2.1 Article 3(c) of the Exchange Business Regulation is hereby deleted and replaced with the following text:

“1. An undertaking to provide, in case the application is approved, and prior to issuing a license, an unconditional and irrevocable bank guarantee drawn in favour of the Central Bank, issued by a Bank licensed by the Central Bank or an unconditional and irrevocable deposit of unencumbered cash funds held in an account at the Central Bank in lieu thereof. The value at any point of time of either of the above, shall not be less than the higher of either:

a) one hundred (100) percent of the minimum Paid Up Capital required as specified in Article (4.2)(a) of these Regulations; or

b) five (5) percent of the full amount equal to the average monthly remittance value of the previous financial year.

2. In the case of carrying on payment of wages activity, the value of payments using WPS shall be restricted to the bank guarantee drawn in favour of the Central Bank according to the Standards for the Regulations Regarding Licensing and Monitoring of Exchange Business.”.