The Electronic Money Regulations 2011

Insolvency Regulations

— Regulation 24A — Insolvency Regulations Sections 93(4) and 233 to 236 of the Banking Act 2009 apply to authorised electronic money institutions and small…

The Credit Institutions (Reorganisation and Winding Up) Regulations 2004

— Regulation 16 — The Credit Institutions (Reorganisation and Winding Up) Regulations 2004 In regulation 2(1) of the Credit Institutions (Reorganisation and…

Own funds", "Regulation 14"]

Regulation 14 Where a small electronic money institution is required by regulation 19(2) to maintain own funds, it must calculate its own funds requirement as…

Own funds", "Regulation 17"]

Regulation 17 A direction made under paragraph 15 or 16 must be on the basis of an evaluation of the relevant electronic money institution including, if…

The register of certain electronic money issuers

— Regulation 4 — The register of certain electronic money issuers The Authority must maintain a register of— authorised electronic money institutions ... small…

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

— Regulation 12 — The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 The Financial Services and Markets Act 2000 (Regulated…

Notice of intention

— Regulation 28 — Notice of intention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fees for redemption

— Regulation 41 — Fees for redemption Redemption may be subject to a fee only where the fee is stated in the contract in accordance with regulation 40(a), and—…

Own funds", "Regulation 20"]

Regulation 20 “Method A” means the calculation method set out in this paragraph. The own funds requirement is 10% of the authorised electronic money…

The Money Laundering Regulations 2007

— Regulation 19 — The Money Laundering Regulations 2007 The Money Laundering Regulations 2007 are amended as follows— in regulation 2 (1) for the definition of…

Insolvency

— Regulation 7 — Insolvency The sections of the 2000 Act mentioned in the first column of the Table apply with any modifications shown in the third column. To…

["Regulation 7"]

Regulation 7 A description of the applicant's structural organisation, including, where applicable, a description of the intended use of agents and branches…

Prohibition on contracting-out

— Regulation 73 — Prohibition on contracting-out A term contained in an agreement between an electronic money issuer and an electronic money holder or a…

Issuance and redeemability

— Regulation 39 — Issuance and redeemability An electronic money issuer must— on receipt of funds, issue without delay electronic money at par value; and at…

Persons with a Part 4 permission

— Regulation 74 — Persons with a Part 4 permission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Own funds", "Regulation 4"]

Regulation 4 For the purposes of these Regulations “own funds” means own funds as defined in Article 4(1)(18) of the capital requirements regulation, and are…

Notice of prohibition or restriction

— Regulation 4 — Notice of prohibition or restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Guidance

— Regulation 60 — Guidance The Authority may give guidance consisting of such information and advice as it considers appropriate with respect to— the operation…

Variation of authorisation on Authority's own initiative

— Regulation 11 — Variation of authorisation on Authority's own initiative The Authority may vary a person's authorisation in any of the ways mentioned in…

Certified persons

— Regulation 76 — Certified persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transitional arrangements for existing electronic money institutions on the implementation of the second payment services directive

— Regulation 78A — Transitional arrangements for existing electronic money institutions on the implementation of the second payment services directive…

Power of Authority to require restitution

— Regulation 55 — Power of Authority to require restitution The Authority may exercise the power in paragraph (2) if it is satisfied that an electronic money…

The Building Societies Act 1986 (Modification of the Lending Limit and Funding Limit Calculations) Order 2004

— Regulation 17 — The Building Societies Act 1986 (Modification of the Lending Limit and Funding Limit Calculations) Order 2004 In article 2(1) of the Building…

Own funds", "Regulation 7"]

Regulation 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Pension Protection Fund (Entry Rules) Regulations 2005

— Regulation 18 — The Pension Protection Fund (Entry Rules) Regulations 2005 In regulation 1 of the Pension Protection Fund (Entry Rules) Regulations 2005 , at…

Notice to the home state competent authority

— Regulation 6 — Notice to the home state competent authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Initial capital", "Regulation 1"]

Regulation 1 For the purposes of these Regulations “initial capital” comprises one or more of the items specified in Article 26(1)(a) to (e) of the capital…

Own funds", "Regulation 5"]

Regulation 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

["Regulation 5D"]

Regulation 5D A description of the principles and definitions used by the applicant in collecting statistical data on performance, transactions and fraud.

