(1) Where a service provider -

(a) provides services of a type referred to in either or both of subparagraphs (i) and (ii) of paragraph (k) of Regulation 4, and

(b) the total value of payment transactions executed in providing those services over the preceding 12 months exceeds €1,000,000,

the service provider shall send a notification to the Bank.

(2) A notification under paragraph (1) shall -

(a) contain a description of the services provided by the service provider,

(b) specify which of the conditions referred to in subparagraphs (i) and (ii) of paragraph (k) of Regulation 4 is considered by the service provider to be satisfied,

(c) be sent within such period of time, as the Bank may direct, after the end of the period of 12 months referred to in paragraph (1), and

(d) be in such form or verified in such manner as the Bank may direct.