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 | ||
| 1 | The changes to ELM set out in Annex L of the Electronic Money and Payment Services Instrument 2011 | R | (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 | 30 April 2011 |
| 2 | The changes to ELM set out in Annex L of the Electronic Money and Payment Services Instrument 2011 | R | 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 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
See Notes
| 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. |
| 2 | 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
See Notes
| 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
See Notes
| 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. |
| 2 | 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
See Notes
| 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 |
ELM Sch 3
Fees and other required payments
- 01/12/2004
ELM Sch 3.1
See Notes
| 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
See Notes
| 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
See Notes
- 01/12/2004
ELM Sch 4.3
See Notes
| 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
See Notes
| 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. |
| 2 | 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. |
| 3 | 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
See Notes
| Chapter/Appendix | Section/Annex | Paragraph | Rights of action under section 150 | |||
| For private person? | Removed? | For other person | ||||
| All rules in ELM 6 | Yes | No | No | |||
| All rules in ELM 8 | Yes (note) | No | No | |||
| All other rules in ELM | No | Yes, ELM 1.6.1 R | No | |||
| 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
See Notes
| 1. | The rules in may be waived by the FSA under section 148 of the Act (Modification or waiver of rules). | |
| 2. | 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). | |
| 3. | 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