Part 2 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 40, by the Consumer Credit Act 2006, section 33(9) and by S.I. 2003/1473, 2003/2066, 2007/126 and 2007/3253.

1925 c.86. Section 33 was amended by the Magistrates Courts Act 1952 (c.55), section 132 and Schedule 6, by the Courts Act 1971 (c.23), section 56(1) and Schedule 8 and by the Courts Act 2003 (c.39), Schedule 8, paragraph 71 and Schedule 10.

1980 c.43. Schedule 3 was amended by the Criminal Justice Act 1991 (c.53), section 25(2) and Schedule 13, and by the Criminal Procedures and Investigations Act 1996 (c.25), Schedule 1, paragraph 1. Amendments by the Criminal Justice Act 2003 (c.44), Schedule 3, paragraph 51 and Schedule 37, Part 4 have not come into force at the time of making these Regulations.

1995 c.46. Section 70 was amended by the Postal Services Act 2000 (Consequential Modifications No 1) Order 2001 (S.I. 2001/1149), Schedule 1, paragraph 104, the Criminal Procedure (Amendment) (Scotland) Act 2004 (asp 5), section 10(6) and the Criminal Proceedings etc. (Reform) (Scotland) Act 2007 (asp 6), section 28. Amendments by the Criminal Justice and Licensing (Scotland) Act 2010 (asp 13), section 66 have not come into force at the time of making these Regulations.

1945 c.15 (N.I.). Section 18 was amended by the Magistrates Courts Act 1964 (c.21) and by the Justice (Northern Ireland) Act 2002 (c.26), Schedule 12.

S.I. 1981/1675 (N.I. 26).

See section 40 of the 2000 Act.

See section 31(1)(b) of, and paragraph 5 of Schedule 3 to, the 2000 Act.

OJ No L 275, 27.10.2000, p.39.

S.I. 2001/544; amended by S.I. 2006/3221; article 9C was inserted by S.I. 2002/682.

Part 16 and Schedule 17 were amended by the Consumer Credit Act 2006 (c.14), sections 59, 60 and 61 and Schedule 2, by the Tribunals, Courts and Enforcement Act 2007 (c.15), section 62(3) and Schedule 13 and by S.I. 2009/209.

Paragraph 2 was substituted by S.I. 2006/3221.

Words in reg. 71(2) substituted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 28(7) (with regs. 8, 15)

Word in reg. 71(1) omitted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by virtue of The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(26)(a)(i) (with reg. 3)

Reg. 71(1)(d) and word inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(26)(a)(ii) (with reg. 3)

Words in reg. 71(2)(a) substituted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(26)(b) (with reg. 3)

Reg. 71(3) inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(26)(c) (with reg. 3)

Word in reg. 73 substituted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(27) (with reg. 3)

Reg. 78A inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(28) (with reg. 3)

http://www.legislation.gov.uk/uksi/2011/99/part/7/2017-10-13The Electronic Money Regulations 2011texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-06-19Expert Participation2017-10-13These Regulations implement Directive 2009/110/EC of the European Parliament and of the Council of 16th September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions (“the Directive”) (OJ No L 275, 27.10.2000, p.39).PART 7GENERALOffences63Prohibition on issuing electronic money by persons other than electronic money issuers1

A person may not issue electronic money in the United Kingdom, or purport to do so, unless the person is—

a

an authorised electronic money institution;

b

a small electronic money institution;

c

an EEA authorised electronic money institution exercising its passport rights;

d

a credit institution authorised in the UK or exercising an EEA right in accordance with Part 2 of Schedule 3 to the 2000 Act (exercise of passport rights by EEA firms) ;

e

the Post Office Limited;

f

the Bank of England, the European Central Bank or a national central bank of an EEA state other than the United Kingdom;

g

a government department or local authority;

h

a credit union;

i

a municipal bank; or

j

the National Savings Bank.

2

A person who contravenes paragraph (1) is guilty of an offence and is liable—

a

on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding level 5 on the standard scale, or both;

b

on conviction on indictment, to imprisonment for a term not exceeding two years, or to a fine, or both.

64False claims to be an electronic money issuer1

A person who does not fall within any of sub-paragraphs (a) to (j) of regulation 63(1) may not—

a

describe themselves (in whatever terms) as a person falling within any of those sub-paragraphs; or

b

behave, or otherwise hold themselves out, in a manner which indicates (or which is reasonably likely to be understood as indicating) that they are such a person.

2

A person who contravenes paragraph (1) is guilty of an offence and is liable on summary conviction to a fine not exceeding level 5 on the standard scale.

65Defences

In proceedings for an offence under regulation 63 or 64 it is a defence for the accused to show that they took all reasonable precautions and exercised all due diligence to avoid committing the offence.

66Misleading the authority1

A person may not, in purported compliance with any requirement imposed by or under these Regulations, knowingly or recklessly give the Authority information which is false or misleading in any material particular.

2

A person may not—

a

provide any information to another person, knowing the information to be false or misleading in a material particular; or

b

recklessly provide to another person any information which is false or misleading in a material particular,

knowing that the information is to be used for the purpose of providing information to the Authority in connection with its functions under these Regulations.

3

A person who contravenes paragraph (1) or (2) is guilty of an offence and is liable—

a

on summary conviction, to a fine not exceeding level 5 on the standard scale;

b

on conviction on indictment, to a fine.

67Restriction on penalties

A person who is convicted of an offence under these Regulations is not liable to a penalty under regulation 51 in respect of the same contravention of a requirement imposed by or under these Regulations.

68Liability of officers of bodies corporate etc1

If an offence under these Regulations committed by a body corporate is shown—

a

to have been committed with the consent or connivance of an officer; or

b

to be attributable to any neglect on their part,

the officer as well as the body corporate is guilty of the offence and liable to be proceeded against and punished accordingly.

2

If the affairs of a body corporate are managed by its members, paragraph (1) applies in relation to the acts and defaults of a member in connection with such member's functions of management as if the member were a director of the body.

3

If an offence under these Regulations committed by a partnership is shown—

a

to have been committed with the consent or connivance of a partner; or

b

to be attributable to any neglect on their part,

the partner as well as the partnership is guilty of the offence and liable to be proceeded against and punished accordingly.

4

If an offence under these Regulations committed by an unincorporated association (other than a partnership) is shown—

a

to have been committed with the consent or connivance of an officer; or

b

to be attributable to any neglect of such officer,

the officer as well as the association is guilty of the offence and liable to be proceeded against and punished accordingly.

5

In this regulation—

“officer”—

a

in relation to a body corporate, means a director, manager, secretary, chief executive, member of the committee of management, or a person purporting to act in that capacity; and

b

in relation to an unincorporated association, means any officer of the association or any member of its governing body, or a person purporting to act in such capacity;

partner” includes a person purporting to act as a partner.

69Prosecution1

Proceedings for an offence under these Regulations may be instituted only—

a

by the Authority; or

b

by or with the consent of the Director of Public Prosecutions.

2

Paragraph (1) does not apply to proceedings in Scotland.

70Proceedings against unincorporated bodies1

Proceedings for an offence alleged to have been committed by a partnership or an unincorporated association must be brought in the name of the partnership or association (and not in that of its members).

2

A fine imposed on the partnership or association on its conviction of an offence is to be paid out of the funds of the partnership or association.

3

Rules of court relating to the service of documents are to have effect as if the partnership or association were a body corporate.

4

In proceedings for an offence brought against the partnership or association—

a

section 33 of the Criminal Justice Act 1925 (procedure on charge of offence against corporation) and section 46 of, and Schedule 3 to, the Magistrates' Courts Act 1980 (corporations) apply as they do in relation to a body corporate;

b

section 70 (of the Criminal Procedure (Scotland) Act 1995 (proceedings against bodies corporate) applies as it does in relation to a body corporate;

c

section 18 of the Criminal Justice (Northern Ireland) Act 1945 (procedure on charge) and Schedule 4 to the Magistrates' Courts (Northern Ireland) Order 1981 (corporations) apply as they do in relation to a body corporate.

