http://www.legislation.gov.uk/uksi/2011/99/regulation/39The Electronic Money Regulations 2011texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES AND MARKETS2026-02-25Expert Participation2026-02-25 These Regulations implement 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 (“the Directive”) (OJ No L 275, 27.10.2000, p.39). The Electronic Money Regulations 2011RegulationsFinancial Services and Markets Act 2023Sch. 1 Pt. 2s. 1(4)s. 86(3)The Electronic Money Regulations 2011RegulationsFinancial Services Act 2021s. 23s. 49(5) PART 539An electronic money issuer must—aon receipt of funds, issue without delay electronic money at par value; andbat the request of the electronic money holder, redeem—iat any time; andiiat par value,the monetary value of the electronic money held.