{
  "url": "https://openlegislation.uk/electronic-money-payment-services-and-payment-systems-amendment-and-transitional-provisions-eu-exit-regulations-2018/schedule-3/paragraph-12B",
  "json_url": "https://openlegislation.uk/electronic-money-payment-services-and-payment-systems-amendment-and-transitional-provisions-eu-exit-regulations-2018/schedule-3/paragraph-12B.json",
  "legislation": "uksi/2018/1201",
  "legislation_title": "The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/electronic-money-payment-services-and-payment-systems-amendment-and-transitional-provisions-eu-exit-regulations-2018",
  "path": "schedule/3/paragraph/12B",
  "kind": "paragraph",
  "number": "12B",
  "heading": "Continued authorisation for limited purposes",
  "text": "(1) This paragraph applies to a person in relation to whom the IP completion day conditions or the transitional authorisation conditions are satisfied.\n(2) The “IP completion day conditions”, in relation to a person, are—\n(a) that immediately before IP completion day the person was providing electronic money issuance or payment services through a branch or agent in the United Kingdom in the exercise of a passport right as an EEA authorised electronic money institution,\n(b) that immediately after IP completion day the person is not (apart from under this Part of this Schedule) an authorised electronic money institution, and\n(c) that immediately after IP completion day—\n(i) the person has outstanding obligations under contracts which the person entered into through a branch or agent in the United Kingdom as an EEA authorised electronic money institution exercising passport rights, or\n(ii) any electronic money issued by the person through a branch or agent in the United Kingdom as an EEA authorised electronic money institution exercising passport rights has not been redeemed.\n(3) The “transitional authorisation conditions”, in relation to a person, are—\n(a) that on IP completion day the person became authorised to provide electronic money issuance, redemption, distribution or payment services in the United Kingdom by virtue of paragraph 2,\n(b) that the person has provided any such services in the United Kingdom either—\n(i) before IP completion day, in the exercise of a passport right as an EEA authorised electronic money institution, or\n(ii) on or after IP completion day, in accordance with paragraph 2,\n(c) that immediately after the end of the transition period defined in paragraph 10 the person is not (apart from under this Part of this Schedule) an authorised electronic money institution, and\n(d) that immediately after the end of that period—\n(i) the person has outstanding obligations under contracts which the person entered into as an EEA authorised electronic money institution exercising passport rights, or\n(ii) electronic money issued by the person as an EEA authorised electronic money institution exercising passport rights has not been redeemed.\n(4) During the extension period defined in paragraph 12G—\n(a) a person to whom this paragraph applies is to be taken to be an authorised electronic money institution whose authorisation under regulation 9 of EMR 2011 relates to the permitted services specified in paragraph 12E, ...\n(b) accordingly, references in EMR 2011 and the Payment Services Regulations 2017 to an authorised electronic money institution are to be read as including a person to whom this paragraph applies, and\n(c) a requirement imposed by a home state competent authority and which has effect immediately before IP completion day continues to have effect on and after that day as if it were imposed by the FCA under regulation 7 of EMR 2011 insofar as it could be imposed by the FCA under that regulation.\n(5) Sub-paragraph (4) is subject to paragraphs 12C(4), 12H and 12I.\n(6) In this paragraph reference to providing services at a particular time includes where the performance of a pre-existing contract requires, or may require, a service to be provided at another time.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 3 Pt. 1A inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 10(2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 3 para. 12B substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 8(2)(g)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in Sch. 3 para. 12B(4)(a) omitted (6.9.2019) by virtue of The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 7(4)(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 3 para. 12B(4)(b) inserted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 7(4)(b)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Sch. 3 para. 12B(4)(c) and preceding word inserted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 7(4)(c)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12B",
    "retrieved_at": "2026-10-28T22:52:03.951962+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}