5

Summary proceedings for an offence under these Regulations may be taken—

a

against a body corporate or unincorporated association at any place at which it has a place of business;

b

against an individual at any place where they are for the time being.

6

Paragraph (5) does not affect any jurisdiction exercisable apart from this regulation.

Duties of the Authority and the Commissioners to co-operate71Duty to co-operate and exchange information1

The Authority and the Commissioners of Her Majesty's Revenue and Customs (“the Commissioners”) must take such steps as they consider appropriate to co-operate with each other and—

a

the competent authorities, designated under Article 3 of the electronic money directive, or referred to in Article 13 of that directive, of EEA states other than the United Kingdom;

b

the European Central Bank, the Bank of England and the national central banks of EEA states other than the United Kingdom; ...

c

any other relevant competent authorities designated under European Union law or the law of the United Kingdom or any other EEA state which is applicable to electronic money issuers; and

d

the European Banking Authority,

for the purposes of the exercise by those bodies of their functions under the electronic money directive and other relevant European Union or national legislation.

2

Subject to the requirements of the Data Protection Act 1998 , sections 348 and 349 of the 2000 Act (as applied with modifications by paragraph 6 of Schedule 3 to these Regulations), regulation 105 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and any other applicable restrictions on the disclosure of information, the Authority and the Commissioners may provide information to each other and—

a

the bodies mentioned in paragraph (1)(a), (c) and (d);

b

the European Central Bank, the Bank of England and the national central banks of EEA states other than the United Kingdom when acting in their capacity as monetary and oversight authorities;

c

where relevant, other public authorities responsible for the oversight of payment and settlement systems,

for the purposes of the exercise by those bodies of their functions under the electronic money directive and other relevant European Union or national legislation.

3

If the European Banking Authority is assisting the Authority, or a competent authority in another EEA State, in relation to a disagreement between those authorities pursuant to Article 19 of Regulation (EU) 1093/2010 of the European Parliament and of the Council of 24th November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC, the Authority must defer any decision in relation to the subject of the disagreement until the disagreement is resolved under that Article.

Actions for breach of requirements72Right to bring actions1

A contravention—

a

which is to be taken to have occurred by virtue of regulation 18;

b

of a requirement imposed by regulation 20, 21, 22 or 24; or

c

of a requirement imposed by or under Part 5,

is actionable at the suit of a private person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.

2

A person acting in a fiduciary or representative capacity may bring an action under paragraph (1) on behalf of a private person if any remedy—

a

will be exclusively for the benefit of the private person; and

b

cannot be obtained by way of an action brought otherwise than at the suit of the fiduciary or representative.

3

In this regulation “private person” means—

a

any individual, except where the individual suffers the loss in question in the course of issuing electronic money or providing payment services; and

b

any person who is not an individual, except where that person suffers the loss in question in the course of carrying on business of any kind,

but does not include a government, a local authority (in the United Kingdom or elsewhere) or an international organisation.

73Prohibition on contracting-out

A term contained in an agreement between an electronic money issuer and an electronic money holder or a payment service user is void if, and to the extent that, it is inconsistent with a provision for the protection of an electronic money holder or a payment service user contained in these Regulations or the Payment Services Regulations 2017.

Transitional provisions74Persons with a Part 4 permission1

Any person who—

a

has a Part 4 permission in respect of the activity of issuing electronic money;

b

before 30th April 2011 has carried on that activity in accordance with that permission; and

c

is not a person mentioned in any of paragraphs (c) to (j) of the definition in regulation 2(1) of electronic money issuer,

shall be deemed to have been granted authorisation by the Authority under regulation 9.

2

A person who is deemed to have been granted authorisation by virtue of paragraph (1) must before 1st July 2011—

a

notify the Authority whether it wishes to become an authorised electronic money institution or to be registered as a small electronic money institution; and

b

provide the Authority with such information as it may reasonably require (“the required information”).

3

Where a person notifies the Authority before 1st July 2011 that it wishes to become an authorised electronic money institution or that it wishes to be registered as a small electronic money institution, the Authority must decide whether to include the person on the register as an authorised electronic money institution or as a small electronic institution, and—

a

if the Authority decides to include the person on the register, the person's authorisation shall cease to be deemed to have been granted by virtue of paragraph (1) at the time of such inclusion;

b

if the Authority decides not to include the person on the register, the person's authorisation shall cease to be so deemed when the period for a reference to the Upper Tribunal has elapsed without a reference being made or, if the matter is referred, at such time as the Tribunal may direct.

4

Where a person who is deemed to have been granted authorisation by virtue of paragraph (1)—

a

notifies the Authority before 1st July 2011 that it does not wish to be an electronic money institution; or

b

fails to make by that date a notification in accordance with paragraph (2)(a),

such authorisation shall cease to be so deemed on 30th October 2011 or, if the person's Part 4 permission is cancelled before that date, on the cancellation of the permission.

5

If the Authority decides to include the person on the register as an authorised electronic money institution or a small electronic money institution it must—

a

give the person notice of its decision; and

b

update the register as soon as practicable.

6

The Authority may decide that a person is not to be included on the register only if—

a

it has not received the required information before 1st July 2011;

b

any of the conditions in regulation 6(3) to (8) or, as the case may be, regulation 13(3) to (10) (“the required conditions”) is not met in respect of that person; or

c

it appears to the Authority that the person is unlikely to issue electronic money within 12 months beginning with 1st July 2011.

7

If the Authority proposes to decide not to include a person on the register it must give the person a warning notice.

8

The Authority must, having considered any representations in response to the warning notice—

a

if it decides not to include the person on the register, give the person a decision notice; or

b

if it decides to include the person on the register, give the person notice of its decision.

9

If the Authority gives the person a decision notice, the person may refer the matter to the Upper Tribunal.

10

Where a person is deemed to have been granted authorisation by virtue of paragraph (1)—

a

the duty to which the Authority is subject under regulation 4(1) to maintain a register shall not apply in respect of it; and

b

Parts 3 and 4 shall not apply to it.

11

A Part 4 permission in respect of the activity of issuing electronic money, which has not been cancelled, shall cease—

a

in the case of a person falling within paragraph (3)(a), on 30th April 2011 or, if later, at the time of the person's inclusion on the register as an electronic money institution;

b

in the case of a person falling within paragraph (3)(b), at the time at which the person's authorisation ceases to be deemed to have been granted;

c

in the case of a person falling within paragraph (4), on 30th October 2011.

12

In this regulation, “Part 4 permission” has the same meaning as in the 2000 Act .

75EEA firms1

Any person who—

a

immediately before 30th April 2011 is an electronic money institution;

b

is an EEA firm qualifying for authorisation under Schedule 3 to the 2000 Act in respect of the activity of issuing electronic money; and

c

before 30th April 2011 has carried on that activity,

may continue until 30th October 2011 to carry on that activity and engage in any related activity.

2

Parts 5 and 6 shall apply to a person falling within paragraph (1) as if the person were an EEA authorised electronic money institution.

3

In this regulation “electronic money institution” has the meaning given in Article 1(3)(a) of Directive 2000/46/EC of the European Parliament and of the Council of 18th September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions (“the first electronic money directive”) .

4

In this regulation and in regulation 76 “related activity” means an activity mentioned in Article 1(5) of the first electronic money directive.

76Certified persons1

Any person who—

a

has a certificate (which has not been revoked) given by the Authority under article 9C of the Financial Services and Markets 2000 (Regulated Activities) Order 2001 (“the Order”); and

b

before 30th April 2011 has carried on the activity of issuing electronic money in accordance with that certificate,

may continue to carry on that activity in accordance with that certificate and engage in any related activity until 30th April 2012 or, if the person is included on the register as an electronic money institution before that date, until the time of such inclusion.

