SCHEDULE 4Amendments to primary and secondary legislation

PART 2Amendments to secondary legislation

The Payment Services Regulations 200921

The Payment Services Regulations 2009102 are amended as follows—

a

in regulation 2(1)—

i

in the definition of “the banking consolidation directive”, at the end insert “as last amended by Directive 2009/111/EC”;

ii

in the definition of “credit institution”, for “Article 4(1)(a)” substitute “Article 4(1)”;

iii

for the definition of “the electronic money directive” substitute—

  • “the electronic money directive” means Directive 2009/110/EC of the European Parliament and of the Council of 16th September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions;

iv

in the definition of “electronic money institution”, for “Article 1(3)(a)” substitute “Article 2(1)”; and

v

in the definition of “funds”, for “Article 1(3)(b)” substitute “Article 2(2)”;

b

in regulation 13(4)(e), after “these Regulations” insert “or the Electronic Money Regulations 2011”;

c

in regulation 53(3), for “Article 1(3)(b)” substitute “Article 2(2)”; and

d

in regulation 110(1)103, for sub-paragraph (e) substitute—

e

an electronic money institution which for the purposes of the Electronic Money Regulations 2011 is—

i

registered in the United Kingdom as an authorised electronic money institution or a small electronic money institution; or

ii

an EEA authorised electronic money institution exercising passport rights in the United Kingdom or treated as such by virtue of regulation 75 of those Regulations;