lexiara

The Electronic Money Regulations 2011

law · United Kingdom · uksi/2011/99

525 provisions

Defined terms · All instruments

1 Citation and commencement
1
2
2 Interpretation
1
2
3
4
3 Electronic money: exclusions
3ZA Electronic money: further exclusions
1
2
3
4
5
6
7
8
9
3A Notification of use of limited network exclusion
1
2
3
4
5
6
3B Notification of use of electronic communications exclusion
1
2
3
4
5
4 The register of certain electronic money issuers
1
2
3
4
5
6
7
5 Application to become an authorised electronic money institution or variation of an existing authorisation
1
2
3
4
5
6 Conditions for authorisation
1
2
3
4
4A
5
6
7
8
9
7 Imposition of requirements
1
2
3
4
5
6
8 Variation etc at request of an authorised electronic money institution
9 Determination of application for authorisation or variation of authorisation
1
2
3
4
5
6
7
8
9
10 Cancellation of authorisation
1
2
3
4
5
6
7
11 Variation of authorisation on Authority's own initiative
1
2
3
4
5
6
7
8
9
10
11
12
13
12 Application for registration as a small electronic money institution or variation of an existing registration
1
2
3
4
5
13 Conditions for registration
1
2
3
4
4A
5
6
7
8
9
10
11
12
13
14 Average outstanding electronic money
1
2
15 Supplementary provisions
1
2
3
16 Application for authorisation if requirements cease to be met
17 Duty to notify changes
1
2
3
18 Electronic money institutions acting without permission
19 Capital requirements
1
2
3
20 Safeguarding requirements
1
2
2A
3
4
5
6
21 Safeguarding option 1
1
2
3
4
4A
4B
5
6
7
8
22 Safeguarding option 2
1
2
3
23 Power of the Authority to exclude assets
24 Insolvency events (except electronic money institution special administration)
1
2
3
4
5
24A Insolvency Regulations
25 Accounting and statutory audit
1
2
3
4
5
6
26 Outsourcing
1
2
3
4
27 Record keeping
1
2
28 Notice of intention
29 Decision following notice of intention
29A Notice of intention from an EEA authorised payment institution
30 Supervision of firms exercising passport rights
31 Carrying on of Consumer Credit Act business by an EEA authorised electronic money institution
31A Record keeping
1
2
32 Additional activities
1
2
3
4
33 Use of distributors and agents
1
2
3
34 Requirement for agents to be registered
1
2
3
4
5
5A
6
7
8
9
10
10A
10B
11
12
12A
13
14
15
35 Removal of agents from the register
1
2
3
4
5
36 Reliance
1
2
37 Duty to notify change in circumstance
1
2
3
38 Application of Part 5
39 Issuance and redeemability
40 Conditions of redemption
41 Fees for redemption
1
2
42 Amount of redemption
1
2
43 Requests for redemption
44 Redemption rights of persons other than consumers
45 Prohibition of interest
46 Termination of a contract
47 Functions of the Authority
1
2
3
4
48 Monitoring and enforcement
1
2
3
4
5
49 Reporting requirements
1
1A
2
3
50 Public censure
51 Financial penalties
1
2
52 Suspending authorisation etc
1
2
3
4
5
6
53 Proposal to take disciplinary measures
1
2
3
4
5
6
7
54 Injunctions
1
2
3
4
5
55 Power of Authority to require restitution
1
2
3
56 Proposal to require restitution
1
2
3
4
5
57 Restitution orders
1
2
3
4
5
6
7
8
58 Complaints
1
2
59 Costs of supervision
1
2
3
4
5
59A Credit agreements
60 Guidance
1
2
61 Authority's exemption from liability in damages
62 Application and modification of primary and secondary legislation
63 Prohibition on issuing electronic money by persons other than electronic money issuers
1
2
3
4
5
64 False claims to be an electronic money issuer
1
2
65 Defences
66 Misleading the authority
1
2
3
67 Restriction on penalties
68 Liability of officers of bodies corporate etc
1
2
3
4
5
69 Prosecution
1
2
70 Proceedings against unincorporated bodies
1
2
3
4
5
6
71 Duty to co-operate and exchange information
1
2
3
72 Right to bring actions
1
2
3
73 Prohibition on contracting-out
74 Persons with a Part 4 permission
75 EEA firms
76 Certified persons
77 Existing fixed term contracts
78 Amendments to the banking consolidation directive
78A Transitional arrangements for existing electronic money institutions on the implementation of the second payment services directive
79 Amendments to primary and secondary legislation
80 Application to Gibraltar
1
2
3
4
5
5A
5B
5C
5D
5E
6
7
8
9
1
2
10
11
1
2
12
13
14
1
2
3
1
2
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1
2
3
21
1
2
3
4
22
1
2
3
4
5
6
7
23
1
2
24
1
2
25
1
2
3
4
5
6
1 Power to prohibit the entry into credit agreements
2 Power to restrict the entry into credit agreements
3 Interpretation
4 Notice of prohibition or restriction
5 Application to revoke or vary prohibition or restriction
6 Notice to the home state competent authority
1 Disciplinary powers
1
2
2 The Tribunal
7A
2A Authority rules
1
1A
1B
2
2A
3
3 Information gathering and investigations
5A
2
6
10
4 Control over electronic money institutions
2A
2C
4A Incoming firms: interventions by the Authority
5 Auditors and actuaries
6 Restriction on disclosure of information
7 Insolvency
8 Warning notices and decision notices
1ZB
9 Limitation on powers to require documents
10 The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
11 The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
4
1 Consumer Credit Act 1974
2 The 2000 Act
1
2
3
4
5
6
7
8
3 The Terrorism Act 2000
4 The Proceeds of Crime Act 2002
5 The Companies Act 2006
6 The Counter-Terrorism Act 2008
7 The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975
8 The Financial Markets and Insolvency (Settlement Finality) Regulations 1999
9 The Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000
10 The Competition Act 1998 (Determination of Turnover for Penalties) Order 2000
11 The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001
12 The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
13 The Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003
14 The Conduct of Employment Agencies and Employment Business Regulations 2003
15 The Financial Services (Distance Marketing) Regulations 2004
16 The Credit Institutions (Reorganisation and Winding Up) Regulations 2004
17 The Building Societies Act 1986 (Modification of the Lending Limit and Funding Limit Calculations) Order 2004
18 The Pension Protection Fund (Entry Rules) Regulations 2005
6
19 The Money Laundering Regulations 2007
5A
20 Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008
21 The Payment Services Regulations 2009
1 Exercise of market access rights by Gibraltar-based firms
1
1A
2
2A
2B
3
2 Exercise by authorised electronic money institutions of market access rights in Gibraltar
1
1A
1B
2
2A References to Gibraltar regulator
1
2
3 Modification of legislation
4 Firms which have taken action before 13th January 2018