- Latest available (Revised)
- Original (As made)
The Electronic Money Regulations 2011, Paragraph 2 is up to date with all changes known to be in force on or before 30 August 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.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
2.—(1) The 2000 Act is amended as follows.
(2) In Part 14 (disciplinary measures), in section 206A(2)(suspending permission to carry on regulated activities etc) in the definition of “relevant requirement” omit the word “or” before paragraph (b) and after that paragraph insert—
“(c)by the Payment Services Regulations 2009; or
(d)by the Electronic Money Regulations 2011. ”.
(3) In Part 16 (the ombudsman scheme)—
(a)in section 226(2)(b) M1 (compulsory jurisdiction), after “authorised person,” insert “ or an electronic money issuer within the meaning of the Electronic Money Regulations 2011 ”; and
(b)in section 234(1) M2 (industry funding), after “class of authorised person” insert “ , any electronic money issuer within the meaning of the Electronic Money Regulations 2011 ”.
(4) In Part 28 (miscellaneous)—
(a)in section 404(2)(consumer redress schemes) M3, as substituted by section 14 of the Financial Services Act 2010, omit the word “or” before paragraph (b) and at the end of that paragraph insert—
“or
(c)electronic money issuers.”;
(b)in section 404E (meaning of “consumers”)—
(i)in subsection (2) omit the word “or” before paragraph (f) and at the end of that paragraph insert—
“or
(g)electronic money issuers in issuing electronic money.”; and
(ii)in subsection (6), after the definition of “engage in any investment activity” insert—
““electronic money” has the same meaning as in the Electronic Money Regulations 2011 and any reference to issuing electronic money must be read accordingly;”.
(5) In section 404F (other definitions etc)—
(i)after subsection (6) insert—
“(6A) References in sections 404 and 404E to an “electronic money issuer” are references to a person mentioned in paragraph (a), (b), (c), (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011.”; and
(ii)in subsection (8), in paragraph (a) omit the word “or” before paragraph (b) and at the end of that paragraph insert—
“or
(c)the variation under regulation 8 or 11 of the Electronic Money Regulations 2011 of an authorisation under those regulations.”.
(6) In paragraph 12 of Schedule 1A (further provision about the consumer financial education body) M4—
(a)in the cross heading preceding paragraph 12 for “or payment service providers” substitute— “ , payment service providers or electronic money issuers ”;
(b)in sub-paragraph (1)(a) after “authorised persons” insert “ , electronic money issuers ”;
(c)in sub-paragraph (1)(b) after “authorised person” insert “ , electronic money issuer ”; and
(d)after sub-paragraph (4) insert—
“(4A) “Electronic money issuer” means a person who is an electronic money issuer for the purposes of the Electronic Money Regulations 2011 as a result of falling within any of paragraphs (a) to (e) and (h) to (j) of the definition in regulation 2(1).”.
(7) In paragraph 8(6) of Schedule 11A (transferable securities) M5 for “4(1)(a)” substitute “ 4(1) ”.
(8) In paragraph 13(4) of Schedule 17 (the ombudsman scheme) M6, after “an authorised person,” insert “ an electronic money issuer within the meaning of the Electronic Money Regulations 2011 ”.
Marginal Citations
M1Section 226(2)(b) was amended by S.I. 2009/209.
M2Section 234(1) was amended by S.I. 2009/209.
M3Section 404, together with sections 404A to 404G, was substituted by section 14 of the Financial Services Act 2010 (c.28).
M4Schedule 1A was inserted by Schedule 1 to the Financial Services Act 2010.
M5Schedule 11A was inserted by S.I. 2005/1433.
M6Paragraph 13(4) of Schedule 17 was amended by S.I. 2009/209.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: