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The below Financial Institutions Rules (FIRs), together with the amendments to the Financial Institutions Act (Cap 376) undertaken in May 2010 and June 2011, reflect changes which were mainly effected in order to transpose locally part of the requirements of the EU Payment Services Directive 2007/64/EC as well as the EU Electronic Money Institutions Directive 2009/110/EC. In particular, FIR/03 deals specifically with the taking up, pursuit of and prudential supervision of the business of financial institutions authorised to Issue Electronic Money. The latter rule replaces the previous Electronic Money Institutions Directive (EMID/01/2002 on the Taking Up, Pursuit of and Prudential Supervision of the Business of Electronic Money Institutions Authorised under the Banking Act 1994)
References to Directives 2006/48/EC and 2006/49/EC throughout these FIRs shall be construed as references to Directive 2013/36/EU (the CRDIV) and to Regulation (EU) No 575/2013 (the CRR) and shall be read in accordance with the correlation table set out in Annex II to the CRDIV and in Annex IV to the CRR.