ELM TP 1 Transitional Provision relating to the Electronic Money Regulations

1

The changes to ELM set out in Annex L of the Electronic Money and Payment Services Instrument 2011

R

(1) Except as set out in (2), in relation to a person deemed to have been granted authorisation by virtue of regulation 74 of the Electronic Money Regulations, the provisions of ELM, as they were in force as at 29 April 2011, will apply from 30 April 2011 for as long as that person is deemed to be authorised by virtue of regulation 74 of the Electronic Money Regulations.

(2) The provisions of ELM 4.4, ELM 6 (except for ELM 6.8.2A R and ELM 6.8.7 R) and ELM 8 do not apply in relation to a person who falls within (1).

30 April 2011

30 April 2011

2

The changes to ELM set out in Annex L of the Electronic Money and Payment Services Instrument 2011

R

In relation to a person who meets the conditions set out in regulation 76 (1) of the Electronic Money Regulations (a small e-money issuer who, before 30th April 2011 has carried on the activity of electronic money issuance in accordance with the small e-money issuer certificate), ELM 8.4, ELM 8.6, ELM 8.7 and ELM 8 Annex 2 R, as they were in force as at 29 April 2011, will apply from 30 April 2011 until:

(a) 30 April 2012; or

(b) that person is included in the FSA Register as an authorised electronic money institution pursuant to regulation 4(1)(a) of the Electronic Money Regulations or as a small electronic money institution pursuant to regulation 4(1)(b) of the Electronic Money Regulations;

whichever is the earlier.

30 April 2011

30 April 20111