Sch. 2 para. 7 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

http://www.legislation.gov.uk/uksi/2018/1201/schedule/2/paragraph/7The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018texttext/xmlenStatute Law DatabaseEXITING THE EUROPEAN UNIONFINANCIAL SERVICES AND MARKETS2024-05-16Expert Participation2023-07-11These Regulations are made in exercise of the powers in section 8(1) of the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies (in particular under paragraphs (a), (b), (c), (e), (f) and (g) of section 8(2)) arising from the withdrawal of the United Kingdom from the European Union.SCHEDULE 2Amendments of subordinate legislationPART 1Amendments of Electronic Money Regulations 201171

Regulation 21 (safeguarding option 1) is amended as follows.

2

In paragraph (7)—

a

in the definition of “authorised credit institution”, for the words from “or otherwise authorised” to “other than” substitute “ or an approved foreign credit institution (see paragraph (8)), but does not include ”;

b

in the definition of “authorised custodian”, omit the words from “or authorised” to the end.

3

After paragraph (7) insert—

8

In paragraph (7), “approved foreign credit institution” means—

a

the central bank of a State that is a member of the Organisation for Economic Co-operation and Development (“an OECD state”),

b

a credit institution that is supervised by the central bank or other banking regulator of an OECD state,

c

any credit institution that—

i

is subject to regulation by the banking regulator of a State that is not an OECD state,

ii

is required by the law of the country or territory in which it is established to provide audited accounts,

iii

has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time),

iv

has a surplus of revenue over expenditure for the last two financial years, and

v

has an annual report which is not materially qualified.

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7
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in the definition of “authorised credit institution”, for the words from “or otherwise authorised” to “other than” substitute
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In paragraph (7), “
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