account information service — an online service to provide consolidated information on one or more payment accounts held by the payment service user with another payment service provider or with more than one payment service provider, and includes such a service whether information is provided— in its original form or after processing; only to the payment service user or to the payment service user and to another person in accordance with the payment service user's instructions Section 2(1)

agent — a person who provides payment services on behalf of an electronic money institution Section 2(1)

appropriate person — a person appearing to the Authority to be someone— to whom the profits mentioned in paragraph (1)(a) are attributable; or who has suffered the loss or adverse effect mentioned in paragraph (1)(b) Section 55(3)

approved foreign credit institution — — the central bank of a State that is a member of the Organisation for Economic Co-operation and Development (“an OECD state”), a credit institution that is supervised by the central bank or other banking regulator of an OECD state, any credit institution that— is subject to regulation by the banking regulator of a State that is not an OECD state, is required by the law of the country or territory in which it is established to provide audited accounts, has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time), has a surplus of revenue over expenditure for the last two financial years, and has an annual report which is not materially qualified Section 21(8)

asset pool — a collection of assets collectively owned by those persons whose funds the relevant institution is required to safeguard, and in which the relevant institution may also have an interest Schedule 3, Part 1, paragraph 2A(1A)

asset pool — — any relevant funds segregated in accordance with regulation 21(1); any relevant funds held in an account accordance with regulation 21(2)(a); where regulation 21(4A) applies, any funds that are received into the account held at the Bank of England upon settlement in respect of transfer orders that have been entered into the designated system on behalf of electronic money holders, whether settlement occurs before or after the insolvency event; any relevant assets held in an account in accordance with regulation 21(2)(b); any proceeds of an insurance policy or guarantee held in an account in accordance with regulation 22(1)(b); “insolvency event” has the same meaning as in regulation 22 Section 24(4)

authorised credit institution — a person authorised for the purposes of the 2000 Act to accept deposits or an approved foreign credit institution (see paragraph (8)), but does not include a person in the same group as the electronic money institution Section 21(7)

authorised custodian — a person authorised for the purposes of the 2000 Act to safeguard and administer investments ... “default arrangements”, “designated system”, “rules”, “settlement”, “system” and “transfer order” have the same meanings as in the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 Section 21(7)

authorised electronic money institution — — a person included by the Authority in the register as an authorised electronic money institution pursuant to regulation 4(1)(a); or a person deemed to have been granted authorisation by the Authority by virtue of regulation 74 Section 2(1)

authorised insurer — a person authorised for the purposes of the 2000 Act to effect and carry out a contract of general insurance as principal ..., other than a person in the same group as the electronic money institution; “electronic money institution special administration” has the same meaning as in the Payment and Electronic Money Institution Insolvency Regulations 2021 (see regulation 4(3)) Section 22(3)

average outstanding electronic money — the average total amount of financial liabilities related to electronic money in issue at the end of each calendar day over the preceding six calendar months, calculated on the first calendar day of each calendar month and applied for that calendar month; ... .. Section 2(1)

consumer — an individual who is acting for purposes other than a trade, business or profession; “credit institution” has the meaning given in Article 4(1)(1) of the capital requirements regulation and includes a branch of the credit institution within the meaning of Article 4(1)(17) of that regulation which is situated in the United Kingdom and which has its head office in a territory that is outside the United Kingdom Section 2(1)

credit union — a credit union within the meaning of— the Credit Unions Act 1979 ; or the Credit Unions (Northern Ireland) Order 1985 ; “decision notice” and “warning notice” have the same meaning as in the 2000 Act Section 2(1)

distributor — a person who distributes or redeems electronic money on behalf of an electronic money institution but who does not provide payment services on its behalf; ... ... ... .. Section 2(1)

electronic money — electronically (including magnetically) stored monetary value as represented by a claim on the electronic money issuer which— is issued on receipt of funds for the purpose of making payment transactions; is accepted by a person other than the electronic money issuer; and is not excluded by regulation 3 or 3ZA; .. Section 2(1)

electronic money directive — Directive 2009/110/EC of the European Parliament and of the Council of 16th September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions Schedule 3, Part 2, paragraph 11

electronic money information — confidential information received by the Authority in the course of discharging its functions as the competent authority under the electronic money directive in paragraph (a) of the definition of “ third country regulatory authority ” after “of the Act” insert “ or any function conferred under national legislation in implementation of the electronic money directive Schedule 3, Part 2, paragraph 11

electronic money institution — an authorised electronic money institution or a small electronic money institution Section 2(1)

