FCA has updated its approach documents on the Payment Services Regulations 2009 (PSR) and the Electronic Money Regulations 2011 (EMR). The changes mainly reflect the new regulatory structure but make some other amendments, including to correct a misleading interpretation of "establishment" previously used in the PSR Approach Document. The EMR Approach Document has been changed to reflect the end of the transitional period under the EMR and to clarify several aspects of the regulatory process and compliance requirements. FCA has also published an updated factsheet and form for an individual responsible for the management of an electronic money institution. (Source: Updated PSR Approach Document and Updated EMR Approach Document)