E-Money & Payment Institutions
Payment institutions are regulated under the European Communities (Payment Services) Regulations 2009, without any significant national gold plating. The existing framework will be replaced by a new regulatory regime, once the revised Payment Services Directive is implemented in Ireland: this is scheduled for the 13th January 2018. The Central Bank of Ireland (“CBI”) is responsible for the authorisation, regulation and supervision of payment institutions in Ireland.
E-Money and payment institutions authorised in Ireland can passport to other EEA member states on either a services or cross-border establishment basis. An e-money firm authorised in another EEA member state can also passport into Ireland.
The steps for getting Authorised
All applications for authorisation as an e-money/payment institution in Ireland are handled by the CBI.
There are five stages to the authorisation process for an e-money/payment institution.
The applicant submits all the key information and documentation to the CBI.
The CBI acknowledges receipt of the application for authorisation and checks that the applicant has submitted all the key information and documentation.
CBI assesses the application and issues any comments they have to the applicant on its application. There can be a degree of back and forth at this stage and expertise here is vital.
CBI notifies the applicant of the outcome of the assessment process, indicating whether or not it proposes to authorise the applicant. The applicant has the right to respond to any issues raised by the CBI in its notification and the CBI will assess any responses.
The CBI either authorises or rejects the applicants request.
How long does it take to get Authorised by the CBI
It can take at least six months and may take more time, depending on when the CBI receives the material it requires to complete its assessment.
What kind of presence does a firm need in Ireland to get authorisation
- A minimum of 2 Irish resident Directors.
- An individual who is responsible for the core functions of the Irish firm. This person should operate our of Ireland.
- A locally based Compliance Officer (does not need to be full time, depends on the value and volume of transactions).
- A locally based Risk Officer (does not need to be full time, depends on the value and volume of transactions).
- Physical Office space.
If you are looking to set up an E-money firm in Ireland, get in touch with one of our team.