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

Subsection (3)(c) was inserted by the Dormant Bank and Building Society Accounts Act 2008 (c.31), section 15, Schedule 2, paragraph 6.

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

Sch. 3 para. 7(aa) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(g)(i)

Sch. 3 para. 7(d) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(g)(ii)

http://www.legislation.gov.uk/uksi/2011/99/schedule/3/paragraph/7/2018-01-13The Electronic Money Regulations 2011texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2024-06-19Expert Participation2018-01-13These 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 3Application and modification of legislationPART 1Application and modification of the 2000 Act7Insolvency

Sections 359 (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 ”;

aa

omit references to a recognised investment exchange;

b

in section 359—

i

omit subsections (1)(b), (3)(b) and (c) 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” 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

d

in section 368, for “a regulator” in each place it appears substitute “the FCA”;

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Substituted by the Enterprise Act 2002, section 248(3), Schedule 17, paragraphs 53 and 55 and amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2005/1455">S.I. 2005/1455</ref>
.
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<note class="commentary M" eId="c20675151">
<p>
Subsection (3)(c) was inserted by the
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/31">Dormant Bank and Building Society Accounts Act 2008 (c.31)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/31/section/15">section 15</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/31/schedule/2">Schedule 2</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/31/paragraph/6">paragraph 6</ref>
.
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,
<ref href="http://www.legislation.gov.uk/id/uksi/2013/472/schedule/2/paragraph/196/5/g/i">Sch. 2 para. 196(5)(g)(i)</ref>
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<ref href="http://www.legislation.gov.uk/id/uksi/2013/472">The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2013/472/schedule/2/paragraph/196/5/g/ii">Sch. 2 para. 196(5)(g)(ii)</ref>
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Sections 359
<noteRef href="#c20675141" marker="M1" class="commentary M"/>
(administration order), 367 (winding-up petitions) and 368 (winding-up petitions: EEA and Treaty firms) of the 2000 Act apply with the following modifications—
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<mod>
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<noteRef href="#c20675151" marker="M2" class="commentary M"/>
and (5);
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<inline name="AppendText">;</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-7-b-iii">
<num>iii</num>
<content>
<p>
in subsection (3)(a) omit “or partnership” and for “an agreement” substitute
<mod>
<quotedText>“ a contract for electronic issuance or payment services ”</quotedText>
</mod>
; and
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-7-b-iv">
<num>iv</num>
<content>
<p>
in subsection (4) omit the definitions of “agreement”, “authorised deposit taker”, “authorised reclaim fund”
<noteRef href="#c20675161" marker="M3" class="commentary M"/>
and “relevant deposit”;
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-3-paragraph-7-c">
<num>c</num>
<intro>
<p>in section 367—</p>
</intro>
<subparagraph eId="schedule-3-paragraph-7-c-i">
<num>i</num>
<content>
<p>omit subsections (1)(b), (2), (5), (6) and (7);</p>
</content>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-7-c-ii">
<num>ii</num>
<content>
<p>for subsection (1)(c) substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown main default" startQuote="" endQuote="">
<paragraph eId="d4e229">
<num>c</num>
<content>
<p>is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.</p>
</content>
</paragraph>
</quotedStructure>
</mod>
<inline name="AppendText">; and</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-7-c-iii">
<num>iii</num>
<content>
<p>
in subsection (4) for “an agreement” substitute
<mod>
<quotedText>“ a contract for electronic money issuance or payment services ”</quotedText>
</mod>
; and
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-3-paragraph-7-d">
<num>
<ins class="substitution key-e18200b9f94a2b4c7b160404c3ae5035-1541764780951 first">
<noteRef href="#key-e18200b9f94a2b4c7b160404c3ae5035" marker="F2" class="commentary attribute F"/>
d
</ins>
</num>
<content>
<p>
<ins class="substitution key-e18200b9f94a2b4c7b160404c3ae5035-1541764780951">in section 368, for “a regulator” in each place it appears substitute “the </ins>
<abbr title="Financial Conduct Authority" xml:lang="">
<ins class="substitution key-e18200b9f94a2b4c7b160404c3ae5035-1541764780951">FCA</ins>
</abbr>
<ins class="substitution key-e18200b9f94a2b4c7b160404c3ae5035-1541764780951 last">”;</ins>
</p>
</content>
</paragraph>
</paragraph>
</part>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>