PART II SPECIFIED ACTIVITIES
F1CHAPTER IIA ELECTRONIC MONEY
Exclusions
Persons certified as small issuers etc.9C
1
There is excluded from article 9B the issuing of electronic money by a person to whom F2the FCA has given a certificate under this article (provided the certificate has not been revoked).
2
An application for a certificate may be made by—
a
a body corporate, or
b
a partnership,
other than a credit institution F5... which has its head office in the United Kingdom.
3
4
This paragraph applies if—
a
A does not issue electronic money except on terms that the electronic device on which the monetary value is stored is subject to a maximum storage amount of not more than 150 euro; and
b
A’s total liabilities with respect to the issuing of electronic money do not (or will not) usually exceed 5 million euro and do not (or will not) ever exceed 6 million euro.
5
This paragraph applies if—
a
the condition in paragraph (4)(a) is met;
b
A’s total liabilities with respect to the issuing of electronic money do not (or will not) exceed 10 million euro; and
c
electronic money issued by A is accepted as a means of payment only by—
i
subsidiaries of A which perform operational or other ancillary functions related to electronic money issued or distributed by A; or
ii
other members of the same group as A (other than subsidiaries of A).
6
This paragraph applies if—
a
the conditions in paragraphs (4)(a) and (5)(b) are met; and
b
electronic money issued by A is accepted as a means of payment, in the course of business, by not more than one hundred persons where—
i
those persons accept such electronic money only at locations within the same premises or limited local area; or
ii
those persons have a close financial or business relationship with A, such as a common marketing or distribution scheme.
7
For the purposes of paragraph (6)(b)(i), locations are to be treated as situated within the same premises or limited local area if they are situated within—
a
a shopping centre, airport, railway station, bus station, or campus of a university, polytechnic, college, school or similar educational establishment; or
b
an area which does not exceed four square kilometres;
but sub-paragraphs (a) and (b) are illustrative only and are not to be treated as limiting the scope of paragraph (6)(b)(i).
8
For the purposes of paragraph (6)(b)(ii), persons are not to be treated as having a close financial or business relationship with A merely because they participate in arrangements for the acceptance of electronic money issued by A.
9
In this article, references to amounts in euro include references to equivalent amounts in sterling.
10
A person to whom a certificate has been given under this article (and whose certificate has not been revoked) is referred to in this Chapter as a “certified person”.
Pt. 2 Ch. 2A inserted (11.4.2002 for specified purposes, 27.4.2002 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4 (with arts. 9, 10)