Transitional Provisions for E-Money Institutions Already Holding a Licence

(1) E-money institutions may, within the scope of the licence granted to them under section 8a of this Act, in the version in force up to and including 12 January 2018, continue to carry on the e-money business until BaFin's decision under subsection (3) or (4) becomes final, but no later than 13 July 2018, and may continue during that time also to provide payment services. For them, this Act, in the version in force up to and including 12 January 2018, continues to apply to that extent.
(2) Where an e-money institution under subsection (1) intends to continue providing services under its e-money 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 e-money institution must submit to BaFin and to the Deutsche Bundesbank the particulars and evidence under section 11(2), first sentence in conjunction with section 10(2), first sentence, nos. 6 to 10, and all particulars and evidence corresponding to section 11(4).
(3) Where, after examining the particulars and evidence submitted under subsection (2), second sentence, BaFin decides that a licence under section 11 is deemed granted, it enters the e-money institution in the register under section 44 and communicates the decision to the e-money institution; from that time, this Act, in the version in force from 13 January 2018, applies to the e-money institution under subsection (1).
(4) Where the particulars and evidence submitted do not permit a favourable overall assessment, or the e-money 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 11 is not deemed granted. Section 13(3) applies correspondingly.
(5) Where the e-money 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 E-Money Institution Register under section 30a of this Act, in the version in force up to and including 12 January 2018.