1. Small EMIs wishing to issue e-money after 12 July 2018 must be re-registered under PSD2. To do this they must provide us with new information.
2. Small EMIs can apply to be re-registered from 13 October 2017 and must have submitted their applications before 13 April 2018. Small EMIs must be successfully re-registered by 13 July 2018. There will be a fee of £250 for re-registration.
3. FCA encourages applications to be correctly completed and submitted as early as possible. Small EMIs that have not successfully been re-registered by 13 July 2018 will have to stop issuing e-money and providing payment services (and they will no longer be able to provide payment services through agents); the FCA will update the Financial Services Register to reflect that these businesses will no longer be registered. You can find further information on our Registration pages.
4. All small EMIs which are account servicing payment service providers (ASPSPs) also need to comply with requirements relating to AIS and PIS providers seeking access to their customers’ online payment accounts (Chapter 17 in our Approach Document).
1. You do not need to apply to re-register. If you do not apply for re-registration before 13 April 2017 this will automatically mean that you are unable to continue to provide payment services after 12 July 2018. Alternatively, you could submit the cancellation form.
2. Please note you still need to comply with the new PSD2 requirements from 13 January 2018 until you are no longer registered.