The Electronic Money Regulations 2011

Prohibition on issuing electronic money by persons other than electronic money issuers

63.—(1) A person may not issue electronic money in the United Kingdom, or purport to do so, unless the person is—

(a) an authorised electronic money institution;

(b) a small electronic money institution;

(c) an EEA authorised electronic money institution exercising its passport rights;

(d) a credit institution authorised in the UK or exercising an EEA right in accordance with Part 2 of Schedule 3 to the 2000 Act (exercise of passport rights by EEA firms)(1);

(e) the Post Office Limited;

(f) the Bank of England, the European Central Bank or a national central bank of an EEA state other than the United Kingdom;

(g) a government department or local authority;

(h) a credit union;

(i) a municipal bank; or

(j) the National Savings Bank.

(2) A person who contravenes paragraph (1) is guilty of an offence and is liable—

(a) on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding level 5 on the standard scale, or both;

(b) on conviction on indictment, to imprisonment for a term not exceeding two years, or to a fine, or both.

(1)

Part 2 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 40, by the Consumer Credit Act 2006, section 33(9) and by S.I. 2003/1473, 2003/2066, 2007/126 and 2007/3253.