Regulationseuropean Communities (Electronic Money) Regulations, 2002

• Jurisdiction: Ireland
• Citation: IR SI 221/2002
• Year: 2002

Arrangement of Regulations
Part 1
Preliminary and general
1. Citation 2. Interpretation 3. Extension of meaning of “credit institution” in certain Regulations 4. Disclosure by Bank 5. Entry into force and transitional provisions
Part 2
E-money and electronic money institutions
6. Issue of e-money 7. Status and activities of electronic money institutions 8. Prohibition on issuance of e-money at discount 9. Treatment of sums received in exchange for e-money 10. Limit to amount that can be issued as e-money 11. Redeemability
Part 3
Establishment and general supervision of electronic money institutions
12. Authorisation to become an electronic money institution 13. Supervision, etc. by Bank of e-money institutions authorised in the State 14. Publication of names and notices of revocation of authorisations 15. Establishment of branch in another Member State 16. Provision of services into another Member State other than by branch establishment 17. Non-compliance in another Member State 18. Management 19. Waiver
Part 4
Financial requirements, exposure and market risks
20. Initial capital and ongoing own funds requirement 21. Investment of funds 22. Statement of compliance 23. Large exposure 24. Market risks 25. Accounts
Part 5
Mergers
26. Mergers, etc.
Part 6
Revocation of authorisation, winding up and dissolution of electronic money institutions
27. Revocation of authorisation 28. Provisions supplemental to Regulation 27 29. Winding up petition, etc. 30. Notices, documents to be sent to Bank relating to winding up or dissolution 31. Right of Bank to be represented at meetings, etc. 32. Construing of references to winding up 33. Provisions concerning appeals
Part 7
Electronic money institutions authorised outside the State
34. Application to electronic money institutions authorised outside the State 35. Supervision, etc. by Bank of electronic money institutions authorised outside the State 36. Notification by electronic money institutions 37. Establishment in the State of branch of an electronic money institution authorised in another Member State 38. Investigations by competent authorities from other Member States 39. Change in information provided under Regulation 40. Provisions as to non-compliance in the State by electronic money institution authorised in another Member State 41. Direction by Bank to cease business
Part 8
Offences and penalties
42. Offences 43. Provision of false information, etc. 44. Offences by bodies corporate 45. Continuation of contravention of Regulations 46. Prosecution by Bank
European Communities (Electronic Money) Regulations 2002
I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving effect to Directive 2000/28/EC of the European Parliament and of the Council of 18 September 2000 1 and Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 2 hereby make the following regulations:
Part 1 Preliminary and general
	Citation	1. These Regulations may be cited as the European Communities (Electronic Money Regulations 2002.
	Interpretation	2. (1) In these Regulations, except where the context otherwise requires -
“associated body” means—
(a) a subsidiary (within the meaning given by Regulation 4 of the European Communities (Companies: Group Accounts) Regulations 1992 ( S.I. No. 201 of 1992 )) of the electronic money institution,
(b) a corporate body which is a parent undertaking (within the meaning given by Regulation 3 of the European Communities (Companies: Group Accounts Regulations 1992) of the electronic money institution, or
(c) a corporate body which is a subsidiary of the parent undertaking referred to at subparagraph (b);
“authorisation” means an authorisation issued by the following, under these Regulations, to an undertaking other than a credit institution to carry on the activity of issuing e-money:
(a) in the State, the Bank
(b) in any other Member State, the body or bodies charged by law with the authorisation of electronic money institutions;
“Bank” means the Central Bank of Ireland;
“branch” includes one or more places of business in the same Member State;
“Codified Banking Directive” means Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 3 ;
“competent authority” means—
(a) in relation to the State, the Bank, and
(b) in relation to any other Member State, the body or bodies charged by law in the Member State with the supervision of electronic money institutions;
“Court” means High Court;
“credit institution” means —
(a) the holder of a licence under section 9 of the Central Bank Act 1971 (No. 24 of 1971),
(b) a building society incorporated or deemed to be incorporated under the Building Societies Act 1989 (No. 17 of 1989),
(c) a trustee savings bank within the meaning of the Trustee Savings Banks Act 1989 (No. 21 of 1989),
(d) a credit institution, as defined in the Codified Banking Directive that is authorised by a competent authority outside the State for the purposes of that Directive;
“electronic money” means monetary value as represented by a claim against the issuer of it, that is—
(a) stored on an electronic device,
(b) issued on receipt of funds of an amount not less in value than the monetary value issued, and
(c) accepted as a means of payment by undertakings other than that issuer,
and reference to “e-money” means electronic money;
“electronic money institution” means an undertaking, other than a credit institution, that issues means of payment in the form of e-money and is duly authorised to do so;
“initial capital” means—
(a) capital as defined in paragraph 2(1) of Article 34 of the Codified Banking Directive, and
(b) items defined in paragraph 2(2) of that Article;
“issued”, in relation to electronic money, means electronic money which has been issued but not redeemed;
“Member State” means a Member State of the Community;
“own funds” has the same meaning as it has in the Codified Banking Directive;
“Principal Directive” means Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2002;
“Principal Regulations” means the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992 ( S.I. No. 395 of 1992 );
“zone A” has the same meaning as it has in Article 1.14 of the Codified Banking Directive.
(2) In these Regulations—
(a) a reference to a Regulation is a reference to a Regulation of these Regulations, unless it is indicated that reference to some other Regulations is intended, and
(b) a reference to a paragraph or subparagraph is a reference to the paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.
(3) (a) A word or expression that is used in these Regulations and is also used in the Principal Directive has, unless the contrary intention appears, the same meaning in these Regulations as it has in the Principal Directive.
(b) A word or expression that is used in these Regulations, is not used in the Principal Directive but is used in the Codified Banking Directive, has, unless the contrary intention appears, the same meaning in these Regulations as it has in the Codified Banking Directive.
	Extension of meaning of “credit institution” in certain Regulations	3. (1) Regulation 2 of the Principal Regulations is amended—
(a) by substituting the following for the definition of “credit institution” in paragraph (1):
“‘credit institution’ means —
(a) an undertaking, other than a credit union or friendly society whose business it is to receive deposits or other repayable funds from the public and to grant credit on its own account,
(b) to the extent specified in paragraph (1A), an electronic money institution within the meaning of the European Communities (Electronic Money) Regulations 2002;”,
and
(b) by inserting the following after paragraph (1):
“(1A) References to a credit institution in Regulations 2 and 5, Regulations 7 to 10 and Regulations 17, 30 and 31 include, where the context so admits and with any necessary modifications, references to an electronic money institution within the meaning of the European Communities (Electronic Money) Regulations 2002.”.
(2) Regulation 2 of the European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 ( S.I. No. 396 of 1992 ) is amended—
(a) by substituting the following for the definition of “credit institution” in paragraph (1):
“‘credit institution’ means—
(a) an undertaking, other than a credit union or friendly society, whose business it is to receive deposits or other repayable funds from the public and to grant credit on its own account,
(b) to the extent specified in paragraph (1A), an electronic money institution within the meaning of the European Communities (Electronic Money) Regulations 2002;”,
and
(b) by inserting the following after paragraph (1):
“(1A) References to a credit institution these Regulations include, where the context so admits and with any necessary modifications, references to an electronic money institution within the meaning of the European Communities (Electronic Money) Regulations 2002.”.
(3) The Supervision of Credit Institutions, Stock Exchange Member Firms and Investment Business Firms Regulations 1996 (...