[Extension periodU.K.
This section has no associated Explanatory Memorandum
31.—(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 22.
(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(6) of PSR 2017 (or that provision as applied by regulation 15 of those Regulations) as the date on which the person’s authorisation as a payment institution or registration as an account information service provider (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 payment services in the United Kingdom takes effect;
(c)in a case where the person has notified the FCA under paragraph 27(1), the day determined by the FCA under paragraph 29(2);
(d)in a case where the person has not notified the FCA under paragraph 27(1), the time when all the person’s obligations under relevant contracts have been discharged;
(e)the day on which any cancellation under paragraph 33 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 26 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 29(4); and
(b)under which the person is obliged to issue electronic money or provide payment services.]]