Primary text ↗Verified
Dates
2011-04-30 source text changed
In force from
Key provisions
7 in the graphThe article’s own text, quoted verbatim from the primary source below — a citable fact, not a summary. No plain-English explanation is shown: writing one would be legal analysis nobody sourced (docs/RULES.md R1). That register is reserved should sourced explanations be added later, and will never share this card’s styling.
Regulation 6(3) (Initial capital condition)
prov:uk-emr2011-reg6
ARTICLE TEXT — VERBATIM, TIER B
The applicant must immediately before the time of authorisation hold the amount of initial capital required in accordance with Part 1 of Schedule 2. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Backs requirement minimumCapital
Schedule 2, Part 1, paragraph 2 (Amount of initial capital)
prov:uk-emr2011-sch2
ARTICLE TEXT — VERBATIM, TIER B
An applicant for authorisation as an electronic money institution must hold an amount of initial capital of at least 350,000 euro. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Backs requirement minimumCapital
Regulation 2(1) (Definition of "electronic money")
prov:uk-emr2011-reg2
ARTICLE TEXT — VERBATIM, TIER B
electronically (including magnetically) stored monetary value as represented by a claim on the electronic money issuer which— (a) is issued on receipt of funds for the purpose of making payment transactions; (b) is accepted by a person other than the electronic money issuer; and (c) is not excluded by regulation 3 or 3ZA source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Grants (in the graph) Issue electronic money
Regulation 9(1)–(2) (Determination of application for authorisation)
prov:uk-emr2011-reg9
ARTICLE TEXT — VERBATIM, TIER B
The Authority must determine an application for authorisation or for variation of an authorisation within three months beginning with the date on which it received the completed application. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Regulation 20(1)–(2) (Safeguarding: relevant funds)
prov:uk-emr2011-reg20
ARTICLE TEXT — VERBATIM, TIER B
Electronic money institutions must safeguard funds that have been received in exchange for electronic money that has been issued source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Backs requirement safeguardingRequired
Regulation 33(1)–(2) (Distribution and redemption of electronic money)
prov:uk-emr2011-reg33
ARTICLE TEXT — VERBATIM, TIER B
An electronic money institution may distribute or redeem electronic money through a distributor or agent. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Regulation 34(1) (Use of agents)
prov:uk-emr2011-reg34
ARTICLE TEXT — VERBATIM, TIER B
An electronic money institution may provide payment services in the United Kingdom through an agent only if the agent is included on the register. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
National regimes implementing it
2 regimesOne statute, implemented differently by each regime below — the same directive granting different activities, client types and capital figures market by market.
WhereAuthorityRegimeCapital · transitionFirms
GBFinancial Conduct AuthorityAuthorised Electronic Money Institution / UK / EMR 2011Issue electronic money, Money remittance +7EUR 350,000 source3–12 months source7
GBFinancial Conduct AuthoritySmall Electronic Money Institution / UK / EMR 2011Issue electronic money, Place cash on a payment account +6no datano data0
Sources
Regulation 6(3) (Initial capital condition)The Electronic Money Regulations 2011 (SI 2011/99)https://www.legislation.gov.uk/uksi/2011/99/regulation/6
Schedule 2, Part 1, paragraph 2 (Amount of initial capital)The Electronic Money Regulations 2011 (SI 2011/99)https://www.legislation.gov.uk/uksi/2011/99/schedule/2
Regulation 2(1) (Definition of "electronic money")The Electronic Money Regulations 2011 (SI 2011/99)https://www.legislation.gov.uk/uksi/2011/99/regulation/2
Regulation 9(1)–(2) (Determination of application for authorisation)The Electronic Money Regulations 2011 (SI 2011/99)https://www.legislation.gov.uk/uksi/2011/99/regulation/9
Regulation 20(1)–(2) (Safeguarding: relevant funds)The Electronic Money Regulations 2011 (SI 2011/99)https://www.legislation.gov.uk/uksi/2011/99/regulation/20
Regulation 33(1)–(2) (Distribution and redemption of electronic money)The Electronic Money Regulations 2011 (SI 2011/99)https://www.legislation.gov.uk/uksi/2011/99/regulation/33
Regulation 34(1) (Use of agents)The Electronic Money Regulations 2011 (SI 2011/99)https://www.legislation.gov.uk/uksi/2011/99/regulation/34
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