# The Electronic Money Regulations 2011 URL: https://consilena.com/coverage/laws/ksrc_9n91ydvgn1dkkc1n - Jurisdiction: United Kingdom - Type: Act - Identifier: http://www.legislation.gov.uk/uksi/2011/99 - Current as of: 30 April 2011 - Provisions: 177 - Official text: https://www.legislation.gov.uk/uksi/2011/99 - Attribution: Contains public sector information licensed under the Open Government Licence v3.0. > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Insolvency Regulations", "Regulation 24A"] - **PRUDENTIAL SUPERVISION ...", "Insolvency Regulations", "Regulation 24A"] 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… ### ["PART 2 — Amendments to secondary legislation", "The Credit Institutions (Reorganisation and Winding Up) Regulations 2004", "Regulation 16"] - **Amendments to secondary legislation", "The Credit Institutions (Reorganisation and Winding Up) Regulations 2004", "Regulation 16"] 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… ### ["PART 2 — Own funds", "Regulation 14"] - **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… ### ["PART 2 — Own funds", "Regulation 17"] - **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… ### ["PART 2 — REGISTRATION", "The register of certain electronic money issuers", "Regulation 4"] - **REGISTRATION", "The register of certain electronic money issuers", "Regulation 4"] 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… ### ["PART 2 — Amendments to secondary legislation", "The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001", "Regulation 12"] - **Amendments to secondary legislation", "The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001", "Regulation 12"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Notice of intention", "Regulation 28"] - **PRUDENTIAL SUPERVISION ...", "Notice of intention", "Regulation 28"] Notice of intention**: — Regulation 28 — Notice of intention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 5 — ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Fees for redemption", "Regulation 41"] - **ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Fees for redemption", "Regulation 41"] 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—… ### ["PART 2 — Own funds", "Regulation 20"] - **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… ### ["PART 2 — Amendments to secondary legislation", "The Money Laundering Regulations 2007", "Regulation 19"] - **Amendments to secondary legislation", "The Money Laundering Regulations 2007", "Regulation 19"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Insolvency", "Regulation 7"] - **Application and modification of the 2000 Act", "Insolvency", "Regulation 7"] 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… ### ["PART 7 — GENERAL", "Prohibition on contracting-out", "Regulation 73"] - **GENERAL", "Prohibition on contracting-out", "Regulation 73"] 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… ### ["PART 5 — ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Issuance and redeemability", "Regulation 39"] - **ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Issuance and redeemability", "Regulation 39"] 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… ### ["PART 7 — GENERAL", "Persons with a Part 4 permission", "Regulation 74"] - **GENERAL", "Persons with a Part 4 permission", "Regulation 74"] Persons with a Part 4 permission**: — Regulation 74 — Persons with a Part 4 permission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 2 — Own funds", "Regulation 4"] - **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… ### ["PART2 — Procedure and appeals", "Notice of prohibition or restriction", "Regulation 4"] - **Procedure and appeals", "Notice of prohibition or restriction", "Regulation 4"] Notice of prohibition or restriction**: — Regulation 4 — Notice of prohibition or restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 6 — THE AUTHORITY", "Guidance", "Regulation 60"] - **THE AUTHORITY", "Guidance", "Regulation 60"] Guidance**: — Regulation 60 — Guidance The Authority may give guidance consisting of such information and advice as it considers appropriate with respect to— the operation… ### ["PART 2 — REGISTRATION", "Variation of authorisation on Authority's own initiative", "Regulation 11"] - **REGISTRATION", "Variation of authorisation on Authority's own initiative", "Regulation 11"] 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… ### ["PART 7 — GENERAL", "Certified persons", "Regulation 76"] - **GENERAL", "Certified persons", "Regulation 76"] Certified persons**: — Regulation 76 — Certified persons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 7 — GENERAL", "Transitional arrangements for existing electronic money institutions on the implementation of the second payment services directive", "Regulation 78A"] - **GENERAL", "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**: — Regulation 78A — Transitional arrangements for existing electronic money institutions on the implementation of the second payment services directive… ### ["PART 6 — THE AUTHORITY", "Power of Authority to require restitution", "Regulation 55"] - **THE AUTHORITY", "Power of Authority to require restitution", "Regulation 55"] 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… ### ["PART 2 — Amendments to secondary legislation", "The Building Societies Act 1986 (Modification of the Lending Limit and Funding Limit Calculations) Order 2004", "Regulation 17"] - **Amendments to secondary legislation", "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**: — 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… ### ["PART 2 — Own funds", "Regulation 7"] - **Own funds", "Regulation 7"]**: Regulation 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 2 — Amendments to secondary legislation", "The Pension Protection Fund (Entry Rules) Regulations 2005", "Regulation 18"] - **Amendments to secondary legislation", "The Pension Protection Fund (Entry Rules) Regulations 2005", "Regulation 18"] 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… ### ["PART2 — Procedure and appeals", "Notice to the home state competent authority", "Regulation 6"] - **Procedure and appeals", "Notice to the home state competent