July 11, 2017

EBA published the final guidelines on the information that applicants must provide when they intend to obtain authorization as payment and electronic money institutions and to register as account information service providers (AISP). These guidelines have been drafted in accordance with Article 5(5) of Directive (EU) 2015/2366 on the revised Payment Service Directive (PSD2) and are intended to contribute to an integrated payments market across EU.

PSD2 already sets out information requirements for the application as payment institution and for the registration as AISP. The final guidelines specify the detailed documentation that applicants are required to submit to national competent authorities for authorization or registration. The type of information requested from applicants varies depending on the type of service(s) an applicant intends to provide. Therefore, the guidelines are structured into four separate sets, each of which is addressed to payment institutions, account information service providers, electronic money institutions, and competent authorities respectively. The information requirements specified in the final guidelines include:

Details on the applicant's program of operations and its business plan

Evidence of initial capital

Measures taken for safeguarding payment service users' funds

The applicant's governance arrangements and internal control mechanisms

Identity and evidence of the suitability of persons that hold qualifying holdings and of persons responsible for management of the payment institution

 

EBA had published a consultation on these guidelines in November 2016. EBA reviewed the 23 responses it received and identified several issues and requests for clarification by respondents, such as the level of detail of the guidelines, the proportionality of guidelines, and the transitional provisions. EBA agrees with some responses and, consequently, made a number of changes to the draft guidelines. The competent authorities will have two months from the publication date of the translations of these guidelines (into the official languages of EU) to notify EBA of whether or not they comply or intend to comply with the guidelines, and, if not, to provide reasons for non-compliance. PSD2 entered into force in the EU on January 13, 2016 and the rules apply from January 13, 2018.

 

Related Links

Final Guidelines (PDF)

PSD2 Details

Keywords: Europe, EBA, PSD2, Banking, Guidelines