Electronic money institution applicants

Learn what conditions you must meet to become an electronic money (e-money) institution (EMI), and what to include in your application to be authorised or registered.

This page provides extra information if you're applying to be:

  • authorised as an authorised electronic money institution (AEMI), or
  • registered as a small electronic money institution (SEMI)
Before submitting your application, you should also read our page for all payments and e-money firm applicants and our main how to apply page.

Conditions you must meet

Supporting material

Follow our guidance on how to prepare your application before submitting it on our Connect system.

Make sure you also include the supporting material listed below.

    Registering people to manage your EMI or SEMI

    You must register all of the:

    • members of your management board – ie the directors if you're a limited company or the members if you're a limited liability partnership (LLP)
    • management staff – usually this will include your Head of Compliance and/or Money Laundering Reporting Officer (MLRO)
    • other people who are responsible for managing your firm's regulated/registered activities
      • you don't need to register staff that aren't directly responsible for these activities

    You must also notify us in advance of any changes in the people responsible for your regulated/registered services.

    Registering people with qualifying holdings

    You must complete a form on Connect for each person or firm with a ‘qualifying holding’ in your firm. This is when the person or firm represents:

    • 10% or more of the capital or voting rights, or
    • less than 10% of the capital or voting rights, but can exercise significant influence

    Use the relevant form below depending on whether the person or firm with a qualifying holding is an individual, incorporated company, partnership or trust.

    You also need to tell us if there's a change in your qualifying holding, for example if a person or company ceases to have a qualifying holding.

    There's more information about qualifying holdings in Chapter 3 of our approach document.

    Registering agents

    Once your firm is authorised or registered, you must register with us any agents who'll provide e-money and/or payment services on your behalf.

    To do this, you'll need to complete a form in Connect to provide details of the agent(s) you're proposing to appoint and the arrangements you have in place to oversee them.

    To help you prepare in advance, you can refer to a copy of this agent form.

    If you want to register agents but didn't tell us this in your original application for authorisation or registration, you should inform us that you now want to appoint agents by submitting a SUP 15 notification form. Please do this before submitting any applications to register individual agents. The SUP 15 notification will ask you to explain how you've mitigated the possible risks of using agents.

    Page updates

    : Document added Form for registering agents

    29/07/2020: Information added links to information to read before applying

    29/08/2019: Link changed Updated PSD2 fees link to FCA Handbook