Press ReleaseNETELLER Becomes Authorised by FSA as an E-Money IssuerNETELLER UK Limited (the Company), a subsidiary of leading money transfer service provider NETELLER plc, announces that it has received authorisation from the Financial Services Authority (FSA) to operate as a regulated e-money issuer. The Company intends to ‘passport’ this regulated status into all 25 EU member states, which is accepted practice and opens previously untapped markets for the Company. This opens the way for NETELLER to aggressively promote its activities in Europe, and to capitalize on and grow the European customer base historically serviced by its Canadian sister company. It also gives the Company an increased competitive edge over unregulated companies that operate in the EU in this sector and that are likely to come under increased scrutiny by the regulators. “Tee FSA in the UK was one of the first regulators in Europe to implement the e-Money Directive and to develop a clear interpretation of the rules and regulations that apply to e-money issuers,” said Paul Templeman, President of NETELLER UK Limited. “Becoming a regulated e-money issuer qualifies NETELLER as one of only a very small number of firms able to legitimately issue e-money in the EU. This important milestone enhances NETELLER’s competitive advantage as we pursue full-scale penetration of the European market,” explained Mr Templeman. “The e-money Directive was conceived in order to allow a level playing field for on-line payment providers to compete with the banks and to maintain the appropriate levels of protection for consumers.” The strong regulatory environment administered by the FSA was a key reason for NETELLER’s decision to base its operations in the British Isles and to float in April 2004 on the AIM exchange. Regulation by the FSA is a significant step in NETELLER’s implementation of best practices as a financial services company.
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