(1) This regulation applies in respect of payment instruments which, under the framework contract governing their use -

(a) can be used only to execute individual payment transactions of 30 euros or less, or in relation to payment transactions executed wholly within the United Kingdom, 60 euros or less;

(b) have a spending limit of 150 euros or, where payment transactions must be executed wholly within the United Kingdom, 300 euros; or

(c) store funds that do not exceed 500 euros at any time.

(2) Where this regulation applies -

(a) regulations 48 and 52 do not apply and the payment service provider is only required to provide the payer with information about the main characteristics of the payment service, including -

(i) the way in which the payment instrument can be used;

(ii) the liability of the payer, as set out in regulation 77 (payer or payee's liability for unauthorised payment transactions);

(iii) charges levied;