Section 26(3)

For the purposes of paragraph (2), an operational function is important if a defect or failure in its performance would materially impair— compliance by the institution with these Regulations or the Payment Services Regulations 2017 and any requirement of its authorisation under these Regulations; the financial performance of the institution; or the soundness or continuity of the institution's electronic money issuance or provision of payment services.

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Source: legislation.gov.uk · retrieved 2026-09-04