Paragraph 7 Exclusion of certain provisions of Electronic Money Regulations 2011
The following provisions of EMR 2011 do not apply in relation to a person while the person is an authorised electronic money institution by virtue of paragraph 2—
regulation 10(1) (cancellation of authorisation);
regulation 17 (duty to notify changes);
regulation 19 (capital requirements);
in regulation 24 (insolvency events), paragraphs (1), (2), (4) and (5);
regulation 25 (accounting and statutory audit);
in Schedule 3 (application and modification of legislation), paragraph 4 (control over electronic money institutions).
Regulation 6 (conditions for authorisation) does not apply in relation to a person by virtue of the person’s transitional authorisation, but applies in relation to any application for authorisation made by the person during transition period defined in paragraph 10.