authority", "Regulation 6"] Notice to the home state competent authority**: — Regulation 6 — Notice to the home state competent authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 1 — Initial capital", "Regulation 1"] - **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… ### ["PART 2 — Own funds", "Regulation 5"] - **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… ### ["PART 1 — Amendments to primary legislation", "The 2000 Act", "Regulation 2"] - **Amendments to primary legislation", "The 2000 Act", "Regulation 2"] 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… ### ["PART 4 — ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Use of distributors and agents", "Regulation 33"] - **ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Use of distributors and agents", "Regulation 33"] 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… ### ["PART 2 — Own funds", "Regulation 16"] - **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… ### ["PART 2 — Own funds", "Regulation 15"] - **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… ### ["PART 2 — REGISTRATION", "Determination of application for authorisation or variation of authorisation", "Regulation 9"] - **REGISTRATION", "Determination of application for authorisation or variation of authorisation", "Regulation 9"] 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… ### ["PART 6 — THE AUTHORITY", "Credit agreements", "Regulation 59A"] - **THE AUTHORITY", "Credit agreements", "Regulation 59A"] Credit agreements**: — Regulation 59A — Credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Power of the Authority to exclude assets", "Regulation 23"] - **PRUDENTIAL SUPERVISION ...", "Power of the Authority to exclude assets", "Regulation 23"] 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… ### ["PART 2 — REGISTRATION", "Application to become an authorised electronic money institution or variation of an existing authorisation", "Regulation 5"] - **REGISTRATION", "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**: — Regulation 5 — Application to become an authorised electronic money institution or variation of an existing authorisation An application to become an… ### ["PART 5 — ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Termination of a contract", "Regulation 46"] - **ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Termination of a contract", "Regulation 46"] 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… ### ["PART 7 — GENERAL", "Amendments to primary and secondary legislation", "Regulation 79"] - **GENERAL", "Amendments to primary and secondary legislation", "Regulation 79"] 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. ### ["PART 6 — THE AUTHORITY", "Application and modification of primary and secondary legislation", "Regulation 62"] - **THE AUTHORITY", "Application and modification of primary and secondary legislation", "Regulation 62"] 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… ### ["PART 2 — Own funds", "Regulation 19"] - **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… ### ["PART 4 — ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Additional activities", "Regulation 32"] - **ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Additional activities", "Regulation 32"] Additional activities**: — Regulation 32 — Additional activities Subject to paragraphs (2), (3) and (4), electronic money institutions may, in addition to issuing electronic money… ### ["PART 6 — THE AUTHORITY", "Reporting requirements", "Regulation 49"] - **THE AUTHORITY", "Reporting requirements", "Regulation 49"] 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… ### ["PART 2 — Own funds", "Regulation 10"] - **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… ### ["PART 2 — REGISTRATION", "Duty to notify changes", "Regulation 17"] - **REGISTRATION", "Duty to notify changes", "Regulation 17"] 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… ### ["PART 5 — ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Application of Part 5", "Regulation 38"] - **ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Application of Part 5", "Regulation 38"] 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… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Interpretation", "Regulation 2"] - **INTRODUCTORY PROVISIONS", "Interpretation", "Regulation 2"] 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… ### ["PART 2 — Own funds", "Regulation 11"] - **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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Safeguarding option 1", "Regulation 21"] - **PRUDENTIAL SUPERVISION ...", "Safeguarding option 1", "Regulation 21"] 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… ### ["PART 2 — Own funds", "Regulation 23"] - **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… ### ["PART 7 — GENERAL", "Existing fixed term contracts", "Regulation 77"] - **GENERAL", "Existing fixed term contracts", "Regulation 77"] Existing fixed term contracts**: — Regulation 77 — Existing fixed term contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 6 — THE AUTHORITY", "Complaints", "Regulation 58"] - **THE AUTHORITY", "Complaints", "Regulation 58"] Complaints**: — Regulation 58 — Complaints The Authority must maintain arrangements designed to enable electronic money holders and other interested parties to submit… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Safeguarding option 2", "Regulation 22"] - **PRUDENTIAL SUPERVISION ...", "Safeguarding option 2", "Regulation 22"] 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. ### ["PART 1 — Application and modification of the 2000 Act", "Incoming firms: interventions by the Authority", "Regulation 4A"] - **Application and modification of the 2000 Act", "Incoming firms: interventions by the Authority", "Regulation 4A"] Incoming firms: interventions by the Authority**: — Regulation 4A — Incoming firms: interventions by the Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 7 — GENERAL", "False claims to be an electronic money issuer", "Regulation 64"] - **GENERAL", "False claims to be an electronic money issuer", "Regulation 64"] 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… ### ["PART 