Electronic Money Regulations 2011 · PART 6 THE AUTHORITY

47 Functions of the Authority

reg. 47 · in force: yes

Captured statutory text (L5)

47 Functions of the Authority

(1)The Authority is to have the functions conferred on it by these Regulations.

(2)In discharging its function of determining the general policy and principles by reference to which it performs particular functions under these Regulations, the Authority must have regard to—

(a)the need to use its resources in the most efficient and economic way;

(b)the responsibilities of those who manage the affairs of electronic money issuers;

(c)the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;

(ca)the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term, including in a way consistent with contributing towards achieving compliance by the Secretary of State with—

(i)section 1 (target for 2050) of the Climate Change Act 2008, and

(ii)section 5 (environmental targets: effect) of the Environment Act 2021,

where the Authority considers the exercise of its functions to be relevant to the making of such a contribution;

(d)the desirability of facilitating innovation in connection with the issuance of electronic money and the provision of payment services;

(e)the international character of financial services and markets and the desirability of maintaining the competitive position of the United Kingdom;

(f)the need to minimise the adverse effects on competition that may arise from anything done in the discharge of those functions;

(g)the desirability of facilitating competition in relation to the issuance of electronic money and the provision of payment services; and

(h)the desirability of enhancing the understanding and knowledge of members of the public of financial matters (including the United Kingdom financial system).

(3)The Treasury may at any time by notice in writing to the Authority make recommendations to the Authority about aspects of the economic policy of His Majesty’s Government to which the Authority should have regard when considering the application of the principles in paragraph (2).

(4)Section 1JA of the 2000 Act applies in relation to any recommendation made under paragraph (3) as if—

(a)that recommendation were made under section 1JA(1)(d);

(b)the reference in subsection (1)(d) to “the regulatory principles in section 3B” were a reference to the principles set out in regulation 47(2) of these Regulations.

Full captured verbatim text

(1) The Authority is to have the functions conferred on it by these Regulations.

(2) In discharging its function of determining the general policy and principles by reference to which it performs particular functions under these Regulations, the Authority must have regard to—

(a) the need to use its resources in the most efficient and economic way;

(b) the responsibilities of those who manage the affairs of electronic money issuers;

(c) the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;

(ca) the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term, including in a way consistent with contributing towards achieving compliance by the Secretary of State with—

(i) section 1 (target for 2050) of the Climate Change Act 2008, and

(ii) section 5 (environmental targets: effect) of the Environment Act 2021,

where the Authority considers the exercise of its functions to be relevant to the making of such a contribution;

(d) the desirability of facilitating innovation in connection with the issuance of electronic money and the provision of payment services;

(e) the international character of financial services and markets and the desirability of maintaining the competitive position of the United Kingdom;

(f) the need to minimise the adverse effects on competition that may arise from anything done in the discharge of those functions;

(g) the desirability of facilitating competition in relation to the issuance of electronic money and the provision of payment services; and

(h) the desirability of enhancing the understanding and knowledge of members of the public of financial matters (including the United Kingdom financial system).

(3) The Treasury may at any time by notice in writing to the Authority make recommendations to the Authority about aspects of the economic policy of His Majesty’s Government to which the Authority should have regard when considering the application of the principles in paragraph (2).

(4) Section 1JA of the 2000 Act applies in relation to any recommendation made under paragraph (3) as if—

(a) that recommendation were made under section 1JA(1)(d);

(b) the reference in subsection (1)(d) to “the regulatory principles in section 3B” were a reference to the principles set out in regulation 47(2) of these 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

The Authority must have regard to statutory principles and Treasury recommendations when determining policy and performing its functions.

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

Refers to

other law external_cite · s. 1JA

cross-reference internal_cite · reg. 47

Referred to by

cross-reference internal_cite · reg. 1

cross-reference internal_cite · reg. 47

cross-reference internal_cite · Sch. 4 para. 20

Part summaries

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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 6 THE AUTHORITY
Version: 5e042ca1bfbd459184a0a4f8…
Content hash: sha256 718959cec3dc8afb65fa7afa…
Source: legislation.gov.uk/uksi/2011/99