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The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018
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The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, Paragraph 7 is up to date with all changes known to be in force on or before 24 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.
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Changes and effects yet to be applied to Schedule 2 Paragraph 7:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
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7.—(1) Regulation 21 (safeguarding option 1) is amended as follows.U.K.
(2) In paragraph (7)—
(a)in the definition of “authorised credit institution”, for the words from “or otherwise authorised” to “other than” substitute “ or an approved foreign credit institution (see paragraph (8)), but does not include ”;
(b)in the definition of “authorised custodian”, omit the words from “or authorised” to the end.
(3) After paragraph (7) insert—
“(8) In paragraph (7), “approved foreign credit institution” means—
(a)the central bank of a State that is a member of the Organisation for Economic Co-operation and Development (“an OECD state”),
(b)a credit institution that is supervised by the central bank or other banking regulator of an OECD state,
(c)any credit institution that—
(i)is subject to regulation by the banking regulator of a State that is not an OECD state,
(ii)is required by the law of the country or territory in which it is established to provide audited accounts,
(iii)has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time),
(iv)has a surplus of revenue over expenditure for the last two financial years, and
(v)has an annual report which is not materially qualified.”
Commencement Information
I1Sch. 2 para. 7 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
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