(1) In this Regulation -
"electronic money institution" includes a credit union;
"secure and low-risk", in relation to assets, means that the assets are -(a) asset items falling into one of the categories set out in Table 1 of point 14 of Annex I to Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 [OJ No. L177, 30.06.2006, p.201] on the capital adequacy of investment firms and credit institutions (recast) for which the specific risk capital charge is no higher than 1.6%, but excluding other qualifying items as defined in point 15 of that Annex, or(b) UCITS which invests solely in assets as specified in paragraph (a);
"users' funds" means funds that have been received in exchange for electronic money that has been issued, and includes funds that have been credited to an electronic money institution's payment account or are otherwise made available to the electronic money institution in accordance with the execution time requirements laid down in the
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