The European Banking Authority (EBA) published today its final Guidelines on 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 (AISP) under the revised Payment Service Directive (PSD2). These Guidelines are in support of the objective of the revised Payment Services Directive (PSD2) of contributing to an integrated payments market across the European Union, ensuring a consistent application of the legislative framework, and promoting equal conditions for competition.
The PSD2 already sets out information requirements for the application as payment institution and for the registration as account information services provider (AISP). The Guidelines specify the detailed documentation that applicants are required to submit to national competent authorities for the purpose of authorisation or registration.
The type of information requested from applicants varies depending on the type of service(s) an applicant intends to provide. The Guidelines are, therefore, 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, 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, and the identity, and evidence of the suitability of persons that hold qualifying holdings and of persons responsible for the management of the payment institution
Taking into consideration the responses received from external stakeholders, the EBA has streamlined the Guidelines compared to the version proposed during the public consultation, and further clarified the scope of the four separate sets as well as the application of proportionality for the purpose of these Guidelines.
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 require authorisation, but only registration. When registering, they will be subject to only some of the requirements under Article 5(1) of PSD2, and these are contained in the second set of Guidelines, which are specific to them.
Finally, Article 3 of Directive (EU) 2009/110 (EMD) provides that Article 5 applies to electronic money institutions (EMI) mutatis mutandis. EMI can either provide e-money services only, or payment services in addition to e-money services. These specificities have been reflected in a third set of Guidelines that are specific for these Institutions.