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The Electronic Money Regulations 2011

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Changes over time for: Section 63

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Changes to legislation:

The Electronic Money Regulations 2011, Section 63 is up to date with all changes known to be in force on or before 22 November 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

Prohibition on issuing electronic money by persons other than electronic money issuersU.K.

This section has no associated Explanatory Memorandum

63.—(1) A person may not issue electronic money in the United Kingdom, or purport to do so, unless the person is—

(a)an authorised electronic money institution;

(b)a small electronic money institution;

F1(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)a credit institution authorised in the UK F2...

[F3(da)[F4after IP completion day,] a credit institution while it is an exempt person for the purposes of section 19(1)(b) of the Financial Services and Markets Act 2000 by virtue of regulation 47 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 but only in respect of a service specified in paragraph (3);]

(e)the Post Office Limited;

(f)the Bank of England, F5...

(g)a government department or local authority;

(h)a credit union;

(i)a municipal bank; or

(j)the National Savings Bank.

(2) A person who contravenes paragraph (1) is guilty of an offence and is liable—

(a)on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding level 5 on the standard scale, or both;

(b)on conviction on indictment, to imprisonment for a term not exceeding two years, or to a fine, or both.

[F6(3) A service is specified as one that may be provided by a credit institution under paragraph (1)(da) only to the extent that the credit institution was providing the service in the United Kingdom immediately before [F7IP completion day] in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before [F7IP completion day] and the service is necessary as specified in paragraph (4).

(4) This paragraph applies where the service is necessary—

(a)for the performance of a contract entered into before [F8IP completion day] and provided for the purposes of performing such a contract or to redeem outstanding electronic money;

(b)for the purpose of reducing the financial risk of a party to a contract entered into before [F8IP completion day] or of a third party affected by the performance of such a contract;

(c)in order to transfer the property, rights or liabilities under a contract entered into before [F8IP completion day] to a person authorised to carry on a regulated activity under section 31(1)(a) of FSMA (other than a person authorised to carry on a regulated activity under that section of FSMA by virtue of the provisions contained in the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019); or

(d)in order to comply with a requirement imposed by or under an enactment.

(5) For the purposes of paragraph (4)(a), the performance of a contract entered into before [F9IP completion day] includes the performance of an obligation under the contract which is contingent or conditional.]

Textual Amendments

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