Words in reg. 15(b) 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(11)(a)(i)(aa) (with reg. 3)

Words in reg. 15(b) 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(11)(a)(i)(bb) (with reg. 3)

Words in reg. 15(b) 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(11)(a)(ii) (with reg. 3)

Words in reg. 15(c) 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(11)(b) (with reg. 3)

http://www.legislation.gov.uk/uksi/2011/99/regulation/15/2018-01-13The Electronic Money Regulations 2011texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-06-19Expert Participation2018-01-13These 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 2REGISTRATIONRegistration as a small electronic money institution15Supplementary provisions

Regulations 7 to 11 apply to registration as a small electronic money institution as they apply to authorisation as an authorised electronic money institution with the following modifications—

a

references to authorisation are to be treated as references to registration;

b

for regulation 8 substitute—

81

The Authority may, on the application of a small electronic money institution, vary the person's registration by—

a

imposing a requirement such as may, under regulation 7, be included in a registration;

b

cancelling a requirement included in the registration or previously imposed under paragraph (a); or

c

varying such a requirement,

provided that the Authority is satisfied that the conditions set out in paragraph (2) are being or are likely to be met.

2

The conditions ... are—

a

the conditions in regulation 13(6) to (10);

b

where applicable, compliance with the requirement in regulation 19(2) to maintain own funds;

c

the condition that the total business activities of the applicant generate average outstanding electronic money that does not exceed 5,000,000 euro; and

d

the condition that the monthly average over any period of 12 months of the total amount of relevant payment transactions does not exceed 3,000,000 euro.

3

In paragraph (2)(d) “relevant payment transactions” has the same meaning as in regulation 13.

;

c

in regulation 10 for paragraph (1)(e) substitute—

e

the person no longer complies with, or is unlikely to continue to comply with, any of the conditions mentioned in regulation 8(2)(a), (b), (c) and (d) , or does not inform the Authority of a major change in circumstances which is relevant to its meeting those conditions, as required by regulation 37;

; and

d

in regulation 11 for paragraph (1)(a) substitute—

a

the person no longer complies with, or is unlikely to continue to comply with, any of the conditions mentioned in regulation 8(2)(a), (b), (c) and (d);

.