2 — REGISTRATION", "Average outstanding electronic money", "Regulation 14"] - **REGISTRATION", "Average outstanding electronic money", "Regulation 14"] 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… ### ["PART1 — Prohibitions and restrictions", "Power to restrict the entry into credit agreements", "Regulation 2"] - **Prohibitions and restrictions", "Power to restrict the entry into credit agreements", "Regulation 2"] Power to restrict the entry into credit agreements**: — Regulation 2 — Power to restrict the entry into credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 7 — GENERAL", "Liability of officers of bodies corporate etc", "Regulation 68"] - **GENERAL", "Liability of officers of bodies corporate etc", "Regulation 68"] 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… ### ["PART 2 — Amendments to secondary legislation", "The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001", "Regulation 11"] - **Amendments to secondary legislation", "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**: — Regulation 11 — The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 The Financial Services and Markets Act 2000 (EEA Passport… ### ["PART 6 — THE AUTHORITY", "Public censure", "Regulation 50"] - **THE AUTHORITY", "Public censure", "Regulation 50"] 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… ### ["PART 5 — ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Amount of redemption", "Regulation 42"] - **ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Amount of redemption", "Regulation 42"] 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… ### ["PART 7 — GENERAL", "Prohibition on issuing electronic money by persons other than electronic money issuers", "Regulation 63"] - **GENERAL", "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**: — Regulation 63 — Prohibition on issuing electronic money by persons other than electronic money issuers A person may not issue electronic money in the United… ### ["PART 2 — Amendments to secondary legislation", "The Financial Services (Distance Marketing) Regulations 2004", "Regulation 15"] - **Amendments to secondary legislation", "The Financial Services (Distance Marketing) Regulations 2004", "Regulation 15"] 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)… ### ["PART 6 — THE AUTHORITY", "Suspending authorisation etc", "Regulation 52"] - **THE AUTHORITY", "Suspending authorisation etc", "Regulation 52"] 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… ### ["PART 7 — GENERAL", "Application to Gibraltar", "Regulation 80"] - **GENERAL", "Application to Gibraltar", "Regulation 80"] Application to Gibraltar**: — Regulation 80 — Application to Gibraltar Schedule 5, which contains provisions concerning the application of these Regulations to Gibraltar, has effect. ### ["PART 5 — ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Conditions of redemption", "Regulation 40"] - **ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Conditions of redemption", "Regulation 40"] 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… ### ["PART 5 — ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Requests for redemption", "Regulation 43"] - **ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Requests for redemption", "Regulation 43"] 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… ### ["PART 6 — THE AUTHORITY", "Proposal to take disciplinary measures", "Regulation 53"] - **THE AUTHORITY", "Proposal to take disciplinary measures", "Regulation 53"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Auditors and actuaries", "Regulation 5"] - **Application and modification of the 2000 Act", "Auditors and actuaries", "Regulation 5"] Auditors and actuaries**: — Regulation 5 — Auditors and actuaries Part 22 (auditors and actuaries) applies with the following modifications— for references to “authorised person”… ### ["PART 1 — Amendments to primary legislation", "The Counter-Terrorism Act 2008", "Regulation 6"] - **Amendments to primary legislation", "The Counter-Terrorism Act 2008", "Regulation 6"] 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… ### ["PART 2 — Own funds", "Regulation 12"] - **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… ### ["PART 6 — THE AUTHORITY", "Injunctions", "Regulation 54"] - **THE AUTHORITY", "Injunctions", "Regulation 54"] 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… ### ["PART2 — Procedure and appeals", "Interpretation", "Regulation 3"] - **Procedure and appeals", "Interpretation", "Regulation 3"] Interpretation**: — Regulation 3 — Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 2 — Amendments to secondary legislation", "Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008", "Regulation 20"] - **Amendments to secondary legislation", "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**: — Regulation 20 — Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 In the Limited Liability… ### ["PART 1 — Amendments to primary legislation", "Consumer Credit Act 1974", "Regulation 1"] - **Amendments to primary legislation", "Consumer Credit Act 1974", "Regulation 1"] 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 “… ### ["PART 2 — REGISTRATION", "Conditions for authorisation", "Regulation 6"] - **REGISTRATION", "Conditions for authorisation", "Regulation 6"] 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… ### ["PART1 — Prohibitions and restrictions", "Power to prohibit the entry into credit agreements", "Regulation 1"] - **Prohibitions and restrictions", "Power to prohibit the entry into credit agreements", "Regulation 1"] Power to prohibit the entry into credit agreements**: — Regulation 1 — Power to prohibit the entry into credit agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 1 — Application and modification of the 2000 Act", "Warning notices and decision notices", "Regulation 8"] - **Application and modification of the 2000 Act", "Warning notices and decision notices", "Regulation 8"] 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… ### ["PART 5 — ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Redemption rights of persons other than consumers", "Regulation 44"] - **ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Redemption