(1) A person who -
(a) in accordance with the European Communities (Electronic Money) Regulations 2002 commenced before 30 April 2011 to carry on the activities of an electronic money institution in the State, and
(b) qualified for a waiver under Regulation 19 of the Regulations referred to in paragraph (a),
may continue to issue electronic money within the State and not be subject to Part 2 until 30 April 2012.
(2) If a person referred to in paragraph (1) notifies the Bank that the person intends to continue the issuance of electronic money and provide a payment service, and satisfies the Bank that it qualifies as a small electronic money institution, the Bank shall register the person as a small electronic money institution.
(3) The Bank may direct that a person referred to in paragraph (2) shall not engage in one or more of the activities which fall within Regulation 28(1).