2

Parts 5 and 6 of these Regulations, and Part 16 of, and Schedule 17 to, the 2000 Act (the ombudsman scheme) , shall apply to a person falling within paragraph (1) as if the person were an electronic money institution.

77Existing fixed term contracts1

Part 5 shall not apply in respect of the redemption of electronic money that has been issued before 30th April 2011 where the contract—

a

provides for a termination date up to two years after the date on which the contract was entered into; and

b

does not provide that the means of storing electronic money can be recharged.

2

In paragraph (1) “termination date” has the same meaning as in Part 5.

78Amendments to the banking consolidation directive1

For the purposes of the application of the 2000 Act or any provision made under or by virtue of it in relation to any person during the transitional period, paragraph 2 of Schedule 3 to that Act (definition of “Banking Consolidation Directive”) shall be read as if the amendments of the banking consolidation directive by the electronic money directive had not been made.

2

The “transitional period” means the period beginning when this regulation comes into force and ending with—

a

29th October 2011 in the case of a person falling within regulation 75(1);

b

29th April 2011 otherwise.

78ATransitional arrangements for existing electronic money institutions on the implementation of the second payment services directive1

This regulation applies in relation to an authorised electronic money institution, EEA authorised electronic money institution or small electronic money institution which provides services before 13th January 2018 in accordance with these Regulations or the national law in another EEA State transposing the electronic money directive and, where relevant, the Payment Services Regulations 2009 or the national law in another EEA State transposing the first payment services directive.

2

In the case of an authorised electronic money institution or small electronic money institution—

a

the institution may continue to provide the services provided before 13th January 2018 until the end of 12th July 2018 without further authorisation or registration under these Regulations;

b

the institution is to be treated as if on 13th January 2018 the Authority had imposed a requirement under regulation 7 (imposition of variations), including under that regulation as applied by regulation 15 (supplementary provisions), requiring the institution to refrain from providing account information services or payment initiation services for an indefinite period;

c

any other requirement imposed by the Authority under regulation 7 (imposition of variations), including under that regulation as applied by regulation 15 (supplementary provisions), applies in relation to services provided pursuant to sub-paragraph (a);

d

regulations 10 (cancellation of authorisation) and 11 (variation of authorisation on Authority's own initiative), including those regulations as applied by regulation 15, apply in relation to the institution as if references to authorisation or registration included references to entitlement to provide payment services pursuant to sub-paragraph (a); and

e

the institution may not apply for a variation under regulation 8 (variation etc. at request of authorised electronic money institution), including under that regulation as applied by regulation 15, before it complies with paragraph (4) or (5) of this regulation.

3

An EEA authorised electronic money institution may continue to provide the services provided before 13th January 2018 until the end of 12th July 2018 without further authorisation or registration under the national law implementing the amendments to the electronic money directive made by Article 111 of the payment services directive.

4

Where an authorised electronic money institution intends to provide services on or after 13th July 2018, the institution must before 13th April 2018—

a

provide to the Authority all information specified in Schedule 1 that the person has not previously provided to the Authority; or

b

notify the Authority that it has previously provided all such information to the Authority.

5

Where a small electronic money institution intends to provide services as a small electronic money institution on or after 13th July 2018, the institution must before 13th April 2018 notify the Authority whether it continues to meet the requirements for registration as a small electronic money institution, together with any information relevant to that question which is has not previously provided to the Authority.

6

On receipt of information or a notification pursuant to paragraph (4) or (5), the Authority must consider whether the institution's authorisation or registration should be continued on and after 13th July 2018.

7

If the Authority does not decide to continue the institution's authorisation or registration under paragraph (6), the institution's authorisation or registration is to be treated as having been cancelled on 13th July 2018.

8

The Authority must maintain in the register a person entitled to provide services pursuant to this regulation.

9

In this regulation “first payment services directive” means Directive 2007/64/EC of the European Parliament and of the Council of 13th November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC.

Amendments to legislation79Amendments to primary and secondary legislation

Schedule 4, which contains amendments to primary and secondary legislation, has effect.

