The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 No. 682

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;”.