The Electronic Money (Miscellaneous Amendments) Regulations 2002

Explanatory Note

(This note is not part of the Regulations)

These Regulations make amendments to primary and secondary legislation in consequence of Directive 2000/46/EC of the European Parliament and of the Council of 18th September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions (OJ L275, 27.10.2000, p. 39); and Directive 2000/28/EC of the European Parliament and of the Council of 18th September 2000 amending Directive 2000/12/EC relating to the taking up and pursuit of the business of credit institutions (OJ L275, 27.10.2000, p. 37).

The directives provide for electronic money institutions to be treated as credit institutions for some, but not all, purposes. These Regulations amend certain references to “credit institutions” in United Kingdom legislation to provide that they do not include electronic money institutions, but continue to include only undertakings whose business is to receive deposits or other repayable funds from the public and to grant credit for their own account.

The amendments made by regulation 3 to the Companies (Northern Ireland) Order 1986 incidentally update references in that Order to First Council Directive 77/780/EEC which was consolidated and revoked by Directive 2000/12/EC.

Further effect is given to Directives 2000/46/EC and 2000/28/EC by the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682).