Authorisation/Registration procedure

No payment institution or electronic money institution established in Luxembourg may provide payment services or issue electronic money without holding a written authorisation by the Minister responsible for the CSSF (Articles 6 and 24-2 of the PSL).

 

No persons established in Luxembourg, except authorised payment services providers within the meaning of Article 1, point (37) of the PSL, may provide account information services (Article 1, point (38a) of the PSL) without being registered with the CSSF (Article 48-1a of the PSL).

 

The investigation procedure generally starts with a meeting at the CSSF aiming to present the applicant and its project. Depending on the activities of the project, an authorisation as payment institution or electronic money institution will be necessary. When solely providing account information services within the meaning of Article 1, point (38a) of the PSL, a registration as account information service provider will be necessary. In case the applicant submits a formal application file to the CSSF for authorisation or registration, it must include all the documents and information required by using the relevant forms made available on the CSSF website.

 

The application file for authorisation or registration shall exclusively be provided to the CSSF in an electronic form via the MFT (Managed File Transfer) system of the CSSF, for which the required link will be provided to the applicant by the CSSF (upon request).

 

The CSSF then examines the application file for authorisation or registration, through analysing it, exchanging letters and, where appropriate, organising a new meeting.

 

When the CSSF has finished its investigation, a letter invites the applicant to transmit the application file to the Minister responsible for the CSSF in order to be granted an authorisation. For the registration as account information service provider, it is the CSSF that will complete the registration itself.

 

After the authorisation has been granted or the registration has been completed, the authorised/registered entity is published in the national public register maintained by the CSSF and the electronic central register maintained by the European Banking Authority (EBA).