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The Electronic Money Regulations 2011

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  1. Introductory Text

  2. PART 1

    1. 1.Citation and commencement

    2. 2.Interpretation

    3. 3.Electronic money: exclusions

  3. PART 2

    1. The register

      1. 4.The register of certain electronic money issuers

    2. Authorisation

      1. 5.Application to become an authorised electronic money institution or variation of an existing authorisation

      2. 6.Conditions for authorisation

      3. 7.Imposition of requirements

      4. 8.Variation etc at request of an authorised electronic money institution

      5. 9.Determination of application for authorisation or variation of authorisation

      6. 10.Cancellation of authorisation

      7. 11.Variation of authorisation on Authority’s own initiative

    3. Registration as a small electronic money institution

      1. 12.Application for registration as a small electronic money institution or variation of an existing registration

      2. 13.Conditions for registration

      3. 14.Average outstanding electronic money

      4. 15.Supplementary provisions

      5. 16.Application to become an authorised electronic money institution where a financial limit is exceeded

    4. Common provisions

      1. 17.Duty to notify changes

      2. 18.Electronic money institutions acting without permission

  4. PART 3

    1. Capital requirements

      1. 19.Capital requirements

    2. Safeguarding

      1. 20.Safeguarding requirements

      2. 21.Safeguarding option 1

      3. 22.Safeguarding option 2

      4. 23.Power of the Authority to exclude assets

      5. 24.Insolvency events

      6. 25.Accounting and statutory audit

      7. 26.Outsourcing

      8. 27.Record keeping

    3. Exercise of passport rights

      1. 28.Notice of intention

      2. 29.Registration of EEA branch

      3. 30.Supervision of firms exercising passport rights

      4. 31.Carrying on of Consumer Credit Act business by an EEA authorised electronic money institution

  5. PART 4

    1. 32.Additional activities

    2. 33.Use of distributors and agents

    3. 34.Requirement for agents to be registered

    4. 35.Removal of agents from the register

    5. 36.Reliance

    6. 37.Duty to notify change in circumstance

  6. PART 5

    1. 38.Application of Part 5

    2. 39.Issuance and redeemability

    3. 40.Conditions of redemption

    4. 41.Fees for redemption

    5. 42.Amount of redemption

    6. 43.Requests for redemption

    7. 44.Redemption rights of persons other than consumers

    8. 45.Prohibition of interest

    9. 46.Termination of a contract

  7. PART 6

    1. The functions of the Authority

      1. 47.Functions of the Authority

    2. Supervision and enforcement

      1. 48.Monitoring and enforcement

      2. 49.Reporting requirements

      3. 50.Public censure

      4. 51.Financial penalties

      5. 52.Suspending authorisation etc

      6. 53.Proposal to take disciplinary measures

      7. 54.Injunctions

      8. 55.Power of Authority to require restitution

      9. 56.Proposal to require restitution

      10. 57.Restitution orders

      11. 58.Complaints

    3. Miscellaneous

      1. 59.Costs of supervision

      2. 60.Guidance

      3. 61.Authority’s exemption from liability in damages

      4. 62.Application and modification of primary and secondary legislation

  8. PART 7

    1. Offences

      1. 63.Prohibition on issuing electronic money by persons other than electronic money issuers

      2. 64.False claims to be an electronic money issuer

      3. 65.Defences

      4. 66.Misleading the authority

      5. 67.Restriction on penalties

      6. 68.Liability of officers of bodies corporate etc

      7. 69.Prosecution

      8. 70.Proceedings against unincorporated bodies

    2. Duties of the Authority and the Commissioners to co-operate

      1. 71.Duty to co-operate and exchange information

    3. Actions for breach of requirements

      1. 72.Right to bring actions

      2. 73.Prohibition on contracting-out

    4. Transitional provisions

      1. 74.Persons with a Part 4 permission

      2. 75.EEA firms

      3. 76.Certified persons

      4. 77.Existing fixed term contracts

      5. 78.Amendments to the banking consolidation directive

    5. Amendments to legislation

      1. 79.Amendments to primary and secondary legislation

  9. Signature

    1. SCHEDULE 1

      Information to be included in or with an application for authorisation

    2. SCHEDULE 2

      Capital Requirements

      1. PART 1 Initial capital

      2. PART 2 Own funds

    3. SCHEDULE 3

      Application and modification of legislation

      1. PART 1 Application and modification of the 2000 Act

      2. PART 2 Application and modification of secondary legislation

    4. SCHEDULE 4

      Amendments to primary and secondary legislation

      1. PART 1 Amendments to primary legislation

      2. PART 2 Amendments to secondary legislation

  10. Explanatory Note

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