Watchtower/Law library/Electronic Money Regulations 2011/63 Prohibition on issuing electronic...
As last captured

Electronic Money Regulations 2011 · PART 7 GENERAL

63 Prohibition on issuing electronic money by persons other than electronic money issuers

reg. 63 · in force: yes

Captured statutory text (L5)

63 Prohibition on issuing electronic money by persons other than electronic money issuers

(1)A person may not issue electronic money in the United Kingdom, or purport to do so, unless the person is—
(a)an authorised electronic money institution;
(b)a small electronic money institution;
(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d)a credit institution authorised in the UK ...
(da)after IP completion day, a credit institution while it is an exempt person for the purposes of section 19(1)(b) of the Financial Services and Markets Act 2000 by virtue of regulation 47 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 but only in respect of a service specified in paragraph (3);
(e)the Post Office Limited;
(f)the Bank of England, ...
(g)a government department or local authority;
(h)a credit union;
(i)a municipal bank; or
(j)the National Savings Bank.
(2)A person who contravenes paragraph (1) is guilty of an offence and is liable—
(a)on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding level 5 on the standard scale, or both;
(b)on conviction on indictment, to imprisonment for a term not exceeding two years, or to a fine, or both.
(3)A service is specified as one that may be provided by a credit institution under paragraph (1)(da) only to the extent that the credit institution was providing the service in the United Kingdom immediately before IP completion day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before IP completion day and the service is necessary as specified in paragraph (4).
(4)This paragraph applies where the service is necessary—
(a)for the performance of a contract entered into before IP completion day and provided for the purposes of performing such a contract or to redeem outstanding electronic money;
(b)for the purpose of reducing the financial risk of a party to a contract entered into before IP completion day or of a third party affected by the performance of such a contract;
(c)in order to transfer the property, rights or liabilities under a contract entered into before IP completion day to a person authorised to carry on a regulated activity under section 31(1)(a) of FSMA (other than a person authorised to carry on a regulated activity under that section of FSMA by virtue of the provisions contained in the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019); or
(d)in order to comply with a requirement imposed by or under an enactment.
(5)For the purposes of paragraph (4)(a), the performance of a contract entered into before IP completion day includes the performance of an obligation under the contract which is contingent or conditional.
Full captured verbatim text
(1) A person may not issue electronic money in the United Kingdom, or purport to do so, unless the person is—

(a) an authorised electronic money institution;

(b) a small electronic money institution;

(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d) a credit institution authorised in the UK ...

(da) after IP completion day, a credit institution while it is an exempt person for the purposes of section 19(1)(b) of the Financial Services and Markets Act 2000 by virtue of regulation 47 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 but only in respect of a service specified in paragraph (3);

(e) the Post Office Limited;

(f) the Bank of England, ...

(g) a government department or local authority;

(h) a credit union;

(i) a municipal bank; or

(j) the National Savings Bank.

(2) A person who contravenes paragraph (1) is guilty of an offence and is liable—

(a) on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding level 5 on the standard scale, or both;

(b) on conviction on indictment, to imprisonment for a term not exceeding two years, or to a fine, or both.

(3) A service is specified as one that may be provided by a credit institution under paragraph (1)(da) only to the extent that the credit institution was providing the service in the United Kingdom immediately before IP completion day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before IP completion day and the service is necessary as specified in paragraph (4).

(4) This paragraph applies where the service is necessary—

(a) for the performance of a contract entered into before IP completion day and provided for the purposes of performing such a contract or to redeem outstanding electronic money;

(b) for the purpose of reducing the financial risk of a party to a contract entered into before IP completion day or of a third party affected by the performance of such a contract;

(c) in order to transfer the property, rights or liabilities under a contract entered into before IP completion day to a person authorised to carry on a regulated activity under section 31(1)(a) of FSMA (other than a person authorised to carry on a regulated activity under that section of FSMA by virtue of the provisions contained in the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019); or

(d) in order to comply with a requirement imposed by or under an enactment.

(5) For the purposes of paragraph (4)(a), the performance of a contract entered into before IP completion day includes the performance of an obligation under the contract which is contingent or conditional.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: ok · Stored artifact; current recipe verification unavailable

A person may not issue electronic money in the United Kingdom or purport to do so without qualifying status.

(1) A person may not issue electronic money in the United Kingdom, or purport to do so, unless the person is—
(2) A person who contravenes paragraph (1) is guilty of an offence and is liable—
(3) A service is specified as one that may be provided by a credit institution under paragraph (1)(da) only to the extent that the credit institution was providing the service in the United Kingdom immediately before IP completion day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before IP completion day and the service is necessary as specified in paragraph (4).
Under (1), a person may not issue electronic money in the United Kingdom, or purport to do so, unless falling within (a) to (j), including authorised or small electronic money institutions, credit institutions authorised in the UK, or specified exempt credit institutions under (da). Contravention constitutes an offence under (2), carrying penalties on summary conviction under (2)(a) or indictment under (2)(b). Provision under (1)(da) is subject to the transitional conditions set out in (3) and (4).

Refers to

other law external_cite · s. 19

Referred to by

cross-reference internal_cite · reg. 48

cross-reference internal_cite · reg. 51

cross-reference internal_cite · reg. 64

cross-reference internal_cite · reg. 65

cross-reference internal_cite · Sch. 3 para. 3

cross-reference internal_cite · Sch. 3 para. 7

cross-reference internal_cite · Sch. 5 para. 1

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 7 GENERAL
Version
5e042ca1bfbd459184a0a4f8…
Content hash
sha256 2b7a351f600f276f95922ae3…
Source
legislation.gov.uk/uksi/2011/99