European Communities (Electronic Money) Regulations 2011 [S.I. No. 183 of 2011]

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Version status: In force | Document consolidation status: Updated to reflect all known changes

Published date: 21 April 2011

Consolidation Status: Updated to reflect all known changes

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	Introductory Text
	Part 1 Preliminary Provisions (regs. 1-5)
In force	Regulation 1 Citation
In force	Regulation 2 Commencement
In force	Regulation 3 Interpretation
In force	Regulation 4 Bank to be competent authority
In force	Regulation 5 Electronic monetary value to which these Regulations do not apply
	Part 2 Requirements for the Taking Up, Pursuit and Prudential Supervision of Business of Electronic Money Institutions (regs. 6-51)
	Chapter 1 Right to issue electronic money (regs. 6-7A)
In force	Regulation 6 Persons that may issue electronic money
In force	Regulation 7 The Register
In force	Regulation 7A European Banking Authority Register
	Chapter 2 Authorisation and registration of electronic money institutions (regs. 8-12)
In force	Regulation 8 Applications for authorisation
In force	Regulation 9 Decision to grant or refuse authorisation
In force	Regulation 10 Bank may require adjustments to applicant's business plan
In force	Regulation 11 Conditions for granting of authorisation
In force	Regulation 12 Communication of the decision
	Chapter 3 Conditions of authorisation (regs. 13-26C)
In force	Regulation 13 Initial capital
In force	Regulation 14 Own funds
In force	Regulation 15 Calculation of own funds - Method D
In force	Regulation 16 Calculation of amount of own funds
In force	Regulation 17 Average outstanding electronic money
In force	Regulation 18 Maintenance of authorisation
In force	Regulation 19 Accounting and statutory audit
In force	Regulation 20 Use of distributors, agents or any other entity acting on behalf of electronic money institution
In force	Regulation 21 Use of agents
In force	Regulation 22 Outsourcing of functions
In force	Regulation 22A Information obligation
In force	Regulation 23 Establishment of branch or engagement of agent in the State by electronic money institution authorised in another Member State
In force	Regulation 24 Liability
In force	Regulation 25 Record-keeping
In force	Regulation 26 Application to exercise the right of establishment and freedom to provide services
In force	Regulation 26A Supervision of electronic money institutions exercising the right of establishment and freedom to provide services
In force	Regulation 26B Measures in case of non-compliance, including precautionary measures
In force	Regulation 26C Reasons and communication
	Chapter 4 Withdrawal of authorisation (reg. 27)
In force	Regulation 27 Withdrawal of authorisation
	Chapter 5 Additional activities (reg. 28)
In force	Regulation 28 Additional activities in which electronic money institutions may engage
	Chapter 6 Safeguarding requirements (regs. 29-31)
In force	Regulation 29 Safeguarding for electronic money institutions engaged in the issuance of electronic money
In force	Regulation 30 Safeguarding for electronic money institutions engaged in payment services not related to the issuance of electronic money
In force	Regulation 31 Material change in measures of safeguarding
	Chapter 7 Registration of small electronic money institutions (regs. 32-36)
In force	Regulation 32 Application for registration as small electronic money institution
In force	Regulation 33 Small electronic money institutions - waiver of application of certain provisions of Chapters 2, 3, 4 and 6
In force	Regulation 34 Average outstanding electronic money
In force	Regulation 35 Requirement to apply for authorisation in certain circumstances
In force	Regulation 36 Withdrawal of waiver
	Chapter 8 Restrictions on acquiring and disposing of qualifying holdings in electronic money institutions (regs. 37-51)
In force	Regulation 37 Interpretation
In force	Regulation 38 Restrictions on acquiring and disposing of qualifying holdings in electronic money institutions
In force	Regulation 38A Application to court where no notification given
In force	Regulation 39 Electronic money institution to provide information in relation to certain acquisitions and disposals
In force	Regulation 40 Period for assessment of proposed acquisition
In force	Regulation 41 Assessment of proposed acquisitions
In force	Regulation 42 Bank to cooperate with competent authorities of other Member States in certain cases
In force	Regulation 43 Bank may fix period for completion of acquisition, etc
In force	Regulation 44 Notice of Bank's decision
In force	Regulation 45 Bank may oppose certain acquisitions
In force	Regulation 46 Decision to oppose proposed acquisition to be appealable
In force	Regulation 47 Circumstances in which proposed acquisition not to be completed
In force	Regulation 48 Effect of section 201 of Companies Act 1963
In force	Regulation 49 Electronic money institutions to provide information about shareholdings, etc
In force	Regulation 50 Power of court to make certain orders
In force	Regulation 51 Powers of Bank to waive the application of all or part of the obligations pursuant to this Chapter
	Part 3 Issuance and Redeemability of Electronic Money (regs. 52-57)
In force	Regulation 52 Issuance and redeemability
In force	Regulation 53 Conditions of redemption
In force	Regulation 54 Fees for redemption
In force	Regulation 55 Amount of redemption
In force	Regulation 56 Redemption rights of persons other than consumers
In force	Regulation 57 Prohibition of interest
	Part 4 Powers and Duties of the Bank (regs. 58-67)
	Chapter 1 Supervisory powers and duties (regs. 58-61A)
In force	Regulation 58 Bank as competent authority
In force	Regulation 59 Supervision.
In force	Regulation 60 Bank's power to give directions.
In force	Regulation 61 Exchange of information.
In force	Regulation 61A Settlement of disagreements between competent authorities of different Member States
	Chapter 2 Powers of authorised officers (regs. 62-65)
Revoked	Regulation 62 Interpretation (Chapter 2)
Revoked	Regulation 63 Power to appoint authorised officers.
Revoked	Regulation 64 Powers of authorised officers.
Revoked	Regulation 65 Warrants.
	Chapter 3 Out-of-Court complaint and redress procedures (reg. 66)
In force	Regulation 66 Out-of-court redress
	Chapter 4 Appeals (reg. 67)
In force	Regulation 67 Appealable decisions
	Part 5 Offences (regs. 68-76)
In force	Regulation 68 Offence - operation as an electronic money institution without authorisation, etc
In force	Regulation 69 Offence - false or misleading information in application, etc
In force	Regulation 70 Offence - misappropriation of users' funds
In force	Regulation 71 Offence - failure to keep appropriate records, etc
Revoked	Regulation 72 Offences - obstruction of authorised officer, etc
In force	Regulation 73 Offence - provision of false or misleading information under these Regulations
In force	Regulation 74 Penalties
In force	Regulation 75 Prosecution of offences
In force	Regulation 76 Offences - directors and others of bodies corporate and unincorporated bodies
	Part 6 Transitional (regs. 77-78)
In force	Regulation 77 Electronic Money Issuers active before 30 April 2011
In force	Regulation 77A Activities taken up before 13 January 2018
In force	Regulation 78 Certain small electronic money issuers active before 30 April 2011.
	Part 7 Amendment and Revocation of Other Legislation (regs. 79-82)
In force	Regulation 79 Amendment of Central Bank Act 1942
In force	Regulation 80 Amendment of European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992.
In force	Regulation 81 Amendment of Payment Services Regulations.
In force	Regulation 82 Revocation of European Communities (Electronic Money) Regulations 2002.
	Schedule - Amendment of other legislation
In force	Schedule, Part 1 Amendment of Central Bank Act 1942
In force	Schedule, Part 2 Amendment of European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992
In force	Schedule, Part 3 Amendment of Payment Services Regulations
	Given under
	Explanatory Note

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