63.—(1) A person may not issue electronic money in the United Kingdom, or purport to do so, unless the person is—
(a)an authorised electronic money institution;
(b)a small electronic money institution;
(c)an EEA authorised electronic money institution exercising its passport rights;
(d)a credit institution authorised in the UK or exercising an EEA right in accordance with Part 2 of Schedule 3 to the 2000 Act (exercise of passport rights by EEA firms)(1);
(e)the Post Office Limited;
(f)the Bank of England, the European Central Bank or a national central bank of an EEA state other than the United Kingdom;
(g)a government department or local authority;
(h)a credit union;
(i)a municipal bank; or
(j)the National Savings Bank.
(2) A person who contravenes paragraph (1) is guilty of an offence and is liable—
(a)on summary conviction, to imprisonment for a term not exceeding three months or to a fine not exceeding level 5 on the standard scale, or both;
(b)on conviction on indictment, to imprisonment for a term not exceeding two years, or to a fine, or both.
Part 2 was amended by the Enterprise Act 2002, section 278(1) and Schedule 25, paragraph 40, by the Consumer Credit Act 2006, section 33(9) and by S.I. 2003/1473, 2003/2066, 2007/126 and 2007/3253.