Payment Services Regulations 2017 · PART 2 Registration

14 Conditions for registration as a small payment institution

reg. 14 · in force: yes

Captured statutory text (L5)

14 Conditions for registration as a small payment institution

(1)The FCA may refuse to register an applicant as a small payment institution only if any of the conditions set out in paragraphs (2) to (11) is not met.

(2)The application must comply with the requirements of, and any requirements imposed under, regulations 13 and 20.

(3)The monthly average over the period of 12 months preceding the application of the total amount of payment transactions executed by the applicant, including any of its agents in the United Kingdom, must not exceed 3 million euros.

(4)The business to which the application relates must not include the provision of account information services or payment initiation services.

(5)None of the individuals responsible for the management or operation of the business has been convicted of—

(a)an offence under Part 7 of the Proceeds of Crime Act 2002 (money laundering) or under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;

(b)an offence under section 15 (fund-raising), 16 (use and possession), 17 (funding arrangements), 18 (money laundering) or 63 (terrorist finance: jurisdiction) of the Terrorism Act 2000 ;

(c)an offence under the 2000 Act;

(ca)an offence under any of regulations 11 to 16 of the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019;

(d)an offence under regulation 3, 4 or 6 of the Al-Qaida and Taliban (Asset-Freezing) Regulations 2010 , or regulation 10 of the ISIL (Da'esh) and Al-Qaida (Asset-Freezing) Regulations 2011 (contravention and circumvention of prohibitions) ;

(da)an offence under regulations 8 to 13, 25 or 26 of the ISIL (Da'esh) and Al-Qaida (United Nations Sanctions) (EU Exit) Regulations 2019 or regulations 11 to 16 of the Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019;

(e)an offence under section 11, 12, 13, 14, 15 or 18 of the Terrorist Asset-Freezing etc Act 2010 (offences relating to the freezing of funds etc. of designated persons) ;

(f)an offence under these Regulations or the Electronic Money Regulations 2011 ; or

(g)any other financial crimes.

(6)Where the applicant is a partnership, an unincorporated association or a body corporate, the applicant must satisfy the FCA that any persons having a qualifying holding in it are fit and proper persons having regard to the need to ensure the sound and prudent conduct of the affairs of a small payment institution.

(7)The applicant must satisfy the FCA that—

(a)where the applicant is a body corporate, the directors;

(b)the persons responsible for the management of the institution; and

(c)where relevant, the persons responsible for the management of payment services,

are of good repute and possess appropriate knowledge and experience to provide payment services.

(8)If the applicant is a body corporate which has close links with another person (“CL”) the applicant must satisfy the FCA—

(a)that those links are not likely to prevent the FCA's effective supervision of the applicant; and

(b)if it appears to the FCA that CL is subject to the laws, regulations or administrative provisions of a territory outside the United Kingdom (“the foreign provisions”), that neither the foreign provisions, nor any deficiency in their enforcement, would prevent the FCA's effective supervision of the applicant.

(9)Regulation 6(10) (conditions for authorisation: definition of close links) applies for the purposes of paragraph (8) of this regulation as it applies for the purposes of regulation 6(9).

(10)The applicant's head office, registered office or place of residence, as the case may be, must be in the United Kingdom.

(11)The applicant must comply with a requirement of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to be included in a register maintained under those Regulations where such a requirement applies to the applicant.

(12)For the purposes of paragraph (3) where the applicant has yet to commence the provision of payment services, or has been providing payment services for less than 12 months, the monthly average may be based on the projected total amount of payment transactions over a 12 month period.

(13)In paragraph (5) “financial crime” includes any offence involving fraud or dishonesty and, for this purpose, “offence” includes any act or omission which would be an offence if it had taken place in the United Kingdom.

Full captured verbatim text

(1) The FCA may refuse to register an applicant as a small payment institution only if any of the conditions set out in paragraphs (2) to (11) is not met.

(2) The application must comply with the requirements of, and any requirements imposed under, regulations 13 and 20.

(3) The monthly average over the period of 12 months preceding the application of the total amount of payment transactions executed by the applicant, including any of its agents in the United Kingdom, must not exceed 3 million euros.

(4) The business to which the application relates must not include the provision of account information services or payment initiation services.

(5) None of the individuals responsible for the management or operation of the business has been convicted of—

(a) an offence under Part 7 of the Proceeds of Crime Act 2002 (money laundering) or under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;

(b) an offence under section 15 (fund-raising), 16 (use and possession), 17 (funding arrangements), 18 (money laundering) or 63 (terrorist finance: jurisdiction) of the Terrorism Act 2000 ;

(c) an offence under the 2000 Act;

(ca) an offence under any of regulations 11 to 16 of the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019;

(d) an offence under regulation 3, 4 or 6 of the Al-Qaida and Taliban (Asset-Freezing) Regulations 2010 , or regulation 10 of the ISIL (Da'esh) and Al-Qaida (Asset-Freezing) Regulations 2011 (contravention and circumvention of prohibitions) ;

(da) an offence under regulations 8 to 13, 25 or 26 of the ISIL (Da'esh) and Al-Qaida (United Nations Sanctions) (EU Exit) Regulations 2019 or regulations 11 to 16 of the Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019;

(e) an offence under section 11, 12, 13, 14, 15 or 18 of the Terrorist Asset-Freezing etc Act 2010 (offences relating to the freezing of funds etc. of designated persons) ;

(f) an offence under these Regulations or the Electronic Money Regulations 2011 ; or

(g) any other financial crimes.

