The Payment Services Regulations 2009

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 U.K.

4.  The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(1) is amended as follows—

(a) after article 9AA insert the following article—

“Funds received for payment services

9AB.— (1) A sum is not a deposit for the purposes of article 5 if it is received by an authorised payment institution, an EEA authorised payment institution or a small payment institution from a payment service user with a view to the provision of payment services.

(2) For the purposes of paragraph (1), “authorised payment institution”, “EEA authorised payment institution”, “small payment institution”, “payment services” and “payment service user” have the meanings given in the Payment Services Regulations 2009.”; and

(b) after article 9K insert the following article—

“Funds received for payment services

9L.— (1) Any funds are not to be treated as electronic money for the purposes of this Order if they are received by an authorised payment institution, an EEA authorised payment institution or a small payment institution from a payment service user with a view to the provision of payment services.

(2) For the purposes of paragraph (1), “authorised payment institution”, “EEA authorised payment institution”, “small payment institution”, “payment services” and “payment service user” have the meanings given in the Payment Services Regulations 2009.”.

Commencement Information

I1 Sch. 6 para. 4 comes into force in accordance with reg. 1(2)

(1)

S.I. 2001/544; relevant amending instruments are S.I. 2002/682, 2002/1776.