Electronic money issuer — a person who is an electronic money issuer for the purposes of the Electronic Money Regulations 2011 as a result of falling within any of paragraphs (a) to (e) and (h) to (j) of the definition in regulation 2(1) Schedule 4, Part 1, paragraph 2(6)

electronic money issuer — any of the following persons when they issue electronic money— authorised electronic money institutions; small electronic money institutions; ... credit institutions; the Post Office Limited; the Bank of England, when not acting in its capacity as a monetary authority or other public authority; government departments and local authorities when acting in their capacity as public authorities; credit unions; municipal banks; the National Savings Bank; ... ... ... “initial capital” has the meaning given by paragraph 1 of Schedule 2; .. Section 2(1)

fiat currency — the currency of the United Kingdom or any other country or territory, unless that currency is solely a cryptoasset; “money” includes electronic money Section 3ZA(9)

insolvency event — any of the following procedures in relation to an electronic money institution— the making of a winding-up order; the passing of a resolution for voluntary winding-up; the entry of the institution into administration; the appointment of a receiver or manager of the institution's property; the approval of a proposed voluntary arrangement (being a composition in satisfaction of debts or a scheme of arrangement); the making of a bankruptcy order; in Scotland, the award of sequestration; the making of any deed of arrangement for the benefit of creditors or, in Scotland, the execution of a trust deed for creditors; the conclusion of any composition contract with creditors; the making of an insolvency administration order or, in Scotland, the execution of a trust deed for creditors; the conclusion of any composition contract with creditors; ... the making of an insolvency administration order or, in Scotland, sequestration, in respect of the estate of a deceased person ; the entry of the institution into payment institution special administration; or the entry of the institution into investment bank special administration. “investment bank special administration” has the same meaning as… Section 22(3)

insolvency proceeding — — winding-up, administration, receivership, bankruptcy or, in Scotland, sequestration; a voluntary arrangement, deed of arrangement or trust deed for the benefit of creditors; or the administration of the insolvent estate of a deceased person Section 24(4)

Investigating authority — the FCA. omit subsection (6) ; in section 168 (appointment of persons to carry out investigations in particular cases)— in subsection (1)— before paragraph (b) insert— a person may have contravened any requirement of or imposed under the Electronic Money Regulations 2011or section 312R; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in paragraph (b) for “, 191F,” to the end substitute “ or 191F or under regulation 63, 64 or 66 of the Electronic Money Regulations 2011. ”; for subsection (2) substitute— Subsection (3) also applies if it appears to an investigating authority that there are circumstances suggesting that a person may be guilty of an offence under, or has contravened a requirement of, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. omit subsections (4) and (5); and for subsection (6), substitute— Schedule 3, Part 1, paragraph 3

Method A — the calculation method set out in this paragraph Schedule 2, Part 2, paragraph 20(1)

Method B — the calculation method set out in this paragraph Schedule 2, Part 2, paragraph 21(1)

Method C — the calculation method set out in this paragraph Schedule 2, Part 2, paragraph 22(1)

Method D — the calculation method set out in this paragraph Schedule 2, Part 2, paragraph 23(1)

municipal bank — a company which, immediately before 1st December 2001, fell within the definition in section 103 of the Banking Act 1987 Section 2(1)

own funds — own funds as defined in Article 4(1)(18) of the capital requirements regulation, and are to be calculated in accordance with paragraphs 9 to 12 Schedule 2, Part 2, paragraph 4

own funds — own funds as defined in Article 4(1)(118) of the capital requirements regulation, and “Common Equity Tier 1 capital”, “Tier 1 capital” and “Tier 2 capital” have the same meanings as in that regulation; “parent undertaking” has the same meaning as in the Companies Acts (see section 1162 of, and Schedule 7 to, the Companies Act 2006 ); .. Section 2(1)

payment account — an account held in the name of one or more payment service users which is used for the execution of payment transactions Section 2(1)

payment initiation service — a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider Section 2(1)

payment instrument — any— personalised device; or personalised set of procedures agreed between the payment service user and the payment service provider; “payment services” has the same meaning as in the Payment Services Regulations 2017; “payment service provider” has the meaning given in regulation 2(1) of the Payment Services Regulations 2017 Section 2(1)

payment service user — a person when making use of a payment service in the capacity of a payer or payee, or both; .. Section 2(1)

payment system — a funds transfer system with formal and standardised arrangements and common rules for processing, clearing and settlement of payment transactions; “payment transaction” has the meaning given in regulation 2(1) of the Payment Services Regulations 2017; “qualifying holding” has the meaning given in Article 4(1)(36) of the capital requirements regulation Section 2(1)