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<passiveRef href="http://www.legislation.gov.uk/id/ukpga/2023/29" showAs="Financial Services and Markets Act 2023"/>
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<notes source="#source">
<note class="commentary M" eId="c20674791">
<p>
Part 2 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 40, by the Consumer Credit Act 2006, section 33(9) and by
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1473">S.I. 2003/1473</ref>
, 2003/2066, 2007/126 and 2007/3253.
</p>
</note>
<note class="commentary M" eId="c20674801">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1925/86">1925 c.86</ref>
. Section 33 was amended by the
<ref href="http://www.legislation.gov.uk/id/ukpga/1952/55">Magistrates Courts Act 1952 (c.55)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1952/55/section/132">section 132</ref>
and Schedule 6, by the
<ref href="http://www.legislation.gov.uk/id/ukpga/1971/23">Courts Act 1971 (c.23)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1971/23/section/56/1">section 56(1)</ref>
and Schedule 8 and by the
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/39">Courts Act 2003 (c.39)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/39/schedule/8">Schedule 8</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/39/paragraph/71">paragraph 71</ref>
and Schedule 10.
</p>
</note>
<note class="commentary M" eId="c20674811">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/43">1980 c.43</ref>
. Schedule 3 was amended by the
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/53">Criminal Justice Act 1991 (c.53)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/53/section/25/2">section 25(2)</ref>
and Schedule 13, and by the
<ref href="http://www.legislation.gov.uk/id/ukpga/1996/25">Criminal Procedures and Investigations Act 1996 (c.25)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1996/25/schedule/1">Schedule 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1996/25/paragraph/1">paragraph 1</ref>
. Amendments by the
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/44">Criminal Justice Act 2003 (c.44)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/44/schedule/3">Schedule 3</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2003/44/paragraph/51">paragraph 51</ref>
and Schedule 37, Part 4 have not come into force at the time of making these Regulations.
</p>
</note>
<note class="commentary M" eId="c20674821">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1995/46">1995 c.46</ref>
. Section 70 was amended by the
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1149">Postal Services Act 2000 (Consequential Modifications No 1) Order 2001 (S.I. 2001/1149)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1149/schedule/1">Schedule 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2001/1149/paragraph/104">paragraph 104</ref>
, the
<ref href="http://www.legislation.gov.uk/id/asp/2004/5">Criminal Procedure (Amendment) (Scotland) Act 2004 (asp 5)</ref>
,
<ref href="http://www.legislation.gov.uk/id/asp/2004/5/section/10/6">section 10(6)</ref>
and the
<ref href="http://www.legislation.gov.uk/id/asp/2007/6">Criminal Proceedings etc. (Reform) (Scotland) Act 2007 (asp 6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/asp/2007/6/section/28">section 28</ref>
. Amendments by the
<ref href="http://www.legislation.gov.uk/id/asp/2010/13">Criminal Justice and Licensing (Scotland) Act 2010 (asp 13)</ref>
,
<ref href="http://www.legislation.gov.uk/id/asp/2010/13/section/66">section 66</ref>
have not come into force at the time of making these Regulations.
</p>
</note>
<note class="commentary M" eId="c20674831">
<p>
<ref href="http://www.legislation.gov.uk/id/apni/1945/15">1945 c.15 (N.I.)</ref>
. Section 18 was amended by the
<ref href="http://www.legislation.gov.uk/id/ukpga/1964/21">Magistrates Courts Act 1964 (c.21)</ref>
and by the
<ref href="http://www.legislation.gov.uk/id/ukpga/2002/26">Justice (Northern Ireland) Act 2002 (c.26)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2002/26/schedule/12">Schedule 12</ref>
.
</p>
</note>
<note class="commentary M" eId="c20674841">
<p>
<ref href="http://www.legislation.gov.uk/id/nisi/1981/1675">S.I. 1981/1675 (N.I. 26)</ref>
.
</p>
</note>
<note class="commentary M" eId="c20674891">
<p>See section 40 of the 2000 Act.</p>
</note>
<note class="commentary M" eId="c20674901">
<p>See section 31(1)(b) of, and paragraph 5 of Schedule 3 to, the 2000 Act.</p>
</note>
<note class="commentary M" eId="c20674911">
<p>OJ No L 275, 27.10.2000, p.39.</p>
</note>
<note class="commentary M" eId="c20674921">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2001/544">S.I. 2001/544</ref>
; amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2006/3221">S.I. 2006/3221</ref>
; article 9C was inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2002/682">S.I. 2002/682</ref>
.
</p>
</note>
<note class="commentary M" eId="c20674931">
<p>
Part 16 and Schedule 17 were amended by the
<ref href="http://www.legislation.gov.uk/id/ukpga/2006/14">Consumer Credit Act 2006 (c.14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2006/14/section/59">sections 59</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2006/14/section/60">60</ref>
and 61 and Schedule 2, by the
<ref href="http://www.legislation.gov.uk/id/ukpga/2007/15">Tribunals, Courts and Enforcement Act 2007 (c.15)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2007/15/section/62/3">section 62(3)</ref>
and Schedule 13 and by
<ref href="http://www.legislation.gov.uk/id/uksi/2009/209">S.I. 2009/209</ref>
.
</p>
</note>
<note class="commentary M" eId="c20674941">
<p>
Paragraph 2 was substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2006/3221">S.I. 2006/3221</ref>
.
</p>
</note>
<note class="commentary F" eId="key-e5b2664c1e23120b8b61579755f37535">
<p>
Words in reg. 71(2) substituted (26.6.2017) by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/692">The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/692/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/692/schedule/7/paragraph/28/7">Sch. 7 para. 28(7)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/692/regulation/8">regs. 8</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/692/regulation/15">15</ref>
)
</p>
</note>
<note class="commentary F" eId="key-7dcd34e4d4b82ff6f1ce538a56d1a314">
<p>
Word in reg. 71(1) omitted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752">The Payment Services Regulations 2017 (S.I. 2017/752)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/2/c/iii">reg. 1(2)(c)(iii)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/3/f/i">(3)(f)(i)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/6">(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/schedule/8/paragraph/5/26/a/i">Sch. 8 para. 5(26)(a)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/3">reg. 3</ref>
)
</p>
</note>
<note class="commentary F" eId="key-ded95b84d6573b6aa316fcd5eb164f7d">
<p>
Reg. 71(1)(d) and word inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752">The Payment Services Regulations 2017 (S.I. 2017/752)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/2/c/iii">reg. 1(2)(c)(iii)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/3/f/i">(3)(f)(i)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/6">(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/schedule/8/paragraph/5/26/a/ii">Sch. 8 para. 5(26)(a)(ii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/3">reg. 3</ref>
)
</p>
</note>
<note class="commentary F" eId="key-4a27822dd83e35b289de8dac98c2bb9c">
<p>
Words in reg. 71(2)(a) substituted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752">The Payment Services Regulations 2017 (S.I. 2017/752)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/2/c/iii">reg. 1(2)(c)(iii)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/3/f/i">(3)(f)(i)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/6">(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/schedule/8/paragraph/5/26/b">Sch. 8 para. 5(26)(b)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/3">reg. 3</ref>
)
</p>
</note>
<note class="commentary F" eId="key-0b05f72313ea66bf6516b18aecbdf925">
<p>
Reg. 71(3) inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752">The Payment Services Regulations 2017 (S.I. 2017/752)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/2/c/iii">reg. 1(2)(c)(iii)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/3/f/i">(3)(f)(i)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/6">(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/schedule/8/paragraph/5/26/c">Sch. 8 para. 5(26)(c)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/3">reg. 3</ref>
)
</p>
</note>
<note class="commentary F" eId="key-36a2efba3131f0fe72bf3d9ae1528fce">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/73">reg. 73</ref>
substituted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes) by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752">The Payment Services Regulations 2017 (S.I. 2017/752)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/2/c/iii">reg. 1(2)(c)(iii)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/3/f/i">(3)(f)(i)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/6">(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/schedule/8/paragraph/5/27">Sch. 8 para. 5(27)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/3">reg. 3</ref>
)
</p>
</note>
<note class="commentary F" eId="key-d4e55463ffbc2e5e0eaf1d23d15debaa">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99/regulation/78A">Reg. 78A</ref>
inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes) by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752">The Payment Services Regulations 2017 (S.I. 2017/752)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/2/c/iii">reg. 1(2)(c)(iii)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/3/f/i">(3)(f)(i)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/6">(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/schedule/8/paragraph/5/28">Sch. 8 para. 5(28)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/3">reg. 3</ref>
)
</p>
</note>
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<part eId="part-7" period="#period6">
<num>
<strong>PART 7</strong>
</num>
<heading>GENERAL</heading>
<hcontainer name="crossheading" eId="part-7-crossheading-offences" period="#period2">
<heading>
<em>Offences</em>
</heading>
<hcontainer name="regulation" eId="regulation-63" period="#period2">
<num>63</num>
<heading>Prohibition on issuing electronic money by persons other than electronic money issuers</heading>
