Taking security in relation to e-money and e-money accounts

This article first appeared in Thomson Reuters Practical Law, Oct 2023 

Key takeaways:

• security can be taken over e-money and e-money accounts
• e-money accounts cannot be blocked in the same way that traditional bank accounts can 
• it is not possible to take security over an EMIs safeguarding account/s
• it is possible to take a floating charge over the proceeds of the e-money
• it is theoretically possibly to take a fixed charge over the proceeds of the e-money, but the requirements are untested
• “traditional” security documents and notices require some tailoring