The revised Payment Services Directive (PSD2) is the EU legislation which sets regulatory requirements for firms that provide payment services. Execution of payment transactions, including transfers of funds on a... 4. Types of e-money include: The Electronic Money Regulations (EMRs) affect: A UK business that intends to issue e-money in the UK  must be authorised or registered by us, unless it has permission to issue e-money under Part 4A of FSMA or is exempt. a typical savings account and therefore its usefulness seems limited when being applied to the example discussed above. Conversely, where UK firms issue e-money in e.g. No mention of electronic money is made in the Commission’s 2020 Work Programme. Payment services are listed in Schedule 1 to the Payment Services Regulations 2017 (PSRs 2017). issuance of such “money” at a discount would increase the total money supply); the word “issuing” implies that as well. To find out how PSD2 affects your business, use the PSD2 Navigator. For example, according to the Bank of England, 96% of all “money” in the UK is held in electronic form.1 However, not all that money in electronic form is “electronic money” for the purposes of EMD2. payment and electronic money institutions, their agents and foreign branches; exempted payment and electronic money institutions and their agents; account information service providers, their agents and foreign branches; providers of services based on specific payment instrument that can be used only in a limited way; and. These Guidelines specify the information that applicants for authorisation as a PI or an EMI or registration as a registered account information service provider will be required to submit. When integrating the relevant provisions from PSD1, EMD2 seems to have failed to take into account that the two regulatory regimes are very different in nature (albeit they both relate to payment): one is intended to regulated “money”; the other “services” enabling the use of money. These RTS specify the requirements, under PSD2, of the strong customer authentication (SCA), the exemptions from the application of SCA, the requirements with which security measures have to comply in order to protect the confidentiality and the integrity of the payment service users’ personalised security credentials, and the requirements for common and secure open standards of communication (CSC). Further, the “safeguarding” requirements introduced to the e-money regime by EMD2 also seem inconsistent with e-money being “money”: if the customers were already issued “money” of the same value when they exchanged funds for e-money, why would the e-money institution still have to safeguard those funds received? It must be accepted as a means of payment by a person other than the electronic money issuer. Privacy FAQs: Can a company track whether someone has received email using web beacons, tracking pixels, or clear GIFs? EMD1 followed a Report On Electronic Money by the ECB in August 1998 (the “1998 Report”). The RTS specify the framework for cooperation and the exchange of information between competent authorities of the home and host Member States. National Competent Authorities in EU Member States are required to notify the EBA of whether or not they intend to comply with EBA Guidelines. Issuing e-money without the specific permission to do so is a criminal offence. Perfect har-money? Note that “payment transaction” is defined in the Payment Services Directive (EU) 2015/2366 (“PSD2”), rather broadly, to mean essentially any act of placing, transferring or withdrawing funds. Electronic money or e-money has been subject to regulation in the EU since April 2002 when the first Electronic Money Directive 2000/46/EC (“EMD1”) established the regulatory framework. These complaints are to be taken into consideration by competent authorities (the FCA) to ensure and monitor effective compliance with PSD2. From limited information available (the Commission also briefly analysed some of these products), these products seemed to function like a form of substitution money in the sense that the card stored the value on itself and the value could then be spent directly without the transactions having to be routed to the issuer for authorisation. The value is accepted by third parties other than the account bank, given the online banking/payment functionality. Rather, the value is being held centrally somewhere by the bank with just a book-keeping entry to show the balance standing to the credit of the current account. Dependent on the legislation item being viewed this may include: This timeline shows the different versions taken from EUR-Lex before exit day and during the implementation period as well as any subsequent versions created after the implementation period as a result of changes made by UK legislation. The second Electronic Money Directive 2009/110/EC (“EMD2”) which repealed EMD1 and has applied since April 2011 has addressed some of the difficulties. After exit day there will be three versions of this legislation to consult for different purposes. "Lexology is excellent and I look forward to reading it each day. Further, it should be noted that banks in the UK that wish to issue e-money must be separately authorised to do so and not all UK banks have such permission. “electronic money” shall mean electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transactions as defined in [the Payment Services Directive (EU) 2015/2366], and which is accepted by a natural or legal person other than the electronic money issuer.


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