<paragraph eId="regulation-63-1">
<num>1</num>
<intro>
<p>A person may not issue electronic money in the United Kingdom, or purport to do so, unless the person is—</p>
</intro>
<subparagraph eId="regulation-63-1-a">
<num>a</num>
<content>
<p>an authorised electronic money institution;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-63-1-b">
<num>b</num>
<content>
<p>a small electronic money institution;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-63-1-c">
<num>c</num>
<content>
<p>an EEA authorised electronic money institution exercising its passport rights;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-63-1-d">
<num>d</num>
<content>
<p>
a credit institution authorised in the UK or exercising an EEA right in accordance with Part 2 of Schedule 3 to the 2000 Act (exercise of passport rights by EEA firms)
<noteRef href="#c20674791" marker="M1" class="commentary M"/>
;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-63-1-e">
<num>e</num>
<content>
<p>the Post Office Limited;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-63-1-f">
<num>f</num>
<content>
<p>the Bank of England, the European Central Bank or a national central bank of an EEA state other than the United Kingdom;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-63-1-g">
<num>g</num>
<content>
<p>a government department or local authority;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-63-1-h">
<num>h</num>
<content>
<p>a credit union;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-63-1-i">
<num>i</num>
<content>
<p>a municipal bank; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-63-1-j">
<num>j</num>
<content>
<p>the National Savings Bank.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-63-2">
<num>2</num>
<intro>
<p>A person who contravenes paragraph (1) is guilty of an offence and is liable—</p>
</intro>
<subparagraph eId="regulation-63-2-a">
<num>a</num>
<content>
<p>on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding level 5 on the standard scale, or both;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-63-2-b">
<num>b</num>
<content>
<p>on conviction on indictment, to imprisonment for a term not exceeding two years, or to a fine, or both.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-64" period="#period1">
<num>64</num>
<heading>False claims to be an electronic money issuer</heading>
<paragraph eId="regulation-64-1">
<num>1</num>
<intro>
<p>A person who does not fall within any of sub-paragraphs (a) to (j) of regulation 63(1) may not—</p>
</intro>
<subparagraph eId="regulation-64-1-a">
<num>a</num>
<content>
<p>describe themselves (in whatever terms) as a person falling within any of those sub-paragraphs; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-64-1-b">
<num>b</num>
<content>
<p>behave, or otherwise hold themselves out, in a manner which indicates (or which is reasonably likely to be understood as indicating) that they are such a person.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-64-2">
<num>2</num>
<content>
<p>A person who contravenes paragraph (1) is guilty of an offence and is liable on summary conviction to a fine not exceeding level 5 on the standard scale.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-65" period="#period1">
<num>65</num>
<heading>Defences</heading>
<content>
<p>In proceedings for an offence under regulation 63 or 64 it is a defence for the accused to show that they took all reasonable precautions and exercised all due diligence to avoid committing the offence.</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-66" period="#period1">
<num>66</num>
<heading>Misleading the authority</heading>
<paragraph eId="regulation-66-1">
<num>1</num>
<content>
<p>A person may not, in purported compliance with any requirement imposed by or under these Regulations, knowingly or recklessly give the Authority information which is false or misleading in any material particular.</p>
</content>
</paragraph>
<paragraph eId="regulation-66-2">
<num>2</num>
<intro>
<p>A person may not—</p>
</intro>
<subparagraph eId="regulation-66-2-a">
<num>a</num>
<content>
<p>provide any information to another person, knowing the information to be false or misleading in a material particular; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-66-2-b">
<num>b</num>
<content>
<p>recklessly provide to another person any information which is false or misleading in a material particular,</p>
</content>
</subparagraph>
<wrapUp>
<p>knowing that the information is to be used for the purpose of providing information to the Authority in connection with its functions under these Regulations.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-66-3">
<num>3</num>
<intro>
<p>A person who contravenes paragraph (1) or (2) is guilty of an offence and is liable—</p>
</intro>
<subparagraph eId="regulation-66-3-a">
<num>a</num>
<content>
<p>on summary conviction, to a fine not exceeding level 5 on the standard scale;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-66-3-b">
<num>b</num>
<content>
<p>on conviction on indictment, to a fine.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-67" period="#period1">
<num>67</num>
<heading>Restriction on penalties</heading>
<content>
<p>A person who is convicted of an offence under these Regulations is not liable to a penalty under regulation 51 in respect of the same contravention of a requirement imposed by or under these Regulations.</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-68" period="#period1">
<num>68</num>
<heading>Liability of officers of bodies corporate etc</heading>
<paragraph eId="regulation-68-1">
<num>1</num>
<intro>
<p>If an offence under these Regulations committed by a body corporate is shown—</p>
</intro>
<subparagraph eId="regulation-68-1-a">
<num>a</num>
<content>
<p>to have been committed with the consent or connivance of an officer; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-68-1-b">
<num>b</num>
<content>
<p>to be attributable to any neglect on their part,</p>
</content>
</subparagraph>
<wrapUp>
<p>the officer as well as the body corporate is guilty of the offence and liable to be proceeded against and punished accordingly.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-68-2">
<num>2</num>
<content>
<p>If the affairs of a body corporate are managed by its members, paragraph (1) applies in relation to the acts and defaults of a member in connection with such member's functions of management as if the member were a director of the body.</p>
</content>
</paragraph>
<paragraph eId="regulation-68-3">
<num>3</num>
<intro>
<p>If an offence under these Regulations committed by a partnership is shown—</p>
</intro>
<subparagraph eId="regulation-68-3-a">
<num>a</num>
<content>
<p>to have been committed with the consent or connivance of a partner; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-68-3-b">
<num>b</num>
<content>
<p>to be attributable to any neglect on their part,</p>
</content>
</subparagraph>
<wrapUp>
<p>the partner as well as the partnership is guilty of the offence and liable to be proceeded against and punished accordingly.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-68-4">
<num>4</num>
<intro>
<p>If an offence under these Regulations committed by an unincorporated association (other than a partnership) is shown—</p>
</intro>
<subparagraph eId="regulation-68-4-a">
<num>a</num>
<content>
<p>to have been committed with the consent or connivance of an officer; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-68-4-b">
<num>b</num>
<content>
<p>to be attributable to any neglect of such officer,</p>
</content>
</subparagraph>
<wrapUp>
<p>the officer as well as the association is guilty of the offence and liable to be proceeded against and punished accordingly.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-68-5">
<num>5</num>
<content>
<p>In this regulation—</p>
<blockList class="unordered">
<item>
<p>“officer”—</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>in relation to a body corporate, means a director, manager, secretary, chief executive, member of the committee of management, or a person purporting to act in that capacity; and</p>
</item>
<item>
<num>b</num>
<p>in relation to an unincorporated association, means any officer of the association or any member of its governing body, or a person purporting to act in such capacity;</p>
</item>
</blockList>
</item>
<item>
<p>
<term refersTo="#term-partner">partner</term>
” includes a person purporting to act as a partner.
</p>
</item>
</blockList>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-69" period="#period1">
<num>69</num>
<heading>Prosecution</heading>
<paragraph eId="regulation-69-1">
<num>1</num>
<intro>
<p>Proceedings for an offence under these Regulations may be instituted only—</p>
</intro>
<subparagraph eId="regulation-69-1-a">
<num>a</num>
<content>
<p>by the Authority; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-69-1-b">
<num>b</num>
<content>
<p>by or with the consent of the Director of Public Prosecutions.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-69-2">
<num>2</num>
<content>
<p>Paragraph (1) does not apply to proceedings in Scotland.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-70" period="#period1">
<num>70</num>
<heading>Proceedings against unincorporated bodies</heading>
<paragraph eId="regulation-70-1">
<num>1</num>
<content>
<p>Proceedings for an offence alleged to have been committed by a partnership or an unincorporated association must be brought in the name of the partnership or association (and not in that of its members).</p>
</content>
</paragraph>
<paragraph eId="regulation-70-2">
<num>2</num>
<content>
<p>A fine imposed on the partnership or association on its conviction of an offence is to be paid out of the funds of the partnership or association.</p>
</content>
</paragraph>
<paragraph eId="regulation-70-3">
<num>3</num>
<content>
<p>Rules of court relating to the service of documents are to have effect as if the partnership or association were a body corporate.</p>
</content>
</paragraph>
<paragraph eId="regulation-70-4">
<num>4</num>
<intro>
<p>In proceedings for an offence brought against the partnership or association—</p>
</intro>
<subparagraph eId="regulation-70-4-a">
<num>a</num>
<content>
<p>
section 33 of the Criminal Justice Act 1925
<noteRef href="#c20674801" marker="M2" class="commentary M"/>
(procedure on charge of offence against corporation) and section 46 of, and Schedule 3 to, the Magistrates' Courts Act 1980
<noteRef href="#c20674811" marker="M3" class="commentary M"/>
