Sch. 3 Pt. 1A inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 10(2)

Words in Sch. 3 para. 12G(2)(d) inserted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 7(7)(a)

Sch. 3 para. 12G(3) substituted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 7(7)(b)

http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12G/2019-09-06The 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 Participation2019-09-06These 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.The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018SCHEDULE 3Transitional ProvisionsPART 1AContinuation of authorisation for limited purposes: Electronic Money Regulations 2011Extension period12G.(1)

The extension period in relation to a person begins—

(a)

where the exit day conditions are met, with the day on which exit day falls, and

(b)

where the transitional authorisation conditions are met, with the end of the transition period defined by paragraph 10.

(2)

The extension period in relation to a person ends with the earliest of the following—

(a)

the day before the date stated in accordance with regulation 9(5) of EMR 2011 as that on which the person’s authorisation as an electronic money institution (otherwise than by virtue of this Schedule) takes effect;

(b)

the day on which the transfer to another person of the person’s business of providing electronic money issuance, redemption, distribution or payment services in the United Kingdom takes effect;

(c)

in a case where the person has notified the FCA under paragraph 12C(1), the day determined by the FCA under paragraph 12F(2);

(d)

in a case where the person has not notified the FCA under paragraph 12C(1), the time when all the person’s obligations under relevant contracts have been discharged and the person has redeemed electronic money issued through a branch or an agent in the United Kingdom;

(e)

the day on which any cancellation under paragraph 12J takes effect;

(f)

the day the person ceases to be authorised by its home state competent authority;

(g)

the end of the period of 5 years beginning with the day on which the extension period began.

(3)

“Relevant contract”, in relation to a person to whom paragraph 12B applies, means a contract—

(a)

which—

(i)

is a pre-existing contract; or

(ii)

was entered into in accordance with a wind-down plan approved by the FCA under paragraph 12E(4); and

(b)

under which the person is obliged to issue electronic money or payment services.

