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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
Version date: 30 April 2011 - onwards
Version 3 of 3

Regulation 46 Termination of a contract

For the purposes of this Part a contract between an electronic money issuer and an electronic money holder terminates when the right to use electronic money for the purpose of making payment transactions ceases.

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