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.