In this Part—
“e-money issuer” [means—
(a) an electronic money institution, within the meaning of the Electronic Money Regulations 2011 (SI 2011/99), or
(b)] a person who has permission under [Part 4A] of the Financial Services and Markets Act 2000 (c 8) to carry on the activity of issuing electronic money within the meaning of article 9B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544);
. . .
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