The Electronic Money Regulations 2011

Regulation 5(1)

SCHEDULE 1 U.K. Information to be included in or with an application for authorisation

1.  A programme of operations, setting out, in particular, the type of electronic money issuance and payment services which are envisaged. U.K.

2.  A business plan including a forecast budget calculation for the first three financial years which demonstrates that the applicant is able to employ appropriate and proportionate systems, resources and procedures to operate soundly. U.K.

3.  Evidence that the applicant holds initial capital for the purposes of regulation 6(3). U.K.

4.  A description of the measures taken for safeguarding the electronic money holders' and payment service users' funds in accordance with regulation 20. U.K.

5.  A description of the applicant's governance arrangements and internal control mechanisms including administrative risk management and accounting procedures, which demonstrates that such arrangements, mechanisms and procedures are proportionate, appropriate, sound and adequate. U.K.

6.  A description of the internal control mechanisms which the applicant has established in order to comply with [F1 the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017] and [F2 Regulation 2015/847/EU of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds] M1 . U.K.

Textual Amendments

F1 Words in Sch. 1 para. 6 substituted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 28(8)(a) (with regs. 8, 15)

F2 Words in Sch. 1 para. 6 substituted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 28(8)(b) (with regs. 8, 15)

Marginal Citations

M1 OJ No L 345, 8.12.2006, p.1.

7.  A description of the applicant's structural organisation, including, where applicable, a description of the intended use of agents and branches and a description of outsourcing arrangements, and of its participation in a national and international payment system. U.K.

8.  In relation to each person holding, directly or indirectly, a qualifying holding in the applicant— U.K.

(a) the size and nature of their qualifying holding; and

(b) evidence of their suitability taking into account the need to ensure the sound and prudent management of an electronic money institution.

9.—(1) The identity of directors and persons who are or will be responsible for the management of the applicant and, where relevant, persons who are or will be responsible for the management of the electronic money issuance and payment services activities of the applicant. U.K.

(2) Evidence that the persons described in sub-paragraph (1) are of good repute and that they possess appropriate knowledge and experience to issue electronic money and perform payment services.

10.  The identity of the auditors of the applicant, if any. U.K.

11.—(1) The legal status of the applicant and, where the applicant is a limited company, its articles. U.K.

(2) In this paragraph “articles” has the meaning given in section 18 of the Companies Act 2006 (articles of association).

12.  The address of the head office of the applicant. U.K.

13.  For the purposes of paragraphs 4, 5 and 7, a description of— U.K.

(a) the audit arrangements of the applicant; and

(b) the organisational arrangements that the applicant has set up,

with a view to the applicant taking all reasonable steps to protect the interests of its electronic money holders and payment service users and to ensuring continuity and reliability in the performance of the issuance of electronic money and payment services activities.