Payment Services Regulations 2017 · PART 3 Authorised Payment Institutions

22 Capital requirements

reg. 22 · in force: yes

Captured statutory text (L5)

22 Capital requirements

(1)An authorised payment institution must maintain at all times own funds equal to or in excess of the greater of—

(a)the amount of initial capital specified in Part 1 of Schedule 3 (capital requirements), or

(b)in the case of an authorised payment institution which does not fall within paragraph (2), the amount of own funds calculated in accordance with Part 2 of Schedule 3.

(2)An authorised payment institution falls within this paragraph if—

(a)it does not offer payment services specified in paragraph 1(a) to (f) of Schedule 1 (payment services other than payment initiation services or account information services); or

(b)

(i)it is included in the consolidated supervision of a parent credit institution in accordance with the capital requirements regulation and CRR rules (as defined in section 144A of the 2000 Act); and

(ii)all of the conditions specified in Article 7(1) of the capital requirements regulation are met in respect of it.

(3)The own funds maintained must meet the following requirements—

(a)the amount of Tier 2 capital must be equal to or less than one third of the amount of Tier 1 capital;

(b)at least 75% of the amount of Tier 1 capital must be in the form of Common Equity Tier 1 capital.

(4)An authorised payment institution must not include in its own funds calculation any item—

(a)used in an equivalent calculation by an authorised payment institution, credit institution, investment firm, asset management company or insurance undertaking in the same group; or

(b)in the case of an authorised payment institution which carries out activities other than providing payment services, is used in carrying out those activities.

Full captured verbatim text

(1) An authorised payment institution must maintain at all times own funds equal to or in excess of the greater of—

(a) the amount of initial capital specified in Part 1 of Schedule 3 (capital requirements), or

(b) in the case of an authorised payment institution which does not fall within paragraph (2), the amount of own funds calculated in accordance with Part 2 of Schedule 3.

(2) An authorised payment institution falls within this paragraph if—

(a) it does not offer payment services specified in paragraph 1(a) to (f) of Schedule 1 (payment services other than payment initiation services or account information services); or

(b) (i) it is included in the consolidated supervision of a parent credit institution in accordance with the capital requirements regulation and CRR rules (as defined in section 144A of the 2000 Act); and

(ii) all of the conditions specified in Article 7(1) of the capital requirements regulation are met in respect of it.

(3) The own funds maintained must meet the following requirements—

(a) the amount of Tier 2 capital must be equal to or less than one third of the amount of Tier 1 capital;

(b) at least 75% of the amount of Tier 1 capital must be in the form of Common Equity Tier 1 capital.

(4) An authorised payment institution must not include in its own funds calculation any item—

(a) used in an equivalent calculation by an authorised payment institution, credit institution, investment firm, asset management company or insurance undertaking in the same group; or

(b) in the case of an authorised payment institution which carries out activities other than providing payment services, is used in carrying out those activities.

What this provision means

Model summary, checked against the text on the left.

L3 unavailable.

No verified summary for this provision yet; read the text itself.

Refers to

other law external_cite · s. 144A

schedule ref schedule_ref · Sch. 1 para. 1

schedule ref schedule_ref · Sch. 1 para. 2

schedule ref schedule_ref · Sch. 1 para. 3

schedule ref schedule_ref · Sch. 1 para. 4

schedule ref schedule_ref · Sch. 3 para. 1

schedule ref schedule_ref · Sch. 3 para. 10

schedule ref schedule_ref · Sch. 3 para. 11

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schedule ref schedule_ref · Sch. 3 para. 7

schedule ref schedule_ref · Sch. 3 para. 8

schedule ref schedule_ref · Sch. 3 para. 9

Referred to by

cross-reference internal_cite · reg. 24

cross-reference internal_cite · reg. 37

cross-reference internal_cite · reg. 8

cross-reference internal_cite · Sch. 3 para. 2

cross-reference internal_cite · Sch. 3 para. 3

cross-reference internal_cite · Sch. 8 para. 5 Part 1

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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 3 Authorised Payment Institutions
Version: 78e446ee17a6c3ad12284e9e…
Content hash: sha256 2e0dffe57d01522a24b11230…
Source: legislation.gov.uk/uksi/2017/752