The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 No. 1201

SCHEDULE 2 U.K. Amendments of subordinate legislation

PART 1 U.K. Amendments of Electronic Money Regulations 2011

2.—(1) Regulation 2 (interpretation) is amended as follows. U.K.

(2) In paragraph (1)—

(a) omit the definition of “the capital requirements directive”;

(b) in the definition of “credit institution”—

(i) for “within the EEA” substitute “ in the United Kingdom ”;

(ii) for the words from “outside the EEA” to the end substitute “ outside the United Kingdom ”;

(c) omit the definitions of—

“the EEA”;

“EEA agent”;

“EEA authorised electronic money institution”;

“EEA branch”;

(d) omit the definition of “the electronic money directive”;

(e) in the definition of “electronic money issuer”—

(i) omit paragraph (c);

(ii) for paragraph (f) substitute—

“(f) the Bank of England, when not acting in its capacity as a monetary authority or other public authority;”;

(f) omit the definitions of—

“European Banking Authority”;

“home state competent authority”;

“host state competent authority”;

(g) omit the definition of “the money laundering directive”;

(h) omit the definition of “passport right”;

(i) omit the definition of “the payment services directive”;

(j) in the definition of “payment transaction”, for “Article 4(5) of the payment services directive” substitute “ regulation 2(1) of the Payment Services Regulations 2017 M1 ”.

(3) Omit paragraph (3).

Commencement Information

I1 Sch. 2 para. 2 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M1 S.I. 2017/752.