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<note class="commentary F" eId="key-0cccfb6e8694ac5aa14fbec29299dbdd">
<p>
Words in reg. 15(b) 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/5/11/a">Sch. 8 para. 5(11)(a)(i)(aa)</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-2e1e1fd55507f5e6180d708965e2d425">
<p>
Words in reg. 15(b) 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/5/11/a">Sch. 8 para. 5(11)(a)(i)(bb)</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-1625820d48ada9fa0989815cee8db2cf">
<p>
Words in reg. 15(b) 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/5/11/a/ii">Sch. 8 para. 5(11)(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-f81b1015a48c1b7c092251a966d360b0">
<p>
Words in reg. 15(c) 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/5/11/b">Sch. 8 para. 5(11)(b)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/3">reg. 3</ref>
)
</p>
</note>
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<ukm:ImpactAssessment URI="http://www.legislation.gov.uk/ukia/2011/522/pdfs/ukia_20110522_en.pdf" Date="2011-01-05" Title="Impact Assessment on draft E-Money Regulations" Stage="Final" Department="Her Majesty's Treasury" Year="2011" Number="522"/>
</ukm:ImpactAssessments>
<ukm:Statistics>
<ukm:TotalParagraphs Value="179"/>
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</meta>
<portionBody eId="body" period="#period1">
<part eId="part-2" period="#period2">
<num>
<strong>PART 2</strong>
</num>
<heading>REGISTRATION</heading>
<hcontainer name="crossheading" eId="part-2-crossheading-registration-as-a-small-electronic-money-institution" period="#period3">
<heading>
<em>Registration as a small electronic money institution</em>
</heading>
<hcontainer name="regulation" eId="regulation-15" period="#period1">
<num>15</num>
<heading>Supplementary provisions</heading>
<intro>
<p>Regulations 7 to 11 apply to registration as a small electronic money institution as they apply to authorisation as an authorised electronic money institution with the following modifications—</p>
</intro>
<subparagraph eId="regulation-15-a">
<num>a</num>
<content>
<p>references to authorisation are to be treated as references to registration;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-15-b">
<num>b</num>
<content>
<p>for regulation 8 substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="secondary regulation main default" startQuote="" endQuote="">
<hcontainer name="regulation" eId="d4e156">
<num>8</num>
<heading/>
<paragraph eId="d4e160">
<num>1</num>
<intro>
<p>The Authority may, on the application of a small electronic money institution, vary the person's registration by—</p>
</intro>
<subparagraph eId="d4e166">
<num>a</num>
<content>
<p>imposing a requirement such as may, under regulation 7, be included in a registration;</p>
</content>
</subparagraph>
<subparagraph eId="d4e172">
<num>b</num>
<content>
<p>cancelling a requirement included in the registration or previously imposed under paragraph (a); or</p>
</content>
</subparagraph>
<subparagraph eId="d4e178">
<num>c</num>
<content>
<p>varying such a requirement,</p>
</content>
</subparagraph>
<wrapUp>
<p>
provided that
<ins class="key-0cccfb6e8694ac5aa14fbec29299dbdd-1606126970787 first last">
<noteRef href="#key-0cccfb6e8694ac5aa14fbec29299dbdd" marker="F1" class="commentary attribute F"/>
the Authority is satisfied that
</ins>
the conditions set out in paragraph (2)
<ins class="substitution key-2e1e1fd55507f5e6180d708965e2d425-1606127027746 first last">
<noteRef href="#key-2e1e1fd55507f5e6180d708965e2d425" marker="F2" class="commentary attribute F"/>
are being or are likely to be met
</ins>
.
</p>
</wrapUp>
</paragraph>
<paragraph eId="d4e192">
<num>2</num>
<intro>
<p>
The conditions
<noteRef href="#key-1625820d48ada9fa0989815cee8db2cf" marker="F3" class="commentary F"/>
... are—
</p>
</intro>
<subparagraph eId="d4e200">
<num>a</num>
<content>
<p>the conditions in regulation 13(6) to (10);</p>
</content>
</subparagraph>
<subparagraph eId="d4e206">
<num>b</num>
<content>
<p>where applicable, compliance with the requirement in regulation 19(2) to maintain own funds;</p>
</content>
</subparagraph>
<subparagraph eId="d4e212">
<num>c</num>
<content>
<p>the condition that the total business activities of the applicant generate average outstanding electronic money that does not exceed 5,000,000 euro; and</p>
</content>
</subparagraph>
<subparagraph eId="d4e218">
<num>d</num>
<content>
<p>the condition that the monthly average over any period of 12 months of the total amount of relevant payment transactions does not exceed 3,000,000 euro.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="d4e224">
<num>3</num>
<content>
<p>
In paragraph (2)(d) “
<term refersTo="#term-relevant-payment-transactions">relevant payment transactions</term>
” has the same meaning as in regulation 13.
</p>
</content>
</paragraph>
</hcontainer>
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<inline name="AppendText">;</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-15-c">
<num>c</num>
<content>
<p>in regulation 10 for paragraph (1)(e) substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="secondary regulation main default" startQuote="" endQuote="">
<subparagraph eId="d4e242">
<num>e</num>
<content>
<p>
the person no longer complies with, or is unlikely to continue to comply with, any of the conditions mentioned in regulation 8(2)(a), (b), (c) and (d)
<ins class="key-f81b1015a48c1b7c092251a966d360b0-1606127195499 first last">
<noteRef href="#key-f81b1015a48c1b7c092251a966d360b0" marker="F4" class="commentary attribute F"/>
, or does not inform the Authority of a major change in circumstances which is relevant to its meeting those conditions, as required by regulation 37
</ins>
;
</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">; and</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-15-d">
<num>d</num>
<content>
<p>in regulation 11 for paragraph (1)(a) substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="secondary regulation main default" startQuote="" endQuote="">
<subparagraph eId="d4e260">
<num>a</num>
<content>
<p>the person no longer complies with, or is unlikely to continue to comply with, any of the conditions mentioned in regulation 8(2)(a), (b), (c) and (d);</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</subparagraph>
</hcontainer>
</hcontainer>
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