Electronic Money Regulations 2011 · PART 3 PRUDENTIAL SUPERVISION ...

22 Safeguarding option 2

reg. 22 · in force: yes

Captured statutory text (L5)

22 Safeguarding option 2

(1)An electronic money institution must ensure that—

(a)any relevant funds are covered by—

(i)an insurance policy with an authorised insurer;

(ii)a comparable guarantee from an authorised insurer; or

(iii)a comparable guarantee from an authorised credit institution; and

(b)the proceeds of any such insurance policy or guarantee are payable upon an insolvency event into a separate account held by the electronic money institution which must—

(i)be designated in such a way as to show that it is an account which is held for the purpose of safeguarding relevant funds in accordance with this regulation; and

(ii)be used only for holding such proceeds , or for holding those proceeds together with funds or assets held in accordance with regulation 21(3).

(2)No person other than the electronic money institution may have any interest or right over the proceeds placed in an account in accordance with paragraph (1)(b) except as provided by this regulation.

(3)In this regulation— “authorised credit institution” has the same meaning as in regulation 21; “authorised insurer” means a person authorised for the purposes of the 2000 Act to effect and carry out a contract of general insurance as principal ..., other than a person in the same group as the electronic money institution; “electronic money institution special administration” has the same meaning as in the Payment and Electronic Money Institution Insolvency Regulations 2021 (see regulation 4(3)); “insolvency event” means any of the following procedures in relation to an electronic money institution— the making of a winding-up order; the passing of a resolution for voluntary winding-up; the entry of the institution into administration; the appointment of a receiver or manager of the institution's property; the approval of a proposed voluntary arrangement (being a composition in satisfaction of debts or a scheme of arrangement); the making of a bankruptcy order; in Scotland, the award of sequestration; the making of any deed of arrangement for the benefit of creditors or, in Scotland, the execution of a trust deed for creditors; the conclusion of any composition contract with creditors; the making of an insolvency administration order or, in Scotland, the execution of a trust deed for creditors; the conclusion of any composition contract with creditors; ... the making of an insolvency administration order or, in Scotland, sequestration, in respect of the estate of a deceased person ; the entry of the institution into payment institution special administration; or the entry of the institution into investment bank special administration. “investment bank special administration” has the same meaning as in the Investment Bank Special Administration Regulations 2011 (see regulation 3(1) of those Regulations).

Full captured verbatim text

(1) An electronic money institution must ensure that—

(a) any relevant funds are covered by—

(i) an insurance policy with an authorised insurer;

(ii) a comparable guarantee from an authorised insurer; or

(iii) a comparable guarantee from an authorised credit institution; and

(b) the proceeds of any such insurance policy or guarantee are payable upon an insolvency event into a separate account held by the electronic money institution which must—

(i) be designated in such a way as to show that it is an account which is held for the purpose of safeguarding relevant funds in accordance with this regulation; and

(ii) be used only for holding such proceeds , or for holding those proceeds together with funds or assets held in accordance with regulation 21(3).

(2) No person other than the electronic money institution may have any interest or right over the proceeds placed in an account in accordance with paragraph (1)(b) except as provided by this regulation.

(3) In this regulation—

“authorised credit institution” has the same meaning as in regulation 21;

“authorised insurer” means a person authorised for the purposes of the 2000 Act to effect and carry out a contract of general insurance as principal ..., other than a person in the same group as the electronic money institution;

“electronic money institution special administration” has the same meaning as in the Payment and Electronic Money Institution Insolvency Regulations 2021 (see regulation 4(3));

“insolvency event” means any of the following procedures in relation to an electronic money institution—

the making of a winding-up order;

the passing of a resolution for voluntary winding-up;

the entry of the institution into administration;

the appointment of a receiver or manager of the institution's property;

the approval of a proposed voluntary arrangement (being a composition in satisfaction of debts or a scheme of arrangement);

the making of a bankruptcy order;

in Scotland, the award of sequestration;

the making of any deed of arrangement for the benefit of creditors or, in Scotland, the execution of a trust deed for creditors;

the conclusion of any composition contract with creditors;

the making of an insolvency administration order or, in Scotland, the execution of a trust deed for creditors;

the conclusion of any composition contract with creditors; ...

the making of an insolvency administration order or, in Scotland, sequestration, in respect of the estate of a deceased person ;

the entry of the institution into payment institution special administration; or

the entry of the institution into investment bank special administration.

“investment bank special administration” has the same meaning as in the Investment Bank Special Administration Regulations 2011 (see regulation 3(1) of those Regulations).

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 1/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

Electronic money institutions safeguarding via option 2 must cover relevant funds with an insurance policy or guarantee payable on insolvency.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

cross-reference internal_cite · reg. 21

cross-reference internal_cite · reg. 4

Referred to by

cross-reference internal_cite · reg. 20

cross-reference internal_cite · reg. 21

cross-reference internal_cite · reg. 24

cross-reference internal_cite · reg. 37

cross-reference internal_cite · reg. 72

cross-reference internal_cite · Sch. 5 para. 1

Part summaries

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Verification findings (202)

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Instrument tier unavailable

Change history as published

Reg. 28 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 10 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 29 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 10 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 29A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 10 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 30 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 10 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 31 omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), Sch. para. 42

Reg. 59A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 15 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Regs. 74-78A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 18 (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(3), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1) · repeated 6×

Sch. 2 paras. 5-8 and heading omitted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by virtue of The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(30)(c) (with reg. 3) · repeated 4×

Sch. 2A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 20 (with reg. 4, Sch. 3 Pt. 1 and saving for effects of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632, reg. 144(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1) · repeated 6×

Sch. 3 para. 4A omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 21(4) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7 and S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Pending effects amendments not yet applied to this text

reg. 13(8)(d) words revoked by Sanctions and Anti-Money Laundering Act 2018 Sch. 3 para. 9 · Effective date unknown · reg. 13

Regulations revoked by Financial Services and Markets Act 2023 Sch. 1 Pt. 2 · Effective date unknown

Sch. 2A para. 1(13) omitted by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 reg. 195 · Effective date unknown · Sch. 2A para. 1

Regulations power to amend conferred by Financial Services Act 2021 s. 23 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:uksi/2011/99
Part: PART 3 PRUDENTIAL SUPERVISION ...
Version: 5e042ca1bfbd459184a0a4f8…
Content hash: sha256 5fd2c6b9aee3cc9445142674…
Source: legislation.gov.uk/uksi/2011/99