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FEES TP 6 Transitional arrangements in relation to the introduction of the Electronic Money Regulations

26.1

Introduction

6.1.1

G

FEES TP 6 deals with transitional arrangements relating to the introduction of the Electronic Money Regulations in 2011.

6.2

Application fees

6.2.1

G

Under regulation 74 of the Electronic Money Regulations a person who before 30th April 2011 issued electronic money in accordance with a Part IV permission may notify the FSA that it wishes to be authorised as an authorised electronic money institution or to be registered as a small electronic money institution. This covers the category of firm called an ELMI. That category is abolished by the Electronic Money Regulations.

6.2.2

G

No fee under FEES 3 is payable for that notification.

6.2.3

G

Before it was amended by the Electronic Money Regulations, article 9C of the Regulated Activities Order allowed a small electronic money issuer to obtain a certificate from the FSA that allowed it to issue electronic money without being authorised. Regulation 76 of the Electronic Money Regulations applies to such an issuer. Such an issuer can apply under the Electronic Money Regulations to become an authorised electronic money institution or to be registered as a small electronic money institution. If it does, a fee is payable under FEES 3 in the same way as it is for any other new application.