SCHEDULE 3Transitional Provisions
PART 2Transitional provisions relating to Payment Services Regulations 2017
Transition period22
1
The transition period in relation to a person is a period beginning with exit day and ending with a day determined under this paragraph, or with any earlier day on which the cancellation under paragraph 20 of the person’s transitional authorisation takes effect.
2
In a case where a person has applied under regulation 5 of PSR 2017, on or after the date on which this regulation comes into force, for authorisation as a payment institution and has not withdrawn the application—
a
if the application is granted, the person’s transition period ends with the day before the day stated in accordance with regulation 9(6) of PSR 2017 as that on which the authorisation takes effect, and
b
if the application is refused, the decision notice under regulation 9(8) of PSR 2017 must state the date on which the person’s transition period is to end.
3
In a case where a person has applied under regulation 17 of PSR 2017, on or after the date on which this regulation comes into force, for registration as an account information service provider and has not withdrawn the application—
a
if the application is granted, the person’s transition period ends with the day before the day stated in accordance with regulation 9(6) of PSR 2017 (as applied by regulation 15 of those Regulations) as that on which the authorisation takes effect, and
b
if the application is refused, the decision notice under regulation 9(8) of PSR 2017 (as so applied) must state the date on which the person’s transition period is to end.
4
In any other case, the person’s transition period ends at the end of the 3 years beginning with the day on which exit day falls.
5
The person may give notice to the FCA specifying a date (earlier than that determined under sub-paragraphs (2) to (4)) on which the person will cease to engage in new business covered by the person’s transitional authorisation.
6
The FCA may by notice to the person require the person to specify a date under sub-paragraph (5) before the end of a period specified in the notice, and if the person does not do so the FCA may itself specify a date on which the person’s transitional authorisation will cease to cover new business.