The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019

JurisdictionUK Non-devolved
(1) These Regulations may be cited as the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019.(2) This regulation and regulations 2 to 7, 9 to 13, 15, 19(1) and (2) , and 22(1) and (2) come into force the day after the day on which these Regulations are made.(3) The other provisions of these Regulations come into force immediately before exit day.(1) The Financial Services and Markets Act 2000 (2) In section 138S(2) (application of Chapters 1 and 2) , for paragraph (i) substitute—
  • (i) section 138L (consultation: general exemptions) , as if—
  • (i) in subsection (1) , for “425A” there were substituted “ 1G ”;
in subsection (1) , for “425A” there were substituted “ 1G references to making rules were references to submitting a standards instrument to the Treasury for approval.(3) In section 417(1) (definitions) , in the definition of “capital requirements regulation”, for “the updating point (see subsection (1A) ) ” substitute “ the beginning of the day on which the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212) are made (but see regulation 2 of the European Union (Withdrawal) Act 2018 (Consequential Modifications and Repeals and Revocations) Regulations 2019 (S.I. 2019/628) , which may further update the reference) ”.(1) The Banking Act 2009 (2) In section 3(1) (interpretation: other expressions) , in the definition of “the capital requirements regulation”, for “the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394) ” substitute “ the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212) ”.(1) The Electronic Money Regulations 2011 in paragraph (1) , after sub-paragraph (d) insert—
  • (da) a credit institution while it is an exempt person for the purposes of section 19(1) (b) of the Financial Services and Markets Act 2000 by virtue of regulation 47 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 but only in respect of a service specified in paragraph (3) ;
a credit institution while it is an exempt person for the purposes of section 19(1) (b) of the Financial Services and Markets Act 2000 by virtue of regulation 47 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 after paragraph (2) insert—
  • (3) A service is specified as one that may be provided by a credit institution under paragraph (1) (da) only to the extent that the credit institution was providing the service in the United Kingdom immediately before exit day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before exit day and the service is necessary as specified in paragraph (4) .
  • (4) This paragraph applies where the service is necessary—
  • (a) for the performance of a contract entered into before exit day and provided for the purposes of performing such a contract or to redeem outstanding electronic money;
  • (b) for the purpose of reducing the financial risk of a party to a contract entered into before exit day or of a third party affected by the performance of such a contract;
  • (c) in order to transfer the property, rights or liabilities under a contract entered into before exit day to a person authorised to carry on a regulated activity under section 31(1) (a) of FSMA (other than a person authorised to carry on a regulated activity under that section of FSMA by virtue of the provisions contained in the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 ) ; or
A service is specified as one that may be provided by a credit institution under paragraph (1) (da) only to the extent that the credit institution was providing the service in the United Kingdom immediately before exit day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before exit day and the service is necessary as specified in paragraph (4) .for the performance of a contract entered into before exit day and provided for the purposes of performing such a contract or to redeem outstanding electronic money;for the purpose of reducing the financial risk of a party to a contract entered into before exit day or of a third party affected by the performance of such a contract;in order to transfer the property, rights or liabilities under a contract entered into before exit day to a person authorised to carry on a regulated activity under section 31(1) (a) of FSMA (other than a person authorised to carry on a regulated activity under that section of FSMA by virtue of the provisions contained in the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 in order to comply with a requirement imposed by or under an enactment.For the purposes of paragraph (4) (a) , the performance of a contract entered into before exit day includes the performance of an obligation under the contract which is contingent or conditional.(1) The Payment Services Regulations 2017 after sub-paragraph (e) insert—
  • (ea) a credit institution while it is an exempt person for the purposes of section 19(1) (b) of the Financial Services and Markets Act 2000 by virtue of regulation 47 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 but only in respect of a payment service specified in paragraph (3) ;
;
a credit institution while it is an exempt person for the purposes of section 19(1) (b) of the Financial Services and Markets Act 2000 by virtue of regulation 47 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 but only in respect of a payment service specified in paragraph (3) ;after sub-paragraph (f) insert—
  • (fa) a relevant electronic money institution while it is exempt from the prohibitions in regulation 63(1) of the Electronic Money Regulations 2011 and this regulation by virtue of paragraph 12L of Schedule 3 to the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 but only in respect of a payment service specified in paragraph (4) ;
a relevant electronic money institution while it is exempt from the prohibitions in regulation 63(1) of the Electronic Money Regulations 2011 and this regulation by virtue of paragraph 12L of Schedule 3 to the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 after paragraph (2) insert—
  • (3) A payment service is specified as one that may be provided by a credit institution under paragraph (1) (ea) only to the extent that the credit institution was providing the service in the United Kingdom immediately before exit day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before exit day and the service is necessary as specified in paragraph (4) .
  • (4) This paragraph applies where the service is necessary—
  • (a) for the performance of a contract entered into before exit day and provided for the purposes of performing such a contract or to redeem outstanding electronic money;
  • (b) for...
A payment service is specified as one that may be provided by a credit institution under paragraph (1) (ea) only to the extent that the credit institution was providing the service in the United Kingdom immediately before exit day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before exit day and the service is necessary as specified in paragraph (4) .for the performance of a contract entered into before exit day and provided for the purposes of performing such a contract or to redeem outstanding electronic money;for

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