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SUP 16.15 Reporting under the Electronic Money Regulations

Application

SUP 16.15.1G

1This section applies to electronic money issuers that are not credit institutions (see SUP 16.1.1B D).

Purpose

SUP 16.15.2G

The purpose of this section is to give directions to the electronic money issuers referred to in SUP 16.1.1B D under regulation 49 (Reporting requirements) of the Electronic Money Regulations in relation to:

  1. (1)

    the information in respect of their issuance of electronic money and provision of payment services and their compliance with requirements imposed by or under Parts 2 to 5 of the Electronic Money Regulations that they must provide to the FCA4; and

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  2. (2)

    the time at which and the form in which they must provide that information.

SUP 16.15.3G

The purpose of this section is also to set out the rules applicable to these types of electronic money issuers in relation to complete and timely reporting and, where relevant, the failure to submit reports.

Reporting requirement

SUP 16.15.4D

An electronic money issuer that is not a credit institution must submit to the FCA:4

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  1. (1)

    the duly completed return applicable to it as set out in column (2) of the table in SUP 16.15.8 D; and

  2. (2)

    the return referred to in (1):

    1. (a)

      in the format specified as applicable in column (3) of the table in SUP 16.15.8 D;

    2. (b)

      at the frequency and in respect of the periods specified in column (4) of that table;

    3. (c)

      by the due date specified in column (5) of that table; and

    4. (d)

      by electronic means made available by the FCA4 where necessary.

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SUP 16.15.5D

SUP 16.4.5 R (Annual Controllers Report) and SUP 16.5.4 R (Annual Close Links Reports) apply to an authorised electronic money institution as if a reference to firm in these rules were a reference to an authorised electronic money institution.

SUP 16.15.5AD

2SUP 16.23.4R to SUP 16.23.7R (Annual Financial Crime Report) apply to an electronic money institution that has reported total revenue of £5 million or more as at its last accounting reference date as if a reference to firm in these rules and guidance were a reference to an electronic money institution and the reference to group is read accordingly.

SUP 16.15.6D

SUP 16.3.11 R (Complete reporting) and SUP 16.3.13 R (Timely reporting) apply to an authorised electronic money institution and a small electronic money institution as if a reference to firm in these rules were a reference to an authorised electronic money institution and a small electronic money institution.

SUP 16.15.7R

SUP 16.3.14 R (Failure to submit reports) also applies to an authorised electronic money institution and a small electronic money institution as if a reference to firm in these rules were a reference to an authorised electronic money institution and a small electronic money institution.

SUP 16.15.8D

The table below sets out the format, reporting frequency and due date for submission in relation to regulatory returns that apply to electronic money issuers that are not credit institutions.

(1)

Type of electronic money issuer

(2)

Return

(3)

Format

(4)

Reporting Frequency

(5)

Due date (Note 4)

Authorised electronic money institution (Note 1)

Balance sheet

FSA059

Half yearly (Note 3)

30 business days

Income statement

FSA060

Half yearly (Note 3)

30 business days

Capital requirements

FSA061

Half yearly (Note 3)

30 business days

Safeguarding

FSA062

Half yearly (Note 3)

30 business days

Supplementary information

FSA063

Half yearly (Note 3)

30 business days

Annual report and accounts

No standard format

Annual (Note 3)

80 business days

Small electronic money institutions (Note 2)

Return

FSA064

Half yearly (note 5)

30 business days

Total electronic money outstanding @ 31st December

FSA065

Annual (Note 5)

1 month

Annual report and accounts

No standard format

Annual (Note 5)

80 business days

(a) the Post Office Limited

(b) the Bank of England, the ECB and the national central banks of EEA States other than the United Kingdom

(c) Government departments and local authorities

(d) credit unions

(e) municipal banks

(f) the National Savings Bank

Average outstanding electronic money

No standard format

Half yearly (Note 6)

30 business days

Note 1

When submitting the completed returns required, the authorised electronic money institution must use the format of the returns set out in SUP 16 Annex 30A to SUP 16 Annex 30E.

Note 2

When submitting the completed returns required, the small electronic money institution must use the format of the returns set out in SUP 16 Annex 30F to SUP 16 Annex 30G.

Note 3

Where the authorised electronic money institution's reporting frequency is half yearly or annual, this field is calculated from the authorised electronic money institution's accounting reference date.

Note 4

The due dates for returns are the last day of the periods given in column (5) of the table above following the relevant reporting frequency period set out in column (4) of the table above.

Note 5

The reporting frequency in relation to FSA065 is calculated from 31 December each calendar year. Otherwise, where the small electronic money institution's reporting frequency is half yearly or annual, this field is calculated from the small electronic money institution's accounting reference date.

Note 6

This is calculated from 31 December each calendar year.