Amendments Processing for Payment 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 legislation.  If any Payment Institution is unclear of its obligations, it should contact [email protected] contact details are available in the Contact Us section.

Change of Persons Holding PCF's 

Any change of persons holding Pre-approved 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 Payment Institution.

Assessment of acquisitions and disposals of qualifying holdings in Payment 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 authorisation i.e. a request for additional regulated services as a Payment Institution requires the prior approval of the Central Bank.  Please contact [email protected].

Application for Material Change of a Business Model

An application by a Payment 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 a Payment 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 a Payment 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 30(7) of the Payment Services Regulations, 2018. 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 material change in business model, then both the PI EMI Outsourcing Notification Form and the PI 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 

Changes in Regulatory Capital Composition

Any changes to the composition of regulatory capital, including the introduction of additional regulatory capital (e.g. by way of Capital Contribution Agreement or Loan Subordination Agreement) or the repayment of any of same by an authorised Payment 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