(1) If a person ("issuer") issues, or intends to issue, monetary value falling within regulation 3(b), the service provider must -

(a) notify the Authority, and

(b) include with such notification a description of the transactions for which the monetary value is intended to be used.

(2) The issuer must provide a notification under paragraph (1) -

(a) if the issuer started to issue the monetary value before 13th January 2018, on or before that date, or

(b) otherwise, before the issuer starts to issue the monetary value.

(3) The issuer must also provide to the Authority, at such times as the Authority may direct, an annual audit opinion testifying that the transactions for which the monetary value is used comply with the limits mentioned in regulation 3(b).