["Regulation 4"]

Regulation 4 A description of the measures taken for safeguarding the electronic money holders' and payment service users' funds in accordance with regulation…

The 2000 Act

— Regulation 2 — The 2000 Act The 2000 Act is amended as follows. In Part 14 (disciplinary measures), in section 206A (2)(suspending permission to carry on…

Exercise of market access rights by Gibraltar-based firms

— Regulation 1 — Exercise of market access rights by Gibraltar-based firms These Regulations apply as set out in sub-paragraphs (2) and (3) in relation to a…

["Regulation 5A"]

Regulation 5A A description of the applicant's procedure for monitoring, handling and following up security incidents and security-related customer complaints…

Use of distributors and agents

— Regulation 33 — Use of distributors and agents An electronic money institution may distribute or redeem electronic money through a distributor or agent. An…

Own funds", "Regulation 16"]

Regulation 16 The Authority may direct in respect of a small electronic money institution that an amount of own funds resulting from a calculation made in…

Own funds", "Regulation 15"]

Regulation 15 The Authority may direct in respect of an authorised electronic money institution that— an amount of own funds resulting from a calculation made…

Determination of application for authorisation or variation of authorisation

— Regulation 9 — Determination of application for authorisation or variation of authorisation The Authority must determine an application for authorisation or…

Credit agreements

— Regulation 59A — Credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power of the Authority to exclude assets

— Regulation 23 — Power of the Authority to exclude assets In exceptional circumstances the Authority may determine that an asset that would otherwise be…

Application to become an authorised electronic money institution or variation of an existing authorisation

— Regulation 5 — Application to become an authorised electronic money institution or variation of an existing authorisation An application to become an…

Termination of a contract

— Regulation 46 — Termination of a contract For the purposes of this Part a contract between an electronic money issuer and an electronic money holder…

Amendments to primary and secondary legislation

— Regulation 79 — Amendments to primary and secondary legislation Schedule 4, which contains amendments to primary and secondary legislation, has effect.

Application and modification of primary and secondary legislation

— Regulation 62 — Application and modification of primary and secondary legislation The provisions of primary and secondary legislation specified in Schedule 3…

Own funds", "Regulation 19"]

Regulation 19 If an electronic money institution has not completed a full financial year's business, references to a figure for the preceding financial year…

Additional activities

— Regulation 32 — Additional activities Subject to paragraphs (2), (3) and (4), electronic money institutions may, in addition to issuing electronic money…

Reporting requirements

— Regulation 49 — Reporting requirements An electronic money issuer must give the Authority such information in respect of its issuance of electronic money and…

Firms which have taken action before 13th January 2018

— Regulation 4 — Firms which have taken action before 13th January 2018 Where an authorised electronic money institution or the Authority has taken action…

Own funds", "Regulation 10"]

Regulation 10 The Authority may in temporary and exceptional circumstances direct that an electronic money institution may exceed one or more of the limits…

Exercise by authorised electronic money institutions of market access rights in Gibraltar

— Regulation 2 — Exercise by authorised electronic money institutions of market access rights in Gibraltar For the purposes of these Regulations, an authorised…

Duty to notify changes

— Regulation 17 — Duty to notify changes If at any time after an applicant has provided the Authority with any information under regulation 5(1), (2) or (4) or…

Application of Part 5

— Regulation 38 — Application of Part 5 This Part applies to the issuance and redemption of electronic money where the issuance or redemption is carried on…

Interpretation

— Regulation 2 — Interpretation In these Regulations— “the 2000 Act” means the Financial Services and Markets Act 2000 ; “account information service” means an…

["Regulation 14"]

Regulation 14 In the case of an applicant which proposes to provide payment initiation services or account information services, the professional indemnity…

Own funds", "Regulation 11"]

Regulation 11 An electronic money institution must not include in its own funds calculation— any item used in an equivalent calculation of own funds by an…

Safeguarding option 1

— Regulation 21 — Safeguarding option 1 An electronic money institution must keep relevant funds segregated from any other funds that it holds. Where the…

Own funds", "Regulation 23"]

Regulation 23 “Method D” means the calculation method set out in this paragraph. The own funds requirement in respect of the activity of issuing electronic…

Existing fixed term contracts

— Regulation 77 — Existing fixed term contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Complaints

— Regulation 58 — Complaints The Authority must maintain arrangements designed to enable electronic money holders and other interested parties to submit…

Safeguarding option 2

— Regulation 22 — Safeguarding option 2 An electronic money institution must ensure that— any relevant funds are covered by— an insurance policy with an…

["Regulation 5B"]

Regulation 5B A description of the applicant's process for filing, monitoring, tracking and restricting access to sensitive payment data.

