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Changes over time for: Section 37
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Version Superseded: 31/12/2020
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Point in time view as at 13/01/2018. This version of this provision has been superseded.
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Changes to legislation:
The Electronic Money Regulations 2011, Section 37 is up to date with all changes known to be in force on or before 04 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Duty to notify change in circumstanceU.K.
This section has no associated Explanatory Memorandum
37.—(1) Where it becomes apparent to an electronic money institution that there is, or is likely to be, a significant change in circumstances which is relevant to—
(a)in the case of an authorised electronic money institution—
(i)its fulfilment of any of the conditions set out in regulation 6(4) to (8) or the requirement in regulation 19(1) to maintain own funds; or
(ii)the issuance, distribution or redemption of electronic money, or the payment services, which it seeks to carry on in exercise of its passport rights;
(b)in the case of a small electronic money institution, its fulfilment of any of the conditions set out in regulation 8(2) (as applied by regulation 15); or
(c)in the case of the use of an agent to provide payment services, the matters referred to in regulation 34(6)(b) and (c),
it must provide the Authority with details of the change without undue delay, or, in the case of a substantial change in circumstance which has not yet taken place, details of the likely change a reasonable period before it takes place.
(2) An electronic money institution must inform the Authority of any material change in the measures that it has taken in accordance with regulation 21 or 22 to safeguard funds that have been received in exchange for electronic money.
(3) Any information to be provided to the Authority under this regulation must be in such form or verified in such manner as it may direct.
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