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Exemption for persons providing e‑money issuance services

Payment Services (Exemption for Specified Period) Regulations 2019

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—(1) A person (other than a person mentioned in section 122(3), (5), (6) or (7) or 123(3) of the Act) who, immediately before 28 January 2020, carries on a business of providing an e‑money issuance service is exempt from sections 5(1) and 6(4) and (5) of the Act in respect of that business until the expiry of the 12‑month period immediately after that date, if —(a)the relevant money that is received by the person from, or on account of, all the person’s customers in respect of the person’s business of providing the e‑money issuance service at any time does not exceed $30 million, or its equivalent in a foreign currency; and(b)the person has, within 30 days after 28 January 2020, notified the Authority in the form and manner specified on the Authority’s Internet website, of the date on which the person had commenced the business of providing the e‑money issuance service.(2) If, within the 12‑month period immediately after 28 January 2020, a person mentioned in paragraph (1) —(a)applies for a licence under section 6(1) of the Act to carry on the business of providing the e‑money issuance service; or(b)being a person who is deemed to have been granted a major payment institution licence under section 122(1) or (4) of the Act or a money‑changing licence under section 122(2) of the Act, applies to vary its licence under section 7(1)(a) of the Act to be entitled to carry on the business of providing the e‑money issuance service,the person’s exemption under paragraph (1) ceases on the date on which the application is approved or refused by the Authority, or if the application is withdrawn before that date, the date on which the application is withdrawn.(3) In this regulation, “relevant money” has the meaning given by section 23(14) of the Act, except —(a)any reference to a major payment institution is read as a reference to the person; and(b) any reference to section 23(2) or (4) of the Act is omitted.

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