38.—(1) If a person (“service provider”) provides services of the type falling within paragraph 2(k)(i) to (iii) of Schedule 1 (limited network exclusion) and the total value of the payment transactions executed through such services provided by the service provider in any period of 12 months exceeds 1 million euros, the service provider must notify the FCA.
(2) The period of 12 months referred to in paragraph (1) does not include any period in respect of which a notification has already been made under paragraph (1).
(3) A notification under paragraph (1) must—
(a)include a description of the services offered; and
(b)specify the exclusion by virtue of which the services are not payment services.
(4) Notifications and information provided to the FCA under this regulation must be given—
(a)within such time as the FCA may direct after the end of the period of 12 months referred to in paragraph (1); and
(b)in such form or verified in such manner as the FCA may direct,
and different directions may be given in relation to different notifications or information or categories of notification or information.
(5) When the FCA receives a notification under this regulation, the FCA must assess whether the notified services fall within paragraph 2(k)(i) to (iii) of Schedule 1.
(6) If the FCA considers that any part of the notified services does not fall within paragraph 2(k)(i) to (iii) of Schedule 1—
(a)the FCA must notify the service provider, and
(b)the service provider may refer the matter to the Upper Tribunal.
39.—(1) If a person (“service provider”) provides, or intends to provide, a service for payment transactions falling within paragraph 2(l) of Schedule 1 (electronic communications exclusion), the service provider must—
(a)notify the FCA, and
(b)include with such notification a description of the service.
(2) The service provider must provide a notification under paragraph (1)—
(a)if the service provider starts to provide the service before 13th January 2018, on or before that date, or
(b)otherwise, before the service provider starts to provide the service.
(3) The service provider must also provide to the FCA, at such times as the FCA may direct, an annual audit opinion testifying that the transactions for which the service is provided comply with the limits mentioned in paragraph 2(l) of Schedule 1.
(4) Information provided to the FCA under this regulation must be in such form or verified in such manner as the FCA may direct.
(5) Different directions may be given under paragraph (3) and (4) in relation to different service providers or different categories of service provider.