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The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018
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The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, Paragraph 7 is up to date with all changes known to be in force on or before 24 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Schedule 3 Paragraph 7:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Exclusion of certain provisions of Electronic Money Regulations 2011U.K.
This section has no associated Explanatory Memorandum
7.—(1) The following provisions of EMR 2011 do not apply in relation to a person while the person is an authorised electronic money institution by virtue of paragraph 2—
(a)regulation 10(1) (cancellation of authorisation);
(b)regulation 17 (duty to notify changes);
(c)regulation 19 (capital requirements);
(d)[F1except where the person is subject to insolvency proceedings (as defined in regulation 24 of EMR 2011) in the United Kingdom,] in regulation 24 (insolvency events), paragraphs (1), (2), (4) and (5);
(e)regulation 25 (accounting and statutory audit);
(f)in Schedule 3 (application and modification of legislation), paragraph 4 (control over electronic money institutions).
(2) Regulation 6 (conditions for authorisation) does not apply in relation to a person by virtue of the person's transitional authorisation, but applies in relation to any application for authorisation made by the person during transition period defined in paragraph 10.
Textual Amendments
F1Words in Sch. 3 para. 7(1)(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(3)
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