OpenLegislation

The Electronic Money Regulations 2011

S.I. 2011/99 · Made 18 January 2011 · Extends to United Kingdom

Not fully up to date. 3 changes made by later legislation have not yet been written into this text, which is revised to 25 February 2026.

See the changes not yet applied
ProvisionChangeMade by
reg. 13(8)(d)words revokedSanctions and Anti-Money Laundering Act 2018 Sch. 3 para. 9
Regulationspower to amend conferredFinancial Services Act 2021 s. 23
RegulationsrevokedFinancial Services and Markets Act 2023 Sch. 1 Pt. 2

Financial Services And Markets

Made 18th January 2011

Laid before Parliament 19th January 2011

Coming into force in accordance with regulation 1(2)

M1M2The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972 in relation to payment services and measures relating to payment systems;

The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 1972, make the following Regulations:C1C2

Annotations to the whole text

Marginal citations

M1

The European Communities (Designation) (No.3) Order 1998 (S.I. 1998/2793) and the European Communities (Designation) (No.2) Order 2008 (S.I. 2008/1792).

M2

1972 c.68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and the European Union (Amendment) Act 2008 (c.7), Schedule 1, Part 1. By virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073, OJ No L 1, 3.11.1994, p. 3) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183, OJ No L 1, 3.1.1994, p.572). Council Directive 2007/64/EC was extended to the EEA by Decision No. 114/2008 of the EEA Joint Committee of 7th November 2008, OJ No. L 339, 18.12.2008, p.103.

Modifications

C1

Instrument functions modified (20.2.2013) by The Financial Services Act 2012 (Transitional Provisions) (Rules and Miscellaneous Provisions) Order 2013 (S.I. 2013/161), arts. 5, 6(1)(c)(iii)

C2

Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)

