PERG 3A.1 Introduction

Q1. What is the purpose of these questions and answers ('Q&As') and who should be reading them?

1The purpose of these Q&As is to help persons to consider whether they fall within the scope of the Electronic Money Directive which repealed and replaced an earlier Electronic Money Directive (2000/46/EC). The Electronic Money Directive is given effect in the United Kingdom by the Electronic Money Regulations. The Q&As are intended to help these persons consider whether they need to be authorised or registered for the purposes of electronic money issuance in the United Kingdom.

The Electronic Money Regulations create a separate authorisation and registration regime for issuers of electronic money that are not full credit institutions, credit unions or municipal banks:

A reference in this chapter to:

  • individual regulations is a reference to the Electronic Money Regulations unless otherwise stated; and
  • 'municipal bank' means a company which, immediately before 1st December 2001, fell within the definition in section 103 of the Banking Act 1987.

The Q&As that follow are set out in the following sections:

  • General issues (PERG 3A.2)
  • The definition of electronic money (PERG 3A.3)
  • Small electronic money institutions, mixed businesses, distributors, agents and exempt bodies (PERG 3A.4)
  • Exclusions (PERG 3A.5)
  • Territorial scope (PERG 3A.6)
  • Transitional arrangements (PERG 3A.7)