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<p>
Sch. 3 Pt. 1A inserted (1.3.2019) by
<ref eId="clnlyxx93-00016" href="http://www.legislation.gov.uk/id/uksi/2019/405">The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405)</ref>
,
<ref eId="clnlyxx93-00017" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/405/regulation/1/2">regs. 1(2)</ref>
,
<ref eId="clnlyxx93-00018" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/405/regulation/10/2">10(2)</ref>
</p>
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<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-1d98322344d682f3384f523290310b3e" marker="F2">
<p>
Words in Sch. 3 para. 12G(2)(d) inserted (6.9.2019) by
<ref eId="clnp7c2m3-00007" href="http://www.legislation.gov.uk/id/uksi/2019/1212">The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212)</ref>
,
<ref eId="clnp7c2m3-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/2">regs. 1(2)</ref>
,
<ref eId="clnp7c2m3-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/7/7/a">7(7)(a)</ref>
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<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-42513e1fc9d198a0714605aa7f52db0c" marker="F3">
<p>
Sch. 3 para. 12G(3) substituted (6.9.2019) by
<ref eId="clnp7c2m3-00017" href="http://www.legislation.gov.uk/id/uksi/2019/1212">The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212)</ref>
,
<ref eId="clnp7c2m3-00018" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/2">regs. 1(2)</ref>
,
<ref eId="clnp7c2m3-00019" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/7/7/b">7(7)(b)</ref>
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<num>SCHEDULE 3</num>
<heading>Transitional Provisions</heading>
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<num>
<ins class="first" ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<noteRef uk:name="commentary" href="#key-d38e80cb33381c6678935f1af98c8472" class="commentary"/>
PART 1A
</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">Continuation of authorisation for limited purposes: Electronic Money Regulations 2011</ins>
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<heading>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">Extension period</ins>
</heading>
<paragraph eId="schedule-3-paragraph-12G" uk:target="true" class="schProv1">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">12G.</ins>
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<subparagraph eId="schedule-3-paragraph-12G-1">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(1)</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">The extension period in relation to a person begins—</ins>
</p>
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<level class="para1" eId="schedule-3-paragraph-12G-1-a">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">where the exit day conditions are met, with the day on which exit day falls, and</ins>
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<level class="para1" eId="schedule-3-paragraph-12G-1-b">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">where the transitional authorisation conditions are met, with the end of the transition period defined by paragraph 10.</ins>
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</subparagraph>
<subparagraph eId="schedule-3-paragraph-12G-2">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(2)</ins>
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<p>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">The extension period in relation to a person ends with the earliest of the following—</ins>
</p>
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<level class="para1" eId="schedule-3-paragraph-12G-2-a">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(a)</ins>
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<content>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">the day before the date stated in accordance with regulation 9(5) of EMR 2011 as that on which the person’s authorisation as an electronic money institution (otherwise than by virtue of this Schedule) takes effect;</ins>
</p>
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<level class="para1" eId="schedule-3-paragraph-12G-2-b">
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(b)</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">the day on which the transfer to another person of the person’s business of providing electronic money issuance, redemption, distribution or payment services in the United Kingdom takes effect;</ins>
</p>
</content>
</level>
<level class="para1" eId="schedule-3-paragraph-12G-2-c">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(c)</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">in a case where the person has notified the FCA under paragraph 12C(1), the day determined by the FCA under paragraph 12F(2);</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(d)</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">in a case where the person has not notified the FCA under paragraph 12C(1), the time when all the person’s obligations under relevant contracts have been discharged </ins>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="first last" ukl:ChangeId="key-1d98322344d682f3384f523290310b3e-1576078007427" ukl:CommentaryRef="key-1d98322344d682f3384f523290310b3e">
<noteRef uk:name="commentary" href="#key-1d98322344d682f3384f523290310b3e" class="commentary"/>
and the person has redeemed electronic money issued through a branch or an agent in the United Kingdom
</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">;</ins>
</p>
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<level class="para1" eId="schedule-3-paragraph-12G-2-e">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(e)</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">the day on which any cancellation under paragraph 12J takes effect;</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(f)</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">the day the person ceases to be authorised by its home state competent authority;</ins>
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<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">(g)</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">the end of the period of 5 years beginning with the day on which the extension period began.</ins>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="substitution first" ukl:ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" ukl:CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">
<noteRef uk:name="commentary" href="#key-42513e1fc9d198a0714605aa7f52db0c" class="commentary"/>
(3)
</ins>
</ins>
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<intro>
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<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="substitution" ukl:ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" ukl:CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">“Relevant contract”, in relation to a person to whom paragraph 12B applies, means a contract—</ins>
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<level class="para1" eId="schedule-3-paragraph-12G-3-a">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="substitution" ukl:ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" ukl:CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">(a)</ins>
</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="substitution" ukl:ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" ukl:CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">which—</ins>
</ins>
</p>
</intro>
<level class="para2" eId="schedule-3-paragraph-12G-3-a-i">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="substitution" ukl:ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" ukl:CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">(i)</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="substitution" ukl:ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" ukl:CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">is a pre-existing contract; or</ins>
</ins>
</p>
</content>
</level>
<level class="para2" eId="schedule-3-paragraph-12G-3-a-ii">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="substitution" ukl:ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" ukl:CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">(ii)</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="substitution" ukl:ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" ukl:CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">was entered into in accordance with a wind-down plan approved by the FCA under paragraph 12E(4); and</ins>
</ins>
</p>
</content>
</level>
</level>
<level class="para1" eId="schedule-3-paragraph-12G-3-b">
<num>
<ins ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="substitution" ukl:ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" ukl:CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">(b)</ins>
</ins>
</num>
<content>
<p>
<ins class="last" ukl:ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" ukl:CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<ins class="substitution last" ukl:ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" ukl:CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">under which the person is obliged to issue electronic money or payment services.</ins>
</ins>
</p>
</content>
</level>
</subparagraph>
</paragraph>
</hcontainer>
</part>
</hcontainer>
</hcontainer>
</body>
</act>
</akomaNtoso>