Incoming firms: interventions by the Authority

— Regulation 4A — Incoming firms: interventions by the Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

False claims to be an electronic money issuer

— Regulation 64 — False claims to be an electronic money issuer A person who does not fall within any of sub-paragraphs (a) to (j) of regulation 63(1) may not—…

["Regulation 10"]

Regulation 10 The identity of the auditors of the applicant, if any.

["Regulation 4"]

Regulation 4 Section 235 of the Banking Act 2009 (regulations: procedure) applies as if— references to investment bank insolvency regulations were to…

Average outstanding electronic money

— Regulation 14 — Average outstanding electronic money Where— an applicant provides payment services that are not related to the issuance of electronic money…

Power to restrict the entry into credit agreements

— Regulation 2 — Power to restrict the entry into credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liability of officers of bodies corporate etc

— Regulation 68 — Liability of officers of bodies corporate etc If an offence under these Regulations committed by a body corporate is shown— to have been…

The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

— Regulation 11 — The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 The Financial Services and Markets Act 2000 (EEA Passport…

Public censure

— Regulation 50 — Public censure If the Authority considers that an electronic money issuer has contravened a requirement imposed on it by or under these…

Amount of redemption

— Regulation 42 — Amount of redemption Where before the termination of the contract an electronic money holder makes a request for redemption, the electronic…

Prohibition on issuing electronic money by persons other than electronic money issuers

— Regulation 63 — Prohibition on issuing electronic money by persons other than electronic money issuers A person may not issue electronic money in the United…

The Financial Services (Distance Marketing) Regulations 2004

— Regulation 15 — The Financial Services (Distance Marketing) Regulations 2004 In regulation 17(2)(c) of the Financial Services (Distance Marketing)…

Suspending authorisation etc

— Regulation 52 — Suspending authorisation etc If the Authority considers that an electronic money institution has contravened a requirement imposed on it by…

Application to Gibraltar

— Regulation 80 — Application to Gibraltar Schedule 5, which contains provisions concerning the application of these Regulations to Gibraltar, has effect.

Conditions of redemption

— Regulation 40 — Conditions of redemption An electronic money issuer must ensure— that the contract between the electronic money issuer and the electronic…

Requests for redemption

— Regulation 43 — Requests for redemption An electronic money issuer is not required under regulation 39(b) to redeem the monetary value of electronic money…

Proposal to take disciplinary measures

— Regulation 53 — Proposal to take disciplinary measures Where the Authority proposes— to publish a statement under regulation 50; to impose a penalty under…

Auditors and actuaries

— Regulation 5 — Auditors and actuaries Part 22 (auditors and actuaries) applies with the following modifications— for references to “authorised person”…

The Counter-Terrorism Act 2008

— Regulation 6 — The Counter-Terrorism Act 2008 In Part 2 of Schedule 7 to the Counter-Terrorism Act 2008 (terrorist financing and money laundering) — in…

Own funds", "Regulation 12"]

Regulation 12 An authorised electronic money institution that carries on activities other than the issuance of electronic money and the provision of payment…

Injunctions

— Regulation 54 — Injunctions If, on the application of the Authority, the court is satisfied— that there is a reasonable likelihood that any person will…

Interpretation

— Regulation 3 — Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008

— Regulation 20 — Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 In the Limited Liability…

Consumer Credit Act 1974

— Regulation 1 — Consumer Credit Act 1974 In section 25(1C) of the Consumer Credit Act 1974 (licensee to be a fit person), after “credit institutions” insert “…

Conditions for authorisation

— Regulation 6 — Conditions for authorisation The Authority may refuse to grant an application for authorisation only if any of the conditions set out in…

Power to prohibit the entry into credit agreements

— Regulation 1 — Power to prohibit the entry into credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Warning notices and decision notices

— Regulation 8 — Warning notices and decision notices Part 26 of the 2000 Act (notices) applies with the following modifications— in section 387 (warning…

Redemption rights of persons other than consumers

— Regulation 44 — Redemption rights of persons other than consumers Regulations 41 and 42 shall not apply in the case of a person, other than a consumer, who…

Defences

— Regulation 65 — Defences In proceedings for an offence under regulation 63 or 64 it is a defence for the accused to show that they took all reasonable…

