(1) A person (not being an individual nor a person to which Regulation 78 applies) that commenced before 30 April 2011, in accordance with the European Communities (Electronic Money) Regulation 2002 (S.I. No. 221 of 2002), to carry on the activities of an electronic money institution in the State may continue to issue electronic money until 30 October 2011.
(2) If a person referred to in paragraph (1) satisfies the Bank that the person complies with the requirements in Chapters 2, 3, 4 and 8 of Part 2, 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 Chapters 2, 3, 4 and 8 of Part 2.