(1) A person may not issue electronic money in the United Kingdom, or purport to do so, unless the person is -

(a) an authorised electronic money institution;

(b) a small electronic money institution;

(c) [deleted]

(d) a credit institution authorised in the UK;

(da) after IP completion day, a credit institution while it is an exempt person for the purposes of section 19(1)(b) of the Financial Services and Markets Act 2000 by virtue of regulation 47 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 [S.I. 2018/1149. Regulation 47 is amended prospectively by S.I. 2019/405.] but only in respect of a service specified in paragraph (3);

(e) the Post Office Limited;

(f) the Bank of England;

(g) a government department or local authority;

(h) a credit union;

(i) a municipal bank; or