Modification of legislation

— Regulation 3 — Modification of legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Competition Act 1998 (Determination of Turnover for Penalties) Order 2000

— Regulation 10 — The Competition Act 1998 (Determination of Turnover for Penalties) Order 2000 In paragraph 1(1) of the Schedule to the Competition Act 1998…

Conditions for registration

— Regulation 13 — Conditions for registration The Authority may refuse to register an applicant as a small electronic money institution only if any of the…

Own funds", "Regulation 24"]

Regulation 24 Where— an electronic money institution provides payment services that are not related to the issuance of electronic money or carries out any of…

["Regulation 1"]

Regulation 1 A programme of operations, setting out, in particular, the type of electronic money issuance and payment services which are envisaged.

["Regulation 5"]

Regulation 5 A description of the applicant's governance arrangements and internal control mechanisms including administrative risk management and accounting…

Own funds", "Regulation 6"]

Regulation 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

["Regulation 9"]

Regulation 9 The identity of directors and persons who are or will be responsible for the management of the applicant and, where relevant, persons who are or…

Initial capital", "Regulation 3"]

Regulation 3 Where the business activities of an applicant for registration as a small electronic money institution generate average outstanding electronic…

Imposition of requirements

— Regulation 7 — Imposition of requirements The Authority may include in an authorisation such requirements as it considers appropriate. A requirement may, in…

["Regulation 11"]

Regulation 11 The legal status of the applicant and, where the applicant is a limited company, its articles. In this paragraph “articles” has the meaning given…

Capital requirements

— Regulation 19 — Capital requirements An authorised electronic money institution must maintain at all times own funds equal to or in excess of— 350,000 euro…

Application to revoke or vary prohibition or restriction

— Regulation 5 — Application to revoke or vary prohibition or restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Own funds", "Regulation 18"]

Regulation 18 The Authority may make a reasonable charge for making an evaluation required under paragraph 17.

The Payment Services Regulations 2009

— Regulation 21 — The Payment Services Regulations 2009 The Payment Services Regulations 2009 are amended as follows— in regulation 2(1)— in the definition of…

Disciplinary powers

— Regulation 1 — Disciplinary powers Sections 66 (disciplinary powers) to 70 (statements of policy: procedure) of the 2000 Act apply with the following…

["Regulation 5C"]

Regulation 5C A description of the applicant's business continuity arrangements, including a clear identification of the critical operations, effective…

Financial penalties

— Regulation 51 — Financial penalties The Authority may impose a penalty of such amount as it considers appropriate on— an electronic money issuer who has…

Notification of use of electronic communications exclusion

— Regulation 3B — Notification of use of electronic communications exclusion If a person (“issuer”) issues, or intends to issue, monetary value falling within…

Duty to co-operate and exchange information

— Regulation 71 — Duty to co-operate and exchange information The Authority and the Commissioners of Her Majesty's Revenue and Customs (“the Commissioners”)…

["Regulation 6"]

Regulation 6 For the purposes of the modifications in this Schedule— “relevant funds” has the meaning given to it in— regulation 20(1), in the case of funds of…

The Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003

— Regulation 13 — The Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003 In paragraph 1 of the Schedule to the Enterprise Act 2002…

Proposal to require restitution

— Regulation 56 — Proposal to require restitution If the Authority proposes to exercise the power in regulation 55(2), it must give the person concerned a…

EEA firms

— Regulation 75 — EEA firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Proceeds of Crime Act 2002

— Regulation 4 — The Proceeds of Crime Act 2002 In Part 1 of Schedule 9 to the Proceeds of Crime Act 2002 (regulated sector) — in paragraph 1(1)(b), for “and…

References to Gibraltar regulator

— Regulation 2A — References to Gibraltar regulator The Treasury may by regulations made by statutory instrument make such amendments of the references in…

Carrying on of Consumer Credit Act business by an EEA authorised electronic money institution

— Regulation 31 — Carrying on of Consumer Credit Act business by an EEA authorised electronic money institution…

Removal of agents from the register

— Regulation 35 — Removal of agents from the register The Authority may remove an agent of an electronic money institution from the register where— the…

Application for registration as a small electronic money institution or variation of an existing registration

— Regulation 12 — Application for registration as a small electronic money institution or variation of an existing registration An application for registration…

Costs of supervision

— Regulation 59 — Costs of supervision The functions of the Authority under these Regulations are to be treated for the purposes of paragraph 23 (fees) of Part…

["Regulation 12"]

Regulation 12 The address of the head office of the applicant.

