International Exchange of Information Manual

IEIM401560 - Financial Accounts: Depository Account: Specified Electronic Money Products

From 1 January 2026, the definition of Depository Account is expanded to include an account or notional account that represents all Specified Electronic Money Products (SEMP) held for the benefit of a customer, and an account that holds one or more Central Bank Digital Currencies (see IEIM401565) for the benefit of a customer. 

SEMPs below a certain threshold are Excluded Accounts and are not reportable. For guidance on applying the threshold, see IEIM401875. 

The definition of a SEMP is any product that is: 

a) a digital representation of a single Fiat Currency; 

b) issued on receipt of funds for the purpose of making payment transactions; 

c) represented by a claim on the issuer denominated in the same Fiat Currency; 

d) accepted in payment by a natural or legal person other than the issuer; and 

e) by virtue of regulatory requirements to which the issuer is subject, redeemable at any time and at par value for the same Fiat Currency upon request of the holder of the product. 

However, a SEMP does not include a product created for the sole purpose of facilitating the transfer of funds from a customer to another person pursuant to instructions of the customer.  

A product is not created for the sole purpose of facilitating the transfer of funds if, in the ordinary course of business of the transferring Entity, either the funds connected with such product are held longer than 60 days after receipt of instructions to facilitate the transfer, or, if no instructions are received, the funds connected with such product are held longer than 60 days after receipt of the funds. 

For reporting periods prior to the calendar year 2026, a Depository Account will not include issuing e-money in exchange for funds pursuant to the Electronic Money Regulations 2011, or any funds received from customers with a view to the provision of unregulated payment products that fall within the statutory exclusions provided in the Electronic Money Regulations 2011orPayment Services Regulations 2009.