How to become an authorised EMI, how you register staff and agents responsible for your EMI, and how to apply to operate in other EEA countries.
You can now apply for authorisation under PSD2. Find out more.
To apply to become an authorised electronic money institution, apply online via Connect.
Other information we need
You must also give details about:
- your e-money business in the form of a business plan
- the payment services you may provide to be included in the business plan (if applicable)
- your governance arrangements and internal procedures, for example the structures you have in place to run a business effectively
- the initial capital at the level required by the regulations to start your business (see Chapter 9 of 'The FCA’s role under the Electronic Money Regulations 2011: Our approach')
- people responsible for e-money and payment services businesses (if applicable), and
- details of anyone with qualifying holdings representing 10% or more of the capital or voting rights
Register people who manage your EMI
Provide the relevant information via Connect for the directors and persons responsible for the management of the authorised EMI and the activities of issuing e-money and payment services.
When completing the form you can refer to the notes and factsheet.
Notify us of changes to EMD individuals in business managers
You must notify us of any changes to the directors and persons responsible for the management of the authorised EMI.
Register people with qualifying holdings
You must complete a form for each person or firm with a ‘qualifying holding’ or a control in your firm representing 10% or more of the capital or voting rights.
A person or firm with a qualifying holding is called a ‘controller’.
You must tell us if there are changes to the qualifying holdings.
More information
Find more information on qualifying holdings in Chapter 3 of Our approach.
Apply to operate as an EMI in other EEA states (passporting)
Authorised EMIs can issue and distribute e-money and provide payment services in other European Economic Area (EEA) states through a cross-border passport arrangement (known as ‘passporting’).
You can apply to:
- establish a physical presence in the state, for example if your firm wanted to open an office/branch or appoint an agent in that jurisdiction
- provide cross-border services, for example if you wanted to provide an online service in another EEA country
Find more information on applying for passporting.
Register agents
You must register any agent via Connect with us who you wish to engage to distribute e-money or provide payment services on your behalf.
You are responsible for anything done or omitted by your agent and should therefore have appropriate systems and controls in place to effectively oversee them.
You must tell us if you change agents, if their details change or if you cease dealing with an agent.
The application fee
For more information about fees, please review the PSD2 fees.
How long it takes
The FCA should acknowledge your application within five business days. A case officer will then be assigned to your application, to assess the information provided and make a determination.
We’ll make a determination within:
- 3 months of receipt (if you send all the information and evidence we need)
- 12 months (if your application’s incomplete)
Refusal
There may be circumstances where your application does not show evidence that the firm can meet the conditions of authorisation, and we will need to take steps to refuse the application. We will provide you with details of this process should the situation arise.
More information
Chapter 3 of Our approach contains more information on the authorisation process.
Contacts
Once your application has been received, and a case officer assigned, you should contact your case officer with any queries.
Alternatively, you can contact us.