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The Electronic Money Regulations 2011

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Changes over time for: Paragraph 7

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Version Superseded: 08/07/2021

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Point in time view as at 13/01/2018. This version of this provision has been superseded.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

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The Electronic Money Regulations 2011, Paragraph 7 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

InsolvencyU.K.

This section has no associated Explanatory Memorandum

7.  Sections 359M1 (administration order), 367 (winding-up petitions) and 368 (winding-up petitions: EEA and Treaty firms) of the 2000 Act apply with the following modifications—

(a)for references to “an authorised person” substitute “ an electronic money institution or an EEA electronic money institution ”;

[F1(aa)omit references to a recognised investment exchange;]

(b)in section 359—

(i)omit subsections (1)(b), (3)(b) and (c) M2 and (5);

(ii)for subsection (1)(c) substitute—

(c)is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.;

(iii)in subsection (3)(a) omit “or partnership” and for “an agreement” substitute “ a contract for electronic issuance or payment services ”; and

(iv)in subsection (4) omit the definitions of “agreement”, “authorised deposit taker”, “authorised reclaim fund”M3 and “relevant deposit”;

(c)in section 367—

(i)omit subsections (1)(b), (2), (5), (6) and (7);

(ii)for subsection (1)(c) substitute—

(c)is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.; and

(iii)in subsection (4) for “an agreement” substitute “ a contract for electronic money issuance or payment services ”; and

[F2(d)in section 368, for “a regulator” in each place it appears substitute “the FCA”;]

Textual Amendments

Marginal Citations

M1Substituted by the Enterprise Act 2002, section 248(3), Schedule 17, paragraphs 53 and 55 and amended by S.I. 2005/1455.

M3Inserted by the Dormant Bank and Building Society Accounts Act 2008.

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