Passporting In/Out for Electronic Money Institutions  

E-Money institutions can avail of the right to issue, redeem and distribute E-Money or to provide payment services in the other Member States of the EU.

Directive 2007/64/EC on Payment Services in the Internal Market (‘the Payment Services Directive’) and the revised Payment Services Directive (Directive (EU) 2015/2366, or PSD 2) set out the principle of a single authorisation for E-Money Institutions and this provides that a firm may provide the services for which it is authorised in its Home State throughout the EU.  This can be done either through the establishment of branch offices or by engagement of agents in other EU Member States or through the free provision of services on a cross border basis (i.e. without establishing a permanent presence).

Branch / Engagement of Agents and/or Distributors

An E-Money institution authorised in Ireland under the provisions of the European Communities (Payment Services Electronic Money) Regulations, 2018 2011  wishing to establish a branch in another Member State or appoint an agent to operate in another Member State must communicate certain information to the Central Bank as specified under the Regulatory Technical Standards on the framework for co-operation and exchange of information between competent authorities for passport notifications under the Directive (EU) 2015/2366  (‘RTS’). The relevant Notification Forms are available to download on the Forms page.

E-Money institutions are now obliged to inform the Central Bank when its proposed agent has commenced activities.  The relevant form is available is here.  When the Central Bank is satisfied with the information provided, the notification shall be transmitted to the relevant Regulatory Authority within one month of its receipt from the payment institution.

Cross Border / Freedom of Services 

An E-Money institution wishing to avail of the free provision of services on a cross border basis in another EU Member State must communicate certain information to the Central Bank as specified under the RTS.

When the Central Bank is satisfied with the information provided, the notification shall be transmitted to the Regulatory Authority within one month of its receipt from the payment institution.  The relevant Notification Forms are available to download on the Forms page.

Changes 

An E-Money institution is required to notify the Central Bank of any change in respect of the provision of cross border services or the operation of a branch or agent without delay so that the appropriate notification can be made to the relevant Regulatory Authorities in the Member States concerned.   The relevant Notification Form is available to download on the Forms page.

Role of Central Bank as Home State Regulator   

When the Central Bank authorises an E-Money institution, it is responsible as Home State Regulator, for regulating that firm’s activities both in Ireland and in other EU Member States.   

Role of Central Bank as Host State Regulator 

As the Host State Regulator, the Central Bank is not responsible for the prudential supervision of Irish branches of E-Money institutions authorised in other EU Member States.