The Electronic Money Regulations 2011 (EMRs)
By : 6clicks
The Electronic Money Regulations (Regulations) came into force on the 30 April 2011 with the intention of creating a clearer regulatory framework for issuers of electronic money in the increasingly popular pre-paid industry. The Regulations apply to electronic money institutions and, subject to certain derogations from the source directive exercised by the government, to small electronic money institutions (those with average e-money outstanding not exceeding €5 million).
In stock
Details
These Regulations implement Directive 2009/110/EC of the European Parliament and of the Council of 16th September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions (“the second Directive”). The Regulations establish a new authorisation regime for certain issuers of electronic money (known as electronic money institutions) who are not banks or building societies, and set out conduct of business rules (concerning the safeguarding and redemption of customers’ funds) for all electronic money issuers.
For more information on the EMRs, please visit this memorandum: https://www.legislation.gov.uk/uksi/2011/99/pdfs/uksiem_20110099_en.pdf.
Getting Started
Click "Book a demo" and our team will provide you with an overview of our content library within the 6clicks GRC platform.More Information
| Jurisdiction | United Kingdom |
|---|---|
| Type | Laws or related obligations |