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15. Regulations 7 to 11 apply to registration as a small electronic money institution as they apply to authorisation as an authorised electronic money institution with the following modifications—
(a)references to authorisation are to be treated as references to registration;
(b)for regulation 8 substitute—
“8.—(1) The Authority may, on the application of a small electronic money institution, vary the person's registration by—
(a)imposing a requirement such as may, under regulation 7, be included in a registration;
(b)cancelling a requirement included in the registration or previously imposed under paragraph (a); or
(c)varying such a requirement,
provided that [F1the Authority is satisfied that] the conditions set out in paragraph (2) [F2are being or are likely to be met].
(2) The conditions F3... are—
(a)the conditions in regulation 13(6) to (10);
(b)where applicable, compliance with the requirement in regulation 19(2) to maintain own funds;
(c)the condition that the total business activities of the applicant generate average outstanding electronic money that does not exceed 5,000,000 euro; and
(d)the condition that the monthly average over any period of 12 months of the total amount of relevant payment transactions does not exceed 3,000,000 euro.
(3) In paragraph (2)(d) “relevant payment transactions” has the same meaning as in regulation 13.”;
(c)in regulation 10 for paragraph (1)(e) substitute—
“(e)the person no longer complies with, or is unlikely to continue to comply with, any of the conditions mentioned in regulation 8(2)(a), (b), (c) and (d) [F4, or does not inform the Authority of a major change in circumstances which is relevant to its meeting those conditions, as required by regulation 37];”; and
(d)in regulation 11 for paragraph (1)(a) substitute—
“(a)the person no longer complies with, or is unlikely to continue to comply with, any of the conditions mentioned in regulation 8(2)(a), (b), (c) and (d);”.
Textual Amendments
F1Words in reg. 15(b) inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(11)(a)(i)(aa) (with reg. 3)
F2Words in reg. 15(b) substituted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(11)(a)(i)(bb) (with reg. 3)
F3Words in reg. 15(b) omitted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by virtue of The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(11)(a)(ii) (with reg. 3)
F4Words in reg. 15(c) inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(11)(b) (with reg. 3)