(1) A person (not being an individual nor a person to which regulation 116 or 117 applies) that commenced before 25 December 2007, in accordance with the law of the State as then in force, to carry on the activities of a payment institution in the State may continue to provide that service until 30 April 2011.
(2) If a person referred to in paragraph (1) satisfies the Bank that the person complies with the requirements in Regulations 10 and 19, the Bank shall grant authorisation to the person and shall register the person. The Bank shall notify the person before granting the authorisation.
(3) The Bank may revoke an authorisation granted under paragraph (2) as if the authorisation had been granted under Chapter 2 of Part 2.