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PRU 3.6A.5

(1) Subject to (2), monthly payment volume for a Payment Account Provider must be calculated as the total value of Payment Transactions executed by the Authorised Person in its preceding financial year divided by twelve.
(2) Where the Authorised Person has not completed a full financial year following its authorisation, the monthly payment volume must be calculated using the value of realised Payment Transactions since its authorisation and the projections contained in its business plan for the remainder of the financial year, subject to any adjustments required by the Regulator.