Own funds", "Regulation 9"]

Regulation 9 For the purposes of calculating own funds— the amount of Tier 2 capital must be equal to or less than one third of the amount of Tier 1 capital…

Supplementary provisions

— Regulation 15 — Supplementary provisions Regulations 7 to 11 apply to registration as a small electronic money institution as they apply to authorisation as…

Electronic money: further exclusions

— Regulation 3ZA — Electronic money: further exclusions For the purposes of the definition of “electronic money” in regulation 2 (interpretation), “monetary…

["Regulation 5"]

Regulation 5 Section 236 of the Banking Act 2009 (review) applies as if the reference to investment bank insolvency regulations were to electronic money…

Notice of intention from an EEA authorised payment institution

— Regulation 29A — Notice of intention from an EEA authorised payment institution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975

— Regulation 7 — The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 is amended…

Restriction on penalties

— Regulation 67 — Restriction on penalties A person who is convicted of an offence under these Regulations is not liable to a penalty under regulation 51 in…

Record keeping

— Regulation 31A — Record keeping An electronic money institution must maintain relevant records and keep them for at least five years from the date on which…

Monitoring and enforcement

— Regulation 48 — Monitoring and enforcement The Authority must maintain arrangements designed to enable it to determine whether— persons on whom requirements…

Safeguarding requirements

— Regulation 20 — Safeguarding requirements Electronic money institutions must safeguard funds that have been received in exchange for electronic money that…

The Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000

— Regulation 9 — The Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000 In paragraph 1 of the Schedule to the…

Electronic money institutions acting without permission

— Regulation 18 — Electronic money institutions acting without permission If an electronic money institution issues electronic money or carries on a payment…

["Regulation 3"]

Regulation 3 Evidence that the applicant holds initial capital for the purposes of regulation 6(3).

Accounting and statutory audit

— Regulation 25 — Accounting and statutory audit An electronic money institution which carries on activities other than the issuance of electronic money and…

Outsourcing

— Regulation 26 — Outsourcing An authorised electronic money institution must notify the Authority of its intention to enter into a contract with another…

Supervision of firms exercising passport rights

— Regulation 30 — Supervision of firms exercising passport rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Own funds", "Regulation 13"]

Regulation 13 An authorised electronic money institution must calculate its own funds requirement— in accordance with such of Method A, Method B or Method C as…

["Regulation 8"]

Regulation 8 In relation to each person holding, directly or indirectly, a qualifying holding in the applicant— the size and nature of their qualifying…

Requirement for agents to be registered

— Regulation 34 — Requirement for agents to be registered An electronic money institution may provide payment services in the United Kingdom through an agent…

Own funds", "Regulation 22"]

Regulation 22 “Method C” means the calculation method set out in this paragraph. The own funds requirement is the relevant indicator multiplied by— the…

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

— Regulation 11 — The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 The Financial Services and Markets Act…

Authority's exemption from liability in damages

— Regulation 61 — Authority's exemption from liability in damages The functions of the Authority under these Regulations are to be treated for the purposes of…

["Regulation 2"]

Regulation 2 A business plan including a forecast budget calculation for the first three financial years which demonstrates that the applicant is able to…

Notification of use of limited network exclusion

— Regulation 3A — Notification of use of limited network exclusion If, in any period of 12 months, the total value of payment transactions made with monetary…

The Terrorism Act 2000

— Regulation 3 — The Terrorism Act 2000 In the Terrorism Act 2000 — in Part 1 of Schedule 3A (regulated sector) — in paragraph 1(1)(b), for “and 14” substitute…

Decision following notice of intention

— Regulation 29 — Decision following notice of intention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amendments to the banking consolidation directive

— Regulation 78 — Amendments to the banking consolidation directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Initial capital", "Regulation 2"]

Regulation 2 An applicant for authorisation as an electronic money institution must hold an amount of initial capital of at least 350,000 euro.

