http://www.legislation.gov.uk/uksi/2011/99/regulation/1/madeThe Electronic Money Regulations 2011Business practice and regulationLiabilitiesRegulation and deregulationLegislationenKing's Printer of Acts of Parliament2024-05-09FINANCIAL SERVICES AND MARKETSThese 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 1INTRODUCTORY PROVISIONS1Citation and commencement1

These Regulations may be cited as the Electronic Money Regulations 2011.

2

These Regulations come into force on—

a

9th February 2011 for the purposes of—

i

enabling applications to become an authorised electronic money institution and for the variation of an authorisation to be made under regulation 5 and the Authority to determine such applications in accordance with regulations 6 to 9;

ii

enabling applications for registration as a small electronic money institution and the variation of a registration to be made under regulation 12 and the Authority to determine such applications in accordance with regulation 13 and regulations 7 to 9 (as applied by regulation 15);

iii

enabling applications for an agent to be included on the register under regulation 34 and the Authority to determine such applications in accordance with that regulation;

iv

enabling the Authority to give directions as to the manner in which an application under regulation 5(1) or (2), 12(1) or (2) or 34(3) is to be made and enabling the Authority to require the applicant to provide further information in accordance with regulation 5(4), 12(4) or 34(3)(a)(iv), as the case may be;

v

enabling the Authority to cancel an authorisation or registration or vary an authorisation or registration on its own initiative in accordance with regulation 10 or 11 (as applied, in the case of registration, by regulation 15);

vi

requiring a person who has made an application under regulation 5(1) or (2) or 12(1) or (2) to provide information to the Authority in accordance with regulation 17 and enabling the Authority to give directions under that regulation;

vii

enabling a person to make a reference to the Upper Tribunal under regulation 9(8), 10(6), 11(5), 29(4) or 34(11);

viii

enabling an applicant for authorisation as an electronic money institution to give the Authority a notice of intention under regulation 28(2) and the Authority to give directions as to the manner in which such a notice is to be given and to inform the host state competent authority in accordance with regulation 28(3);

ix

enabling the Authority to decide whether to register an EEA branch or to cancel such a registration under regulation 29(1);

x

enabling the Authority to give directions under regulation 49 to a person whose application under regulation 5(1) or 12(1) has been granted before 30th April 2011 in respect of—

aa

its provision as from that date of electronic money issuance or payment services; and

bb

its compliance as from that date with requirements imposed by or under Parts 2 to 5 of these Regulations;

xi

enabling the Authority to give directions under paragraph 8, 10, 13(a), 15 or 16 of Schedule 2 to a person whose application under regulation 5(1) or 12(1) has been granted before 30th April 2011;

xii

requiring a person whose application under regulation 5(1), 12(1) or 34(3) has been granted before 30th April 2011 to provide information to the Authority in accordance with regulation 37 and enabling the Authority to give directions under that regulation;

xiii

regulations 30, 47, 59 to 61, 66 to 71, 74 and 78;

xiv

regulation 62 in respect of paragraphs 2, 6 and 8 to 11 of Schedule 3;

xv

regulation 79 in respect of paragraphs 2, 18 and 19(g) of Schedule 4; and

b

30th April 2011 for all other purposes.

