Class 6 - e-money

e-money

Issuers of e-Money

A licence to carry on the Class 6 regulated activity of e-Money permits a business operating in or from the Isle of Man to:

• issue electronic money.

Full details of regulated activities and exemptions from licensing may be found in the e-money handbook. A licenceholder is obliged to comply with any licence conditions that have been imposed by the Commission and which are shown on the licence.

The e-money handbook also contains links to other legislation relating to licenceholders, including the Financial Services Rule Book which contains the detailed rules to be complied with by all licenceholders. Guidance on rules and on other regulatory matters may also be found in the handbook.

Part 3 of the Rule Book requires e-money issuers to segregate customers’ money (“the e-money float”) from the licenceholder’s own funds.

The Commission’s General Licensing Policy provides guidance for licenceholders. A licenceholder and its key staff are required to be fit and proper persons. The Commission’s licensing policy is to apply a test of fitness and propriety in the key areas of integrity, competence and solvency.

Licenceholders should also note the requirements of anti money laundering legislation and handbook.