["Regulation 5E"]

Regulation 5E A statement of the applicant's security policy, including— a detailed risk assessment in relation to the payment services to be provided…

Citation and commencement

— Regulation 1 — Citation and commencement These Regulations may be cited as the Electronic Money Regulations 2011. These Regulations come into force on— 9th…

["Regulation 1"]

Regulation 1 Section 93(4) of the Banking Act 2009 (interpretation: other expressions) applies as if— the reference to a bank were to an authorised electronic…

The Tribunal

— Regulation 2 — The Tribunal Part 9 of the 2000 Act (hearings and appeals) applies in respect of references to the Upper Tribunal made under these Regulations…

The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001

— Regulation 10 — The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 The Financial Services and Markets Act 2000 (Service of…

Restriction on disclosure of information

— Regulation 6 — Restriction on disclosure of information Sections 348 (restrictions on disclosure of confidential information by FCA, PRA etc), 349…

["Regulation 13"]

Regulation 13 For the purposes of paragraphs 4, 5 , 5A and 7, a description of— the audit arrangements of the applicant; and the organisational arrangements…

The Companies Act 2006

— Regulation 5 — The Companies Act 2006 In the Companies Act 2006 — in section 1173(1) (minor definitions: general), in the definition of “credit institution”—…

Electronic money: exclusions

— Regulation 3 — Electronic money: exclusions For the purposes of these Regulations electronic money does not include— monetary value stored on specific…

The Conduct of Employment Agencies and Employment Business Regulations 2003

— Regulation 14 — The Conduct of Employment Agencies and Employment Business Regulations 2003 In regulation 25(1) of the Conduct of Employment Agencies and…

Functions of the Authority

— Regulation 47 — Functions of the Authority The Authority is to have the functions conferred on it by these Regulations. In discharging its function of…

Insolvency events (except electronic money institution special administration)

— Regulation 24 — Insolvency events (except electronic money institution special administration) Subject to paragraph (2), where there is an insolvency event…

Right to bring actions

— Regulation 72 — Right to bring actions A contravention— which is to be taken to have occurred by virtue of regulation 18; of a requirement imposed by…

Limitation on powers to require documents

— Regulation 9 — Limitation on powers to require documents Section 413 of the 2000 Act (protected items) applies for the purposes of these Regulations as it…

The Financial Markets and Insolvency (Settlement Finality) Regulations 1999

— Regulation 8 — The Financial Markets and Insolvency (Settlement Finality) Regulations 1999 In regulation 2(1) of the Financial Markets and Insolvency…

Control over electronic money institutions

— Regulation 4 — Control over electronic money institutions Part 12 of the 2000 Act (control over authorised persons) applies with the following modifications—…

Information gathering and investigations

— Regulation 3 — Information gathering and investigations Part 11 of the 2000 Act (information gathering and investigations) applies with the following…

Proceedings against unincorporated bodies

— Regulation 70 — Proceedings against unincorporated bodies Proceedings for an offence alleged to have been committed by a partnership or an unincorporated…

Prohibition of interest

— Regulation 45 — Prohibition of interest An electronic money issuer must not award— interest in respect of the holding of electronic money; or any other…

["Regulation 2"]

Regulation 2 Section 233 of the Banking Act 2009 (insolvency regulations) applies as if— references to investment bank insolvency regulations were to…

["Regulation 6"]

Regulation 6 A description of the internal control mechanisms which the applicant has established in order to comply with the Money Laundering, Terrorist…

["Regulation 3"]

Regulation 3 Section 234 of the Banking Act 2009 (regulations: details) applies as if— references to investment bank insolvency regulations were to electronic…

Own funds", "Regulation 21"]

Regulation 21 “Method B” means the calculation method set out in this paragraph. The own funds requirement is the sum of the following elements multiplied by…

Own funds", "Regulation 25"]

Regulation 25 Except where this Schedule provides for a different method of recognition, measurement or valuation, whenever a provision in this Schedule refers…

Variation etc at request of an authorised electronic money institution

— Regulation 8 — Variation etc at request of an authorised electronic money institution The Authority may, on the application of an authorised electronic money…

Own funds", "Regulation 8"]

Regulation 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reliance

— Regulation 36 — Reliance Where an electronic money institution relies on a third party for the performance of operational functions it must take all…

Misleading the authority

— Regulation 66 — Misleading the authority A person may not, in purported compliance with any requirement imposed by or under these Regulations, knowingly or…

Duty to notify change in circumstance

— Regulation 37 — Duty to notify change in circumstance Where it becomes apparent to an electronic money institution that there is, or is likely to be, a…

Record keeping

— Regulation 27 — Record keeping Electronic money institutions must maintain relevant records and keep them for at least five years from the date on which the…

Authority rules

— Regulation 2A — Authority rules Section 137A of the 2000 Act applies for the purposes of these Regulations as if— references to authorised persons were…

