21. The Payment Services Regulations 2009 M1 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) M2, 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;”.