UK electronic money regime: EMRs 2011 essentials, PSRs 2017 interplay, FCA approach, authorisation, capital and safeguarding (CASS), agents/distributors, outsourcing, Brexit and FSMA 2023 changes

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Practice notes

Scope of this Practice Note

This Practice Note explains how UK authorities gave effect to the second Electronic Money Directive (Directive 2009/110/EC) (2EMD) via secondary legislation—principally the Electronic Money Regulations 2011, SI 2011/99 (EMRs 2011)—together with updates to the Financial Services Authority’s rules and guidance (the FSA being the predecessor to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA)). It also sets out an overview and draws out the key provisions of the EMRs 2011, and reviews the alterations made to the EMRs 2011 by the Payment Services Regulations 2017 (PSRs 2017) arising from amendments to the 2EMD under the recast Payment Services Directive (Directive 2015/2366/EU) (PSD2). In addition, it considers the effects that the UK’s decision to leave the EU has had on the UK’s e-money regulatory framework...

Background to the second Electronic Money Directive

The first Electronic Money Directive (Directive 2000/46/EC) (EMD) was brought into effect in the UK in April 2002 on a piecemeal basis, mainly through the Electronic Money (Miscellaneous Amendments) Regulations 2002, SI 2002/765 and the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002, SI 2002/682, both of which made amendments to pieces...

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Web page updated on 22/05/2026

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