(1) Where a payment institution has taken up activities in accordance with the Regulations of 2009 on or before 13 January 2018, the payment institution -

(a) shall be permitted to continue those activities in accordance with those Regulations, and

(b) shall not be required to seek authorisation in accordance with Regulation 7 or to comply with the other provisions of, or referred to in, Part 2,

until 13 July 2018.

(2) A payment institution to which paragraph (1) applies shall submit all relevant information to the Bank in a timely manner in order to allow the Bank to assess whether the payment institution complies with its requirements under Part 2 and, if not, which measures need to be taken in order to ensure compliance or whether a withdrawal of authorisation is appropriate.

(3) The Bank shall complete the assessment referred to in paragraph (2) by 13 July 2018.