Schedule 8, Part 2, paragraph 5(4)

After regulation 3 (electronic money: exclusions) insert— If, in any period of 12 months, the total value of payment transactions made with monetary value falling within regulation 3(a)(i) to (iii) issued by a person (“issuer”) exceeds 1 million euros, the issuer must notify the Authority. The period of 12 months referred to in paragraph (1) does not include any period in respect of which a notification has already been made under paragraph (1). A notification under paragraph (1) must— include a description of the transactions made; and specify the exclusion by virtue of which the monetary value is not electronic money. Notifications and information provided to the Authority under this regulation must be given— and different directions may be given in relation to different notifications or information or categories of notification or information. within such time as the Authority may direct after the end of the period of 12 months referred to in paragraph (1); and in such form or verified in such manner as the Authority may direct, When the Authority receives a notification under this regulation, the Authority must assess whether the notified monetary value falls within regulation 3(a)(i) to (iii). If the Authority considers that any part of the notified monetary value does not fall within regulation 3(a)(i) to (iii)— the Authority must notify the issuer, and the issuer may refer the matter to the Upper Tribunal. If a person (“issuer”) issues, or intends to issue, monetary value falling within regulation 3(b), the service provider must— notify the Authority, and include with such notification a description of the transactions for which the monetary value is intended to be used. The issuer must provide a notification under paragraph (1)— if the issuer started to issue the monetary value before 13th January 2018, on or before that date, or otherwise, before the issuer starts to issue the monetary value. The issuer must also provide to the Authority, at such times as the Authority may direct, an annual audit opinion testifying that the transactions for which the monetary value is used comply with the limits mentioned in regulation 3(b). Information provided to the Authority under this regulation must be in such form or verified in such manner as the Authority may direct. Different directions may be given under paragraph (3) and (4) in relation to different issuers or different categories of issuers.

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