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The Payment Services Regulations 2009

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Regulation 5(1)

SCHEDULE 2Information to be included in or with an application for authorisation

This schedule has no associated Explanatory Memorandum

1.  A programme of operations setting out, in particular, the type of payment services envisaged.

2.  A business plan including a forecast budget calculation for the first three financial years which demonstrates that the applicant is able to employ appropriate and proportionate systems, resources and procedures to operate soundly.

3.  Evidence that the applicant holds initial capital for the purposes of regulation 6(3).

4.  Where regulation 19 applies, a description of the measures taken for safeguarding payment service users’ funds in accordance with that regulation.

5.  A description of the applicant’s governance arrangements and internal control mechanisms, including administrative risk management and accounting procedures, which demonstrates that such arrangements, mechanisms and procedures are proportionate, appropriate, sound and adequate.

6.  A description of the internal control mechanisms which the applicant has established in order to comply with the Money Laundering Regulations 2007 and Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds(1).

7.  A description of the applicant’s structural organisation, including, where applicable, a description of the intended use of agents and branches and a description of outsourcing arrangements, and of its participation in a national or international payment system.

8.—(1) In relation to each person holding, directly or indirectly, a qualifying holding in the applicant—

(a)the size and nature of their qualifying holding; and

(b)evidence of their suitability taking into account the need to ensure the sound and prudent management of a payment institution.

9.—(1) The identity of directors and persons who are or will be responsible for the management of the applicant and, where relevant, persons who are or will be responsible for the management of the payment services activities of the applicant.

(2) Evidence that the persons described in sub-paragraph (1) are of good repute and that they possess appropriate knowledge and experience to perform payment services.

10.  The identity of the auditors of the applicant, if any.

11.—(1) The legal status of the applicant and, where the applicant is a limited company, its articles.

(2) In this paragraph “articles” has the meaning given in section 7 of the Companies Act 1985(2) (articles prescribing regulations for companies) until the coming into force of section 18 of the Companies Act 2006 (articles of association) when it will have the meaning given by that section.

12.  The address of the head office of the applicant.

13.  For the purposes of paragraphs 4, 5 and 7, a description of the audit arrangements of the applicant and of the organisational arrangements the applicant has set up with a view to taking all reasonable steps to protect the interests of its payment service users and to ensure continuity and reliability in the performance of payment services.

(1)

OJ No L 345, 8.12.2006, p.1.

(2)

1985 c.6; section 7 was amended by S.I. 2000/3373.

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