The EMA was founded in October 2001 by a group of electronic money issuers and prospective issuers to represent the interests of industry. The group participated in a regulatory working group set up in response to UK Government consultation on the implementation of the E-Money Directive.
The group was then formalised into the EMA and its remit extended to issues of general interest to industry. The FSA proposed that the association develop a voluntary Code of Best Practice for industry addressing operational and non-operational risks and creating a minimum standard which could be adopted by issuers, irrespective of technology or market proposition.
Founding members included:
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The EMA has since worked with HM Treasury, the FSA and European regulatory bodies to comment on and respond to regulatory proposals. This has included the Amendment to the Regulated Activities Order, the drafting of the Electronic Money Sourcebook (ELM), application of money-laundering legislation to e-money issuers, and the EMA has also drafted Money Laundering Guidance Notes for industry.
Members have benefited from participating in a common forum and from joint representation in dealing with third parties.
It is anticipated that the EMA will continue such activity, and extend this to other relevant services. It will maintain best practice standards, share information amongst members for the purposes of law enforcement and risk management, and provide a forum for internal and external communication.
The EMA would also like to encourage issuers in other European states to form similar forums, or to participate in the EMA as a means of representing the interests of the industry in the European Union, as well as facilitating cross-border cooperation.
