http://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/7/madeThe Electronic Money Regulations 2011Business practice and regulationLiabilitiesRegulation and deregulationLegislationenKing's Printer of Acts of Parliament2024-05-09FINANCIAL SERVICES AND MARKETS 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 2 Capital Requirements PART 2Own fundsDeductions from own funds 7 The deductions from own funds are— a own shares at book value held by the electronic money institution; b intangible assets; c material losses of the current financial year; d holdings of shares in credit institutions and financial institutions exceeding 10% of their capital; e if sub-paragraph (d) applies, the items specified in paragraph 4(f), (g) and (j) held in the relevant credit institution or financial institution; f holdings of shares or of the items specified in paragraph 4(f), (g) and (j) held in other credit institutions or financial institutions where— i the holding has not been deducted in accordance with sub-paragraph (d) or (e) of this paragraph; and ii the total amount of such holdings exceeds 10% of the electronic money institution’s own funds calculated before deduction of the items specified in this sub-paragraph and sub-paragraphs (d), (e), (g) and (h); g participations which the electronic money institution holds in an insurance undertaking, reinsurance undertaking or insurance holding company; and h the following instruments held in an insurance undertaking, reinsurance undertaking or insurance holding company in which the electronic money institution holds a participation— i instruments referred to in article 16(3) of Directive 73/239/EEC of the Council on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance; ii instruments referred to in article 27(3) of Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance. OJ No L 005, 7.1.78, p.27. OJ No L 345, 19.12.02, p.1.
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<dc:title>The Electronic Money Regulations 2011</dc:title>
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<dc:subject>Regulation and deregulation</dc:subject>
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<Text>holdings of shares or of the items specified in paragraph 4(f), (g) and (j) held in other credit institutions or financial institutions where—</Text>
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<Text>the following instruments held in an insurance undertaking, reinsurance undertaking or insurance holding company in which the electronic money institution holds a participation—</Text>
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instruments referred to in article 16(3) of Directive
<Citation URI="http://www.legislation.gov.uk/european/directive/1973/0239" id="c00015" Class="EuropeanEconomicCommunityDirective" Year="1973" Number="239">73/239/EEC</Citation>
of the Council on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of direct insurance other than life assurance
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;
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instruments referred to in article 27(3) of Directive
<Citation URI="http://www.legislation.gov.uk/european/directive/2002/0083" id="c00016" Class="EuropeanUnionDirective" Year="2002" Number="83">2002/83/EC</Citation>
of the European Parliament and of the Council of 5th November 2002 concerning life assurance
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.
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