The European Banking Authority (EBA) launched today a consultation on its draft Guidelines specifying the information to be provided by applicants intending to obtain authorisation as payment and electronic money institutions as well as to register as account information service providers under the revised Payment Service Directive (PSD2).These Guidelines are in support of the objective of PSD2 of strengthening an integrated payments market across the European Union, ensuring a consistent application of the legislative framework, and promoting equal conditions for competition. The consultation runs until 3 February 2017.
The PSD2 sets out information requirements for the application as payment institution and for the registration as account information services provider (AISP).The draft Guidelines published today specify the detailed information and documentation that applicants need to submit to national authorities in the authorisation or registration process, so as to comply with these requirements.
The type of information requested from applicants varies depending on the different nature of the payment service provider. The Guidelines are, therefore, structured into three separate sections, which are addressed to payment institutions, account information service providers, and electronic money institutions respectively.
The information requirements specified in the draft Guidelines include, for example, details on the applicant's programme of operations; its business plan; evidence of initial capital; the measures taken for safeguarding payment service users' funds; the applicant's governance arrangements and internal control mechanisms; the procedures in place to monitor, handle and follow up a security incident and security related customer complaints and to file, monitor, track and restrict access to sensitive payment data; and the identity, and evidence of the suitability, of persons holding qualifying holding and of persons responsible for the management of the payment institution.
Responses to this consultation can be sent to the EBA by clicking on the "send your comments" button on the website.
All contributions received will be published following the close of the consultation, unless requested otherwise. Please note that the deadline for the submission of comments is 3 February 2017 and that no attachments can be submitted.
A public hearing will take place at the EBA premises on 12 December 2016 from 14:00 to 16:00 UK time.
Legal basis and background
These Guidelines have been drafted in accordance with Article 5(5) of Directive (EU) 2015/2366 on payment services in the internal market (PSD2), which mandates the EBA to issue guidelines, on the information to be provided to the competent authorities in the application for the authorisation of payment institution.
While Article 5 refers only to the authorisation as payment institutions, some of the requirements apply also to those payment service providers that provide account information services only. These providers do not need to get authorised, but only registered. When registering, they will be subject to some of the requirements under Article 5(1) of PSD2 and, by extension, to a second set of Guidelines that are specific to them.
Finally, Article 3 of Directive (EU) 2009/110 (EMD) provides that Article 5 applies to electronic money institutions mutatis mutandi. Electronic Money Institutions can either provide e-money services only or payment services in addition to e-money services. These specificities have been reflected in a third and final set of Guidelines that are specific for these Institutions.