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European Communities (Electronic Money) Regulations 2011 [S.I. No. 183 of 2011]Introductory TextPart 1 Preliminary Provisions (regs. 1-5)Regulation 1 CitationRegulation 2 CommencementRegulation 3 InterpretationRegulation 4 Bank to be competent authorityRegulation 5 Electronic monetary value to which these Regulations do not applyPart 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)Regulation 6 Persons that may issue electronic moneyRegulation 7 The RegisterRegulation 7A European Banking Authority RegisterChapter 2 Authorisation and registration of electronic money institutions (regs. 8-12)Regulation 8 Applications for authorisationRegulation 9 Decision to grant or refuse authorisationRegulation 10 Bank may require adjustments to applicant's business planRegulation 11 Conditions for granting of authorisationRegulation 12 Communication of the decisionChapter 3 Conditions of authorisation (regs. 13-26C)Regulation 13 Initial capitalRegulation 14 Own fundsRegulation 15 Calculation of own funds - Method DRegulation 16 Calculation of amount of own fundsRegulation 17 Average outstanding electronic moneyRegulation 18 Maintenance of authorisationRegulation 19 Accounting and statutory auditRegulation 20 Use of distributors, agents or any other entity acting on behalf of electronic money institutionRegulation 21 Use of agentsRegulation 22 Outsourcing of functionsRegulation 22A Information obligationRegulation 23 Establishment of branch or engagement of agent in the State by electronic money institution authorised in another Member StateRegulation 24 LiabilityRegulation 25 Record-keepingRegulation 26 Application to exercise the right of establishment and freedom to provide servicesRegulation 26A Supervision of electronic money institutions exercising the right of establishment and freedom to provide servicesRegulation 26B Measures in case of non-compliance, including precautionary measuresRegulation 26C Reasons and communicationChapter 4 Withdrawal of authorisation (reg. 27)Regulation 27 Withdrawal of authorisationChapter 5 Additional activities (reg. 28)Regulation 28 Additional activities in which electronic money institutions may engageChapter 6 Safeguarding requirements (regs. 29-31)Regulation 29 Safeguarding for electronic money institutions engaged in the issuance of electronic moneyRegulation 30 Safeguarding for electronic money institutions engaged in payment services not related to the issuance of electronic moneyRegulation 31 Material change in measures of safeguardingChapter 7 Registration of small electronic money institutions (regs. 32-36)Regulation 32 Application for registration as small electronic money institutionRegulation 33 Small electronic money institutions - waiver of application of certain provisions of Chapters 2, 3, 4 and 6Regulation 34 Average outstanding electronic moneyRegulation 35 Requirement to apply for authorisation in certain circumstancesRegulation 36 Withdrawal of waiverChapter 8 Restrictions on acquiring and disposing of qualifying holdings in electronic money institutions (regs. 37-51)Regulation 37 InterpretationRegulation 38 Restrictions on acquiring and disposing of qualifying holdings in electronic money institutionsRegulation 38A Application to court where no notification givenRegulation 39 Electronic money institution to provide information in relation to certain acquisitions and disposalsRegulation 40 Period for assessment of proposed acquisitionRegulation 41 Assessment of proposed acquisitionsRegulation 42 Bank to cooperate with competent authorities of other Member States in certain casesRegulation 43 Bank may fix period for completion of acquisition, etcRegulation 44 Notice of Bank's decisionRegulation 45 Bank may oppose certain acquisitionsRegulation 46 Decision to oppose proposed acquisition to be appealableRegulation 47 Circumstances in which proposed acquisition not to be completedRegulation 48 Effect of section 201 of Companies Act 1963Regulation 49 Electronic money institutions to provide information about shareholdings, etcRegulation 50 Power of court to make certain ordersRegulation 51 Powers of Bank to waive the application of all or part of the obligations pursuant to this ChapterPart 3 Issuance and Redeemability of Electronic Money (regs. 52-57)Regulation 52 Issuance and redeemabilityRegulation 53 Conditions of redemptionRegulation 54 Fees for redemptionRegulation 55 Amount of redemptionRegulation 56 Redemption rights of persons other than consumersRegulation 57 Prohibition of interestPart 4 Powers and Duties of the Bank (regs. 58-67)Chapter 1 Supervisory powers and duties (regs. 58-61A)Regulation 58 Bank as competent authorityRegulation 59 Supervision.Regulation 60 Bank's power to give directions.Regulation 61 Exchange of information.Regulation 61A Settlement of disagreements between competent authorities of different Member StatesChapter 2 Powers of authorised officers (regs. 62-65)Regulation 62 Interpretation (Chapter 2)Regulation 63 Power to appoint authorised officers.Regulation 64 Powers of authorised officers.Regulation 65 Warrants.Chapter 3 Out-of-Court complaint and redress procedures (reg. 66)Regulation 66 Out-of-court redressChapter 4 Appeals (reg. 67)Regulation 67 Appealable decisionsPart 5 Offences (regs. 68-76)Regulation 68 Offence - operation as an electronic money institution without authorisation, etcRegulation 69 Offence - false or misleading information in application, etcRegulation 70 Offence - misappropriation of users' fundsRegulation 71 Offence - failure to keep appropriate records, etcRegulation 72 Offences - obstruction of authorised officer, etcRegulation 73 Offence - provision of false or misleading information under these RegulationsRegulation 74 PenaltiesRegulation 75 Prosecution of offencesRegulation 76 Offences - directors and others of bodies corporate and unincorporated bodiesPart 6 Transitional (regs. 77-78)Regulation 77 Electronic Money Issuers active before 30 April 2011Regulation 77A Activities taken up before 13 January 2018Regulation 78 Certain small electronic money issuers active before 30 April 2011.Part 7 Amendment and Revocation of Other Legislation (regs. 79-82)Regulation 79 Amendment of Central Bank Act 1942Regulation 80 Amendment of European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992.Regulation 81 Amendment of Payment Services Regulations.Regulation 82 Revocation of European Communities (Electronic Money) Regulations 2002.Schedule - Amendment of other legislationSchedule, Part 1 Amendment of Central Bank Act 1942Schedule, Part 2 Amendment of European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992Schedule, Part 3 Amendment of Payment Services RegulationsGiven underExplanatory Note
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 30 April 2011 - onwards
Version 2 of 2

Regulation 56 Redemption rights of persons other than consumers

Regulations 54 and 55 do not apply in the case of a person, other than a consumer, who accepts electronic money and, in such a case, the redemption rights of that person shall be subject to the contract between that person and the electronic money issuer.

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