rights of persons other than consumers", "Regulation 44"] 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… ### ["PART 7 — GENERAL", "Defences", "Regulation 65"] - **GENERAL", "Defences", "Regulation 65"] 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 2 — Amendments to secondary legislation", "The Competition Act 1998 (Determination of Turnover for Penalties) Order 2000", "Regulation 10"] - **Amendments to secondary 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**: — 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… ### ["PART 2 — REGISTRATION", "Conditions for registration", "Regulation 13"] - **REGISTRATION", "Conditions for registration", "Regulation 13"] 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… ### ["PART 2 — Own funds", "Regulation 24"] - **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… ### ["PART 2 — Own funds", "Regulation 6"] - **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… ### ["PART 1 — Initial capital", "Regulation 3"] - **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… ### ["PART 2 — REGISTRATION", "Imposition of requirements", "Regulation 7"] - **REGISTRATION", "Imposition of requirements", "Regulation 7"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Capital requirements", "Regulation 19"] - **PRUDENTIAL SUPERVISION ...", "Capital requirements", "Regulation 19"] 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… ### ["PART2 — Procedure and appeals", "Application to revoke or vary prohibition or restriction", "Regulation 5"] - **Procedure and appeals", "Application to revoke or vary prohibition or restriction", "Regulation 5"] Application to revoke or vary prohibition or restriction**: — Regulation 5 — Application to revoke or vary prohibition or restriction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 2 — Own funds", "Regulation 18"] - **Own funds", "Regulation 18"]**: Regulation 18 The Authority may make a reasonable charge for making an evaluation required under paragraph 17. ### ["PART 2 — Amendments to secondary legislation", "The Payment Services Regulations 2009", "Regulation 21"] - **Amendments to secondary legislation", "The Payment Services Regulations 2009", "Regulation 21"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Disciplinary powers", "Regulation 1"] - **Application and modification of the 2000 Act", "Disciplinary powers", "Regulation 1"] 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… ### ["PART 6 — THE AUTHORITY", "Financial penalties", "Regulation 51"] - **THE AUTHORITY", "Financial penalties", "Regulation 51"] 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… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Notification of use of electronic communications exclusion", "Regulation 3B"] - **INTRODUCTORY PROVISIONS", "Notification of use of electronic communications exclusion", "Regulation 3B"] 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… ### ["PART 7 — GENERAL", "Duty to co-operate and exchange information", "Regulation 71"] - **GENERAL", "Duty to co-operate and exchange information", "Regulation 71"] 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… ### ["PART 2 — Amendments to secondary legislation", "The Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003", "Regulation 13"] - **Amendments to secondary legislation", "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**: — 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… ### ["PART 6 — THE AUTHORITY", "Proposal to require restitution", "Regulation 56"] - **THE AUTHORITY", "Proposal to require restitution", "Regulation 56"] 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… ### ["PART 7 — GENERAL", "EEA firms", "Regulation 75"] - **GENERAL", "EEA firms", "Regulation 75"] EEA firms**: — Regulation 75 — EEA firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 1 — Amendments to primary legislation", "The Proceeds of Crime Act 2002", "Regulation 4"] - **Amendments to primary legislation", "The Proceeds of Crime Act 2002", "Regulation 4"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Carrying on of Consumer Credit Act business by an EEA authorised electronic money institution", "Regulation 31"] - **PRUDENTIAL SUPERVISION ...", "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**: — Regulation 31 — Carrying on of Consumer Credit Act business by an EEA authorised electronic money institution… ### ["PART 4 — ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Removal of agents from the register", "Regulation 35"] - **ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Removal of agents from the register", "Regulation 35"] 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… ### ["PART 2 — REGISTRATION", "Application for registration as a small electronic money institution or variation of an existing registration", "Regulation 12"] - **REGISTRATION", "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**: — Regulation 12 — Application for registration as a small electronic money institution or variation of an existing registration An application for registration… ### ["PART 6 — THE AUTHORITY", "Costs of supervision", "Regulation 59"] - **THE AUTHORITY", "Costs of supervision", "Regulation 59"] 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. ### ["PART 2 — Own funds", "Regulation 9"] - **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… ### ["PART 2 — REGISTRATION", "Supplementary provisions", "Regulation 15"] - **REGISTRATION", "Supplementary provisions", "Regulation 15"] 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… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Electronic money: further exclusions", "Regulation 3ZA"] - **INTRODUCTORY PROVISIONS", "Electronic money: further exclusions", "Regulation 3ZA"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Notice of intention from an EEA authorised payment institution", "Regulation 29A"] - **PRUDENTIAL SUPERVISION ...", "Notice of intention from an EEA authorised payment institution", "Regulation 29A"] Notice of intention from an EEA authorised payment institution**: — Regulation 29A — Notice of intention from an EEA authorised payment institution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 