Payment Services Act 2019 · 2020 Revised Edition · Part 10 · Saving and Transitional Provisions
122. Saving and transitional provisions for holders of licences under MCRBA and approved holders of stored value facilities under PSOA
Feedback & supportAny person that, immediately before 28 January 2020, is a holder of a remittance licence, but is not also a holder of a money‑changer’s licence or an approved holder of a stored value facility —
remittance licence
“remittance licence” has the meaning given by section 2(1) of the MCRBA;
is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing a cross‑border money transfer service; and
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service provided by that person.
Any person that, immediately before 28 January 2020, is a holder of a money‑changer’s licence but is not also a holder of a remittance licence or an approved holder of a stored value facility —
money
“money” includes e‑money but excludes any digital payment token and any excluded digital representation of value;
is deemed to have been granted, on 28 January 2020, a money‑changing licence under section 6(7); and
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any money‑changing service provided by that person.
Any person that, immediately before 28 January 2020, is an approved holder of a stored value facility, but is not also a holder of a remittance licence or a money‑changer’s licence, is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing an e‑money issuance service.
approved holder
“approved bank” and “approved holder” have the meanings given by section 2(1) of the PSOA;
Any person that, immediately before 28 January 2020, is a holder of both a remittance licence and a money‑changer’s licence —
is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing both of the following services:
a cross‑border money transfer service;
a money‑changing service; and
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service and any money‑changing service provided by that person.
Any person that, immediately before 28 January 2020, is both a holder of a remittance licence and an approved holder of a stored value facility —
stored value facility
“stored value facility” has the meaning given by section 2(1) of the PSOA.
is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing both of the following services:
a cross‑border money transfer service;
an e‑money issuance service; and
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service provided by that person.
Any person that, immediately before 28 January 2020, is both a holder of a money‑changer’s licence and an approved holder of a stored value facility —
is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing both of the following services:
a money‑changing service;
an e‑money issuance service; and
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any money‑changing service provided by that person.
Any person that, immediately before 28 January 2020, is a holder of both a remittance licence and a money‑changer’s licence and an approved holder of a stored value facility —
is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing all of the following services:
a cross‑border money transfer service;
a money‑changing service;
an e‑money issuance service; and
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service and any money‑changing service provided by that person.
Every condition or restriction imposed under the MCRBA or the PSOA to which a person mentioned in subsection (1), (2), (3), (4), (5), (6) or (7) is subject, immediately before 28 January 2020, as a holder of a remittance licence or a money‑changer’s licence or as an approved holder of a stored value facility, is deemed, on 28 January 2020, to be a condition or restriction to which that person is subject as the holder of a licence deemed to have been granted to that person under the applicable subsection.
MCRBA
“MCRBA” means the Money‑changing and Remittance Businesses Act as in force immediately before 28 January 2020;
Any individual who, immediately before 28 January 2020, is a chief executive officer, director or partner of a person mentioned in subsection (1), (2), (3), (4), (5), (6) or (7) is deemed, on 28 January 2020, to have been appointed as chief executive officer, director or partner (as the case may be) of that person with the approval of the Authority under section 34(3)(b).
chief executive officer
“chief executive officer”, in relation to a corporation, means a person (however designated) who —(a)is in the direct employment of, or acting for or by arrangement with, the corporation; and(b)is principally responsible for the management and conduct of the business of the corporation;
Any approval granted, and any condition imposed, under section 11(3) of the MCRBA that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval granted, and a condition imposed, under section 14(6).