E-money

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BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

This overview is a guide to the Lexis®PSL Financial Services content within the E-money subtopic, with links to appropriate materials.

It introduces a group of Practice Notes that cover electronic money and related areas. It introduces the Financial Conduct Authority’s (FCA) approach and guidance and links are provided throughout to sources, texts and relevant content.

Regulating e-money

Electronic money, or 'e-money', is essentially cash stored in electronic form. For more information on the definition of e-money, see Practice Note: What is electronic money?

Within the European Union, the primary pieces of legislation governing the regulation of e-money are the E-money Directive (2000/46/EC) and

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Latest Financial Services News

FCDO announces sanctions against Russian GRU units and officers for cyber attacks

The Foreign, Commonwealth and Development Office (FCDO) has imposed sanctions on three units of Russia's Main Intelligence Directorate (GRU) and 18 military intelligence officers. The measures target units responsible for cyber operations against UK infrastructure and the 2022 Mariupol Theatre bombing. The sanctions package includes restrictions on GRU Unit 26165, which conducted reconnaissance for missile strikes, and officers linked to the 2018 Salisbury poisonings. Additional sanctions target three leaders of 'African Initiative' for conducting Russian-backed disinformation campaigns in West Africa.

PRA sets out CRR and Solvency II requirements, and approach to Own Funds (CRR) waivers and permissions

The Prudential Regulation Authority (PRA) has published policy statement PS12/25—Restatement of CRR and Solvency II requirements in PRA Rulebook—2026 implementation. The PRA has also published a statement of policy (SoP) on its approach to considering applications from PRA-authorised persons not to apply rules, or to apply them with modifications, under section 138BA of the Financial Services and Markets Act 2000 (FSMA).

Financial Services—other developments (18/7/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

ESMA updates Q&As on MiCA and UCITS Directive

The European Securities and Markets Authority (ESMA) has published updated questions and answers (Q&As) on the Markets in Cryptoassets Regulation (Regulation (EU) 2023/1114) (MiCA) and the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC) (UCITS). The impacted MiCA Q&As are: (1) ‘Staking on own account’ and (2) ‘Pre-funding clients’ orders with clients’ cryptoassets’. The impacted UCITS Directive Q&A is ‘Performance fees for feeder funds’.

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