PART II ELECTRONIC MONEY

Amendments of the principal Order

Definition of “electronic money”

2.  In article 3(1) of the principal Order (interpretation), after the definition of “deposit” insert—

• ““electronic money” means monetary value, as represented by a claim on the issuer, which is—

  (a)

  stored on an electronic device;

  (b)

  issued on receipt of funds; and

  (c)

  accepted as a means of payment by persons other than the issuer;”.