[Extension periodU.K.
This section has no associated Explanatory Memorandum
12G.—(1) The extension period in relation to a person begins—
(a)where the exit day conditions are met, with the day on which exit day falls, and
(b)where the transitional authorisation conditions are met, with the end of the transition period defined by paragraph 10.
(2) The extension period in relation to a person ends with the earliest of the following—
(a)the day before the date stated in accordance with regulation 9(5) of EMR 2011 as that on which the person’s authorisation as an electronic money institution (otherwise than by virtue of this Schedule) takes effect;
(b)the day on which the transfer to another person of the person’s business of providing electronic money issuance, redemption, distribution or payment services in the United Kingdom takes effect;
(c)in a case where the person has notified the FCA under paragraph 12C(1), the day determined by the FCA under paragraph 12F(2);
(d)in a case where the person has not notified the FCA under paragraph 12C(1), the time when all the person’s obligations under relevant contracts have been discharged [and the person has redeemed electronic money issued through a branch or an agent in the United Kingdom];
(e)the day on which any cancellation under paragraph 12J takes effect;
(f)the day the person ceases to be authorised by its home state competent authority;
(g)the end of the period of 5 years beginning with the day on which the extension period began.
[(3) “Relevant contract”, in relation to a person to whom paragraph 12B applies, means a contract—
(a)which—
(i)is a pre-existing contract; or
(ii)was entered into in accordance with a wind-down plan approved by the FCA under paragraph 12E(4); and
(b)under which the person is obliged to issue electronic money or payment services.]]