Authorisation procedure of a PI or EMI or registration of an AISP
Requirement of a licence or registration
No persons established in Luxembourg may provide payment services or issue electronic money without holding a written authorisation as PI or EMI 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 initial contact generally starts with a meeting at the CSSF aiming to present the applicant and its project.
In order to ease the discussions, the entity is invited to provide the CSSF with precise information on the business model and the services that will be provided in Luxembourg. To that end, we request to be provided with a detailed description of the:
- Business plan containing an exact description of the activities;
- Diagrams of the fund and data transfers linked to these activities;
- Specific explanations concerning the business partners involved in the Company’s business model (e.g. agents, intermediaries or third parties), their role and their contractual relations with the company.
Application file and investigation procedure
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 under the “documentation” section below.
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, and communicates with the applicant via email, letter, conference calls or face to face meetings as appropriate.
Finalisation and completion of authorisation or registration procedure
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).