Prosecution

— Regulation 69 — Prosecution Proceedings for an offence under these Regulations may be instituted only— by the Authority; or by or with the consent of the…

Application for authorisation if requirements cease to be met

— Regulation 16 — Application for authorisation if requirements cease to be met Where a small electronic money institution ceases to comply with a condition in…

Cancellation of authorisation

— Regulation 10 — Cancellation of authorisation The Authority may cancel a person's authorisation and remove the person from the register where— the person…

Restitution orders

— Regulation 57 — Restitution orders The court may, on the application of the Authority, make an order under paragraph (2) if it is satisfied that an…

Interpretation

— Regulation 2 — Interpretation (17) of that regulation which is situated in the United Kingdom and which has its head office in a territory that is outside…

Insolvency events (except electronic money institution special administration)

— Regulation 24 — Insolvency events (except electronic money institution special administration) (1)(b); “insolvency event” has the same meaning as in…

Liability of officers of bodies corporate etc

— Regulation 68 — Liability of officers of bodies corporate etc (1) applies in relation to the acts and defaults of a member in connection with such member's…

The Money Laundering Regulations 2007

— Regulation 19 — The Money Laundering Regulations 2007 (1)(a) to (e), and in particular to— identify any situations of higher risk of money laundering or…

Accounting and statutory audit

— Regulation 25 — Accounting and statutory audit (6) to (10) or the requirement in regulation 19 (2) to maintain own funds; the auditor reasonably believes…

Warning notices and decision notices

— Regulation 8 — Warning notices and decision notices (13) for “in accordance with” to the end substitute “ under regulation 11 (6), (9) or (10)(b) (including…

Conditions for authorisation

— Regulation 6 — Conditions for authorisation 2. The applicant must be either— a body corporate constituted under the law of a part of the United Kingdom…

Requirement for agents to be registered

— Regulation 34 — Requirement for agents to be registered . . . . . . . . . . . . . . . . . . . . The Authority may refuse to include the agent on the register…

Electronic money: further exclusions

— Regulation 3ZA — Electronic money: further exclusions (3)(a)(ii)— other assets do not include the cryptoasset itself; the holding of fiat currency or another…

Determination of application for authorisation or variation of authorisation

— Regulation 9 — Determination of application for authorisation or variation of authorisation as soon as practicable.

Functions of the Authority

— Regulation 47 — Functions of the Authority the United Kingdom financial system). The Treasury may at any time by notice in writing to the Authority make…

Outsourcing

— Regulation 26 — Outsourcing (2), an operational function is important if a defect or failure in its performance would materially impair— compliance by the…

Conditions for registration

— Regulation 13 — Conditions for registration 2. The applicant must satisfy the Authority that, taking into account the need to ensure the sound and prudent…

The register of certain electronic money issuers

— Regulation 4 — The register of certain electronic money issuers (1)(ba); update the register on a regular basis; and provide a certified copy of the…

Prohibition on issuing electronic money by persons other than electronic money issuers

— Regulation 63 — Prohibition on issuing electronic money by persons other than electronic money issuers (1)(da) only to the extent that the credit institution…

Cancellation of authorisation

— Regulation 10 — Cancellation of authorisation (1)(b) and before determining it, the Authority may require the person making the request to provide it with…

Safeguarding requirements

— Regulation 20 — Safeguarding requirements (4) and in regulations 21 to 24 references to an electronic money institution include references to a credit union…

Variation of authorisation on Authority's own initiative

— Regulation 11 — Variation of authorisation on Authority's own initiative (6) states that this is the case; on such date as may be specified in the notice; or…

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

— Regulation 11 — The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (1) does not permit disclosure to the…

Safeguarding option 1

— Regulation 21 — Safeguarding option 1 (4), where an electronic money institution is a participant in a designated system and the institution holds an account…

Supplementary provisions

— Regulation 15 — Supplementary provisions (1)(a) substitute— the person no longer complies with, or is unlikely to continue to comply with, any of the…

Information gathering and investigations

— Regulation 3 — Information gathering and investigations (1) of the Electronic Money Regulations 2011 ”; in paragraph (c) for “a recognised investment…

Electronic money: exclusions

— Regulation 3 — Electronic money: exclusions £40, and the cumulative value of payment transactions for an individual subscriber in a month does not exceed…

Restitution orders

— Regulation 57 — Restitution orders (1)(b). On an application under paragraph (1) the court may require the electronic money issuer to supply it with such…

