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The Electronic Money Regulations 2011

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Changes over time for: Paragraph 4

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Version Superseded: 20/11/2018

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Point in time view as at 13/01/2018. This version of this provision has been superseded. Help about Status

Changes to legislation:

The Electronic Money Regulations 2011, Paragraph 4 is up to date with all changes known to be in force on or before 04 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

Control over electronic money institutionsU.K.

This section has no associated Explanatory Memorandum

4.  Part 12 M1 of the 2000 Act (control over authorised persons) applies with the following modifications—

(a)for references to “UK authorised person” substitute “ electronic money institution ”;

[F1(aa)in section 178 for subsection (2A) substitute—

(2A) In this Part, “the appropriate regulator” means the FCA.;

(ab)in section 187(2)(b) omit “section 187A(3)(b) or”;

(ac)omit section 187A;]

(b)in section 188 (assessment: consultation with EC competent authorities)—

(i)in subsections (1) and (2) after “home state regulator” insert “ or home state competent authority ”; and

(ii)in subsection (3) after “host state regulator” insert “ or host state competent authority ”;

[F2(ba)in section 191A omit subsection (4A);]

[F3(c)in section 191B (restriction notices)—

(i)omit subsection (2A);

(ii)after subsection (2B) insert—

(2C) In a restriction notice, the FCA must direct that voting power to which the notice relates is, until further notice, not to be exercisable.;

(iii)for subsection (3)(b) substitute—

(b)voting power that has been exercised as a result of the acquisition is void;;]

[F4(ca)in section 191C omit subsection (2A);

(cb)in section 191D omit subsection (1A);]

(d)after section 191E (requirements for notices under section 191D) insert—

191EA.    Direction by [F5the FCA]

[F5The FCA] may direct that this Part does not apply in respect of an electronic money institution which carries on business activities other than the issuance of electronic money and payment services.;

(e)in section 191F (offences) in subsections (8)(a) and (9)(a), for “the statutory maximum” substitute in each case “ level 5 on the standard scale ”;

(f)in section 191G (interpretation), in subsection (1), omit the definition of “UK authorised person”; and

(g)omit section 192 (power to change definitions of control etc.).

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