Contents

  1. Part 1: INTRODUCTORY PROVISIONS
  2. 1Citation and commencement
  3. 2Interpretation
  4. 3Electronic money: exclusions
  5. 3ZAElectronic money: further exclusions
  6. 3ANotification of use of limited network exclusion
  7. 3BNotification of use of electronic communications exclusion
  8. Part 2: REGISTRATION
  9. The register
  10. 4The register of certain electronic money issuers
  11. Authorisation
  12. 5Application to become an authorised electronic money institution or variation of an existing authorisation
  13. 6Conditions for authorisation
  14. 7Imposition of requirements
  15. 8Variation etc at request of an authorised electronic money institution
  16. 9Determination of application for authorisation or variation of authorisation
  17. 10Cancellation of authorisation
  18. 11Variation of authorisation on Authority's own initiative
  19. Registration as a small electronic money institution
  20. 12Application for registration as a small electronic money institution or variation of an existing registration
  21. 13Conditions for registration
  22. 14Average outstanding electronic money
  23. 15Supplementary provisions
  24. 16Application for authorisation if requirements cease to be met
  25. Common provisions
  26. 17Duty to notify changes
  27. 18Electronic money institutions acting without permission
  28. Part 3: PRUDENTIAL SUPERVISION ...
  29. Capital requirements
  30. 19Capital requirements
  31. Safeguarding
  32. 20Safeguarding requirements
  33. 21Safeguarding option 1
  34. 22Safeguarding option 2
  35. 23Power of the Authority to exclude assets
  36. 24Insolvency events (except electronic money institution special administration)
  37. 24AInsolvency Regulations
  38. 25Accounting and statutory audit
  39. 26Outsourcing
  40. 27Record keeping
  41. Exercise of passport rights
  42. 28Notice of intention Repealed
  43. 29Decision following notice of intention Repealed
  44. 29ANotice of intention from an EEA authorised payment institution Repealed
  45. 30Supervision of firms exercising passport rights Repealed
  46. 31Carrying on of Consumer Credit Act business by an EEA authorised electronic money institution Repealed
  47. Part 4: ADDITIONAL ACTIVITIES AND USE OF DISTRIBUTORS AND AGENTS
  48. 31ARecord keeping
  49. 32Additional activities
  50. 33Use of distributors and agents
  51. 34Requirement for agents to be registered
  52. 35Removal of agents from the register
  53. 36Reliance
  54. 37Duty to notify change in circumstance
  55. Part 5: ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY
  56. 38Application of Part 5
  57. 39Issuance and redeemability
  58. 40Conditions of redemption
  59. 41Fees for redemption
  60. 42Amount of redemption
  61. 43Requests for redemption
  62. 44Redemption rights of persons other than consumers
  63. 45Prohibition of interest
  64. 46Termination of a contract
  65. Part 6: THE AUTHORITY
  66. The functions of the Authority
  67. 47Functions of the Authority
  68. Supervision and enforcement
  69. 48Monitoring and enforcement
  70. 49Reporting requirements
  71. 50Public censure
  72. 51Financial penalties
  73. 52Suspending authorisation etc
  74. 53Proposal to take disciplinary measures
  75. 54Injunctions
  76. 55Power of Authority to require restitution
  77. 56Proposal to require restitution
  78. 57Restitution orders
  79. 58Complaints
  80. Miscellaneous
  81. 59Costs of supervision
  82. 59ACredit agreements Repealed
  83. 60Guidance
  84. 61Authority's exemption from liability in damages
  85. 62Application and modification of primary and secondary legislation
  86. Part 7: GENERAL
  87. Offences
  88. 63Prohibition on issuing electronic money by persons other than electronic money issuers
  89. 64False claims to be an electronic money issuer
  90. 65Defences
  91. 66Misleading the authority
  92. 67Restriction on penalties
  93. 68Liability of officers of bodies corporate etc
  94. 69Prosecution
  95. 70Proceedings against unincorporated bodies
  96. Duties of the Authority and the Commissioners to co-operate
  97. 71Duty to co-operate and exchange information
  98. Actions for breach of requirements
  99. 72Right to bring actions
  100. 73Prohibition on contracting-out
  101. Transitional provisions
  102. 74Persons with a Part 4 permission Repealed
  103. 75EEA firms Repealed
  104. 76Certified persons Repealed
  105. 77Existing fixed term contracts Repealed
  106. 78Amendments to the banking consolidation directive Repealed
  107. 78ATransitional arrangements for existing electronic money institutions on the implementation of the second payment services directive Repealed
  108. Amendments to legislation
  109. 79Amendments to primary and secondary legislation
  110. Gibraltar
  111. 80Application to Gibraltar
  112. Signature
  113. Schedule 1: Information to be included in or with an application for authorisation
  114. 1Paragraph 1
  115. 2Paragraph 2
  116. 3Paragraph 3
  117. 4Paragraph 4
  118. 5Paragraph 5
  119. 5AParagraph 5A
  120. 5BParagraph 5B
  121. 5CParagraph 5C
  122. 5DParagraph 5D
  123. 5EParagraph 5E
  124. 6Paragraph 6
  125. 7Paragraph 7
  126. 8Paragraph 8
  127. 9Paragraph 9
  128. 10Paragraph 10
  129. 11Paragraph 11
  130. 12Paragraph 12
  131. 13Paragraph 13
  132. 14Paragraph 14
  133. Schedule 2: Capital Requirements
  134. Part 1: Initial capital
  135. 1Paragraph 1
  136. 2Paragraph 2
  137. 3Paragraph 3
  138. Part 2: Own funds
  139. Qualifying items
  140. 4Paragraph 4
  141. 5Paragraph 5 Repealed
  142. 6Paragraph 6 Repealed
  143. ...
  144. 7Paragraph 7 Repealed
  145. 8Paragraph 8 Repealed
  146. Limits on qualifying items
  147. 9Paragraph 9
  148. 10Paragraph 10
  149. 11Paragraph 11
  150. 12Paragraph 12
  151. Own funds requirement
  152. 13Paragraph 13
  153. 14Paragraph 14
  154. Adjustment by the Authority
  155. 15Paragraph 15
  156. 16Paragraph 16
  157. 17Paragraph 17
  158. 18Paragraph 18
  159. Provision for start-up electronic money institutions
  160. 19Paragraph 19
  161. Method A
  162. 20Paragraph 20
  163. Method B
  164. 21Paragraph 21
  165. Method C
  166. 22Paragraph 22
  167. 23Paragraph 23
  168. 24Paragraph 24
  169. Application of accounting standards
  170. 25Paragraph 25
  171. Schedule 2ZA: Application and modification of the Banking Act 2009
  172. 1Paragraph 1
  173. 2Paragraph 2
  174. 3Paragraph 3
  175. 4Paragraph 4
  176. 5Paragraph 5
  177. 6Paragraph 6
  178. Schedule 2A: Credit agreements Repealed
  179. Part 1: Prohibitions and restrictions Repealed
  180. 1Power to prohibit the entry into credit agreements Repealed
  181. 2Power to restrict the entry into credit agreements Repealed
  182. Part 2: Procedure and appeals Repealed
  183. 3Interpretation Repealed
  184. 4Notice of prohibition or restriction Repealed
  185. 5Application to revoke or vary prohibition or restriction Repealed
  186. 6Notice to the home state competent authority Repealed
  187. Schedule 3: Application and modification of legislation
  188. Part 1: Application and modification of the 2000 Act
  189. 1Disciplinary powers
  190. 2The Tribunal
  191. 2AAuthority rules
  192. 3Information gathering and investigations
  193. 4Control over electronic money institutions
  194. 4AIncoming firms: interventions by the Authority Repealed
  195. 5Auditors and actuaries
  196. 6Restriction on disclosure of information
  197. 7Insolvency
  198. 8Warning notices and decision notices
  199. 9Limitation on powers to require documents
  200. Part 2: Application and modification of secondary legislation
  201. 10The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001
  202. 11The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
  203. Schedule 4: Amendments to primary and secondary legislation
  204. Part 1: Amendments to primary legislation
  205. 1Consumer Credit Act 1974
  206. 2The 2000 Act
  207. 3The Terrorism Act 2000
  208. 4The Proceeds of Crime Act 2002
  209. 5The Companies Act 2006
  210. 6The Counter-Terrorism Act 2008
  211. Part 2: Amendments to secondary legislation
  212. 7The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975
  213. 8The Financial Markets and Insolvency (Settlement Finality) Regulations 1999
  214. 9The Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000
  215. 10The Competition Act 1998 (Determination of Turnover for Penalties) Order 2000
  216. 11The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001
  217. 12The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
  218. 13The Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003
  219. 14The Conduct of Employment Agencies and Employment Business Regulations 2003
  220. 15The Financial Services (Distance Marketing) Regulations 2004
  221. 16The Credit Institutions (Reorganisation and Winding Up) Regulations 2004
  222. 17The Building Societies Act 1986 (Modification of the Lending Limit and Funding Limit Calculations) Order 2004
  223. 18The Pension Protection Fund (Entry Rules) Regulations 2005
  224. 19The Money Laundering Regulations 2007
  225. 20Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008
  226. 21The Payment Services Regulations 2009
  227. Schedule 5: Gibraltar
  228. 1Exercise of market access rights by Gibraltar-based firms
  229. 2Exercise by authorised electronic money institutions of market access rights in Gibraltar
  230. 2AReferences to Gibraltar regulator
  231. 3Modification of legislation Repealed
  232. 4Firms which have taken action before 13th January 2018
  233. Explanatory note