Injunctions

— Regulation 54 — Injunctions (or, in Scotland, an interdict prohibiting) them from disposing of, or otherwise dealing with, any assets of theirs which it is…

Authority rules

— Regulation 2A — Authority rules (1) in relation to clients’ money; treat two or more relevant assets as being part of a single asset pool, and make provision…

Insolvency

— Regulation 7 — Insolvency (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63 (1) of the…

Safeguarding option 2

— Regulation 22 — Safeguarding option 2 (3)); “insolvency event” means any of the following procedures in relation to an electronic money institution— the…

Citation and commencement

— Regulation 1 — Citation and commencement (5), 29 (4) or 34 (11); enabling an applicant for authorisation as an electronic money institution to give the…

Proposal to take disciplinary measures

— Regulation 53 — Proposal to take disciplinary measures (1) the person concerned may refer the matter to the Upper Tribunal. Sections 210 (statements of…

Exercise of market access rights by Gibraltar-based firms

— Regulation 1 — Exercise of market access rights by Gibraltar-based firms (1); in Schedule 3 (application and modification of legislation), paragraphs 2A and…

The 2000 Act

— Regulation 2 — The 2000 Act (8), in paragraph (a) omit the word “or” before paragraph (b) and at the end of that paragraph insert— or the variation under…

Safeguarding option 1

— Regulation 21 — Safeguarding option 1 (2)(a); ... any relevant assets placed in an account in accordance with paragraph (2)(b); any funds held in an account…

Conditions for authorisation

— Regulation 6 — Conditions for authorisation forecast budget calculation) under which appropriate and proportionate systems, resources and procedures will be…

Interpretation

— Regulation 2 — Interpretation (118) of the capital requirements regulation, and “Common Equity Tier 1 capital”, “Tier 1 capital” and “Tier 2 capital” have…

Authority rules

— Regulation 2A — Authority rules (3), there were inserted— “Relevant assets” means assets held by a relevant institution to satisfy its obligations to…

Information gathering and investigations

— Regulation 3 — Information gathering and investigations (1)— before paragraph (b) insert— a person may have contravened any requirement of or imposed under…

Conditions for registration

— Regulation 13 — Conditions for registration 20. None of the individuals responsible for the management or operation of the business has been convicted of— an…

Requirement for agents to be registered

— Regulation 34 — Requirement for agents to be registered (3)(a), or is not satisfied that such information is correct; it is not satisfied that the directors…

Insolvency

— Regulation 7 — Insolvency (7) were omitted. To be read as if — (a) subsection (1A) were omitted; (b) in subsections (3) and (4), the reference to agreement…

Variation of authorisation on Authority's own initiative

— Regulation 11 — Variation of authorisation on Authority's own initiative (1), reasonably considers that it is necessary for the variation to take effect…

Electronic money: further exclusions

— Regulation 3ZA — Electronic money: further exclusions (1) (definitions) of the 2000 Act; “fiat currency” means the currency of the United Kingdom or any…

Interpretation

— Regulation 2 — Interpretation (36) of the capital requirements regulation; “the register” means the register maintained by the Authority under regulation 4…

Conditions for authorisation

— Regulation 6 — Conditions for authorisation provisions, nor any deficiency in their enforcement, would prevent the Authority's effective supervision of the…

Variation of authorisation on Authority's own initiative

— Regulation 11 — Variation of authorisation on Authority's own initiative (9) must inform the person of their right to refer the matter to the Upper Tribunal…

Insolvency

— Regulation 7 — Insolvency (1) of the Electronic Money Regulations 2011);”; (b) in subsection (1)(b), the reference to a regulated activity carried on were to…

Authority rules

— Regulation 2A — Authority rules (1), (1A) or (1B) as they do in relation to other rules made by the FCA under sections 137A, 137B and 137P of the 2000 Act…

Safeguarding option 1

— Regulation 21 — Safeguarding option 1 (7), “approved foreign credit institution” means— the central bank of a State that is a member of the Organisation for…

Requirement for agents to be registered

— Regulation 34 — Requirement for agents to be registered notice under paragraph (10) within a period of two months beginning on the date on which the…

Information gathering and investigations

— Regulation 3 — Information gathering and investigations (10) substitute— “Investigating authority”, in relation to an investigator, means the FCA. in section…

Conditions for registration

— Regulation 13 — Conditions for registration (4), where the applicant has yet to commence the provision of payment services which are not related to the…