These Regulations may be cited as the Electronic Money (Miscellaneous Amendments) Regulations 2002, and come into force on 27th April 2002.

(1)    In section 209 of the Companies Act 1985 (interests in shares to be disregarded for purposes of disclosure requirements), at the end of paragraph (b) of subsection (2) insert “which falls within article 1(1)(a) of the banking consolidation directive (within the meaning of that Schedule)”.

(2)    In section 262(1) of that Act (minor definitions), in the definition of “credit institution”, for “article 1” substitute “article 1(1)(a)”.

(3)    In section 699A(3) of that Act (credit and financial institutions to which the Bank Branches Directive (89/117/EEC) applies), in the definition of “credit institution”, for “article 1” substitute “article 1(1)(a)”.

(1)    In Article 217 of the Companies (Northern Ireland) Order 1986 (interests in shares to be disregarded for purposes of disclosure requirements), for sub-paragraph (b) of paragraph (2) substitute—

“(b)    an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which falls within article 1(1)(a) of the banking consolidation directive (within the meaning of that Schedule);” .

(2)    In Articles 270(1) (minor definitions) and 648A(3) (credit and financial institutions to which the Bank Branches Directive (89/117/EEC) applies) of that Order, for the definition of “credit institution” substitute—

““credit institution” means a credit institution as defined in article 1(1)(a) of Directive 2001/12/EC of the European Parliament and of the Council of 20th March 2000 relating to the taking up and pursuit of the business of credit institutions, that is to say an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credit for its own account;” .

In paragraph 20(4) of Schedule 11 to the Financial Services and Markets Act 2000 (offers of securities: Euro-securities), for “Article 1” substitute “Article 1(1)(a)”.

In regulation 2(1) of the Public Offers of Securities Regulations 1995 (interpretation), in the definition of “credit institution”, for “Article 1” substitute “Article 1(1)(a)”.

In regulation 2(1) of the Cross-Border Credit Transfers Regulations 1999 (interpretation), in the definition of “credit institution”, for “Article 1” substitute “Article 1(1)(a)”.

In regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation), in the definition of “credit institution”, for “Article 1” substitute “Article 1(1)(a)”.

In paragraph 1 of the Schedule to the Competition Act 1998 (Small Agreements and Conduct of Minor Significance) Regulations 2000 (applicable turnover), in the definition of “credit institution”, for “Article 1” substitute “Article 1(1)(a)”.

In paragraph 1(1) of the Schedule to the Competition Act 1998 (Determination of Turnover for Penalties) Order 2000 (applicable turnover), in the definition of “credit institution”, for “Article 1” substitute “Article 1(1)(a)”.

(1)    The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 are amended as follows.

(2)    In regulation 1(2) (interpretation), after the definition of “credit institution” insert—

““electronic money institution” means an electronic money institution as defined in Article 1 of directive 2000/46/EC of the European Parliament and of the Council of 18th September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions;” .

(3)    In paragraph (3)(d) of regulation 2 (establishment of branch: contents of consent notice), at the beginning insert “except where the firm is an electronic money institution,”.

(4)    In paragraph (4)(a)(ii) of that regulation, after “credit institution” the first time it occurs insert “(other than an electronic money institution)”.

Tony McNulty

Nick Ainger

Two of the Lords Commissioners of Her Majesty's Treasury

21st March 2002

These Regulations make amendments to primary and secondary legislation in consequence of Directive 2000/46/EC of the European Parliament and of the Council of 18th September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions (OJ L275, 27.10.2000, p 39); and Directive 2000/28/EC of the European Parliament and of the Council of 18th September 2000 amending Directive 2000/12/EC relating to the taking up and pursuit of the business of credit institutions (OJ L275, 27.10.2000, p 37).

The directives provide for electronic money institutions to be treated as credit institutions for some, but not all, purposes. These Regulations amend certain references to “credit institutions” in United Kingdom legislation to provide that they do not include electronic money institutions, but continue to include only undertakings whose business is to receive deposits or other repayable funds from the public and to grant credit for their own account.

The amendments made by regulation 3 to the Companies (Northern Ireland) Order 1986 incidentally update references in that Order to First Council Directive 77/780/EEC which was consolidated and revoked by Directive 2000/12/EC.

Further effect is given to Directives 2000/46/EC and 2000/28/EC by the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (SI 2002/682).