ELM Electronic Money

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Transitional Provisions and Schedules

ELM TP 1

Transitional Provision relating to the Electronic Money Regulations

ELM TP 1.1

Transitional Provision relating to the Electronic Money Regulations

(1)

(2)

(3)

(4)

(5)

(6)

Material to which the transitional provision applies

Transitional provision

Transitional provision: dates in force

Handbook provision: coming into force

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

(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

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

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

30/04/2011
Past version of ELM TP 1 before 30/04/2011

ELM Sch 1

Record keeping requirements

01/12/2004

ELM Sch 1.1

The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements.

It is not a complete statement of those requirements and should not be relied on as if it were.

01/12/2004

ELM Sch 1.2

Handbook reference

Subject of record

Contents of record

When record must be made

Retention period

ELM 3.5.11 R

Closely related persons

Record of steps taken to prove persons not closely related

In anticipation of taking and while persons takes advantage of ELM 3.5.10 R

Three years after the firm ceases to take advantage of ELM 3.5.10 R

ELM 6.9.7 R

Systems requirements that have to be fulfilled in order to be allowed to have customer e-money balances in excess of the purse limits

Identity of persons entitled to e-money, the amount to which entitled, identity of persons with redemption right and redemption amount

On-going as a condition of issuing e-money outside the purse limits

Not specified

01/12/2004

ELM Sch 2

Notification requirements

01/12/2004

ELM Sch 2.1

The aim of the guidance in the following table is to give the reader a quick overall view of the relevant requirements for notification and reporting.

It is not a complete statement of those requirements and should not be relied on as if it were.

01/12/2004

ELM Sch 2.2

Handbook reference

Matter to be notified

Contents of notification

Trigger event

Time allowed

ELM 2.5.5 R

Projected amounts of e-money outstandings

Revised projections under ELM 2.5.4 R

Original projections significantly incorrect

Within ten business days of need for revised projections having been established

ELM 3.5.21 R

Reportable large exposure

Pending or existing reportable large exposure not already notified

A proposal to enter into a transaction or transactions that would result in a reportable large exposure or, if not notified at the proposal stage, once a reportable large exposure exists

Immediate

ELM 4.4.5 G

Intention to launch a promotion under which the price paid by purchasers of e-money is less than its monetary value

Intention and details about the promotion

Decision to launch such a promotion

Immediate

ELM 4.4.6 G

As above

Changes in expectations and any substantial difference between expectations and actual outcome

Fact of change or difference in outcome

Immediate

ELM 8.7.1 R

Periodic reports

data item FSA027

End of each half financial year

Within thirty business days of the end of each half financial year

ELM 8.7.2 R

Change reports

Change in conditions in ELM 8.4 data item FSA027

Fact of change

Within two business days of the change occurring

ELM 8.7.3 R

Where small e-money issuer's total liabilities exceed 5 million euro

data item FSA027

Fact of excess

Within two business days of the excess occurring

ELM 8.7.13 R

Corrections to information provided

Full details, an explanation for the error and the correct information.

On small e-money issuer's becoming aware of the need to correct the information

Immediately

31/08/2008
Past version of ELM Sch 2.2 before 31/08/2008

ELM Sch 3

Fees and other required payments

01/12/2004

ELM Sch 3.1

There are no requirements for fees or other payments in ELM.

01/12/2004

ELM Sch 4

Powers exercised

01/12/2004

ELM Sch 4.1

The following powers and related provisions in or under the Act have been exercised by the FSA to make the rules in ELM:

Section 138 (General rule-making power)

Section 150(2) (Actions for damages)

Section 156 (General supplementary powers)

Article 9G(1) (Obtaining information from certified persons etc) of the Regulated Activities Order

Article 9H(1) (Rules prohibiting the issue of electronic money at a discount) of the Regulated Activities Order

01/12/2004

ELM Sch 4.2

The following powers in the Act have been exercised by the FSA to give the guidance in ELM:

Section 157(1) (Guidance)

01/12/2004

ELM Sch 4.3

The following powers and related provisions in or under the Act have been exercised by the FSA in ELM to direct or require:

Section 51 (Applications under this Part)

Article 9D(a) (Applications for certificates) of the Regulated Activities Order

Article 9F(2) (Revocation of certificate on request) of the Regulated Activities Order

01/12/2004

ELM Sch 5

Rights of action for damages

01/12/2004

ELM Sch 5.1

The table below sets out the rules in ELM contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.

If a "Yes" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative). A "Yes" in the column headed "Removed?" indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given.

The column headed "For other person?" indicates whether the rule is actionable by a person other than a private person (or his fiduciary or representative). If so, an indication of the type of person by whom the rule is actionable is given.

01/12/2004

ELM Sch 5.2

Chapter/Appendix

Section/Annex

Paragraph

Rights of action under section 150

For private person?

Removed?

For other person

All rules in ELM 6

Yes

All rules in ELM 8

Yes (note)

All other rules in ELM

Yes, ELM 1.6.1 R

Note: the effect of article 9G(3) of the Regulated Activities Order is that the rules in ELM 8.7 are also actionable against a small e-money issuer (which is not an authorised person).

01/12/2004

ELM Sch 6

Rules that can be waived

01/12/2004

ELM Sch 6.1

The rules in may be waived by the FSA under section 148 of the Act (Modification or waiver of rules).

Article 9G(2) of the Regulated Activities Order provides that section 148 of the Act applies in relation to rules made under article 9G(1) (Obtaining information from certified persons etc.) as if references in that section to an authorised person were references to a certified person (referred to in ELM as a small e-money issuer).

Article 9H(2) of the Regulated Activities Order provides that section 148 of the Act applies in relation to rules made under article 9H(1) (Rules prohibiting the issue of electronic money at a discount).

01/12/2004

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ELM Electronic Money

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Transitional Provisions and Schedules

Transitional Provision relating to the Electronic Money Regulations

Transitional Provision relating to the Electronic Money Regulations

Record keeping requirements

Notification requirements

Fees and other required payments

Powers exercised

Rights of action for damages

Rules that can be waived

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