{
  "url": "https://openlegislation.uk/electronic-money-regulations-2011/schedule-2/paragraph-21",
  "json_url": "https://openlegislation.uk/electronic-money-regulations-2011/schedule-2/paragraph-21.json",
  "legislation": "uksi/2011/99",
  "legislation_title": "The Electronic Money Regulations 2011",
  "legislation_url": "https://openlegislation.uk/electronic-money-regulations-2011",
  "path": "schedule/2/paragraph/21",
  "kind": "paragraph",
  "number": "21",
  "heading": null,
  "text": "(1) “Method B” means the calculation method set out in this paragraph.\n(2) The own funds requirement is the sum of the following elements multiplied by the scaling factor—\n(a) 4% of the first 5,000,000 euro of payment volume;\n(b) 2.5% of the next 5,000,000 euro of payment volume;\n(c) 1% of the next 90,000,000 euro of payment volume;\n(d) 0.5% of the next 150,000,000 euro of payment volume; and\n(e) 0.25% of any remaining payment volume.\n(3) “Payment volume” means the total amount of payment transactions that are not related to the issuance of electronic money executed by the authorised electronic money institution in the preceding financial year divided by the number of months in that year.\n(4) The “scaling factor” is—\n(a) 0.5 for an authorised electronic money institution providing a payment service specified in paragraph 1(f) of Schedule 1 to the Payment Services Regulations 2017;\n(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(c) 1 for an authorised electronic money institution providing any other payment service specified in paragraph 1(a) to (e) of Schedule 1 to those Regulations.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in Sch. 2 para. 21(4)(a) substituted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(30)(f)(i) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 2 para. 21(4)(b) 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)(f)(ii) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 2 para. 21(4)(c) inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(30)(f)(iii) (with reg. 3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/99/schedule/2/paragraph/21",
    "retrieved_at": "2026-10-29T02:19:56.724638+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}