- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
75.—(1) Any person who—
(a)immediately before 30th April 2011 is an electronic money institution;
(b)is an EEA firm qualifying for authorisation under Schedule 3 to the 2000 Act(1) in respect of the activity of issuing electronic money; and
(c)before 30th April 2011 has carried on that activity,
may continue until 30th October 2011 to carry on that activity and engage in any related activity.
(2) Parts 5 and 6 shall apply to a person falling within paragraph (1) as if the person were an EEA authorised electronic money institution.
(3) In this regulation “electronic money institution” has the meaning given in Article 1(3)(a) of Directive 2000/46/EC of the European Parliament and of the Council of 18th September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions (“the first electronic money directive”)(2).
(4) In this regulation and in regulation 76 “related activity” means an activity mentioned in Article 1(5) of the first electronic money directive.
See section 31(1)(b) of, and paragraph 5 of Schedule 3 to, the 2000 Act.
OJ No L 275, 27.10.2000, p.39.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Click 'View More' or select 'More Resources' tab for additional information including: