(1) A person qualifies as a small electronic money institution for the purposes of these Regulations if -
(a) the total business activities of the person immediately before the time of registration do not generate average outstanding electronic money that exceeds €1 million, and
(b) the average amount of payment transactions executed by the person and any agent for which the person bears full responsibility during the previous 12 months, or the average amount of payment transactions likely to be executed by the person within the next 12 months, assessed on the projected total amount of payment transactions in its business plan, is not more than €3 million per month.
(2) The Bank may waive the application to a person of all or part of the procedure and conditions set out in Chapters 2, 3, 4 and 6, and may register the person as a small electronic money institution, if -
(a) the person satisfies the Bank that the person qualifies as a small electronic money institution,
(b) none of t
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