Paragraph 2
The amount of initial capital referred to in regulations 6(3) (conditions for authorisation) and 22(1)(a) (capital requirements) is the amount specified in the second column of the table, corresponding to the payment services provided or to be provided as specified in the first column.
Where payment services in more than one row of the table are provided or to be provided, the amount of initial capital is the greater of the corresponding amounts in the second column.
| Payment services | Initial capital requirement (euros) |
|---|---|
| Services specified in paragraph 1(h) of Schedule 1 | None |
| Services specified in paragraph 1(f) of Schedule 1 (money remittance) | 20,000 |
| Services specified in paragraph 1(g) of Schedule 1 (payment initiation services) | 50,000 |
| Services specified in paragraph 1(a) to (e) of Schedule 1 | 125,000 |
Notes on the whole SI
Textual amendments
- F1
Regulations revoked (14.12.2023 for the revocation of reg. 158) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xix)
Notes on Schedule 3
Modifications
- C1
Sch. 3 excluded (20.11.2018) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(2), Sch. 3 para. 19(1)(c) (with reg. 4)