# The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, Paragraph 12I: Variation and cancellation of authorisation

Extent: E+W+S+N.I.

(1) In respect of a person to whom paragraph 12B applies, the FCA may—
(a) cancel the person’s authorisation by virtue of that paragraph as an authorised electronic money institution, or
(b) limit the permitted services to which the authorisation relates.
(2) The FCA may only exercise the power in sub-paragraph (1) where—
(a) the person’s authorisation by the person’s home state competent authority is cancelled,
(b) the person has failed to comply with the terms of the person’s authorisation by the person’s home state competent authority,
(c) the person does not issue electronic money in the United Kingdom during the 12 months beginning with IP completion day,
(d) the person ceases to engage in business activity in the United Kingdom for more than six months,
(e) the person’s notification under paragraph 12C contains false statements,
(f) the person has not taken adequate measures for the purposes of safeguarding electronic money holders’ funds in accordance with regulation 20 of EMR 2011 and the 2018 Regulations,
(g) the person would constitute a threat to the stability of, or trust in, a payment system by continuing the person’s electronic money or payment services business,
(h) the cancellation is desirable in order to protect the interests of electronic money holders or payment service users, ...
(i) the person’s provision of payment services or issuance of electronic money is otherwise unlawful, including where such provision of services in unlawful because the person’s registration in a register maintained under regulation 54 or 55 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 has been cancelled under regulation 60 of those Regulations,or
(j) the person has not submitted a notification in accordance with paragraph 12C.

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Source: https://www.legislation.gov.uk/uksi/2018/1201/schedule/3/paragraph/12I (the official version)
Page: https://openlegislation.uk/electronic-money-payment-services-and-payment-systems-amendment-and-transitional-provisions-eu-exit-regulations-2018/schedule-3/paragraph-12I
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.