(1) An electronic money institution that has, before 13 January 2018, taken up activities -
(a) in the State in accordance with these Regulations and the European Communities (Payment Services) Regulations 2009, or
(b) in another Member State in accordance with the laws of that Member State giving effect to the Electronic Money Directive and Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 [OJ No. L 141, 5.6.2015, p. 1.],
may continue to carry out those activities in the State until 13 July 2018 without being required to seek authorisation in accordance with Regulation 8 or to comply with the other requirements of Part 2.
(2) An electronic money 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 electronic money institution complies with its requirements under Part 2 and, if not, which measures need to be taken in order to ensure compliance
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