Passporting In/Out for Payment Institutions  

Directive 2007/64/EC on Payment Services in the Internal Market ('the Payment Services Directive') and the revised Payment Service Directive (Directive (EU) 2015/2366, or PSD 2) set out the principle of a single authorisation for payment institutions and this provides that a firm may provide the services for which it is authorised in its Home State throughout the EU.  This can be done either through the establishment of branch offices or by the engagement of agents in other EU Member States or through the free provision of services on a cross border basis (i.e. without establishing a permanent presence).

The Central Bank of Ireland (the Central Bank) has published passporting notification forms meeting the European Banking Authority (EBA) guidelines on the information that is to be provided by payment institutions under PSD 2. In doing so the Central Bank is recognising the reality that any passporting application received after 13 January 2018 can be expected to fall for decision under the Irish  legislation transposing PSD 2 rather than current regulations.

The competent Regulatory Authorities in Europe responsible for the supervision of payment institutions engage in practical co-operation for the purpose of facilitating the passport notification process for payment institutions.   In that regard, a set of supervisory guidelines have been developed to support this process.

Branch / Engagement of Agents 

A payment institution authorised in Ireland under the provisions of the European Communities (Payment Services) Regulations, 2018 wishing to establish a branch in another Member State or appoint an agent to operate in another Member State must communicate certain information to the Central Bank as specified under the Regulatory Technical Standards on the framework for co-operation and exchange of information between competent authorities for passport notifications under the Directive (EU) 2015/2366 ('RTS').  The relevant Notification Forms are available to download on the Forms page.   

Cross Border / Freedom of Services 

A payment institution wishing to avail of the free provision of services on a cross border basis in another EU Member State must communicate certain information to the Central Bank as specified under the RTS.   

When the Central Bank is satisfied with the information provided, the notification shall be transmitted to the Regulatory Authority within one month of its receipt from the payment institution.  The relevant Notifications Forms are available to download here.

Changes 

A payment institution is required to notify the Central Bank of any change in respect of the provision of cross border services or the operation of a branch or agent without delay so that the appropriate notification can be made to the relevant Regulatory Authorities in the Member States concerned.   The relevant Notification Form is available to download here.

Start Date

A payment institution is required to notify the Central Bank of the date the activity is commenced via the branch or agent.  The relevant Notification Form is available to download here.

Role of Central Bank as Home State Regulator   

Role of Central Bank as Host State Regulator