The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, Paragraph 19 is up to date with all changes known to be in force on or before 23 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
19.—(1) The following provisions of PSR 2017 do not apply in relation to a person while the person is by virtue of paragraph 14 an authorised payment institution or a registered account information service provider—
(a)regulation 10(1) (cancellation of authorisation);
(b)regulation 20 (duty to notify changes);
(c)regulation 22 and Schedule 3 (capital requirements);
(d)[F1except where the person is subject to insolvency proceedings (as defined in regulation 23 of the PSR 2017) in the United Kingdom,] in regulation 23 (safeguarding requirements), paragraphs (14) to (16);
(e)regulation 24 (accounting and statutory audit);
(f)in Schedule 6 (application and modification of legislation), paragraph 5 (control over payment institutions) and paragraph 6 (incoming firms: intervention by FCA).
(2) Regulation 6 (conditions for authorisation) does not apply in relation to a person by virtue of the person's transitional authorisation, but applies in relation to [F2any application for registration made by a person to whom paragraph 14(2)(a)(ii) applies] during the transition period defined in paragraph 22.
Textual Amendments
F1Words in Sch. 3 para. 19(1)(d) inserted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 7(11)(a)
F2Words in Sch. 3 para. 19(2) substituted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 7(11)(b)
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