(1) A financial institution that is included in the consolidated supervision of a parent undertaking and commenced the provision of a payment service before 25 December 2007 may continue to provide that payment service if -
(a) it notifies the Bank before 25 December 2009 that it intends to continue providing that payment service, and
(b) it includes with the notification the information required by subparagraphs (a), (d), (g) to (i), (k) and (l) of Regulation 10(1).
(2) Where the Bank is satisfied that those requirements are complied with, the Bank shall register the financial institution concerned. The Bank may exempt the financial institution from the requirement to comply with Regulation 10.