Section 26(2)

Where the institution intends to outsource any important operational function , including provision of an information technology system, all of the following conditions must be met— the outsourcing is not undertaken in such a way as to impair— the quality of the institution's internal control; or the ability of the Authority to monitor and retrace the authorised electronic money institution's compliance with these Regulations or the Payment Services Regulations 2017; the outsourcing does not result in any delegation by the senior management of the institution of responsibility for complying with the requirements imposed by or under these Regulations or the Payment Services Regulations 2017; the relationship and obligations of the institution towards its electronic money holders under these Regulations or the Payment Services Regulations 2017 is not substantially altered; compliance with the conditions which the institution must observe in order to become an authorised electronic money institution and remain so is not adversely affected; and none of the conditions of the institution's authorisation requires removal or variation.

← 1 · All articles · 3 →

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