Transitional authorisation for EEA authorised payment institution etcU.K.
14.—(1) This paragraph applies to a person who—
(a)immediately before [F1IP completion day] is entitled to provide payment services in the United Kingdom in the exercise of a passport right,
(b)would (apart from this Part of this Schedule) cease from [F1IP completion day] to be entitled to provide those services in the United Kingdom, and
(c)has notified the FCA in accordance with paragraph 15 that the person wishes this paragraph to apply in the person's case.
(2) During the transition period defined in paragraph 22—
(a)the person is to be taken—
(i)in case of a person who is an EEA authorised payment institution immediately before [F1IP completion day], to be an authorised payment institution whose authorisation under PSR 2017 relates to the payment services mentioned in sub-paragraph (1)(a) and (b), or
(ii)in the case of a person who is an EEA registered account information service provider immediately before [F1IP completion day], to be a registered account information service provider whose registration under PSR 2017 relates to those payment services, and
(b)accordingly, references in PSR 2017 to an authorised payment institution or a registered account information service provider are to be read as including a person who is taken by virtue of this paragraph to be an authorised payment institution or a registered account information service provider (as the case may be).
(3) Sub-paragraph (2) is subject to paragraphs 19 and 20.
(4) In the following provisions of this Part of this Schedule, “transitional authorisation” means authorisation by virtue of this paragraph as an authorised payment service provider or registration by virtue of this paragraph as a registered account information service provider.
Textual Amendments
F1Words in Sch. 3 para. 14 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 8(2)(l)