How to apply to become a small EMI, including information the FCA needs from you and how to register business managers and agents.
You can now apply to become a small EMI under PSD2.
To apply to become a small EMI, please apply via Connect.
Other information we need
You must also include details of:
- your electronic money (e-money) business in the form of a business plan
- payment services business 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
- people responsible for e-money and payment services businesses (if applicable),
- evidence that when you start trading, your e-money business will generate a monthly average outstanding electronic money of less than €5m
- evidence that, in the 12 months preceding the application, the monthly average of payment services transactions did not exceed €3m (this assessment can be based on projections if a firm have never traded before), and
- a description of how you will safeguard the funds of e-money holders
Register people who manage your EMI
You must provide information via Connect for any directors and persons responsible for the management of the small EMI and the activities of issuing e-money and payment services.
When completing the form refer to the:
Notify us of changes in business managers
You must notify us of any changes to the directors and persons responsible for the management of the small EMI.
Register agents
You must register any agent with us via Connect who’ll provide EMI services on your behalf.
You’re 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 usually make a determination on your application within:
- three months of receipt (if we have all the information and evidence we need), or
- 12 months of receipt (if your application’s incomplete)
Refusal
If your application does not appear to satisfy the conditions of registration, we will take steps to refuse the application. If so, we will give you details of the refusal process should the situation arise.
Contact us
Once your application has been received, and a case officer assigned, you should contact your case officer with any queries.
More information
See Chapter 3 of our Approach Document for more information on the authorisation process.