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The Electronic Money Regulations 2011

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EEA firms

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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.

(1)

See section 31(1)(b) of, and paragraph 5 of Schedule 3 to, the 2000 Act.

(2)

OJ No L 275, 27.10.2000, p.39.

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