(corporations) apply as they do in relation to a body corporate;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-70-4-b">
<num>b</num>
<content>
<p>
section 70 (of the Criminal Procedure (Scotland) Act 1995
<noteRef href="#c20674821" marker="M4" class="commentary M"/>
(proceedings against bodies corporate) applies as it does in relation to a body corporate;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-70-4-c">
<num>c</num>
<content>
<p>
section 18 of the Criminal Justice (Northern Ireland) Act 1945
<noteRef href="#c20674831" marker="M5" class="commentary M"/>
(procedure on charge) and Schedule 4 to the Magistrates' Courts (Northern Ireland) Order 1981
<noteRef href="#c20674841" marker="M6" class="commentary M"/>
(corporations) apply as they do in relation to a body corporate.
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-70-5">
<num>5</num>
<intro>
<p>Summary proceedings for an offence under these Regulations may be taken—</p>
</intro>
<subparagraph eId="regulation-70-5-a">
<num>a</num>
<content>
<p>against a body corporate or unincorporated association at any place at which it has a place of business;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-70-5-b">
<num>b</num>
<content>
<p>against an individual at any place where they are for the time being.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-70-6">
<num>6</num>
<content>
<p>Paragraph (5) does not affect any jurisdiction exercisable apart from this regulation.</p>
</content>
</paragraph>
</hcontainer>
</hcontainer>
<hcontainer name="crossheading" eId="part-7-crossheading-duties-of-the-authority-and-the-commissioners-to-cooperate" period="#period6">
<heading>
<em>Duties of the Authority and the Commissioners to co-operate</em>
</heading>
<hcontainer name="regulation" eId="regulation-71" period="#period6">
<num>71</num>
<heading>Duty to co-operate and exchange information</heading>
<paragraph eId="regulation-71-1" period="#period6">
<num>1</num>
<intro>
<p>
The Authority and the Commissioners of Her Majesty's Revenue and Customs (“
<term refersTo="#term-the-commissioners">the Commissioners</term>
”) must take such steps as they consider appropriate to co-operate with each other and—
</p>
</intro>
<subparagraph eId="regulation-71-1-a">
<num>a</num>
<content>
<p>the competent authorities, designated under Article 3 of the electronic money directive, or referred to in Article 13 of that directive, of EEA states other than the United Kingdom;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-71-1-b">
<num>b</num>
<content>
<p>
the European Central Bank, the Bank of England and the national central banks of EEA states other than the United Kingdom;
<noteRef href="#key-7dcd34e4d4b82ff6f1ce538a56d1a314" marker="F2" class="commentary F"/>
...
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-71-1-c">
<num>c</num>
<content>
<p>
any other relevant competent authorities designated under European Union law or the law of the United Kingdom or any other EEA state which is applicable to electronic money issuers
<ins class="key-ded95b84d6573b6aa316fcd5eb164f7d-1606131154463 first">
<noteRef href="#key-ded95b84d6573b6aa316fcd5eb164f7d" marker="F3" class="commentary attribute F"/>
; and
</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-71-1-d" period="#period6">
<num>
<ins class="key-ded95b84d6573b6aa316fcd5eb164f7d-1606131154463">d</ins>
</num>
<content>
<p>
<ins class="key-ded95b84d6573b6aa316fcd5eb164f7d-1606131154463 last">the European Banking Authority,</ins>
</p>
</content>
</subparagraph>
<wrapUp>
<p>for the purposes of the exercise by those bodies of their functions under the electronic money directive and other relevant European Union or national legislation.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-71-2" period="#period6">
<num>2</num>
<intro>
<p>
Subject to the requirements of the Data Protection Act 1998 , sections 348 and 349 of the 2000 Act (as applied with modifications by paragraph 6 of Schedule 3 to these Regulations),
<ins class="substitution key-e5b2664c1e23120b8b61579755f37535-1604502068323 first last">
<noteRef href="#key-e5b2664c1e23120b8b61579755f37535" marker="F1" class="commentary attribute F"/>
regulation 105 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
</ins>
and any other applicable restrictions on the disclosure of information, the Authority and the Commissioners may provide information to each other and—
</p>
</intro>
<subparagraph eId="regulation-71-2-a" period="#period6">
<num>a</num>
<content>
<p>
the bodies mentioned in paragraph (1)(a)
<ins class="substitution key-4a27822dd83e35b289de8dac98c2bb9c-1606131199791 first last">
<noteRef href="#key-4a27822dd83e35b289de8dac98c2bb9c" marker="F4" class="commentary attribute F"/>
, (c) and (d)
</ins>
;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-71-2-b">
<num>b</num>
<content>
<p>the European Central Bank, the Bank of England and the national central banks of EEA states other than the United Kingdom when acting in their capacity as monetary and oversight authorities;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-71-2-c">
<num>c</num>
<content>
<p>where relevant, other public authorities responsible for the oversight of payment and settlement systems,</p>
</content>
</subparagraph>
<wrapUp>
<p>for the purposes of the exercise by those bodies of their functions under the electronic money directive and other relevant European Union or national legislation.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-71-3" period="#period6">
<num>
<ins class="key-0b05f72313ea66bf6516b18aecbdf925-1606131244888 first">
<noteRef href="#key-0b05f72313ea66bf6516b18aecbdf925" marker="F5" class="commentary attribute F"/>
3
</ins>
</num>
<content>
<p>
<ins class="key-0b05f72313ea66bf6516b18aecbdf925-1606131244888">If the European Banking Authority is assisting the Authority, or a competent authority in another EEA State, in relation to a disagreement between those authorities pursuant to Article 19 of Regulation (EU) 1093/2010 of the European Parliament and of the Council of 24th November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No </ins>
<ref href="http://www.legislation.gov.uk/id/eud/19716/2009">
<ins class="key-0b05f72313ea66bf6516b18aecbdf925-1606131244888">716/2009/EC</ins>
</ref>
<ins class="key-0b05f72313ea66bf6516b18aecbdf925-1606131244888"> and repealing Commission Decision </ins>
<ref href="http://www.legislation.gov.uk/id/eud/2009/78">
<ins class="key-0b05f72313ea66bf6516b18aecbdf925-1606131244888">2009/78/EC</ins>
</ref>
<ins class="key-0b05f72313ea66bf6516b18aecbdf925-1606131244888 last">, the Authority must defer any decision in relation to the subject of the disagreement until the disagreement is resolved under that Article.</ins>
</p>
</content>
</paragraph>
</hcontainer>
</hcontainer>
<hcontainer name="crossheading" eId="part-7-crossheading-actions-for-breach-of-requirements" period="#period6">
<heading>
<em>Actions for breach of requirements</em>
</heading>
<hcontainer name="regulation" eId="regulation-72" period="#period1">
<num>72</num>
<heading>Right to bring actions</heading>
<paragraph eId="regulation-72-1">
<num>1</num>
<intro>
<p>A contravention—</p>
</intro>
<subparagraph eId="regulation-72-1-a">
<num>a</num>
<content>
<p>which is to be taken to have occurred by virtue of regulation 18;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-72-1-b">
<num>b</num>
<content>
<p>of a requirement imposed by regulation 20, 21, 22 or 24; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-72-1-c">
<num>c</num>
<content>
<p>of a requirement imposed by or under Part 5,</p>
</content>
</subparagraph>
<wrapUp>
<p>is actionable at the suit of a private person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-72-2">
<num>2</num>
<intro>
<p>A person acting in a fiduciary or representative capacity may bring an action under paragraph (1) on behalf of a private person if any remedy—</p>
</intro>
<subparagraph eId="regulation-72-2-a">
<num>a</num>
<content>
<p>will be exclusively for the benefit of the private person; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-72-2-b">
<num>b</num>
<content>
<p>cannot be obtained by way of an action brought otherwise than at the suit of the fiduciary or representative.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-72-3">
<num>3</num>
<intro>
<p>
In this regulation “
<term refersTo="#term-private-person">private person</term>
” means—
</p>
</intro>
<subparagraph eId="regulation-72-3-a">
<num>a</num>
<content>
<p>any individual, except where the individual suffers the loss in question in the course of issuing electronic money or providing payment services; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-72-3-b">
<num>b</num>
<content>
<p>any person who is not an individual, except where that person suffers the loss in question in the course of carrying on business of any kind,</p>
</content>
</subparagraph>
<wrapUp>
<p>but does not include a government, a local authority (in the United Kingdom or elsewhere) or an international organisation.</p>
</wrapUp>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-73" period="#period6">
<num>73</num>
<heading>Prohibition on contracting-out</heading>
<content>
<p>
A term contained in an agreement between an electronic money issuer and an electronic money holder or a payment service user is void if, and to the extent that, it is inconsistent with a provision for the protection of an electronic money holder or a payment service user contained in these Regulations or the Payment Services Regulations
<ins class="substitution key-36a2efba3131f0fe72bf3d9ae1528fce-1606131394273 first last">
<noteRef href="#key-36a2efba3131f0fe72bf3d9ae1528fce" marker="F6" class="commentary attribute F"/>
2017
</ins>
.
</p>
</content>
</hcontainer>
</hcontainer>
<hcontainer name="crossheading" eId="part-7-crossheading-transitional-provisions" period="#period6">
<heading>
<em>Transitional provisions</em>
</heading>
<hcontainer name="regulation" eId="regulation-74" period="#period3">
<num>74</num>
<heading>Persons with a Part 4 permission</heading>
<paragraph eId="regulation-74-1">
<num>1</num>
<intro>
<p>Any person who—</p>
</intro>
<subparagraph eId="regulation-74-1-a">
<num>a</num>
<content>
<p>has a Part 4 permission in respect of the activity of issuing electronic money;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-1-b">
<num>b</num>
<content>
<p>before 30th April 2011 has carried on that activity in accordance with that permission; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-1-c">
<num>c</num>
<content>
