http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3The Electronic Money Regulations 2011texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-06-19Expert Participation2024-01-04 These 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). SCHEDULE 2Capital RequirementsPART 1Initial capital31Where the business activities of an applicant for registration as a small electronic money institution generate average outstanding electronic money of 500,000 euro or more it must hold an amount of initial capital at least equal to 2% of the average outstanding electronic money of the institution.2Where the applicant has not completed a sufficiently long period of business to calculate the amount of average outstanding electronic money for the purposes of sub-paragraph (1), the applicant must make an estimate on the basis of projected outstanding electronic money as evidenced by its business plan, subject to any adjustments to that plan which are, or have been, required by the Authority.
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<Legislation xmlns="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" DocumentURI="http://www.legislation.gov.uk/uksi/2011/99" IdURI="http://www.legislation.gov.uk/id/uksi/2011/99" NumberOfProvisions="187" xsi:schemaLocation="http://www.legislation.gov.uk/namespaces/legislation http://www.legislation.gov.uk/schema/legislation.xsd" SchemaVersion="1.0" RestrictExtent="E+W+S+N.I." RestrictStartDate="2024-01-04">
<ukm:Metadata xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata">
<dc:identifier>http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3</dc:identifier>
<dc:title>The Electronic Money Regulations 2011</dc:title>
<dc:type>text</dc:type>
<dc:format>text/xml</dc:format>
<dc:language>en</dc:language>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:subject scheme="SIheading">FINANCIAL SERVICES AND MARKETS</dc:subject>
<dc:modified>2024-06-19</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2024-01-04</dct:valid>
<dc:description>These 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).</dc:description>
<atom:link rel="self" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/data.xml" type="application/xml"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/resources" href="http://www.legislation.gov.uk/uksi/2011/99/resources" title="More Resources"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/impacts" href="http://www.legislation.gov.uk/uksi/2011/99/impacts" title="Impact Assessments"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/memorandum" href="http://www.legislation.gov.uk/uksi/2011/99/memorandum" title="Explanatory Memorandum"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/memorandum/toc" href="http://www.legislation.gov.uk/uksi/2011/99/memorandum/contents" title="Explanatory Memorandum Table of Contents"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/act" href="http://www.legislation.gov.uk/uksi/2011/99" title="whole act"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/introduction" href="http://www.legislation.gov.uk/uksi/2011/99/introduction" title="introduction"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/signature" href="http://www.legislation.gov.uk/uksi/2011/99/signature" title="signature"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/note" href="http://www.legislation.gov.uk/uksi/2011/99/note" title="note"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/body" href="http://www.legislation.gov.uk/uksi/2011/99/body" title="body"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/schedules" href="http://www.legislation.gov.uk/uksi/2011/99/schedules" title="schedules"/>
<atom:link rel="alternate" type="application/rdf+xml" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/data.rdf" title="RDF/XML"/>
<atom:link rel="alternate" type="application/akn+xml" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/data.akn" title="AKN"/>
<atom:link rel="alternate" type="application/xhtml+xml" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/data.xht" title="HTML snippet"/>
<atom:link rel="alternate" type="text/html" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/data.htm" title="Website (XHTML) Default View"/>
<atom:link rel="alternate" type="text/csv" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/data.csv" title="CSV"/>
<atom:link rel="alternate" type="application/pdf" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/data.pdf" title="PDF"/>
<atom:link rel="alternate" type="application/akn+xhtml" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/data.html" title="HTML5 snippet"/>
<atom:link rel="http://purl.org/dc/terms/tableOfContents" hreflang="en" href="http://www.legislation.gov.uk/uksi/2011/99/contents" title="Table of Contents"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/made" title="made"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/2011-02-09" title="2011-02-09"/>
<atom:link rel="up" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2" title="Schedule 2"/>
<atom:link rel="prev" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/2" title="Paragraph; Schedule 2 Paragraph 2"/>
<atom:link rel="prevInForce" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/2" title="Paragraph; Schedule 2 Paragraph 2"/>
<atom:link rel="next" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/4" title="Paragraph; Schedule 2 Paragraph 4"/>
<atom:link rel="nextInForce" href="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/4" title="Paragraph; Schedule 2 Paragraph 4"/>
<ukm:SecondaryMetadata>
<ukm:DocumentClassification>
<ukm:DocumentCategory Value="secondary"/>
<ukm:DocumentMainType Value="UnitedKingdomStatutoryInstrument"/>
