The Financial Services Authority (FSA) has published a web page on the second Electronic Money Directive (2009/110/ec) (EMD) and a draft approach document setting out its role under the Electronic Money Regulations 2011 (si2011/99).
With the new regime due to be in place by April 2012, the approach document provides further detail on the new regulations, what they mean and key milestones in their implementation.
On 7 February 2011, the Financial Services Authority (FSA) published a web page on the second Electronic Money Directive (2009/110/EC) (EMD) and a draft approach document setting out its role under the Electronic Money Regulations 2011 (SI2011/99). The regulations were published in January 2011 and partially came into force on 9 February 2011 with full implementation due by 30 April 2011.
Similar to the payment services approach document, the EMD version is described as supporting guidance material on legal requirements. It is also intended to be a "live" document, meaning the FSA will update it in response to feedback from the industry and as it progresses in regulating electronic money.
The key areas of detail covered in the approach document include: the scope of the regulations, authorisation and registration as electronic money institutions (EMIs), conduct of business requirements, capital resources and safeguarding requirements. It also contains a list of key dates for the new regulatory regime, which are outlined in the table here.