Search Legislation

The Electronic Money Regulations 2011

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: PART 1

 Help about opening options

Changes to legislation:

The Electronic Money Regulations 2011, PART 1 is up to date with all changes known to be in force on or before 01 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

PART 1U.K.Initial capital

1.  For the purposes of these Regulations “initial capital” comprises [F1one or more of the items specified in Article 26(1)(a) to (e) of the capital requirements regulation].U.K.

Textual Amendments

F1Words in Sch. 2 para. 1 substituted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(30)(a) (with reg. 3)

2.  An applicant for authorisation as an electronic money institution must hold an amount of initial capital of at least 350,000 euro.U.K.

3.—(1) 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.U.K.

(2) 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.

Back to top

Options/Help