Interpretation

12A. The interpretative provisions in paragraph 1 apply also for the purposes of this Part of this Schedule and "PSR 2017" means the Payment Services Regulations 2017 [S.I. 2017/752.].

Continued authorisation for limited purposes

12B.

(1) This paragraph applies to a person in relation to whom the IP completion day conditions or the transitional authorisation conditions are satisfied.

(2) The " IP completion day conditions", in relation to a person, are -

(a) that immediately before IP completion day the person was providing electronic money issuance or payment services through a branch or agent in the United Kingdom in the exercise of a passport right as an EEA authorised electronic money institution,

(b) that immediately after IP completion day the person is not (apart from under this Part of this Schedule) an authorised electronic money institution, and