EMI operational, supervision and enforcement requirements
EMI operational, supervision and enforcement requirements

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • EMI operational, supervision and enforcement requirements
  • Background to the supervision of EMIs
  • FCA approach to the supervision of EMIs
  • EMI financial reporting requirements
  • Additional EMI reporting obligations
  • Complaints handling
  • Annual Controllers Report
  • Annual Close Links Report
  • How to report and failure to report
  • The EMI enforcement regime
  • More...

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.

BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on payment services regulation, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick guide.

Background to the supervision of EMIs

The supervisory approach of electronic money institutions (EMIs) adopted by the Financial Conduct Authority’s (FCA) predecessor, the Financial Services Authority's (FSA) was 'complaints-led' and 'report-based'. This broadly meant that the FSA focused on firms that received the most complaints, both in terms of the seriousness of the issue or the volume of complaints. The FSA also monitored data and other information reported by EMI under regulation 49 of the Electronic Money Regulations 2011, SI 2011/99 (EMRs). This was widely considered to be a light-touch approach to regulation and supervision. The rationale was to remove barriers to entry

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