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The Payment Services Regulations 2009

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14.  Regulations 7 to 11 apply to registration as a small payment institution as they apply to authorisation as a payment institution with the following modifications—

(a)references to authorisation are to be treated as references to registration;

(b)omit regulation 7(4);

(c)in regulation 8 for “an authorised payment institution” substitute “small payment institution” and for “provided that” to the end substitute—

provided that the conditions set out in regulation 13(4) to (6) will continue to be met and that the monthly average over any period of 12 months of the total amount of payment transactions executed by the institution, including any of its agents in the United Kingdom, continues not to exceed 3 million euro (“the financial limit”).;

(d)in regulation 10 for paragraph (1)(e) substitute—

(e)the person no longer meets, or is unlikely to continue to meet, any of the conditions set out in regulation 13(4) to (6) or the financial limit referred to in regulation 8;; and

(e)in regulation 11 for paragraph (1)(a) substitute—

(a)the person no longer meets, or is unlikely to continue to meet, any of the conditions set out in regulation 13(4) to (6) or the financial limit referred to in regulation 8;.

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