Amendments Processing for Electronic Money Institutions
The following list is not exhaustive and is intended to serve as a guide only and firms should refer to the requirements of the relevant legislations. If any E-Money Institution is unclear of its obligations, they should contact [email protected]. Contact details are available in the Contact Us section.
Change of Persons Holding PCFs
Any change of persons holding Pre-approval Controlled Functions (PCFs) should be notified to the Central Bank. This includes both proposed appointments and resignations of (PCFs). All proposed appointees are subject to the “Fitness & Probity” regime as outlined in the Fitness and Probity page. Please refer to the Guidance on the PSD2 Specific Requirements for applicants seeking approval for a PCF role in a E-Money Institution.
Assessment of acquisitions and disposals of qualifying holdings in Electronic Money
Changes in qualifying holdings in E-Money Institutions are subject to the prior approval of the Central Bank. Please see Notification Process for Proposed Acquisitions of Qualifying Holdings in Electronic Money Institutions.
Change of Company Name
The Central Bank must first approve any proposed change in company name before it is submitted to the Companies Registration Office.
Application for Extension of Authorisation
An application by a firm to alter/extend its authorization i.e. a request for additional regulated services as an E-Money Institution requires the prior approval of the Central Bank. Please contact [email protected].
Application for Material Change of Business Model
An application by a E-Money Institution to make material changes to its business model (which does not involve a change in regulated services) requires the prior approval of the Central Bank.
Please contact [email protected].
Application to Change Critical Outsourcing Arrangements
Where an Electronic Money Institution intends to outsource critical or important functions, or where it intends to materially alter its existing outsourcing arrangements for any critical or important function, it should complete the PI EMI Outsourcing Notification Form and send it to [email protected].
Where an Electronic Money Institution proposes outsourcing arrangements of operational functions that it has assessed as not being critical or important as per the EBA Guidelines on outsourcing arrangements, the entity is still required to notify the Central Bank of such arrangements, under Regulation 22 of the Electronic Money Regulations, 2011, as amended. This notification, should be sent by email to [email protected], and does not require the completion of the outsourcing notification form.
If an outsourcing notification also constitutes a change in business model, then both the PI EMI Outsourcing Notification Form and the EMI Change in Business Model Form, should be completed and submitted for assessment. Please note that material changes in business model should not take place without prior notification to the Central Bank.
Change of Address
Any proposed change of address by an authorised E-Money institution must be notified in advance to the Central Bank.
Changes in Regulatory Capital Composition
Any changes to the composition of regulatory capital, including the introduction of additional capital (e.g. by way of Capital Contribution Agreement or Loan Subordination Agreement) or the repayment of any of same by an authorised Electronic Money Institution, requires the prior approval of the Central Bank. Any changes proposed including payment of dividends must be notified in advance to [email protected].
Exemptions under the Regulatory Technical Standards on Strong Customer Authentication and Common and Secure Open Standards of Communication
Additional guidance regarding Article 17 and Article 33(6) exemptions under the Regulatory Technical Standard on Strong Customer Authentication and Common and Secure Open Standards of Communication can be found in the PSD2 - FAQ.
Other Changes
In addition to the changes listed above, firms are expected to inform the Central Bank in advance of any other material changes that impact the E-Money Institution, including material change in measures of safeguarding, and they should contact [email protected] directly. Time for consideration by the Central Bank must be factored in prior to the planned implementation of changes. Please see additional contact points available in the Contact Us section.