice of intentionRegulation 29A Notice of intention from an EEA authorised payment institutionRegulation 30 Supervision of firms exercising passport rightsRegulation 31 Carrying on of Consumer Credit Act business by an EEA authorised electronic money institutionPart 4 Additional Activities and use of Distributors and Agents (regs. 31A-37)Regulation 31A Record keepingRegulation 32 Additional activitiesRegulation 33 Use of distributors and agentsRegulation 34 Requirement for agents to be registeredRegulation 35 Removal of agents from the registerRegulation 36 RelianceRegulation 37 Duty to notify change in circumstancePart 5 Issuance and Redeemability of Electronic Money (regs. 38-46)Regulation 38 Application of Part 5Regulation 39 Issuance and redeemabilityRegulation 40 Conditions of redemptionRegulation 41 Fees for redemptionRegulation 42 Amount of redemptionRegulation 43 Requests for redemptionRegulation 44 Redemption rights of persons other than consumersRegulation 45 Prohibition of interestRegulation 46 Termination of a contractPart 6 The Authority (regs. 47-62)The functions of the Authority (reg. 47)Regulation 47 Functions of the AuthoritySupervision and enforcement (regs. 48-58)Regulation 48 Monitoring and enforcementRegulation 49 Reporting requirementsRegulation 50 Public censureRegulation 51 Financial penaltiesRegulation 52 Suspending authorisation etcRegulation 53 Proposal to take disciplinary measuresRegulation 54 InjunctionsRegulation 55 Power of Authority to require restitutionRegulation 56 Proposal to require restitutionRegulation 57 Restitution ordersRegulation 58 ComplaintsMiscellaneous (regs. 59-62)Regulation 59 Costs of supervisionRegulation 59A Credit agreementsRegulation 60 GuidanceRegulation 61 Authority's exemption from liability in damagesRegulation 62 Application and modification of primary and secondary legislationPart 7 General (regs. 63-80)Offences (regs. 63-70)Regulation 63 Prohibition on issuing electronic money by persons other than electronic money issuersRegulation 64 False claims to be an electronic money issuerRegulation 65 DefencesRegulation 66 Misleading the authorityRegulation 67 Restriction on penaltiesRegulation 68 Liability of officers of bodies corporate etcRegulation 69 ProsecutionRegulation 70 Proceedings against unincorporated bodiesDuties of the Authority and the Commissioners to co-operate (reg. 71)Regulation 71 Duty to co-operate and exchange informationActions for breach of requirements (regs. 72-73)Regulation 72 Right to bring actionsRegulation 73 Prohibition on contracting-outTransitional provisions (regs. 74-78A)Regulation 74 Persons with a Part 4 permissionRegulation 75 EEA firmsRegulation 76 Certified personsRegulation 77 Existing fixed term contractsRegulation 78 Amendments to the banking consolidation directiveRegulation 78A Transitional arrangements for existing electronic money institutions on the implementation of the second payment services directiveAmendments to legislation (reg. 79)Regulation 79 Amendments to primary and secondary legislationGibraltar (reg. 80)Regulation 80 Application to GibraltarSchedule 1 Information to be included in or with an application for authorisationSchedule 2 Capital RequirementsSchedule 2, Part 1 Initial capital (paras. 1-3)Schedule 2, Part 2 Own funds (paras. 4-25)Schedule 2ZA Application and modification of the Banking Act 2009Schedule 2A Credit agreementsSchedule 2A, Part 1 Prohibitions and restrictions (paras. 1-2)Schedule 2A, Part 2 Procedure and appeals (paras. 3-6)Schedule 3 Application and modification of legislationSchedule 3, Part 1 Application and modification of the 2000 Act (paras. 1-9)Schedule 3, Part 2 Application and modification of secondary legislation (paras. 10-11)Schedule 4 Amendments to primary and secondary legislationSchedule 4, Part 1 Amendments to primary legislation (paras. 1-6)Schedule 4, Part 2 Amendments to secondary legislation (paras. 7-21)Schedule 5 GibraltarSignatureExplanatory NoteExplanatory MemorandumImpact Assessment
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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]

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.

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