The following Financial Services practice note provides comprehensive and up to date legal information covering:
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.
A very simple definition of electronic money (e-money) is cash stored in an electronic form. A common example is PayPal, where you can open an account and receive and transmit money to numerous third parties and store money in your PayPal account. The element of prepayment and the ability to store e-money is key. It also distinguishes e-money from other payment services.
This Practice Note is part of a series of materials relating to e-money and linked to issues for mobile payments. It focuses on how electronic money is defined under the Electronic Money Regulations 2011, SI 2001/99 (EMRs 2011), which implemented the second EU Electronic Money Directive (2EMD) in the UK.
This Practice Note should be read in conjunction with:
The regulated activity of issuing electronic money
The regulation of electronic money institutions—essentials
Issuing and redeeming e-money
Authorisation, registration, variation and cancellation of electronic money institutions
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