Schedule 4, Part 2, paragraph 21

The Payment Services Regulations 2009 are amended as follows— in regulation 2(1)— in the definition of “the banking consolidation directive”, at the end insert “ as last amended by Directive 2009/111/EC ”; in the definition of “credit institution”, for “Article 4(1)(a)” substitute “ Article 4(1) ”; for the definition of “the electronic money directive” substitute— “the electronic money directive” means 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) ”; and in the definition of “funds”, for “Article 1(3)(b)” substitute “ Article 2(2) ”; in regulation 13(4)(e), after “these Regulations” insert “ or the Electronic Money Regulations 2011 ”; in regulation 53(3), for “Article 1(3)(b)” substitute “ Article 2(2) ”; and in regulation 110(1) , for sub-paragraph (e) substitute— an electronic money institution which for the purposes of the Electronic Money Regulations 2011 is— registered in the United Kingdom as an authorised electronic money institution or a small electronic money institution; or an EEA authorised electronic money institution exercising passport rights in the United Kingdom or treated as such by virtue of regulation 75 of those Regulations;

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Source: legislation.gov.uk · retrieved 2026-09-04