2 — Amendments to secondary legislation", "The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975", "Regulation 7"] - **Amendments to secondary legislation", "The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975", "Regulation 7"] 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… ### ["PART 7 — GENERAL", "Restriction on penalties", "Regulation 67"] - **GENERAL", "Restriction on penalties", "Regulation 67"] 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… ### ["PART 4 — ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Record keeping", "Regulation 31A"] - **ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Record keeping", "Regulation 31A"] 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… ### ["PART 6 — THE AUTHORITY", "Monitoring and enforcement", "Regulation 48"] - **THE AUTHORITY", "Monitoring and enforcement", "Regulation 48"] Monitoring and enforcement**: — Regulation 48 — Monitoring and enforcement The Authority must maintain arrangements designed to enable it to determine whether— persons on whom requirements… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Safeguarding requirements", "Regulation 20"] - **PRUDENTIAL SUPERVISION ...", "Safeguarding requirements", "Regulation 20"] Safeguarding requirements**: — Regulation 20 — Safeguarding requirements Electronic money institutions must safeguard funds that have been received in exchange for electronic money that… ### ["PART 2 — Amendments to secondary legislation", "The Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000", "Regulation 9"] - **Amendments to secondary legislation", "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**: — Regulation 9 — The Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000 In paragraph 1 of the Schedule to the… ### ["PART 2 — REGISTRATION", "Electronic money institutions acting without permission", "Regulation 18"] - **REGISTRATION", "Electronic money institutions acting without permission", "Regulation 18"] 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). ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Accounting and statutory audit", "Regulation 25"] - **PRUDENTIAL SUPERVISION ...", "Accounting and statutory audit", "Regulation 25"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Outsourcing", "Regulation 26"] - **PRUDENTIAL SUPERVISION ...", "Outsourcing", "Regulation 26"] Outsourcing**: — Regulation 26 — Outsourcing An authorised electronic money institution must notify the Authority of its intention to enter into a contract with another… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Supervision of firms exercising passport rights", "Regulation 30"] - **PRUDENTIAL SUPERVISION ...", "Supervision of firms exercising passport rights", "Regulation 30"] Supervision of firms exercising passport rights**: — Regulation 30 — Supervision of firms exercising passport rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 2 — Own funds", "Regulation 13"] - **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… ### ["PART 4 — ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Requirement for agents to be registered", "Regulation 34"] - **ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Requirement for agents to be registered", "Regulation 34"] 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… ### ["PART 2 — Own funds", "Regulation 22"] - **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… ### ["PART 2 — Application and modification of secondary legislation", "The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001", "Regulation 11"] - **Application and modification of secondary legislation", "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**: — Regulation 11 — The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 The Financial Services and Markets Act… ### ["PART 6 — THE AUTHORITY", "Authority's exemption from liability in damages", "Regulation 61"] - **THE AUTHORITY", "Authority's exemption from liability in damages", "Regulation 61"] 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… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Notification of use of limited network exclusion", "Regulation 3A"] - **INTRODUCTORY PROVISIONS", "Notification of use of limited network exclusion", "Regulation 3A"] 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… ### ["PART 1 — Amendments to primary legislation", "The Terrorism Act 2000", "Regulation 3"] - **Amendments to primary legislation", "The Terrorism Act 2000", "Regulation 3"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Decision following notice of intention", "Regulation 29"] - **PRUDENTIAL SUPERVISION ...", "Decision following notice of intention", "Regulation 29"] Decision following notice of intention**: — Regulation 29 — Decision following notice of intention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 7 — GENERAL", "Amendments to the banking consolidation directive", "Regulation 78"] - **GENERAL", "Amendments to the banking consolidation directive", "Regulation 78"] Amendments to the banking consolidation directive**: — Regulation 78 — Amendments to the banking consolidation directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 1 — Initial capital", "Regulation 2"] - **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… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Citation and commencement", "Regulation 1"] - **INTRODUCTORY PROVISIONS", "Citation and commencement", "Regulation 1"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "The Tribunal", "Regulation 2"] - **Application and modification of the 2000 Act", "The Tribunal", "Regulation 2"] 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… ### ["PART 2 — Application and modification of secondary legislation", "The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001", "Regulation 10"] - **Application and modification of secondary legislation", "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**: — Regulation 10 — The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 The Financial Services and Markets Act 2000 (Service of… ### ["PART 1 — Application and modification of the 2000 Act", "Restriction on disclosure of information", "Regulation 