Section 20(6)

Regulation 23 of the Payment Services Regulations 2017 applies in relation to funds received by electronic money institutions and credit unions for the execution of payment transactions that are not related to the issuance of electronic money with the following modifications— references to an “authorised payment institution” are to be treated as references to an authorised electronic money institution; references to a “small payment institution” are to be treated as references to— a small electronic money institution; and a credit union; and references to a “payment transaction” are to be treated as references to a payment transaction that is not related to the issuance of electronic money.

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