Paragraph 26 Continued authorisation for limited purposesF1

United Kingdom

(1)

This paragraph applies to a person in relation to whom the F2IP completion day conditions or the transitional authorisation conditions are satisfied.

(2)

The “IP completion day conditions”, in relation to a person, are—

(a)

that immediately before IP completion day the person was providing payment services through a branch or agent in the United Kingdom in the exercise of a passport right—

(i)

as an EEA authorised payment institution, or

(ii)

as an EEA registered account information service provider,

(b)

that immediately after IP completion day the person is not (apart from under this Part of this Schedule) an authorised payment institution or a registered account information service provider, and

(c)

that immediately after IP completion day the person has outstanding obligations under contracts which the person entered into as an EEA authorised payment institution or an EEA registered account information service provider exercising passport rights.

(3)

The “transitional authorisation conditions”, in relation to a person, are—

(a)

that on IP completion day the person became authorised to provide payment services in the United Kingdom by virtue of paragraph 14,

(b)

that the person has provided any such services in the United Kingdom either—

(i)

before IP completion day, in the exercise of a passport right as an EEA authorised payment institution or an EEA registered account information service provider, or

(ii)

on or after IP completion day, in accordance with paragraph 14, and

(c)

that immediately after the end of that period the person has outstanding obligations under contracts which the person entered into through branch or agent in the United Kingdom as an EEA authorised payment institution or an EEA registered account information service provider exercising passport rights.

(4)

During the extension period defined in paragraph 31—

(a)

a person to whom this paragraph applies is to be taken—

(i)

in the case of a person who was an EEA authorised payment institution, to be an authorised payment institution whose authorisation under regulation 6 of PSR 2017 relates to the permitted services specified in paragraph 29, or

(ii)

in the case of a person who was an EEA registered account information service provider, to be a registered account information service provider whose registration under regulation 18 of PSR 2017 relates to the permitted services specified in paragraph 29;

(b)

accordingly, references in PSR 2017 to an authorised payment institution or a registered account information service provider are to be read as including a person who is taken by virtue of this paragraph to be an authorised payment institution or a registered account information service provider (as the case may be).

(F3c)

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 the PSR 2017 insofar as it could be imposed by the FCA under that regulation.

(5)

Sub-paragraph (4) is subject to paragraphs 27(4), 32 and 33.

(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.

Annotations

Textual amendments

F1: Sch. 3 Pts. 3, 4 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(3)
F2: Words in Sch. 3 para. 26 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 8(2)(r)
F3: Sch. 3 para. 26(4)(c) 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(12)