Transitional authorisation for EEA authorised electronic money institutions
2.—(1) This paragraph applies to a person who—
(a)immediately before exit day is entitled to provide electronic money issuance, redemption, distribution or payment services in the United Kingdom in the exercise of a passport right as an EEA authorised electronic money institution,
(b)would (apart from this Part of this Schedule) cease from exit day to be entitled to provide those services in the United Kingdom, and
(c)has notified the FCA in accordance with paragraph 3 that the person wishes this paragraph to apply in the person’s case.
(2) During the transition period defined in paragraph 10—
(a)the person is to be taken to be an authorised electronic money institution whose authorisation under regulation 9 of EMR 2011 relates to the services mentioned in sub-paragraph (1)(a) and (b), and
(b)accordingly, references in EMR 2011 to an authorised electronic money institution are to be read as including a person to whom this paragraph applies.
(3) Sub-paragraph (2) is subject to paragraphs 7 and 8.
(4) In the following provisions of this Part of this Schedule, “transitional authorisation” means authorisation by virtue of this paragraph as an authorised electronic money institution.