Q30. We are a firm with a Part IV permission to issue electronic money. Do we need to have applied for authorisation under the regulations prior to 30 April 2011?
No. Provided that you:
- have been lawfully issuing electronic money in the United Kingdom prior to 30 April 2011; and
- are not a person mentioned in paragraphs (c) to (j) in the Glossary definition of electronic money issuer;
regulation 74 will apply to grant you deemed authorisation under regulation 9.
If you are granted such a deemed authorisation you must, before 1 July 2011:
- tell us what type of electronic money institution you wish to become; and
- provide us with such information as we may reasonably require.
We will then consider whether to include you on the FSA Register as an authorised electronic money institution or a small electronic money institution. If we do then your deemed authorisation will cease at that time. If we do not then your deemed authorisation will cease when the period for a reference to the Tribunal has elapsed without a reference being made or, if the matter is referred, at such time as the Tribunal may direct.
If, by 1 July 2011, you do not tell us what type of electronic money institution you wish to be, or you notify us that you do not wish to be an electronic money institution, your deemed authorisation will cease on 30 October 2011 or, if your Part IV permission is cancelled before that date, on the cancellation of that permission.
Q31. We are currently a small e-money 1issuer. Do we need to have applied for authorisation under the regulations prior to 30 April 2011?
No, under regulation 76, provided:
- 1you are a small e-money issuer; and1
- before the 30 April 2011 you carried on the activity of issuing electronic money in accordance with your certificate;
However, Part 5 and 6 of the regulations will apply to you as will Articles 9C to 9I and 9K of the Regulated Activities Order.1