Paragraph 19 Exclusion of certain provisions of Payment Services Regulations 2017

(1)

The following provisions of PSR 2017 do not apply in relation to a person while the person is by virtue of paragraph 14 an authorised payment institution or a registered account information service provider—

(a)

regulation 10(1) (cancellation of authorisation);

(b)

regulation 20 (duty to notify changes);

(c)

regulation 22 and Schedule 3 (capital requirements);

(d)

in regulation 23 (safeguarding requirements), paragraphs (14) to (16);

(e)

regulation 24 (accounting and statutory audit);

(f)

in Schedule 6 (application and modification of legislation), paragraph 5 (control over payment institutions) and paragraph 6 (incoming firms: intervention by FCA).

(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 the transition period defined in paragraph 22.