(1) There is excluded from article 9B the issuing of electronic money by a person to whom the FCA has given a certificate under this article (provided the certificate has not been revoked).
(2) An application for a certificate may be made by -
(a) a body corporate, or
(b) a partnership,
(other than a credit institution) which has its head office in the United Kingdom.
(3) The FCA must, on the application of such a person ("A"), give A a certificate if it appears to the FCA that paragraph (4), (5) or (6) applies.
(4) This paragraph applies if -
(a) A does not issue electronic money except on terms that the electronic device on which the monetary value is stored is subject to a maximum storage amount of not more than 150 euro; and
(b) A’s total liabilities with respect to the issuing of electronic money do not (or will not) usually exceed 5 million euro and do not (or will not) ever exceed 6 million euro.
(5) This paragraph applies if -
(a) the condition in paragraph (4)(a) is met;
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