<p>is not a person mentioned in any of paragraphs (c) to (j) of the definition in regulation 2(1) of electronic money issuer,</p>
</content>
</subparagraph>
<wrapUp>
<p>shall be deemed to have been granted authorisation by the Authority under regulation 9.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-74-2">
<num>2</num>
<intro>
<p>A person who is deemed to have been granted authorisation by virtue of paragraph (1) must before 1st July 2011—</p>
</intro>
<subparagraph eId="regulation-74-2-a">
<num>a</num>
<content>
<p>notify the Authority whether it wishes to become an authorised electronic money institution or to be registered as a small electronic money institution; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-2-b">
<num>b</num>
<content>
<p>provide the Authority with such information as it may reasonably require (“the required information”).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-74-3">
<num>3</num>
<intro>
<p>Where a person notifies the Authority before 1st July 2011 that it wishes to become an authorised electronic money institution or that it wishes to be registered as a small electronic money institution, the Authority must decide whether to include the person on the register as an authorised electronic money institution or as a small electronic institution, and—</p>
</intro>
<subparagraph eId="regulation-74-3-a">
<num>a</num>
<content>
<p>if the Authority decides to include the person on the register, the person's authorisation shall cease to be deemed to have been granted by virtue of paragraph (1) at the time of such inclusion;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-3-b">
<num>b</num>
<content>
<p>if the Authority decides not to include the person on the register, the person's authorisation shall cease to be so deemed when the period for a reference to the Upper Tribunal has elapsed without a reference being made or, if the matter is referred, at such time as the Tribunal may direct.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-74-4">
<num>4</num>
<intro>
<p>Where a person who is deemed to have been granted authorisation by virtue of paragraph (1)—</p>
</intro>
<subparagraph eId="regulation-74-4-a">
<num>a</num>
<content>
<p>notifies the Authority before 1st July 2011 that it does not wish to be an electronic money institution; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-4-b">
<num>b</num>
<content>
<p>fails to make by that date a notification in accordance with paragraph (2)(a),</p>
</content>
</subparagraph>
<wrapUp>
<p>such authorisation shall cease to be so deemed on 30th October 2011 or, if the person's Part 4 permission is cancelled before that date, on the cancellation of the permission.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-74-5">
<num>5</num>
<intro>
<p>If the Authority decides to include the person on the register as an authorised electronic money institution or a small electronic money institution it must—</p>
</intro>
<subparagraph eId="regulation-74-5-a">
<num>a</num>
<content>
<p>give the person notice of its decision; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-5-b">
<num>b</num>
<content>
<p>update the register as soon as practicable.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-74-6">
<num>6</num>
<intro>
<p>The Authority may decide that a person is not to be included on the register only if—</p>
</intro>
<subparagraph eId="regulation-74-6-a">
<num>a</num>
<content>
<p>it has not received the required information before 1st July 2011;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-6-b">
<num>b</num>
<content>
<p>any of the conditions in regulation 6(3) to (8) or, as the case may be, regulation 13(3) to (10) (“the required conditions”) is not met in respect of that person; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-6-c">
<num>c</num>
<content>
<p>it appears to the Authority that the person is unlikely to issue electronic money within 12 months beginning with 1st July 2011.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-74-7">
<num>7</num>
<content>
<p>If the Authority proposes to decide not to include a person on the register it must give the person a warning notice.</p>
</content>
</paragraph>
<paragraph eId="regulation-74-8">
<num>8</num>
<intro>
<p>The Authority must, having considered any representations in response to the warning notice—</p>
</intro>
<subparagraph eId="regulation-74-8-a">
<num>a</num>
<content>
<p>if it decides not to include the person on the register, give the person a decision notice; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-8-b">
<num>b</num>
<content>
<p>if it decides to include the person on the register, give the person notice of its decision.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-74-9">
<num>9</num>
<content>
<p>If the Authority gives the person a decision notice, the person may refer the matter to the Upper Tribunal.</p>
</content>
</paragraph>
<paragraph eId="regulation-74-10">
<num>10</num>
<intro>
<p>Where a person is deemed to have been granted authorisation by virtue of paragraph (1)—</p>
</intro>
<subparagraph eId="regulation-74-10-a">
<num>a</num>
<content>
<p>the duty to which the Authority is subject under regulation 4(1) to maintain a register shall not apply in respect of it; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-10-b">
<num>b</num>
<content>
<p>Parts 3 and 4 shall not apply to it.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-74-11">
<num>11</num>
<intro>
<p>A Part 4 permission in respect of the activity of issuing electronic money, which has not been cancelled, shall cease—</p>
</intro>
<subparagraph eId="regulation-74-11-a">
<num>a</num>
<content>
<p>in the case of a person falling within paragraph (3)(a), on 30th April 2011 or, if later, at the time of the person's inclusion on the register as an electronic money institution;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-11-b">
<num>b</num>
<content>
<p>in the case of a person falling within paragraph (3)(b), at the time at which the person's authorisation ceases to be deemed to have been granted;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-74-11-c">
<num>c</num>
<content>
<p>in the case of a person falling within paragraph (4), on 30th October 2011.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-74-12">
<num>12</num>
<content>
<p>
In this regulation, “
<term refersTo="#term-part-4-permission">Part 4 permission</term>
” has the same meaning as in the 2000 Act
<noteRef href="#c20674891" marker="M7" class="commentary M"/>
.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-75" period="#period3">
<num>75</num>
<heading>EEA firms</heading>
<paragraph eId="regulation-75-1">
<num>1</num>
<intro>
<p>Any person who—</p>
</intro>
<subparagraph eId="regulation-75-1-a">
<num>a</num>
<content>
<p>immediately before 30th April 2011 is an electronic money institution;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-75-1-b">
<num>b</num>
<content>
<p>
is an EEA firm qualifying for authorisation under Schedule 3 to the 2000 Act
<noteRef href="#c20674901" marker="M8" class="commentary M"/>
in respect of the activity of issuing electronic money; and
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-75-1-c">
<num>c</num>
<content>
<p>before 30th April 2011 has carried on that activity,</p>
</content>
</subparagraph>
<wrapUp>
<p>may continue until 30th October 2011 to carry on that activity and engage in any related activity.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-75-2">
<num>2</num>
<content>
<p>Parts 5 and 6 shall apply to a person falling within paragraph (1) as if the person were an EEA authorised electronic money institution.</p>
</content>
</paragraph>
<paragraph eId="regulation-75-3">
<num>3</num>
<content>
<p>
In this regulation “
<term refersTo="#term-electronic-money-institution">electronic money institution</term>
” has the meaning given in Article 1(3)(a) of Directive
<ref href="http://www.legislation.gov.uk/id/eudr/2000/46">2000/46/EC</ref>
of the European Parliament and of the Council of 18th September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions (“the first electronic money directive”)
<noteRef href="#c20674911" marker="M9" class="commentary M"/>
.
</p>
</content>
</paragraph>
<paragraph eId="regulation-75-4">
<num>4</num>
<content>
<p>
In this regulation and in regulation 76 “
<term refersTo="#term-related-activity">related activity</term>
” means an activity mentioned in Article 1(5) of the first electronic money directive.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-76" period="#period3">
<num>76</num>
<heading>Certified persons</heading>
<paragraph eId="regulation-76-1">
<num>1</num>
<intro>
<p>Any person who—</p>
</intro>
<subparagraph eId="regulation-76-1-a">
<num>a</num>
<content>
<p>
has a certificate (which has not been revoked) given by the Authority under article 9C of the Financial Services and Markets 2000 (Regulated Activities) Order 2001
<noteRef href="#c20674921" marker="M10" class="commentary M"/>
(“
<term refersTo="#term-the-order">the Order</term>
”); and
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-76-1-b">
<num>b</num>
<content>
<p>before 30th April 2011 has carried on the activity of issuing electronic money in accordance with that certificate,</p>
</content>
</subparagraph>
<wrapUp>
<p>may continue to carry on that activity in accordance with that certificate and engage in any related activity until 30th April 2012 or, if the person is included on the register as an electronic money institution before that date, until the time of such inclusion.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-76-2">
<num>2</num>
<content>
<p>
Parts 5 and 6 of these Regulations, and Part 16 of, and Schedule 17 to, the 2000 Act (the ombudsman scheme)
<noteRef href="#c20674931" marker="M11" class="commentary M"/>
, shall apply to a person falling within paragraph (1) as if the person were an electronic money institution.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-77" period="#period3">
<num>77</num>
<heading>Existing fixed term contracts</heading>
<paragraph eId="regulation-77-1">
<num>1</num>
<intro>
<p>Part 5 shall not apply in respect of the redemption of electronic money that has been issued before 30th April 2011 where the contract—</p>
</intro>
<subparagraph eId="regulation-77-1-a">
<num>a</num>
<content>
<p>provides for a termination date up to two years after the date on which the contract was entered into; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-77-1-b">
<num>b</num>
<content>
