Regulations 7 to 12 apply to registration as a small payment institution as they apply to authorisation as a payment institution as if -
(a) references to authorisation were references to registration;
(b) in regulation 7 (imposition of requirements), paragraph (4) were omitted;
(c) in regulation 8 (variation at request of authorised payment institution) -
(i) for "an authorised payment institution" there were substituted "small payment institution"; and
(ii) for "provided that" to the end there were substituted -
"provided that the FCA is satisfied that the conditions set out in regulation 14(4) to (11) are being or are likely to be met and that the monthly average over any period of 12 months of the total amount of payment transactions executed by the institution, including any of its agents in the United Kingdom, continues not to exceed 3 million euros ("the financial limit").";
(d) in regulation 10(1) (cancellation of authorisation) for sub-paragraph (e) there were substituted -
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