(1) Any financial institution (within the meaning of the Directive 2006/48/EC of the European Parliament and of the Council) which -
(a) is constituted under the law of a part of the United Kingdom and has its head office and, if it has a registered office, that office, in the United Kingdom; and
(b) before 25th December 2007 had -
(i) lawfully provided payment services in the United Kingdom; and
(ii) met the condition in Article 24(1)(e) of the Directive 2006/48/EC of the European Parliament and of the Council;
shall be deemed to have been granted authorisation by the Authority under regulation 9.
(2) An institution which is deemed to have been granted authorisation by virtue of paragraph (1) shall continue on or after 25th December 2009 to be deemed to have been granted authorisation only if it has by that date -
(a) notified the Authority of the payment services referred to in sub-paragraph (b)(i); and
(b) provided the Authority with the information specified in paragraph 1, 4