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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 13 August 2017 - onwards
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Regulation 11 Variation of authorisation on Authority's own initiative

(1) The Authority may vary a person's authorisation in any of the ways mentioned in regulation 8 if it appears to the Authority that -

(a) the person no longer meets, or is unlikely to continue to meet, any of the conditions set out in regulation 6(4) to (8) or the requirement in regulation 19(1) to maintain own funds, or does not inform the Authority of a major change in circumstances which is relevant to its meeting those conditions or that requirement, as required by regulation 37;

(b) the person has issued electronic money or provided a payment service other than in accordance with the authorisation granted to it;

(c) the person would constitute a threat to the stability of, or trust in, a payment system by continuing to issue electronic money or provide payment services;

(d) the variation is desirable in order to protect the interests of consumers; or

(e) the person's issuance of electronic money or provision of payment services is otherwise unlawful, including where such provisio

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