(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money by a person to whom the FCA has given a certificate under this article (provided the certificate has not been revoked).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;