6"] - **Application and modification of the 2000 Act", "Restriction on disclosure of information", "Regulation 6"] 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… ### ["PART 1 — Amendments to primary legislation", "The Companies Act 2006", "Regulation 5"] - **Amendments to primary legislation", "The Companies Act 2006", "Regulation 5"] 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”—… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Electronic money: exclusions", "Regulation 3"] - **INTRODUCTORY PROVISIONS", "Electronic money: exclusions", "Regulation 3"] Electronic money: exclusions**: — Regulation 3 — Electronic money: exclusions For the purposes of these Regulations electronic money does not include— monetary value stored on specific… ### ["PART 2 — Amendments to secondary legislation", "The Conduct of Employment Agencies and Employment Business Regulations 2003", "Regulation 14"] - **Amendments to secondary legislation", "The Conduct of Employment Agencies and Employment Business Regulations 2003", "Regulation 14"] 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… ### ["PART 6 — THE AUTHORITY", "Functions of the Authority", "Regulation 47"] - **THE AUTHORITY", "Functions of the Authority", "Regulation 47"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Insolvency events (except electronic money institution special administration)", "Regulation 24"] - **PRUDENTIAL SUPERVISION ...", "Insolvency events (except electronic money institution special administration)", "Regulation 24"] 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… ### ["PART 7 — GENERAL", "Right to bring actions", "Regulation 72"] - **GENERAL", "Right to bring actions", "Regulation 72"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Limitation on powers to require documents", "Regulation 9"] - **Application and modification of the 2000 Act", "Limitation on powers to require documents", "Regulation 9"] 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… ### ["PART 2 — Amendments to secondary legislation", "The Financial Markets and Insolvency (Settlement Finality) Regulations 1999", "Regulation 8"] - **Amendments to secondary legislation", "The Financial Markets and Insolvency (Settlement Finality) Regulations 1999", "Regulation 8"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Control over electronic money institutions", "Regulation 4"] - **Application and modification of the 2000 Act", "Control over electronic money institutions", "Regulation 4"] 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—… ### ["PART 1 — Application and modification of the 2000 Act", "Information gathering and investigations", "Regulation 3"] - **Application and modification of the 2000 Act", "Information gathering and investigations", "Regulation 3"] Information gathering and investigations**: — Regulation 3 — Information gathering and investigations Part 11 of the 2000 Act (information gathering and investigations) applies with the following… ### ["PART 7 — GENERAL", "Proceedings against unincorporated bodies", "Regulation 70"] - **GENERAL", "Proceedings against unincorporated bodies", "Regulation 70"] 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… ### ["PART 5 — ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Prohibition of interest", "Regulation 45"] - **ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Prohibition of interest", "Regulation 45"] 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… ### ["PART 2 — Own funds", "Regulation 21"] - **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… ### ["PART 2 — Own funds", "Regulation 25"] - **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… ### ["PART 2 — REGISTRATION", "Variation etc at request of an authorised electronic money institution", "Regulation 8"] - **REGISTRATION", "Variation etc at request of an authorised electronic money institution", "Regulation 8"] 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… ### ["PART 2 — Own funds", "Regulation 8"] - **Own funds", "Regulation 8"]**: Regulation 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### ["PART 4 — ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Reliance", "Regulation 36"] - **ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Reliance", "Regulation 36"] Reliance**: — Regulation 36 — Reliance Where an electronic money institution relies on a third party for the performance of operational functions it must take all… ### ["PART 7 — GENERAL", "Misleading the authority", "Regulation 66"] - **GENERAL", "Misleading the authority", "Regulation 66"] 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… ### ["PART 4 — ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Duty to notify change in circumstance", "Regulation 37"] - **ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Duty to notify change in circumstance", "Regulation 37"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Record keeping", "Regulation 27"] - **PRUDENTIAL SUPERVISION ...", "Record keeping", "Regulation 27"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Authority rules", "Regulation 2A"] - **Application and modification of the 2000 Act", "Authority rules", "Regulation 2A"] 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… ### ["PART 7 — GENERAL", "Prosecution", "Regulation 69"] - **GENERAL", "Prosecution", "Regulation 69"] 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… ### ["PART 2 — REGISTRATION", "Application for authorisation if requirements cease to be met", "Regulation 16"] - **REGISTRATION", "Application for authorisation if requirements cease to be met", "Regulation 16"] 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… ### ["PART 2 — REGISTRATION", "Cancellation of authorisation", "Regulation 10"] - **REGISTRATION", "Cancellation of authorisation", "Regulation 10"] 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… ### ["PART 6 — THE AUTHORITY", "Restitution orders", "Regulation 57"] - **THE AUTHORITY", "Restitution orders", "Regulation 57"] 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… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Interpretation", "Regulation 2"] - **INTRODUCTORY PROVISIONS", "Interpretation", "Regulation 