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<num>1</num>
<heading>Citation and commencement</heading>
<paragraph eId="regulation-1-1">
<num>1</num>
<content>
<p>These Regulations may be cited as the Electronic Money Regulations 2011.</p>
</content>
</paragraph>
<paragraph eId="regulation-1-2">
<num>2</num>
<intro>
<p>These Regulations come into force on—</p>
</intro>
<subparagraph eId="regulation-1-2-a">
<num>a</num>
<intro>
<p>9th February 2011 for the purposes of—</p>
</intro>
<clause eId="regulation-1-2-a-i">
<num>i</num>
<content>
<p>enabling applications to become an authorised electronic money institution and for the variation of an authorisation to be made under regulation 5 and the Authority to determine such applications in accordance with regulations 6 to 9;</p>
</content>
</clause>
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<num>ii</num>
<content>
<p>enabling applications for registration as a small electronic money institution and the variation of a registration to be made under regulation 12 and the Authority to determine such applications in accordance with regulation 13 and regulations 7 to 9 (as applied by regulation 15);</p>
</content>
</clause>
<clause eId="regulation-1-2-a-iii">
<num>iii</num>
<content>
<p>enabling applications for an agent to be included on the register under regulation 34 and the Authority to determine such applications in accordance with that regulation;</p>
</content>
</clause>
<clause eId="regulation-1-2-a-iv">
<num>iv</num>
<content>
<p>enabling the Authority to give directions as to the manner in which an application under regulation 5(1) or (2), 12(1) or (2) or 34(3) is to be made and enabling the Authority to require the applicant to provide further information in accordance with regulation 5(4), 12(4) or 34(3)(a)(iv), as the case may be;</p>
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<clause eId="regulation-1-2-a-v">
<num>v</num>
<content>
<p>enabling the Authority to cancel an authorisation or registration or vary an authorisation or registration on its own initiative in accordance with regulation 10 or 11 (as applied, in the case of registration, by regulation 15);</p>
</content>
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<clause eId="regulation-1-2-a-vi">
<num>vi</num>
<content>
<p>requiring a person who has made an application under regulation 5(1) or (2) or 12(1) or (2) to provide information to the Authority in accordance with regulation 17 and enabling the Authority to give directions under that regulation;</p>
</content>
</clause>
<clause eId="regulation-1-2-a-vii">
<num>vii</num>
<content>
<p>enabling a person to make a reference to the Upper Tribunal under regulation 9(8), 10(6), 11(5), 29(4) or 34(11);</p>
</content>
</clause>
<clause eId="regulation-1-2-a-viii">
<num>viii</num>
<content>
<p>enabling an applicant for authorisation as an electronic money institution to give the Authority a notice of intention under regulation 28(2) and the Authority to give directions as to the manner in which such a notice is to be given and to inform the host state competent authority in accordance with regulation 28(3);</p>
</content>
</clause>
<clause eId="regulation-1-2-a-ix">
<num>ix</num>
<content>
<p>enabling the Authority to decide whether to register an EEA branch or to cancel such a registration under regulation 29(1);</p>
</content>
</clause>
<clause eId="regulation-1-2-a-x">
<num>x</num>
<intro>
<p>enabling the Authority to give directions under regulation 49 to a person whose application under regulation 5(1) or 12(1) has been granted before 30th April 2011 in respect of—</p>
</intro>
<subclause eId="regulation-1-2-a-x-aa">
<num>aa</num>
<content>
<p>its provision as from that date of electronic money issuance or payment services; and</p>
</content>
</subclause>
<subclause eId="regulation-1-2-a-x-bb">
<num>bb</num>
<content>
<p>its compliance as from that date with requirements imposed by or under Parts 2 to 5 of these Regulations;</p>
</content>
</subclause>
</clause>
<clause eId="regulation-1-2-a-xi">
<num>xi</num>
<content>
<p>enabling the Authority to give directions under paragraph 8, 10, 13(a), 15 or 16 of Schedule 2 to a person whose application under regulation 5(1) or 12(1) has been granted before 30th April 2011;</p>
</content>
</clause>
<clause eId="regulation-1-2-a-xii">
<num>xii</num>
<content>
<p>requiring a person whose application under regulation 5(1), 12(1) or 34(3) has been granted before 30th April 2011 to provide information to the Authority in accordance with regulation 37 and enabling the Authority to give directions under that regulation;</p>
</content>
</clause>
<clause eId="regulation-1-2-a-xiii">
<num>xiii</num>
<content>
<p>regulations 30, 47, 59 to 61, 66 to 71, 74 and 78;</p>
</content>
</clause>
<clause eId="regulation-1-2-a-xiv">
<num>xiv</num>
<content>
<p>regulation 62 in respect of paragraphs 2, 6 and 8 to 11 of Schedule 3;</p>
</content>
</clause>
<clause eId="regulation-1-2-a-xv">
<num>xv</num>
<content>
<p>regulation 79 in respect of paragraphs 2, 18 and 19(g) of Schedule 4; and</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-1-2-b">
<num>b</num>
<content>
<p>30th April 2011 for all other purposes.</p>
</content>
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