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).