03 November 2016

EBA consults on Guidelines on authorisation and registration under PSD2

The EBA launched 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 PSD2.

The Payment Service Directive (PSD2) sets out information requirements for the application as payment institution and for the registration as account information services provider (AISP). The European Banking Authority’s(EBA) draft Guidelines published 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 3 February 2017. A public hearing will take place at the EBA premises on 12 December 2016 from 14:00 to 16:00 UK time.

Press release

Consultation paper

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