(1) The Bank shall not authorise an applicant as an electronic money institution unless the applicant holds own funds of at least -
(a) the higher of -
(i) the amount required by virtue of Regulation 13 as its initial capital, and
(ii) the amount calculated -
(I) in respect of the issuance of electronic money, by Method D, and
(II) if it proposes to engage in payment services which are not related to the issuance of electronic money, by whichever of Methods A, B or C the Bank directs the institution, under Regulation 16(2), to use.
(b) if the Bank so permits under paragraph (5), the amount required by virtue of Regulation 13 as the applicant's initial capital.
(2) Method D is set out in Regulation 15.
(3) Methods, A, B and C are set out in Regulations 12, 13 and 14, respectively, of the Payment Services Regulations.
(4) On the basis of an evaluation of the risk-management processes, risk-loss database and internal control mechanisms of an electronic money institution, the Bank may requ
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