Regulation 3A Notification of use of limited network exclusionF1

(1)

If, in any period of 12 months, the total value of payment transactions made with monetary value falling within regulation 3(a)(i) to (iii) issued by a person (“issuer”) exceeds 1 million euros, the issuer must notify the Authority.

(2)

The period of 12 months referred to in paragraph (1) does not include any period in respect of which a notification has already been made under paragraph (1).

(3)

A notification under paragraph (1) must—

(a)

include a description of the transactions made; and

(b)

specify the exclusion by virtue of which the monetary value is not electronic money.

(4)

Notifications and information provided to the Authority under this regulation must be given—

(a)

within such time as the Authority may direct after the end of the period of 12 months referred to in paragraph (1); and

(b)

in such form or verified in such manner as the Authority may direct,

and different directions may be given in relation to different notifications or information or categories of notification or information.

(5)

When the Authority receives a notification under this regulation, the Authority must assess whether the notified monetary value falls within regulation 3(a)(i) to (iii).

(6)

If the Authority considers that any part of the notified monetary value does not fall within regulation 3(a)(i) to (iii)—

(a)

the Authority must notify the issuer, and

(b)

the issuer may refer the matter to the Upper Tribunal.

Annotations

Textual amendments

F1: Regs. 3A, 3B inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(4) (with reg. 3)