Section 15

Regulations 7 to 12 apply to registration as a small payment institution as they apply to authorisation as a payment institution as if— references to authorisation were references to registration; in regulation 7 (imposition of requirements), paragraph (4) were omitted; in regulation 8 (variation at request of authorised payment institution)— for “an authorised payment institution” there were substituted “ small payment institution ”; and for “provided that” to the end there were substituted— provided that the FCA is satisfied that the conditions set out in regulation 14(4) to (11) are being or are likely 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 euros (“the financial limit”). in regulation 10(1) (cancellation of authorisation) for sub-paragraph (e) there were substituted— the person does not meet, or is unlikely to meet, any of the conditions set out in regulation 14(4) to (11) (conditions for registration as small payment institution) or the financial limit referred to in regulation 8 or does not inform the FCA of a major change in circumstances which is relevant to its meeting those conditions or that requirement, as required by regulation 37 (duty to notify change in circumstance); in regulation 12(1) (variation of authorisation on FCA's own initiative) for sub-paragraph (a) there were substituted— the person does not meet, or is unlikely to meet, any of the conditions set out in regulation 14(4) to (11) or the financial limit referred to in regulation 8;

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