A small e-money issuer is not an exemptperson within the meaning of the Act, that is a person who is carrying on a regulated activity but exempt from the need to be authorised. The small e-money issuer is not, as such, carrying on a regulated activity. This means, in particular, that:
ELM 8.7 contains rules and guidance about the provision of information to the FSA, including the rules which require a small e-money issuer to give periodic reports and change reports to the FSA on data item FSA02723 (which is set out in ELM 8 Annex 2 R).23
The application for a small e-money issuer certificate must be determined by the FSA within six months from when it receives the completed application or, if the application is incomplete, within 12 months. The applicant may withdraw his application by written notice. The FSA must give the applicant written notice of the grant of the application or a warning notice if it proposes to refuse the application.4 1 4
Article 9I of the Regulated Activities Order (False claims to be a certified person) provides that a person who is not a small e-money issuer is to be treated as guilty of an offence under section 24 of the Act (False claims to be authorised or exempt) if he describes himself (in whatever terms) as a small e-money issuer. It is also an offence for such a person to behave, or otherwise hold himself out, in a manner which indicates that he is a small e-money issuer.