§ 123 — Saving and transitional provisions for persons granted exemptions under MCRBA or PSOA

123.—(1) Any person that, immediately before 28 January 2020, was exempt under section 31(3) of the MCRBA from the requirement to hold a remittance licence is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(4) and (5) in respect of any business of providing any cross‑border money transfer service carried on by that person.(2) Any person that, immediately before 28 January 2020, was exempt under section 31(3) of the MCRBA from the requirement to hold a money‑changer’s licence is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(3), (4) and (5) in respect of any business of providing any money‑changing service carried on by that person.

(3) Any person that, immediately before 28 January 2020, was exempt under section 53(2) of the PSOA from section 33(1) of the PSOA is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(4) and (5) in respect of any business of providing any e‑money issuance service carried on by that person.

(4) Any person that, immediately before 28 January 2020, was exempt under section 53(2) of the PSOA from section 31 of the PSOA is deemed, on 28 January 2020, to be exempt under section 100(4) from section 9 in respect of any advertisement, offer or invitation mentioned in section 9 relating to the provision by that person of an e‑money issuance service, an account issuance service, or both of those services.

(5) Every condition or restriction imposed under the MCRBA or the PSOA to which a person mentioned in subsection (1), (2), (3) or (4) is subject, immediately before 28 January 2020 —(a)

as a person exempt under section 31(3) of the MCRBA from the requirement to hold a remittance licence or a money‑changer’s licence; or

(b)

as a person exempt under section 53(2) of the PSOA from section 31 or 33(1) of the PSOA,

is deemed, on 28 January 2020, to be a condition or restriction to which that person is subject as a person exempt under section 100(4).

—(1) Any person that, immediately before 28 January 2020, was exempt under section 31(3) of the MCRBA from the requirement to hold a remittance licence is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(4) and (5) in respect of any business of providing any cross‑border money transfer service carried on by that person.

(2) Any person that, immediately before 28 January 2020, was exempt under section 31(3) of the MCRBA from the requirement to hold a money‑changer’s licence is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(3), (4) and (5) in respect of any business of providing any money‑changing service carried on by that person.

(3) Any person that, immediately before 28 January 2020, was exempt under section 53(2) of the PSOA from section 33(1) of the PSOA is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(4) and (5) in respect of any business of providing any e‑money issuance service carried on by that person.

(4) Any person that, immediately before 28 January 2020, was exempt under section 53(2) of the PSOA from section 31 of the PSOA is deemed, on 28 January 2020, to be exempt under section 100(4) from section 9 in respect of any advertisement, offer or invitation mentioned in section 9 relating to the provision by that person of an e‑money issuance service, an account issuance service, or both of those services.

(5) Every condition or restriction imposed under the MCRBA or the PSOA to which a person mentioned in subsection (1), (2), (3) or (4) is subject, immediately before 28 January 2020 —(a)

as a person exempt under section 31(3) of the MCRBA from the requirement to hold a remittance licence or a money‑changer’s licence; or

(b)

as a person exempt under section 53(2) of the PSOA from section 31 or 33(1) of the PSOA,

is deemed, on 28 January 2020, to be a condition or restriction to which that person is subject as a person exempt under section 100(4).