PART 6THE AUTHORITY
The functions of the Authority
Functions of the Authority47
1
The Authority is to have the functions conferred on it by these Regulations.
2
In discharging its function of determining the general policy and principles by reference to which it performs particular functions under these Regulations, the Authority must have regard to—
a
the need to use its resources in the most efficient and economic way;
b
the responsibilities of those who manage the affairs of electronic money issuers;
c
the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;
d
the desirability of facilitating innovation in connection with the issuance of electronic money and the provision of payment services;
e
the international character of financial services and markets and the desirability of maintaining the competitive position of the United Kingdom;
f
the need to minimise the adverse effects on competition that may arise from anything done in the discharge of those functions;
g
the desirability of facilitating competition in relation to the issuance of electronic money and the provision of payment services; and
h
the desirability of enhancing the understanding and knowledge of members of the public of financial matters (including the United Kingdom financial system).