EBA Publishes Report On Authorisation Under The Payment Services Directive

Today the EBA published a Peer Review Report on the authorisation of Payment Institutions (PIs) and Electronic Money Institutions (EMIs) by the national authorities / financial regulators. The report provides a valuable insight in where precisely authorisation practices differ across Europe, points to some shortcomings and suggests some good practices.

Some first takeaways from the report:

1. Information required from PIs and EMIs.

The national competent authorities have largely implemented the EBA Guidelines on authorisation issued in 2017 in support of the PSD2. This provides consistency and transparency in the authorisation information that prospective PIs and EMIs have to submit. However, some countries have not fully implemented the Guidelines, in particular in relation to obtaining the full set of information required from applicants.