<p>does not provide that the means of storing electronic money can be recharged.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-77-2">
<num>2</num>
<content>
<p>
In paragraph (1) “
<term refersTo="#term-termination-date">termination date</term>
” has the same meaning as in Part 5.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-78" period="#period3">
<num>78</num>
<heading>Amendments to the banking consolidation directive</heading>
<paragraph eId="regulation-78-1">
<num>1</num>
<content>
<p>
For the purposes of the application of the 2000 Act or any provision made under or by virtue of it in relation to any person during the transitional period, paragraph 2 of Schedule 3
<noteRef href="#c20674941" marker="M12" class="commentary M"/>
to that Act (definition of “Banking Consolidation Directive”) shall be read as if the amendments of the banking consolidation directive by the electronic money directive had not been made.
</p>
</content>
</paragraph>
<paragraph eId="regulation-78-2">
<num>2</num>
<intro>
<p>
The “
<term refersTo="#term-transitional-period">transitional period</term>
” means the period beginning when this regulation comes into force and ending with—
</p>
</intro>
<subparagraph eId="regulation-78-2-a">
<num>a</num>
<content>
<p>29th October 2011 in the case of a person falling within regulation 75(1);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-78-2-b">
<num>b</num>
<content>
<p>29th April 2011 otherwise.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-78A" period="#period6">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">78A</ins>
</num>
<heading>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421 first">
<noteRef href="#key-d4e55463ffbc2e5e0eaf1d23d15debaa" marker="F7" class="commentary attribute F"/>
Transitional arrangements for existing electronic money institutions on the implementation of the second payment services directive
</ins>
</heading>
<paragraph eId="regulation-78A-1">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">1</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">This regulation applies in relation to an authorised electronic money institution, EEA authorised electronic money institution or small electronic money institution which provides services before 13th January 2018 in accordance with these Regulations or the national law in another EEA State transposing the electronic money directive and, where relevant, the Payment Services Regulations 2009 or the national law in another EEA State transposing the first payment services directive.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-78A-2">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">2</ins>
</num>
<intro>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">In the case of an authorised electronic money institution or small electronic money institution—</ins>
</p>
</intro>
<subparagraph eId="regulation-78A-2-a">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">a</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">the institution may continue to provide the services provided before 13th January 2018 until the end of 12th July 2018 without further authorisation or registration under these Regulations;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-78A-2-b">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">b</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">the institution is to be treated as if on 13th January 2018 the Authority had imposed a requirement under regulation 7 (imposition of variations), including under that regulation as applied by regulation 15 (supplementary provisions), requiring the institution to refrain from providing account information services or payment initiation services for an indefinite period;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-78A-2-c">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">c</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">any other requirement imposed by the Authority under regulation 7 (imposition of variations), including under that regulation as applied by regulation 15 (supplementary provisions), applies in relation to services provided pursuant to sub-paragraph (a);</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-78A-2-d">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">d</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">regulations 10 (cancellation of authorisation) and 11 (variation of authorisation on Authority's own initiative), including those regulations as applied by regulation 15, apply in relation to the institution as if references to authorisation or registration included references to entitlement to provide payment services pursuant to sub-paragraph (a); and</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-78A-2-e">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">e</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">the institution may not apply for a variation under regulation 8 (variation etc. at request of authorised electronic money institution), including under that regulation as applied by regulation 15, before it complies with paragraph (4) or (5) of this regulation.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-78A-3">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">3</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">An EEA authorised electronic money institution may continue to provide the services provided before 13th January 2018 until the end of 12th July 2018 without further authorisation or registration under the national law implementing the amendments to the electronic money directive made by Article 111 of the payment services directive.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-78A-4">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">4</ins>
</num>
<intro>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">Where an authorised electronic money institution intends to provide services on or after 13th July 2018, the institution must before 13th April 2018—</ins>
</p>
</intro>
<subparagraph eId="regulation-78A-4-a">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">a</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">provide to the Authority all information specified in Schedule 1 that the person has not previously provided to the Authority; or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-78A-4-b">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">b</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">notify the Authority that it has previously provided all such information to the Authority.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-78A-5">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">5</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">Where a small electronic money institution intends to provide services as a small electronic money institution on or after 13th July 2018, the institution must before 13th April 2018 notify the Authority whether it continues to meet the requirements for registration as a small electronic money institution, together with any information relevant to that question which is has not previously provided to the Authority.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-78A-6">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">6</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">On receipt of information or a notification pursuant to paragraph (4) or (5), the Authority must consider whether the institution's authorisation or registration should be continued on and after 13th July 2018.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-78A-7">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">7</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">If the Authority does not decide to continue the institution's authorisation or registration under paragraph (6), the institution's authorisation or registration is to be treated as having been cancelled on 13th July 2018.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-78A-8">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">8</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">The Authority must maintain in the register a person entitled to provide services pursuant to this regulation.</ins>
</p>
</content>
</paragraph>
<paragraph eId="regulation-78A-9">
<num>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">9</ins>
</num>
<content>
<p>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">In this regulation “</ins>
<term refersTo="#term-first-payment-services-directive">
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">first payment services directive</ins>
</term>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">” means Directive </ins>
<ref href="http://www.legislation.gov.uk/id/eudr/2007/64">
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">2007/64/EC</ins>
</ref>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421"> of the European Parliament and of the Council of 13th November 2007 on payment services in the internal market amending Directives </ins>
<ref href="http://www.legislation.gov.uk/id/eudr/1997/7">
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">97/7/EC</ins>
</ref>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">, </ins>
<ref href="http://www.legislation.gov.uk/id/eudr/2002/65">
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">2002/65/EC</ins>
</ref>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">, </ins>
<ref href="http://www.legislation.gov.uk/id/eudr/2005/60">
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">2005/60/EC</ins>
</ref>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421"> and </ins>
<ref href="http://www.legislation.gov.uk/id/eudr/2006/48">
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">2006/48/EC</ins>
</ref>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421"> and repealing Directive </ins>
<ref href="http://www.legislation.gov.uk/id/eudr/1997/5">
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421">97/5/EC</ins>
</ref>
<ins class="key-d4e55463ffbc2e5e0eaf1d23d15debaa-1606122194421 last">.</ins>
</p>
</content>
</paragraph>
</hcontainer>
</hcontainer>
<hcontainer name="crossheading" eId="part-7-crossheading-amendments-to-legislation" period="#period1">
<heading>
<em>Amendments to legislation</em>
</heading>
<hcontainer name="regulation" eId="regulation-79" period="#period1">
<num>79</num>
<heading>Amendments to primary and secondary legislation</heading>
<content>
<p>Schedule 4, which contains amendments to primary and secondary legislation, has effect.</p>
</content>
</hcontainer>
</hcontainer>
</part>
</portionBody>
</portion>
</akomaNtoso>