2"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Insolvency events (except electronic money institution special administration)", "Regulation 24"] - **PRUDENTIAL SUPERVISION ...", "Insolvency events (except electronic money institution special administration)", "Regulation 24"] 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… ### ["PART 7 — GENERAL", "Liability of officers of bodies corporate etc", "Regulation 68"] - **GENERAL", "Liability of officers of bodies corporate etc", "Regulation 68"] 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… ### ["PART 2 — Amendments to secondary legislation", "The Money Laundering Regulations 2007", "Regulation 19"] - **Amendments to secondary legislation", "The Money Laundering Regulations 2007", "Regulation 19"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Accounting and statutory audit", "Regulation 25"] - **PRUDENTIAL SUPERVISION ...", "Accounting and statutory audit", "Regulation 25"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Warning notices and decision notices", "Regulation 8"] - **Application and modification of the 2000 Act", "Warning notices and decision notices", "Regulation 8"] 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… ### ["PART 2 — REGISTRATION", "Conditions for authorisation", "Regulation 6"] - **REGISTRATION", "Conditions for authorisation", "Regulation 6"] 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… ### ["PART 4 — ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Requirement for agents to be registered", "Regulation 34"] - **ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Requirement for agents to be registered", "Regulation 34"] 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… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Electronic money: further exclusions", "Regulation 3ZA"] - **INTRODUCTORY PROVISIONS", "Electronic money: further exclusions", "Regulation 3ZA"] 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… ### ["PART 2 — REGISTRATION", "Determination of application for authorisation or variation of authorisation", "Regulation 9"] - **REGISTRATION", "Determination of application for authorisation or variation of authorisation", "Regulation 9"] Determination of application for authorisation or variation of authorisation**: — Regulation 9 — Determination of application for authorisation or variation of authorisation as soon as practicable. ### ["PART 6 — THE AUTHORITY", "Functions of the Authority", "Regulation 47"] - **THE AUTHORITY", "Functions of the Authority", "Regulation 47"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Outsourcing", "Regulation 26"] - **PRUDENTIAL SUPERVISION ...", "Outsourcing", "Regulation 26"] Outsourcing**: — Regulation 26 — Outsourcing (2), an operational function is important if a defect or failure in its performance would materially impair— compliance by the… ### ["PART 2 — REGISTRATION", "Conditions for registration", "Regulation 13"] - **REGISTRATION", "Conditions for registration", "Regulation 13"] 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… ### ["PART 2 — REGISTRATION", "The register of certain electronic money issuers", "Regulation 4"] - **REGISTRATION", "The register of certain electronic money issuers", "Regulation 4"] 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… ### ["PART 7 — GENERAL", "Prohibition on issuing electronic money by persons other than electronic money issuers", "Regulation 63"] - **GENERAL", "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**: — Regulation 63 — Prohibition on issuing electronic money by persons other than electronic money issuers (1)(da) only to the extent that the credit institution… ### ["PART 2 — REGISTRATION", "Cancellation of authorisation", "Regulation 10"] - **REGISTRATION", "Cancellation of authorisation", "Regulation 10"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Safeguarding requirements", "Regulation 20"] - **PRUDENTIAL SUPERVISION ...", "Safeguarding requirements", "Regulation 20"] 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… ### ["PART 2 — REGISTRATION", "Variation of authorisation on Authority's own initiative", "Regulation 11"] - **REGISTRATION", "Variation of authorisation on Authority's own initiative", "Regulation 11"] 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… ### ["PART 2 — Application and modification of secondary legislation", "The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001", "Regulation 11"] - **Application and modification of secondary legislation", "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**: — Regulation 11 — The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (1) does not permit disclosure to the… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Safeguarding option 1", "Regulation 21"] - **PRUDENTIAL SUPERVISION ...", "Safeguarding option 1", "Regulation 21"] 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… ### ["PART 2 — REGISTRATION", "Supplementary provisions", "Regulation 15"] - **REGISTRATION", "Supplementary provisions", "Regulation 15"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Information gathering and investigations", "Regulation 3"] - **Application and modification of the 2000 Act", "Information gathering and investigations", "Regulation 3"] Information gathering and investigations**: — Regulation 3 — Information gathering and investigations (1) of the Electronic Money Regulations 2011 ”; in paragraph (c) for “a recognised investment… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Electronic money: exclusions", "Regulation 3"] - **INTRODUCTORY PROVISIONS", "Electronic money: exclusions", "Regulation 3"] 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… ### ["PART 6 — THE AUTHORITY", "Restitution orders", "Regulation 57"] - **THE AUTHORITY", "Restitution orders", "Regulation 57"] 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… ### ["PART 6 — THE AUTHORITY", "Injunctions", "Regulation 54"] - **THE AUTHORITY", "Injunctions", "Regulation 54"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Authority rules", "Regulation 2A"] - **Application and modification of the 2000 Act", "Authority rules", "Regulation 2A"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Insolvency", "Regulation 