The Electronic Money Regulations 2011

Control over electronic money institutions

4.  Part 12(1) of the 2000 Act (control over authorised persons) applies with the following modifications—

(a) for references to “UK authorised person” substitute “electronic money institution”;

(b) in section 188 (assessment: consultation with EC competent authorities)—

(i) in subsections (1) and (2) after “home state regulator” insert “or home state competent authority”; and

(ii) in subsection (3) after “host state regulator” insert “or host state competent authority”;

(c) in section 191B (restriction notices)—

(i) after subsection (2) insert—

“(2A) In a restriction notice, the Authority must direct that voting power to which the notice relates is, until further notice, not to be exercisable.”;

(ii) for subsection (3)(b) substitute—

“(b) voting power that has been exercised as a result of the acquisition is void;”;

(d) after section 191E (requirements for notices under section 191D) insert—

“Direction by the Authority

191EA.   The Authority may direct that this Part does not apply in respect of an electronic money institution which carries on business activities other than the issuance of electronic money and payment services.”;

(e) in section 191F (offences) in subsections (8)(a) and (9)(a), for “the statutory maximum” substitute in each case “level 5 on the standard scale”;

(f) in section 191G (interpretation), in subsection (1), omit the definition of “UK authorised person”; and

(g) omit section 192 (power to change definitions of control etc.).

(1)

Sections 178 to 191G were substituted by S.I. 2009/534.