What UK FCA Electronic Money Institutions (EMIs) and Payment Institutions - Payment Services Regulations 2017 requires
The UK Payment Services Regulations 2017 (PSR 2017) and Electronic Money Regulations 2011 (EMR 2011) implement PSD2 and EMD2 in UK law, requiring payment institutions and e-money institutions to be authorised by the FCA. Authorised EMIs must hold minimum capital of EUR 350,000 and safeguard customer funds either by holding them in segregated accounts or covering them with insurance. Payment institutions providing specified payment services must hold minimum capital of EUR 125,000-EUR 730,000 depending on services. FCA registration requires fit and proper management and robust governance.
Pillar: Crypto & Sovereign Finance · Authority: UK Financial Conduct Authority (FCA) · Version: 1.0.0 · Last updated:
Primary source: https://www.legislation.gov.uk/uksi/2017/752/contents/made
SHA-256 integrity: 1d28d6efda4e611dce7186004a213d0d66fc7b3d74bdc15883ce307e715cc71c
Primary Citations — 5 traced to source
- Regulation 7 (registration), Schedule 2 (payment services), Regulation 23 (safeguarding) — Payment Services Regulations 2017 (SI 2017/752)
- Regulation 4 (authorisation), Regulation 19 (safeguarding requirements) — Electronic Money Regulations 2011 (SI 2011/99)
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