Section 124 — Pending applications for licences and renewals under MCRBA and pending applications for certain approvals under PSOA

(1)Any application for a renewal of a remittance licence or money‑changer’s licence that is pending, immediately before 28 January 2020, is deemed to have been withdrawn on 28 January 2020, and the Authority must refund any fee paid for that application to the applicant.

(2)Any application for any of the following licences and approvals that is pending, immediately before 28 January 2020, is deemed to have been withdrawn on 28 January 2020, and the Authority must refund any fee paid for that application to the applicant:

(a)a remittance licence or money‑changer’s licence;

(b)approval as an approved holder of a stored value facility;

(c)approval as an approved bank in respect of a stored value facility.