Paragraph 6 Duties of person relying on transitional authorisation

(1)

This paragraph applies, during the transition period defined in paragraph 10, to any person in relation to whom paragraph 2 applies.

(2)

The person must notify the FCA of—

(a)

any material change affecting any matter dealt with in the information contained in or accompanying the notification for the purposes of paragraph 2(1)(c),

(b)

the cancellation or variation by the person’s home state competent authority of the person’s authorisation to issue electronic money and provide payment services in accordance with the electronic money directive,

(c)

any regulatory action taken against the person by the person’s home state competent authority,

(d)

any adverse judgments made against the person by the person’s home state competent authority in pursuance of the money laundering directive, or

(e)

the person’s intention to engage a distributor through whom electronic money is to be distributed or redeemed.

(3)

The person must when required by the FCA provide the FCA with such evidence as the FCA may reasonably require to demonstrate the person’s compliance with the law of the person’s home state implementing Article 7 of the electronic money directive (safeguarding).