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The Electronic Money Regulations 2011

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The 2000 ActF1F2U.K.

This section has no associated Explanatory Memorandum

2.—(1) The 2000 Act is amended as follows.

(2) In Part 14 (disciplinary measures), in section 206A(2)(suspending permission to carry on regulated activities etc) in the definition of “relevant requirement” omit the word “or” before paragraph (b) and after that paragraph insert—

(c)by the Payment Services Regulations 2009; or

(d)by the Electronic Money Regulations 2011. .

(3) In Part 16 (the ombudsman scheme)—

(a)in section 226(2)(b) M1 (compulsory jurisdiction), after “authorised person,” insert “ or an electronic money issuer within the meaning of the Electronic Money Regulations 2011 ”; and

(b)in section 234(1) M2 (industry funding), after “class of authorised person” insert “ , any electronic money issuer within the meaning of the Electronic Money Regulations 2011 ”.

(4) In Part 28 (miscellaneous)—

(a)in section 404(2)(consumer redress schemes) M3, as substituted by section 14 of the Financial Services Act 2010, omit the word “or” before paragraph (b) and at the end of that paragraph insert—

or

(c)electronic money issuers.;

(b)in section 404E (meaning of “consumers”)—

(i)in subsection (2) omit the word “or” before paragraph (f) and at the end of that paragraph insert—

or

(g)electronic money issuers in issuing electronic money.; and

(ii)in subsection (6), after the definition of “engage in any investment activity” insert—

electronic money” has the same meaning as in the Electronic Money Regulations 2011 and any reference to issuing electronic money must be read accordingly;.

(5) In section 404F (other definitions etc)—

(i)after subsection (6) insert—

(6A) References in sections 404 and 404E to an “electronic money issuer” are references to a person mentioned in paragraph (a), (b), (c), (d), (h) or (i) of the definition of “electronic money issuer” in regulation 2(1) of the Electronic Money Regulations 2011.; and

(ii)in subsection (8), in paragraph (a) omit the word “or” before paragraph (b) and at the end of that paragraph insert—

or

(c)the variation under regulation 8 or 11 of the Electronic Money Regulations 2011 of an authorisation under those regulations..

(6) In paragraph 12 of Schedule 1A (further provision about the consumer financial education body) M4

(a)in the cross heading preceding paragraph 12 for “or payment service providers” substitute— “ , payment service providers or electronic money issuers ”;

(b)in sub-paragraph (1)(a) after “authorised persons” insert “ , electronic money issuers ”;

(c)in sub-paragraph (1)(b) after “authorised person” insert “ , electronic money issuer ”; and

(d)after sub-paragraph (4) insert—

(4A) Electronic money issuer” means a person who is an electronic money issuer for the purposes of the Electronic Money Regulations 2011 as a result of falling within any of paragraphs (a) to (e) and (h) to (j) of the definition in regulation 2(1)..

(7) In paragraph 8(6) of Schedule 11A (transferable securities) M5 for “4(1)(a)” substitute “ 4(1) ”.

(8) In paragraph 13(4) of Schedule 17 (the ombudsman scheme) M6, after “an authorised person,” insert “ an electronic money issuer within the meaning of the Electronic Money Regulations 2011 ”.

F21972 c.68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and the European Union (Amendment) Act 2008 (c.7), Schedule 1, Part 1. By virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073, OJ No L 1, 3.11.1994, p. 3) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183, OJ No L 1, 3.1.1994, p.572). Council Directive 2007/64/EC was extended to the EEA by Decision No. 114/2008 of the EEA Joint Committee of 7th November 2008, OJ No. L 339, 18.12.2008, p.103.

Non-textual amendments applied to the whole Legislation can be found in the Introduction

Marginal Citations

M1Section 226(2)(b) was amended by S.I. 2009/209.

M2Section 234(1) was amended by S.I. 2009/209.

M3Section 404, together with sections 404A to 404G, was substituted by section 14 of the Financial Services Act 2010 (c.28).

M4Schedule 1A was inserted by Schedule 1 to the Financial Services Act 2010.

M5Schedule 11A was inserted by S.I. 2005/1433.

M6Paragraph 13(4) of Schedule 17 was amended by S.I. 2009/209.

F21972 c.68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and the European Union (Amendment) Act 2008 (c.7), Schedule 1, Part 1. By virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073, OJ No L 1, 3.11.1994, p. 3) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183, OJ No L 1, 3.1.1994, p.572). Council Directive 2007/64/EC was extended to the EEA by Decision No. 114/2008 of the EEA Joint Committee of 7th November 2008, OJ No. L 339, 18.12.2008, p.103.

Non-textual amendments applied to the whole Legislation can be found in the Introduction

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