New regulations have now been published
The Electronic Money Regulations 2011 (SI 2011/99) have now been published. They come into force for the purposes inter alia of making an application to become an authorised electronic money institution on 9 February. They are fully in force from 30 April.
The Regulations implement Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions. The Regulations establish a new authorisation regime for certain issuers of electronic money (known as electronic money institutions) who are not banks or building societies, and set out conduct of business rules (concerning the safeguarding and redemption of customers' funds) for all electronic money issuers.