On 23 March 2018, the European Central Bank (ECB) published:
- guide to assessments of licence applications. The guide applies to all licence applications to become a credit institution within the meaning of the Capital Requirements Regulation, including, but not limited to, initial authorisations for credit institutions, applications from FinTech companies, authorisations in the context of mergers or acquisitions, bridge bank applications and licence extensions. In essence the guide explains the general application process and the assessment requirements regarding governance, risk management, capital etc; and
- guide to assessments of FinTech credit institution licence applications. The purpose of the guide is to enhance transparency for potential FinTech bank applicants and increase their understanding of the procedure and criteria applied by the ECB in its assessment of licence applications. The guide is technology-neutral and seeks neither to support nor to discourage the entrance of FinTech banks as market participants. This guide should be read in conjunction with the guide to assessments of licence applications.
- Both guides are not legally binding in nature and consists of a practical tool to support applicants and entities involved in the authorisation process.