(6) Where the applicant is a partnership, an unincorporated association or a body corporate, the applicant must satisfy the FCA that any persons having a qualifying holding in it are fit and proper persons having regard to the need to ensure the sound and prudent conduct of the affairs of a small payment institution.

(7) The applicant must satisfy the FCA that—

(a) where the applicant is a body corporate, the directors;

(b) the persons responsible for the management of the institution; and

(c) where relevant, the persons responsible for the management of payment services,

are of good repute and possess appropriate knowledge and experience to provide payment services.

(8) If the applicant is a body corporate which has close links with another person (“CL”) the applicant must satisfy the FCA—

(a) that those links are not likely to prevent the FCA's effective supervision of the applicant; and

(b) if it appears to the FCA that CL is subject to the laws, regulations or administrative provisions of a territory outside the United Kingdom (“the foreign provisions”), that neither the foreign provisions, nor any deficiency in their enforcement, would prevent the FCA's effective supervision of the applicant.

(9) Regulation 6(10) (conditions for authorisation: definition of close links) applies for the purposes of paragraph (8) of this regulation as it applies for the purposes of regulation 6(9).

(10) The applicant's head office, registered office or place of residence, as the case may be, must be in the United Kingdom.

(11) The applicant must comply with a requirement of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to be included in a register maintained under those Regulations where such a requirement applies to the applicant.

(12) For the purposes of paragraph (3) where the applicant has yet to commence the provision of payment services, or has been providing payment services for less than 12 months, the monthly average may be based on the projected total amount of payment transactions over a 12 month period.

(13) In paragraph (5) “financial crime” includes any offence involving fraud or dishonesty and, for this purpose, “offence” includes any act or omission which would be an offence if it had taken place in the United Kingdom.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: ok · Stored artifact; current recipe verification unavailable

Applicants for small payment institution registration must satisfy financial transaction limits, clean criminal records, management fitness, and UK establishment.

(1) The FCA may refuse to register an applicant as a small payment institution only if any of the conditions set out in paragraphs (2) to (11) is not met.

(3) The monthly average over the period of 12 months preceding the application of the total amount of payment transactions executed by the applicant, including any of its agents in the United Kingdom, must not exceed 3 million euros.

(5) None of the individuals responsible for the management or operation of the business has been convicted of—

The FCA may refuse registration as a small payment institution only if conditions in (2) to (11) are not met. The application must comply with regulations 13 and 20. The 12-month average monthly total of payment transactions executed by applicant and agents must not exceed 3 million euros (or projected over 12 months under (12)). Business must not include account information or payment initiation services. Individuals responsible for management or operation must not have been convicted of specified financial crimes or offences under MLR 2017, Proceeds of Crime Act 2002, Terrorism Act 2000, 2000 Act, or designated sanctions regulations. Qualifying holders must be fit and proper, managers and directors of good repute and appropriate knowledge/experience, close links unhindered, UK office/residence maintained, and applicable MLR 2017 registration satisfied.

kyb.company_verificationkyb.ubo_controlscreening.pep_sanctions_adverse_media

Refers to

other law external_cite · s. 15

other law external_cite · s. 16

other law external_cite · s. 17

other law external_cite · s. 18

other law external_cite · s. 63

cross-reference internal_cite · reg. 13

cross-reference internal_cite · reg. 20

cross-reference internal_cite · reg. 6

Referred to by

cross-reference internal_cite · reg. 15

cross-reference internal_cite · reg. 16

cross-reference internal_cite · reg. 2

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synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-4

synthesis coverage: missing/unverified L2 schedule-8-part-2

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-5-part-1

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-5-part-2

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-5-part-3

synthesis coverage: missing/unverified L2 schedule-8-part-3

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-6

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-7

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-8

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-9

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-10

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-11

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-12

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-13

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-14

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-15

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-16

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-17

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-18

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-19

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-20

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-21

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-22

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-23

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-24

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-25

synthesis coverage: missing evaluation uk:uksi/2017/752#schedule-8-paragraph-26

Instrument tier unavailable

Change history as published

Regs. 26-30 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 31 (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1) · repeated 5×

Reg. 119 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 54 (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Regulations revoked (14.12.2023 for the revocation of reg. 158) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xix)

Sch. 6 para. 6 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 72(4) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Sch. 7 para. 3 omitted (31.12.2020) by virtue of The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 73(7) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1)

Pending effects amendments not yet applied to this text

reg. 14(5)(e) revoked by Sanctions and Anti-Money Laundering Act 2018 Sch. 3 para. 9 · Effective date unknown · reg. 14

Sch. 5 para. 1(13) omitted by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 reg. 196 · Effective date unknown · Sch. 5 para. 1

Regulations power to amend conferred by Financial Services Act 2021 s. 23 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:uksi/2017/752
Part: PART 2 Registration
Version: 78e446ee17a6c3ad12284e9e…
Content hash: sha256 adc7b8b88622d1d06af07a20…
Source: legislation.gov.uk/uksi/2017/752