Regulations 7 to 11 apply to registration as a small electronic money institution as they apply to authorisation as an authorised electronic money institution with the following modifications -

(a) references to authorisation are to be treated as references to registration;

(b) for regulation 8 substitute -

"8.

(1) The Authority may, on the application of a small electronic money institution, vary the person's registration by -

(a) imposing a requirement such as may, under regulation 7, be included in a registration;

(b) cancelling a requirement included in the registration or previously imposed under paragraph (a); or

(c) varying such a requirement,

provided that the Authority is satisfied that the conditions set out in paragraph (2) are being or are likely to be met.

(2) The conditions are -

(a) the conditions in regulation 13(6) to (10);

(b) where applicable, compliance with the requirement in regulation 19(2) to maintain own funds;

(c) the condition that the total business activities of the applicant generate average outstanding electronic money that does not exceed 5,000,000 euro; and