(1) Regulation 2 of the Principal Regulations is amended -
(a) by substituting the following for the definition of "credit institution" in paragraph (1):
"'credit institution' means -
(a) an undertaking, other than a credit union or friendly society whose business it is to receive deposits or other repayable funds from the public and to grant credit on its own account,
(b) to the extent specified in paragraph (1A), an electronic money institution within the meaning of the European Communities (Electronic Money) Regulations 2002;",
and
(b) by inserting the following after paragraph (1):
"(1A) References to a credit institution in Regulations 2 and 5, Regulations 7 to 10 and Regulations 17, 30 and 31 include, where the context so admits and with any necessary modifications, references to an electronic money institution within the meaning of the European Communities (Electronic Money) Regulations 2002.".
(2) Regulation 2 of the European Communities (Consolidated Supervision of Credi