SCHEDULE 4Amendments to primary and secondary legislation

PART 2Amendments to secondary legislation

The Payment Services Regulations 2009

21.

The Payment Services Regulations 2009 M1 are amended as follows—

(a)

in regulation 2(1)—

(i)

in the definition of “the banking consolidation directive”, at the end insert “ as last amended by Directive 2009/111/EC ”;

(ii)

in the definition of “credit institution”, for “Article 4(1)(a)” substitute “ Article 4(1) ”;

(iii)

for the definition of “the electronic money directive” substitute—

““the electronic money directive” means 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;”;

(iv)

in the definition of “electronic money institution”, for “Article 1(3)(a)” substitute “ Article 2(1) ”; and

(v)

in the definition of “funds”, for “Article 1(3)(b)” substitute “ Article 2(2) ”;

(b)

in regulation 13(4)(e), after “these Regulations” insert “ or the Electronic Money Regulations 2011 ”;

(c)

in regulation 53(3), for “Article 1(3)(b)” substitute “ Article 2(2) ”; and

(d)

in regulation 110(1) M2, for sub-paragraph (e) substitute—

“(e)

an electronic money institution which for the purposes of the Electronic Money Regulations 2011 is—

(i)

registered in the United Kingdom as an authorised electronic money institution or a small electronic money institution; or

(ii)

an EEA authorised electronic money institution exercising passport rights in the United Kingdom or treated as such by virtue of regulation 75 of those Regulations;”.