SCHEDULE 4Amendments to primary and secondary legislation

PART 2Amendments to secondary legislation

The Financial Services and Markets Act 2000 (Regulated Activities) Order 200112

The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M1 is amended as follows—

a

in article 3(1)—

i

in the definition of “credit institution” after “banking consolidation directive” insert “ (as last amended by Directive 2009/111/EC) ”;

ii

for the definition of “electronic money” substitute—

“electronic money” has the meaning given by regulation 2(1) of the Electronic Money Regulations 2011;

b

in article 9AB—

i

in paragraph (1), for “or a small payment institution” substitute “ , a small payment institution, an electronic money institution or an EEA authorised electronic money institution ”; and

ii

in paragraph (2), at the end insert—

and “electronic money institution” and “EEA authorised electronic money institution” have the meanings given in the Electronic Money Regulations 2011.

c

in article 9B after “money” insert—

by—

  1. a

    a credit institution, a credit union or a municipal bank; or

  2. b

    a person who is deemed to have been granted authorisation under regulation 74 of the Electronic Money Regulations 2011 or who falls within regulation 76(1) of those Regulations,

d

after 9B insert—

9BA

Articles 9C to 9I and 9K apply only in the case of a person falling within regulation 76(1) of the Electronic Money Regulations 2011.

e

omit article 9L.