The European Banking Authority (EBA) has published a final report on the EBA guidelines on the information to be provided by applicants intending to obtain authorisation as a payment institution (PI) or e-money institution (EMI), or to register as an account information service provider under the revised Payment Services Directive (PSD2).
The guidelines have been separated into four different sets:
- guidelines on the information required from applicants for authorisation as PIs for the provision of services 1-8 of Annex I to PSD2;
- guidelines on the information required from applicants for registration for the provision of only service 8 of Annex I to PSD2 (account information services);
- guidelines on the information requirements from applicants for authorisation as electronic money institutions; and
- guidelines regarding the assessment of completeness of application.
The guidelines specify the type of information that applicants are required to submit to fulfil the requirements set out in the PSD2 including those in respect of the applicant’s:
- programme of operations;
- its business plan;
- the measures taken for safeguarding payment service users’ funds;
- its internal control mechanisms for the purpose of anti-money laundering obligations;
- the applicant’s structural organisation;
- the identity of statutory auditors;
- the identity of persons holding qualifying holdings; and
- the identity of directors and persons responsible for the management of the PI and where relevant, persons responsible for the management of the PI’s payment service activities.
The final guidelines will be translated into the official languages of the European Union. Member state competent authorities will have two months from the publication date of the translations to notify the EBA of whether or not they comply or intend to comply with the guidelines, and it not, to provide reasons for non-compliance.
View EBA final guidelines on authorisation and registration under PSD2, 11 July 2017