HM TREASURY
IMPLEMENTATION OF THE
ELECTRONIC MONEY DIRECTIVE
A Response to Consultation
MARCH 2002
1
IMPLEMENTATION OF THE ELECTRONIC MONEY DIRECTIVE
INTRODUCTION
1.
The Treasury issued a consultation document in October 2001, which
sought views on its proposed legis lative measures for implementing the
Electronic Money Directive into UK law – effectively by specifying the
issuing of e-money as a regulated activity under the Financial Services
and Markets Act 2000 (FSMA).
2.
The consultation period closed on 8 January and a total of 17 responses
were received, mainly from existing and prospective e-money issuers.
The Treasury wishes to thank all those who took part in the consultation.
A summary of the responses received forms an annex to this document.
3.
The responses to consultation have confirmed the Treasury in its view that
the proposals in the October consultation document generally represent
the best way forward. However, some changes have been made to the
detail of the proposed legis lation in the light of consultation responses
received. The reasoning behind these changes – and a more general
response to consultation – is given later on.
4.
The Treasury’s revised proposals are reflected in the two statutory
instruments laid before Parliament today – 14 March 2002. These are:
The Financial Services and Markets Act 2000 (Regulated Activities)
(Amendment) Order 2002; and The Electronic Money (Miscellaneous
Amendments) Regulations 2002. To accompany these statutory
instruments, an Explanatory Memorandum, a Transposition Note, and a
Regulatory Impact Assessment have also today been provided to
Parliament. All these documents can be found on the Treasury website at
http://hm-treasury.gov.uk/Documents/Financial_Services/Regulating_
Financial_Services/fin_rsf_emoney.
2
THE TREASURY’S REVISED PROPOSALS
5.
Today, the Treasury has laid two statutory instruments before Parliament
to implement the Electronic Money Directive int