7"] - **Application and modification of the 2000 Act", "Insolvency", "Regulation 7"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Safeguarding option 2", "Regulation 22"] - **PRUDENTIAL SUPERVISION ...", "Safeguarding option 2", "Regulation 22"] 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… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Citation and commencement", "Regulation 1"] - **INTRODUCTORY PROVISIONS", "Citation and commencement", "Regulation 1"] 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… ### ["PART 6 — THE AUTHORITY", "Proposal to take disciplinary measures", "Regulation 53"] - **THE AUTHORITY", "Proposal to take disciplinary measures", "Regulation 53"] 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… ### ["PART 1 — Amendments to primary legislation", "The 2000 Act", "Regulation 2"] - **Amendments to primary legislation", "The 2000 Act", "Regulation 2"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Safeguarding option 1", "Regulation 21"] - **PRUDENTIAL SUPERVISION ...", "Safeguarding option 1", "Regulation 21"] 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… ### ["PART 2 — REGISTRATION", "Conditions for authorisation", "Regulation 6"] - **REGISTRATION", "Conditions for authorisation", "Regulation 6"] Conditions for authorisation**: — Regulation 6 — Conditions for authorisation forecast budget calculation) under which appropriate and proportionate systems, resources and procedures will be… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Interpretation", "Regulation 2"] - **INTRODUCTORY PROVISIONS", "Interpretation", "Regulation 2"] Interpretation**: — Regulation 2 — Interpretation (118) of the capital requirements regulation, and “Common Equity Tier 1 capital”, “Tier 1 capital” and “Tier 2 capital” have… ### ["PART 1 — Application and modification of the 2000 Act", "Authority rules", "Regulation 2A"] - **Application and modification of the 2000 Act", "Authority rules", "Regulation 2A"] Authority rules**: — Regulation 2A — Authority rules (3), there were inserted— “Relevant assets” means assets held by a relevant institution to satisfy its obligations to… ### ["PART 1 — Application and modification of the 2000 Act", "Information gathering and investigations", "Regulation 3"] - **Application and modification of the 2000 Act", "Information gathering and investigations", "Regulation 3"] 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… ### ["PART 2 — REGISTRATION", "Conditions for registration", "Regulation 13"] - **REGISTRATION", "Conditions for registration", "Regulation 13"] 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… ### ["PART 4 — ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Requirement for agents to be registered", "Regulation 34"] - **ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Requirement for agents to be registered", "Regulation 34"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Insolvency", "Regulation 7"] - **Application and modification of the 2000 Act", "Insolvency", "Regulation 7"] 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… ### ["PART 2 — REGISTRATION", "Variation of authorisation on Authority's own initiative", "Regulation 11"] - **REGISTRATION", "Variation of authorisation on Authority's own initiative", "Regulation 11"] 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… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Electronic money: further exclusions", "Regulation 3ZA"] - **INTRODUCTORY PROVISIONS", "Electronic money: further exclusions", "Regulation 3ZA"] 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… ### ["PART 1 — INTRODUCTORY PROVISIONS", "Interpretation", "Regulation 2"] - **INTRODUCTORY PROVISIONS", "Interpretation", "Regulation 2"] Interpretation**: — Regulation 2 — Interpretation (36) of the capital requirements regulation; “the register” means the register maintained by the Authority under regulation 4… ### ["PART 2 — REGISTRATION", "Conditions for authorisation", "Regulation 6"] - **REGISTRATION", "Conditions for authorisation", "Regulation 6"] Conditions for authorisation**: — Regulation 6 — Conditions for authorisation provisions, nor any deficiency in their enforcement, would prevent the Authority's effective supervision of the… ### ["PART 2 — REGISTRATION", "Variation of authorisation on Authority's own initiative", "Regulation 11"] - **REGISTRATION", "Variation of authorisation on Authority's own initiative", "Regulation 11"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Insolvency", "Regulation 7"] - **Application and modification of the 2000 Act", "Insolvency", "Regulation 7"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Authority rules", "Regulation 2A"] - **Application and modification of the 2000 Act", "Authority rules", "Regulation 2A"] 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… ### ["PART 3 — PRUDENTIAL SUPERVISION ...", "Safeguarding option 1", "Regulation 21"] - **PRUDENTIAL SUPERVISION ...", "Safeguarding option 1", "Regulation 21"] 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… ### ["PART 4 — ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Requirement for agents to be registered", "Regulation 34"] - **ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS", "Requirement for agents to be registered", "Regulation 34"] 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… ### ["PART 1 — Application and modification of the 2000 Act", "Information gathering and investigations", "Regulation 3"] - **Application and modification of the 2000 Act", "Information gathering and investigations", "Regulation 3"] Information gathering and investigations**: — Regulation 3 — Information gathering and investigations (10) substitute— “Investigating authority”, in relation to an investigator, means the FCA. in section… ### ["PART 2 — REGISTRATION", "Conditions for registration", "Regulation 13"] - **REGISTRATION", "Conditions for registration", "Regulation 13"] 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… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. Page: https://consilena.com/coverage/laws/ksrc_9n91ydvgn1dkkc1n. Index of every page: https://consilena.com/llms.txt.