§ 7 — Variation or change of licence

7.—(1) A licensee may apply to the Authority, in the form and manner prescribed, for any of the following things:(a)

a variation of the licensee’s standard payment institution licence or major payment institution licence by changing the types of payment services that the licence entitles the licensee to carry on a business of providing;

(b)

a change of the licensee’s money‑changing licence to a standard payment institution licence or a major payment institution licence;

(c)

a change of the licensee’s standard payment institution licence to a money‑changing licence or a major payment institution licence;

(d)

a change of the licensee’s major payment institution licence to a money‑changing licence or a standard payment institution licence.

(2) The Authority may require an applicant to provide the Authority with such information or documents in relation to the application as the Authority considers necessary.

(3) An application under subsection (1) must be accompanied by a non‑refundable application fee of the prescribed amount that is payable in such manner as the Authority may specify by written notice.

(4) The Authority may approve an application under subsection (1) subject to such conditions or restrictions as the Authority thinks fit, or may refuse the application.

(5) The Authority must not refuse an application under subsection (1) without giving the applicant an opportunity to be heard.

—(1) A licensee may apply to the Authority, in the form and manner prescribed, for any of the following things:(a)

a variation of the licensee’s standard payment institution licence or major payment institution licence by changing the types of payment services that the licence entitles the licensee to carry on a business of providing;

(b)

a change of the licensee’s money‑changing licence to a standard payment institution licence or a major payment institution licence;

(c)

a change of the licensee’s standard payment institution licence to a money‑changing licence or a major payment institution licence;

(d)

a change of the licensee’s major payment institution licence to a money‑changing licence or a standard payment institution licence.

(2) The Authority may require an applicant to provide the Authority with such information or documents in relation to the application as the Authority considers necessary.

(3) An application under subsection (1) must be accompanied by a non‑refundable application fee of the prescribed amount that is payable in such manner as the Authority may specify by written notice.

(4) The Authority may approve an application under subsection (1) subject to such conditions or restrictions as the Authority thinks fit, or may refuse the application.

(5) The Authority must not refuse an application under subsection (1) without giving the applicant an opportunity to be heard.