PART 7GENERAL
Offences
Prohibition on issuing electronic money by persons other than electronic money issuers63
1
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) M1;
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.