(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Statutory Instrument implements Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ No. L 275, 27.10.2000, p.39).

The purpose of the revised Electronic Money Directive (2009/110/EC) is to promote the emergence of a single market for electronic money services in the European Union that is innovative and secure while ensuring there is competition between players on the market and that it is accessible to new entrants.

The Statutory Instrument designates the Central Bank of Ireland as the competent authority for the purposes of the Electronic Money Directive.

A detailed summary of each of the Parts of the Regulations is included below.

Part 1 - Preliminary Provisions

Part 1 of the Regulations sets out that the Regulations will come into effect on 30 April 2011, and that the Central Bank of Ireland ("the Bank") will be the competent authority in Ireland. It also sets out the scope of the Regulations and includes definitions of terms used in the Regulations.

Part 2 - Requirements for the taking up, pursuit and prudential supervision of business of Electronic Money Institutions