Watchtower/Law library/Electronic Money Regulations 2011
As last captured

legislation

Electronic Money Regulations 2011

Verified at publication, 2026-11-12 11:22 UTC

183 provisions in 18 parts · official text ↗

No overall summary yet: some parts of this source have not passed verification. The part summaries that did pass and the full text of every provision are below.

Part summaries

0 of 0 parts have a verified summary.

L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (202)

synthesis coverage: missing/unverified L2 part-1

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synthesis coverage: missing evaluation uk:uksi/2011/99#schedule-3-paragraph-10

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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

Full TOC · table of contents Expand all parts

18 parts · 183 provisions. Open a provision for its text and, where available, its one-line summary.

PART 1 INTRODUCTORY PROVISIONS · 6 provisions
1 Citation and commencement
2 Interpretation
3 Electronic money: exclusions
3ZA Electronic money: further exclusions
3A Notification of use of limited network exclusion
3B Notification of use of electronic communications exclusion
PART 2 REGISTRATION · 15 provisions
4 The register of certain electronic money issuers
5 Application to become an authorised electronic money institution or variation of an existing authorisation
6 Conditions for authorisation
7 Imposition of requirements
8 Variation etc at request of an authorised electronic money institution
9 Determination of application for authorisation or variation of authorisation
10 Cancellation of authorisation
11 Variation of authorisation on Authority's own initiative
12 Application for registration as a small electronic money institution or variation of an existing registration
13 Conditions for registration
14 Average outstanding electronic money
15 Supplementary provisions
16 Application for authorisation if requirements cease to be met
17 Duty to notify changes
18 Electronic money institutions acting without permission
PART 3 PRUDENTIAL SUPERVISION ... · 15 provisions
19 Capital requirements
20 Safeguarding requirements
21 Safeguarding option 1
22 Safeguarding option 2
23 Power of the Authority to exclude assets
24 Insolvency events (except electronic money institution special administration)
24A Insolvency Regulations
25 Accounting and statutory audit
26 Outsourcing
27 Record keeping
28 Notice of intention
29 Decision following notice of intention
29A Notice of intention from an EEA authorised payment institution
30 Supervision of firms exercising passport rights
31 Carrying on of Consumer Credit Act business by an EEA authorised electronic money institution
PART 4 ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS · 7 provisions
31A Record keeping
32 Additional activities
33 Use of distributors and agents
34 Requirement for agents to be registered
35 Removal of agents from the register
36 Reliance
37 Duty to notify change in circumstance
PART 5 ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY · 9 provisions
38 Application of Part 5
39 Issuance and redeemability
40 Conditions of redemption
41 Fees for redemption
42 Amount of redemption
43 Requests for redemption
44 Redemption rights of persons other than consumers
45 Prohibition of interest
46 Termination of a contract
PART 6 THE AUTHORITY · 17 provisions
47 Functions of the Authority
48 Monitoring and enforcement
49 Reporting requirements
50 Public censure
51 Financial penalties
52 Suspending authorisation etc
53 Proposal to take disciplinary measures
54 Injunctions
55 Power of Authority to require restitution
56 Proposal to require restitution
57 Restitution orders
58 Complaints
59 Costs of supervision
59A Credit agreements
60 Guidance
61 Authority's exemption from liability in damages
62 Application and modification of primary and secondary legislation
PART 7 GENERAL · 19 provisions
63 Prohibition on issuing electronic money by persons other than electronic money issuers
64 False claims to be an electronic money issuer
65 Defences
66 Misleading the authority
67 Restriction on penalties
68 Liability of officers of bodies corporate etc
69 Prosecution
70 Proceedings against unincorporated bodies
71 Duty to co-operate and exchange information
72 Right to bring actions
73 Prohibition on contracting-out
74 Persons with a Part 4 permission
75 EEA firms
76 Certified persons
77 Existing fixed term contracts
78 Amendments to the banking consolidation directive
78A Transitional arrangements for existing electronic money institutions on the implementation of the second payment services directive
79 Amendments to primary and secondary legislation
80 Application to Gibraltar
SCHEDULE 1 · 19 provisions
1
2
3
4
5
5A
5B
5C
5D
5E
6
7
8
9
10
11
12
13
14
PART 1 Initial capital · 3 provisions
1
2
3
PART 2 Own funds · 22 provisions
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
SCHEDULE 2ZA · 6 provisions
1
2
3
4
5
6
PART1 Prohibitions and restrictions · 2 provisions
1 Power to prohibit the entry into credit agreements
2 Power to restrict the entry into credit agreements
PART2 Procedure and appeals · 4 provisions
3 Interpretation
4 Notice of prohibition or restriction
5 Application to revoke or vary prohibition or restriction
6 Notice to the home state competent authority
PART 1 Application and modification of the 2000 Act · 11 provisions
1 Disciplinary powers
2 The Tribunal
2A Authority rules
3 Information gathering and investigations
4 Control over electronic money institutions
4A Incoming firms: interventions by the Authority
5 Auditors and actuaries
6 Restriction on disclosure of information
7 Insolvency
8 Warning notices and decision notices
9 Limitation on powers to require documents
PART 2 Application and modification of secondary legislation · 2 provisions
10 The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
11 The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
PART 1 Amendments to primary legislation · 6 provisions
1 Consumer Credit Act 1974
2 The 2000 Act
3 The Terrorism Act 2000
4 The Proceeds of Crime Act 2002
5 The Companies Act 2006
6 The Counter-Terrorism Act 2008
PART 2 Amendments to secondary legislation · 15 provisions
7 The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975
8 The Financial Markets and Insolvency (Settlement Finality) Regulations 1999
9 The Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000
10 The Competition Act 1998 (Determination of Turnover for Penalties) Order 2000
11 The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001
12 The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
13 The Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003
14 The Conduct of Employment Agencies and Employment Business Regulations 2003
15 The Financial Services (Distance Marketing) Regulations 2004
16 The Credit Institutions (Reorganisation and Winding Up) Regulations 2004
17 The Building Societies Act 1986 (Modification of the Lending Limit and Funding Limit Calculations) Order 2004
18 The Pension Protection Fund (Entry Rules) Regulations 2005
19 The Money Laundering Regulations 2007
20 Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008
21 The Payment Services Regulations 2009
SCHEDULE 5 · 5 provisions
1 Exercise of market access rights by Gibraltar-based firms
2 Exercise by authorised electronic money institutions of market access rights in Gibraltar
2A References to Gibraltar regulator
3 Modification of legislation
4 Firms which have taken action before 13th January 2018