The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018

JurisdictionUK Non-devolved
CitationSI 2018/1201
(1) These Regulations may be cited as the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018.(2) Except as provided by paragraph (3) , these regulations come into force on the day after the day on which they are made.(3) Regulations 2 and 3(1) and Schedules 1 and 2 come into force on exit day.
  • Schedule 1 contains amendments of primary legislation.
  • (1) Schedule 2 contains amendments of subordinate legislation.(2) Schedule 3 contains transitional provisions related to those amendments.
  • the provision made by these Regulations is to be treated as not having been made, and
  • where, by virtue of these Regulations, a person ceases to be a person of a particular description, the person is to be treated as continuing to be a person of that description.
  • (1) In section 204 of the Banking Act 2009 The Financial Services (Banking Reform) Act 2013 In section 100 (power of Bank of England to require Payment Systems Regulator to refrain from specified action) , in subsection (7) , omit “EU obligation or any other”.In section 101 (power of FCA to require Payment Systems Regulator to refrain from specified action) , in subsection (7) , omit “EU obligation or any other”.In section 102 (power of PRA to require Payment Systems Regulator to refrain from specified action) , in subsection (7) , omit “EU obligation or any other”.(1) The Electronic Money Regulations 2011 Regulation 2 (interpretation) is amended as follows.omit the definition of “the capital requirements directive”;for “within the EEA” substitute “ in the United Kingdom ”;for the words from “outside the EEA” to the end substitute “ outside the United Kingdom ”;omit the definitions of—
      the EEA
    ;
      EEA agent
    ;
      EEA authorised electronic money institution
    ;
      EEA branch
    ;
    omit the definition of “the electronic money directive”;omit paragraph (c) ;for paragraph (f) substitute—
    • (f) the Bank of England, when not acting in its capacity as a monetary authority or other public authority;
    ;
    the Bank of England, when not acting in its capacity as a monetary authority or other public authority;omit the definitions of—
      European Banking Authority
    ;
      home state competent authority
    ;
      host state competent authority
    ;
    omit the definition of “the money laundering directive”;omit the definition of “passport right”;omit the definition of “the payment services directive”;in the definition of “payment transaction”, for “Article 4(5) of the payment services directive” substitute “ regulation 2(1) of the Payment Services Regulations 2017 Omit paragraph (3) .(3) In regulation 3 (electronic money: exclusions) , in paragraph (a) (iv) , for “a single EEA State” substitute “ the United Kingdom ”.Regulation 4 (the register of certain electronic money issuers) is amended as follows.In paragraph (1) (a) , omit “and their EEA branches”.In paragraph (2) , omit “(c) ,”.Omit paragraph (7) .Regulation 6 (conditions for authorisation) is amended as follows.In paragraph (4) (b) , for “EEA” substituted “ United Kingdom ”.In paragraph (8) (b) , for “not an EEA state” substitute “ outside the United Kingdom ”.(6) In the heading to Part 3, omit “and Passporting”.Regulation 21 (safeguarding option 1) is amended as follows.in the definition of “authorised credit institution”, for the words from “or otherwise authorised” to “other than” substitute “ or an approved foreign credit institution (see paragraph (8) ) , but does not include ”;in the definition of “authorised custodian”, omit the words from “or authorised” to the end.After paragraph (7) insert—
    • (8) In paragraph (7) , “approved foreign credit institution” means—
    • (a) the central bank of a State that is a member of the Organisation for Economic Co-operation and Development (“an OECD state”) ,
    • (b) a credit institution that is supervised by the central bank or other banking regulator of an OECD state,
    • (c) any credit institution that—(i) is subject to regulation by the banking regulator of a State that is not an OECD state,(ii) is required by the law of the country or territory in which it is established to provide audited accounts,(iii) has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) ,(iv) has a surplus of revenue over expenditure for the last two financial years, and(v) has an annual report which is not materially qualified.
    the central bank of a State that is a member of the Organisation for Economic Co-operation and Development (“an OECD state”) ,a credit institution that is supervised by the central bank or other banking regulator of an OECD state,is subject to regulation by the banking regulator of a State that is not an OECD state,is required by the law of the country or territory in which it is established to provide audited accounts,has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) ,has a surplus of revenue over expenditure for the last two financial years, andhas an annual report which is not materially qualified.

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