The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 No. 1201

SCHEDULE 3 U.K. Transitional Provisions

PART 1 U.K. Transitional provisions relating to Electronic Money Regulations 2011

Exclusion of certain provisions of Electronic Money Regulations 2011 U.K.

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) [F1 except 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

F1 Words 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)