On 3 November 2016, the European Banking Authority (EBA) launched a public consultation on its draft Guidelines specifying the information to be provided by applicants seeking authorisation as payment institutions and electronic money institutions, as well as by account information service providers seeking registration under the revised Payment Services Directive (PSD2).
The draft Guidelines detail the information and documentation to be submitted to national competent authorities. This includes the applicant’s programme of operations and business plan, evidence of initial capital, safeguarding arrangements, governance and internal controls, procedures for handling security incidents and customer complaints, measures protecting sensitive payment data, and information concerning qualifying shareholders and the suitability of management.
The Guidelines contain separate sections for payment institutions, account information service providers and electronic money institutions, reflecting the differences between the three types of applicant. The consultation closes on 3 February 2017; the EBA held a public hearing on 12 December 2016.
Further information is available on the EBA website.