Payment volume — the total amount of payment transactions that are not related to the issuance of electronic money executed by the authorised electronic money institution in the preceding financial year divided by the number of months in that year Schedule 2, Part 2, paragraph 21(3)

private person — — but does not include a government, a local authority (in the United Kingdom or elsewhere) or an international organisation. any individual, except where the individual suffers the loss in question in the course of issuing electronic money or providing payment services; and any person who is not an individual, except where that person suffers the loss in question in the course of carrying on business of any kind Section 72(3)

qualifying person — a person appearing to the court to be someone— to whom the profits mentioned in paragraph (1)(a) are attributable; or who has suffered the loss or adverse effect mentioned in paragraph (1)(b) Section 57(4)

Regulated Activities Order — the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; “specified investment cryptoasset” has the meaning given by article 3 (interpretation) of the Regulated Activities Order Section 3ZA(9)

Relevant assets — assets held by a relevant institution to satisfy its obligations to safeguard funds received— including proceeds derived from the realisation of such assets. in exchange for electronic money that has been issued, or where no electronic money has been issued— from, or for the benefit of, a payment service user for the execution of a payment transaction, or from a payment service provider for the execution of a payment transaction on behalf of a payment service user, Assets which may be “relevant assets” include— money; insurance policies, including rights arising under those policies; guarantees, including rights arising under those guarantees; other investments, whether or not specified by the Treasury under section 22 of the 2000 Act. A Schedule 3, Part 1, paragraph 2A(1A)

relevant credit union — a credit union which issues electronic money. In paragraph (1A)(b) Schedule 3, Part 1, paragraph 2A(1A)

Relevant person — — in relation to subsection (1)(a), any person responsible for the management of the electronic money issuer or, where relevant, any person responsible for the management of electronic money issuance by the electronic money issuer, or in relation to subsection (1)(b), any person responsible for the management of the electronic money institution or, where relevant, any person responsible for the management of electronic money issuance by the electronic money institution Schedule 3, Part 1, paragraph 1(2)

security right — — security for a debt owed by an electronic money institution and includes any charge, lien, mortgage or other security over the asset pool or any part of the asset pool; and any charge arising in respect of the expenses of a voluntary arrangement Section 24(4)

sensitive payment data — information, including personalised security credentials, which could be used to carry out fraud; but in relation to account information services and payment initiation services does not include the name of an account holder or an account number Section 2(1)

small electronic money institution — a person included by the Authority in the register pursuant to regulation 4(1)(b); “subsidiary undertaking” has the same meaning as in the Companies Acts (see section 1162 of, and Schedule 7 to, the Companies Act 2006) Section 2(1)

stablecoin — a cryptoasset that— meets the following two conditions— it seeks or purports to maintain a stable value in relation to a particular fiat currency (“the referenced fiat currency”), and fiat currency (which may be that referenced fiat currency) or other assets are held for the purpose of maintaining its stable value in relation to the referenced fiat currency, in accordance with paragraph (i), is fungible, is transferable, is not solely a record of value or contractual rights, including another cryptoasset, and is not excluded by paragraph (6) Section 3ZA(3)

the 2000 Act — the Financial Services and Markets Act 2000 Section 2(1)

the appropriate regulator — the FCA. in section 187(2)(b) omit “section 187A(3)(b) or Schedule 3, Part 1, paragraph 4

the Authority — the Financial Conduct Authority Section 2(1)

the capital requirements regulation — Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms Section 2(1)

the electronic money directive — Directive 2009/110/EC of the European Parliament and of the Council of 16th September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions; “electronic money institution” has the meaning given by regulation 2(1) of the Electronic Money Regulations 2011; in regulation 3— in paragraph (2)(a) for “Article 4(1)(a)” substitute “ Article 4(1) Schedule 4, Part 2, paragraph 19

the electronic money directive — Directive 2009/110/EC of the European Parliament and of the Council of 16th September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions; in the definition of “electronic money institution”, for “Article 1(3)(a)” substitute “ Article 2(1) Schedule 4, Part 2, paragraph 21

the register — the register maintained by the Authority under regulation 4 Section 2(1)