Does a firm issuing e-money have to comply with BCOBS with respect to their e-money activities?
We fully apply the Principles for Businesses to firms with respect to the regulated activity of issuing e-money. The BCOBS rules do not apply with respect to issuing e-money; however, firms should note that the conduct business requirements in the Payment Services Regulations do apply. The COBS rules that previously applied to issuing e-money (for example, on record-keeping, notice of exercise and the effects of cancellation) continue to apply.
We fully apply the Principles for Businesses to firms with respect to the regulated activity of issuing e-money. The BCOBS rules do not apply with respect to issuing e-money; however, firms should note that the conduct business requirements in the Payment Services Regulations and the Electronic Money Regulations do apply. The COBS rules that previously applied to issuing e-money (for example, on record-keeping, notice of exercise and the effects of cancellation) continue to apply.
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