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Electronic Money Regulations 2011 [SI 2011 No. 99]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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Version status: | Document consolidation status: Updated to reflect all known changes

Version date: 18 January 2011 - onwards

Angela Watkinson

Michael Fabricant

Two of the Lords Commissioners of Her Majesty's Treasury

18th January 2011

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