<ukm:DocumentStatus Value="revised"/>
<ukm:DocumentMinorType Value="regulation"/>
</ukm:DocumentClassification>
<ukm:Year Value="2011"/>
<ukm:Number Value="99"/>
<ukm:Made Date="2011-01-18"/>
<ukm:Laid Date="2011-01-19" Class="UnitedKingdomParliament"/>
<ukm:ISBN Value="9780111505809"/>
<ukm:UnappliedEffects>
<ukm:UnappliedEffect EffectId="key-8ee327a419770b3f6a69f19c9fd398db" AffectingProvisions="Sch. 1 Pt. 2" URI="http://www.legislation.gov.uk/id/effect/key-6c7497e85b1f1daf61b7fda47c9b7b14" AffectingYear="2023" Type="revoked" AffectedURI="http://www.legislation.gov.uk/id/uksi/2011/99" RequiresApplied="true" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2023/29" AffectedNumber="99" AffectingNumber="29" AffectingEffectsExtent="E+W+S+N.I." AffectingClass="UnitedKingdomPublicGeneralAct" AffectedYear="2011" Modified="2024-09-05T14:46:42Z" Row="283" AffectedClass="UnitedKingdomStatutoryInstrument" AffectedProvisions="Regulations">
<ukm:AffectedTitle>The Electronic Money Regulations 2011</ukm:AffectedTitle>
<ukm:AffectedProvisions>Regulations</ukm:AffectedProvisions>
<ukm:AffectingTitle>Financial Services and Markets Act 2023</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="schedule-1" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/1">Sch. 1 </ukm:Section>
<ukm:Section Ref="schedule-1-part-2" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/1/part/2">Pt. 2</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="section-1-4" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/section/1/4">s. 1(4)</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-86-3" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect AffectingNumber="22" URI="http://www.legislation.gov.uk/id/effect/key-ca57efbab5c5e833c34f35925a1657d4" AffectedNumber="99" AffectingEffectsExtent="E+W+S+N.I." EffectId="key-ca57efbab5c5e833c34f35925a1657d4" AffectedURI="http://www.legislation.gov.uk/id/uksi/2011/99" AffectedYear="2011" Modified="2023-09-06T15:10:02Z" AffectingProvisions="s. 23" AffectedClass="UnitedKingdomStatutoryInstrument" Row="323" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2021/22" RequiresApplied="true" AffectingYear="2021" Type="power to amend conferred" AffectedProvisions="Regulations" AffectingClass="UnitedKingdomPublicGeneralAct">
<ukm:AffectedTitle>The Electronic Money Regulations 2011</ukm:AffectedTitle>
<ukm:AffectedProvisions>Regulations</ukm:AffectedProvisions>
<ukm:AffectingTitle>Financial Services Act 2021</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-23" URI="http://www.legislation.gov.uk/id/ukpga/2021/22/section/23">s. 23</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-49-5" URI="http://www.legislation.gov.uk/id/ukpga/2021/22/section/49/5">s. 49(5)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
</ukm:UnappliedEffects>
</ukm:SecondaryMetadata>
<ukm:Notes>
<ukm:Note IdURI="http://www.legislation.gov.uk/id/uksi/2011/99/notes"/>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/uksi/2011/99/pdfs/uksiem_20110099_en.pdf" Date="2012-07-25" Title="Explanatory Memorandum" Size="38316"/>
</ukm:Alternatives>
</ukm:Notes>
<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/uksi/2011/99/pdfs/uksi_20110099_en.pdf" Date="2011-01-20" Size="280913"/>
</ukm:Alternatives>
<ukm:ImpactAssessments>
<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="187"/>
<ukm:BodyParagraphs Value="88"/>
<ukm:ScheduleParagraphs Value="99"/>
<ukm:AttachmentParagraphs Value="0"/>
<ukm:TotalImages Value="0"/>
</ukm:Statistics>
</ukm:Metadata>
<Secondary>
<Schedules RestrictExtent="E+W+S+N.I." RestrictStartDate="2023-09-18">
<Schedule DocumentURI="http://www.legislation.gov.uk/uksi/2011/99/schedule/2" IdURI="http://www.legislation.gov.uk/id/uksi/2011/99/schedule/2" NumberOfProvisions="25" id="schedule-2" RestrictExtent="E+W+S+N.I." RestrictStartDate="2018-01-13">
<Number>SCHEDULE 2</Number>
<TitleBlock>
<Title>Capital Requirements</Title>
</TitleBlock>
<ScheduleBody>
<Part DocumentURI="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/part/1" IdURI="http://www.legislation.gov.uk/id/uksi/2011/99/schedule/2/part/1" NumberOfProvisions="3" id="schedule-2-part-1" RestrictStartDate="2017-08-13">
<Number>
<Strong>PART 1</Strong>
</Number>
<Title>Initial capital</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3" IdURI="http://www.legislation.gov.uk/id/uksi/2011/99/schedule/2/paragraph/3" RestrictStartDate="2011-02-09" id="schedule-2-paragraph-3">
<Pnumber>3</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/1" IdURI="http://www.legislation.gov.uk/id/uksi/2011/99/schedule/2/paragraph/3/1" id="schedule-2-paragraph-3-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Where the business activities of an applicant for registration as a small electronic money institution generate average outstanding electronic money of 500,000 euro or more it must hold an amount of initial capital at least equal to 2% of the average outstanding electronic money of the institution.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/3/2" IdURI="http://www.legislation.gov.uk/id/uksi/2011/99/schedule/2/paragraph/3/2" id="schedule-2-paragraph-3-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Where the applicant has not completed a sufficiently long period of business to calculate the amount of average outstanding electronic money for the purposes of sub-paragraph (1), the applicant must make an estimate on the basis of projected outstanding electronic money as evidenced by its business plan, subject to any adjustments to that plan which are, or have been, required by the Authority.</Text>
</P2para>
</P2>
</P1para>
</P1>
</Part>
</ScheduleBody>
</Schedule>
</Schedules>
</Secondary>
</Legislation>