Under the Payment Services Regulations 2017 (PSRs 2017) and Electronic Money Regulations 2011 (EMRs), a person providing services or issuing monetary value falling within the limited network exclusion (LNE) (a ‘service provider’) must notify us if the total value of the payment transactions executed through such services or made with the monetary value issued in any period of 12 months exceeds €1 million.
This exclusion applies to providers of limited network payment instruments, such as some shopping centre gift cards. Please ask us for details or check out our Compliance Report on “Authorisation or not?“
For more information on what constitutes an excluded activity, please see PERG 3A and PERG 15.5.
Information required in the notification
If a service provider is operating, under the limited network exclusion it must provide specific information, including:
a description of each service provided in the UK that is considered to fall within the limited network exclusion
the exclusion by virtue of which the services are not payment services
Information provided in the notification will be displayed on the Financial Services Register.
When and how to notify
Service providers operating under the LNE must notify as directed. A service provider must read the direction in order to understand its notification obligations.
A notification must be submitted no later than 28 days from the date on which the conditions for notification are met.
Notifications must be made every 12 months while the conditions are fulfilled. If, at the end of the 12 month period following the last notification, the service provider determines that the conditions for notification are no longer met, (see direction) the service provider must notify us using the same notification form.
Please note that fees are payable for notifications.
The LNE notification form should be submitted through Connect. Services providers will need to register to access Connect.
If you need any help with this issue, we can assist: Please ask us for details or check out our Compliance Report on “Authorisation or not?“
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