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7.—(1) The following provisions of EMR 2011 do not apply in relation to a person while the person is an authorised electronic money institution by virtue of paragraph 2—
(a)regulation 10(1) (cancellation of authorisation);
(b)regulation 17 (duty to notify changes);
(c)regulation 19 (capital requirements);
(d)in regulation 24 (insolvency events), paragraphs (1), (2), (4) and (5);
(e)regulation 25 (accounting and statutory audit);
(f)in Schedule 3 (application and modification of legislation), paragraph 4 (control over electronic money institutions).
(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 any application for authorisation made by the person during transition period defined in paragraph 10.
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