Transitional Provisions for Payment Institutions Already Holding a Licence

(1) Payment institutions holding a licence under section 8 of this Act, in the version in force up to and including 12 January 2018, may continue to provide the payment services for which that licence was granted until BaFin's decision under subsection (3) or (4) becomes final, but no later than 13 July 2018. For them, this Act, in the version in force up to and including 12 January 2018, continues to apply to that extent.
(2) Where a payment institution under subsection (1) intends to continue providing payment services under its licence beyond 13 July 2018, it must notify that intention to BaFin in writing no later than two weeks after this Act enters into force. No later than four weeks after this Act enters into force, the payment institution must submit to BaFin and to the Deutsche Bundesbank the particulars and evidence under section 10(2), first sentence, nos. 6 to 10, and all particulars and evidence corresponding to section 10(5).
(3) Where, after examining the particulars and evidence submitted under subsection (2), second sentence, BaFin decides that a licence under section 10 is deemed granted, it enters the payment institution in the register under section 43 and communicates the decision to the payment institution; from that time, this Act, in the version in force from 13 January 2018, applies to the payment institution under subsection (1).
(4) Where the particulars and evidence submitted do not permit a favourable overall assessment, or the payment institution has not made a notification under subsection (2), first sentence, or has not submitted documents under subsection (2), second sentence, BaFin determines that the licence under section 10 is not deemed granted. Section 13(3) applies correspondingly.
(5) Where the payment institution within the meaning of subsection (1) is not granted a licence under subsection (3), BaFin publishes the lapse of the licence, once its decision becomes final, in the Federal Gazette and in the Payment Institution Register under section 30 of this Act, in the version in force up to and including 12 January 2018.