Here is the converted article in Markdown format:
CBI Issues Guidance on Specific Requirements for Payment Institution and E-Money Institution Directors
The Central Bank of Ireland (CBI) has published guidance on the specific requirements that apply to individuals seeking approval for a pre-approval controlled function role in a payment institution or electronic money institution. The guidance outlines the requirements for identity and suitability assessments of directors and persons responsible for the management of these institutions.
Application Process
The CBI has outlined the authorisation process for payment institutions, which includes five stages:
- Pre-application meeting
- Submitting the application form and acknowledgement
- Key information check
- Assessment
- Notification of decision
All applications must be submitted electronically, with access to the online Individual Questionnaire available only after an application has been deemed complete.
Individual Questionnaire
Relevant individuals must submit an Individual Questionnaire electronically, which will become available once an application is deemed complete. The questionnaire requires applicants to provide detailed information about their identity and suitability for a pre-approval controlled function role in a payment institution or electronic money institution.
Authorisation Process
The CBI aims to process each application as expeditiously as possible while ensuring a rigorous and effective gatekeeper function. The guidance notes that the CBI will:
- Acknowledge receipt of an application within three working days
- Conduct a key information check within 10 working days of receipt
- Assess applications against the authorisation requirements, issuing initial comments to applicants, followed by subsequent comments based on their review of responses
Assessment Phase
The assessment phase is expected to take approximately 90 working days, although this period may be paused if further information is required.
Notification of Decision
The CBI will notify applicants of the outcome of the assessment process, which may include specific conditions proposed for authorisation or areas requiring improvement. Applicants have the right to make representations regarding these conditions before a decision is made.
McCann FitzGerald LLP: Your Partner in Payment Institution Authorisation
McCann Fitzgerald LLP is a premier law firm in Ireland with extensive experience in advising payment institutions on regulatory authorisation and compliance. Our team can guide you through the authorisation process, ensuring that your institution meets all relevant requirements and regulations. Contact us today to learn more about how we can assist you.
Disclaimer
This document has been prepared by McCann FitzGerald LLP for general guidance only and should not be regarded as a substitute for professional advice. Such advice should always be taken before acting on any of the matters discussed.