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 Participation2019-09-06 These 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 3Transitional ProvisionsPART 1A<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">Continuation of authorisation for limited purposes: Electronic Money Regulations 2011</Addition><Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">Extension period</Addition>12G1The extension period in relation to a person begins—awhere the exit day conditions are met, with the day on which exit day falls, andbwhere the transitional authorisation conditions are met, with the end of the transition period defined by paragraph 10.2The extension period in relation to a person ends with the earliest of the following—athe 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;bthe 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;cin a case where the person has notified the FCA under paragraph 12C(1), the day determined by the FCA under paragraph 12F(2);din 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;ethe day on which any cancellation under paragraph 12J takes effect;fthe day the person ceases to be authorised by its home state competent authority;gthe 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—awhich—iis a pre-existing contract; oriiwas entered into in accordance with a wind-down plan approved by the FCA under paragraph 12E(4); andbunder which the person is obliged to issue electronic money or payment services.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)
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<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">The extension period in relation to a person begins—</Addition>
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<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">where the exit day conditions are met, with the day on which exit day falls, and</Addition>
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<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">where the transitional authorisation conditions are met, with the end of the transition period defined by paragraph 10.</Addition>
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<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" 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;</Addition>
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<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" 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 </Addition>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Addition ChangeId="key-1d98322344d682f3384f523290310b3e-1576078007427" CommentaryRef="key-1d98322344d682f3384f523290310b3e">and the person has redeemed electronic money issued through a branch or an agent in the United Kingdom</Addition>
</Addition>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">;</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12G/2/e/2019-09-06" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/3/paragraph/12G/2/e" id="schedule-3-paragraph-12G-2-e">
<Pnumber>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">e</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">the day on which any cancellation under paragraph 12J takes effect;</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12G/2/f/2019-09-06" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/3/paragraph/12G/2/f" id="schedule-3-paragraph-12G-2-f">
<Pnumber>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">f</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">the day the person ceases to be authorised by its home state competent authority;</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12G/2/g/2019-09-06" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/3/paragraph/12G/2/g" id="schedule-3-paragraph-12G-2-g">
<Pnumber>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">g</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">the end of the period of 5 years beginning with the day on which the extension period began.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12G/3/2019-09-06" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/3/paragraph/12G/3" id="schedule-3-paragraph-12G-3">
<Pnumber>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Substitution ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">3</Substitution>
</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Substitution ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">“Relevant contract”, in relation to a person to whom paragraph 12B applies, means a contract—</Substitution>
</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12G/3/a/2019-09-06" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/3/paragraph/12G/3/a" id="schedule-3-paragraph-12G-3-a">
<Pnumber>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Substitution ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">a</Substitution>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Substitution ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">which—</Substitution>
</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12G/3/a/i/2019-09-06" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/3/paragraph/12G/3/a/i" id="schedule-3-paragraph-12G-3-a-i">
<Pnumber>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Substitution ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">i</Substitution>
</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Substitution ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">is a pre-existing contract; or</Substitution>
</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12G/3/a/ii/2019-09-06" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/3/paragraph/12G/3/a/ii" id="schedule-3-paragraph-12G-3-a-ii">
<Pnumber>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Substitution ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">ii</Substitution>
</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Substitution ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">was entered into in accordance with a wind-down plan approved by the FCA under paragraph 12E(4); and</Substitution>
</Addition>
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12G/3/b/2019-09-06" IdURI="http://www.legislation.gov.uk/id/uksi/2018/1201/schedule/3/paragraph/12G/3/b" id="schedule-3-paragraph-12G-3-b">
<Pnumber>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Substitution ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">b</Substitution>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d38e80cb33381c6678935f1af98c8472-1576072686920" CommentaryRef="key-d38e80cb33381c6678935f1af98c8472">
<Substitution ChangeId="key-42513e1fc9d198a0714605aa7f52db0c-1576078035861" CommentaryRef="key-42513e1fc9d198a0714605aa7f52db0c">under which the person is obliged to issue electronic money or payment services.</Substitution>
</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
</ScheduleBody>
</Schedule>
</Schedules>
</Secondary>
<Commentaries>
<Commentary id="key-d38e80cb33381c6678935f1af98c8472" Type="F">
<Para>
<Text>
Sch. 3 Pt. 1A inserted (1.3.2019) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/405" id="clnlyxx93-00016" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="405" Title="The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019">The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405)</Citation>
,
<CitationSubRef id="clnlyxx93-00017" CitationRef="clnlyxx93-00016" URI="http://www.legislation.gov.uk/id/uksi/2019/405/regulation/1/2" SectionRef="regulation-1-2">regs. 1(2)</CitationSubRef>
,
<CitationSubRef id="clnlyxx93-00018" CitationRef="clnlyxx93-00016" URI="http://www.legislation.gov.uk/id/uksi/2019/405/regulation/10/2" SectionRef="regulation-10-2" Operative="true">10(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-1d98322344d682f3384f523290310b3e" Type="F">
<Para>
<Text>
Words in Sch. 3 para. 12G(2)(d) inserted (6.9.2019) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="clnp7c2m3-00007" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212" Title="The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019">The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212)</Citation>
,
<CitationSubRef id="clnp7c2m3-00008" CitationRef="clnp7c2m3-00007" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/2" SectionRef="regulation-1-2">regs. 1(2)</CitationSubRef>
,
<CitationSubRef id="clnp7c2m3-00009" CitationRef="clnp7c2m3-00007" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/7/7/a" SectionRef="regulation-7-7-a" Operative="true">7(7)(a)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-42513e1fc9d198a0714605aa7f52db0c" Type="F">
<Para>
<Text>
Sch. 3 para. 12G(3) substituted (6.9.2019) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="clnp7c2m3-00017" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212" Title="The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019">The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212)</Citation>
,
<CitationSubRef id="clnp7c2m3-00018" CitationRef="clnp7c2m3-00017" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/2" SectionRef="regulation-1-2">regs. 1(2)</CitationSubRef>
,
<CitationSubRef id="clnp7c2m3-00019" CitationRef="clnp7c2m3-00017" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/7/7/b" SectionRef="regulation-7-7-b" Operative="true">7(7)(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>