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The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018

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Changes over time for: Paragraph 12B

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Changes to legislation:

The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, Paragraph 12B is up to date with all changes known to be in force on or before 19 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Changes and effects yet to be applied to Schedule 3 Paragraph 12B:

[F1Continued authorisation for limited purposesU.K.

This adran has no associated Memorandwm Esboniadol

12B.—(1) This paragraph applies to a person in relation to whom the [F2IP completion day] conditions or the transitional authorisation conditions are satisfied.

(2) The “[F2IP completion day] conditions”, in relation to a person, are—

(a)that immediately before [F2IP completion day] the person was providing electronic money issuance or payment services through a branch or agent in the United Kingdom in the exercise of a passport right as an EEA authorised electronic money institution,

(b)that immediately after [F2IP completion day] the person is not (apart from under this Part of this Schedule) an authorised electronic money institution, and

(c)that immediately after [F2IP completion day]—

(i)the person has outstanding obligations under contracts which the person entered into through a branch or agent in the United Kingdom as an EEA authorised electronic money institution exercising passport rights, or

(ii)any electronic money issued by the person through a branch or agent in the United Kingdom as an EEA authorised electronic money institution exercising passport rights has not been redeemed.

(3) The “transitional authorisation conditions”, in relation to a person, are—

(a)that on [F2IP completion day] the person became authorised to provide electronic money issuance, redemption, distribution or payment services in the United Kingdom by virtue of paragraph 2,

(b)that the person has provided any such services in the United Kingdom either—

(i)before [F2IP completion day], in the exercise of a passport right as an EEA authorised electronic money institution, or

(ii)on or after [F2IP completion day], in accordance with paragraph 2,

(c)that immediately after the end of the transition period defined in paragraph 10 the person is not (apart from under this Part of this Schedule) an authorised electronic money institution, and

(d)that immediately after the end of that period—

(i)the person has outstanding obligations under contracts which the person entered into as an EEA authorised electronic money institution exercising passport rights, or

(ii)electronic money issued by the person as an EEA authorised electronic money institution exercising passport rights has not been redeemed.

(4) During the extension period defined in paragraph 12G—

(a)a person to whom this paragraph applies is to be taken to be an authorised electronic money institution whose authorisation under regulation 9 of EMR 2011 relates to the permitted services specified in paragraph 12E, F3...

(b)accordingly, references in EMR 2011 [F4and the Payment Services Regulations 2017] to an authorised electronic money institution are to be read as including a person to whom this paragraph applies[F5, and

(c)a requirement imposed by a home state competent authority and which has effect immediately before [F2IP completion day] continues to have effect on and after that day as if it were imposed by the FCA under regulation 7 of EMR 2011 insofar as it could be imposed by the FCA under that regulation.]

(5) Sub-paragraph (4) is subject to paragraphs 12C(4), 12H and 12I.

(6) In this paragraph reference to providing services at a particular time includes where the performance of a pre-existing contract requires, or may require, a service to be provided at another time.]

Textual Amendments

F2Words in Sch. 3 para. 12B substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 8(2)(g)

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