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Application for authorisation: Electronic money institution

1. Application 

In order to set up an institution having as its purpose the issuance of electronic money, pursuant to Article 2 (d) of the Legal Framework of Payment Services and Electronic Money, applicants shall submit an application to Banco de Portugal for the authorisation to set up an electronic money institution.

Electronic money institutions are also entitled to engage in any of the following activities, listed in Article 8-A of the Legal Framework of Payment Services and Electronic Money:

  • the provision of the payment services listed in Article 4 of the Legal Framework of Payment Services and Electronic Money;
  • the granting of credit related to the payment services referred to in Article 4 (d), (e) and (g) of the Legal Framework of Payment Services and Electronic Money, in accordance with the conditions established in Article 9 of said legal framework;
  • the provision of operational and ancillary services closely related to the issuance of electronic money or to the provision of payment services, such as ensuring the execution of payment transactions, foreign exchange services, safekeeping activities, and the storage and processing of data;
  • the operation of payment systems, without prejudice to the provisions of Article 39 of the Legal Framework of Payment Services and Electronic Money;
  • professional activities other than the issuance of electronic money, having regard to the applicable legal provisions.

The application should expressly indicate the payment services that the electronic money institution intends to carry out, with reference to those listed in Article 4 of the Legal Framework of Payment Services and Electronic Money, as well as the other activities provided for in Article 8-A. 

Type of legal act: Authorisation or non-authorisation decision

Competent authority: Banco de Portugal 

2. Applicable regulations

European Union law:

Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market; 

Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009. 

National law:

Legal Framework of Payment Services and Electronic Money, approved by Decree-Law No 317/2009 of 30 October 2009;

Legal Framework of Credit Institutions and Financial Companies, approved by Decree-Law No 298/92 of 31 December 1992.

 

3. Requirements

The authorisation requirements laid down for payment institutions apply. 

 

4. Procedures 

The authorisation procedures laid down for payment institutions apply. 

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