Can you summarize Statutory Instruments > European Communities (Electronic Money) Regulations 2011.?

Short Summary

The European Communities (Electronic Money) Regulations 2011 govern the requirements for the taking up, pursuit, and prudential supervision of the business of electronic money institutions. These regulations apply to persons that may issue electronic money, electronic money institutions, credit unions, and other entities engaged in the issuance of electronic money. The regulations provide conditions for authorizations, including initial capital and own funds requirements. They also cover the use of distributors, agents, and outsourcing of functions. Safeguarding requirements are outlined for electronic money institutions engaged in the issuance of electronic money. The regulations also address additional activities in which electronic money institutions may engage, such as the provision of payment services and the operation of payment systems. Various offenses and penalties are specified for non-compliance with the regulations.

Whom does it apply to?

Persons that may issue electronic money, electronic money institutions, credit unions, and other entities engaged in the issuance of electronic money

What does it govern?

Requirements for the taking up, pursuit and prudential supervision of business of electronic money institutions

What are exemptions?

Monetary value stored on instruments used within limited networks or for limited goods/services, and monetary value used for payment transactions executed through telecommunication, digital, or information technology devices

What are the Penalties?

Various offenses related to operating as an electronic money institution without authorization, providing false or misleading information, misappropriation of users' funds, failure to keep appropriate records, obstruction of authorized officers, and provision of false or misleading information

Jurisdiction

Ireland

Source

[https://reggi.cloud.regology.com/regulations/IE_SI/IE_SI_2011_183]

• Banking