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FMA Guidance on e-Money Institutions and Payment Services

The Financial Market Authority (FMA) in Liechtenstein has issued guidance on various aspects related to e-money institutions and payment services. This document outlines key points that e-money institutions and stakeholders should be aware of.

License Revocation or Amendment

  • The FMA may revoke or amend licenses if an e-money institution obtained its license through false information or omitted material circumstances.
  • This emphasizes the importance of providing accurate and complete information during the licensing process.

License Expiration

  • If business activities are not commenced within one year, the license will expire (Article 19(1)(a) EMA).
  • E-money institutions should ensure that they start operating their business within the specified timeframe to avoid license expiration.

Data Protection

  • The FMA processes personal data in accordance with the General Data Protection Regulation (GDPR) and applicable data protection laws.
  • Information on data processing is available in the FMA’s Privacy Policy.
  • E-money institutions should be aware of their obligations under data protection regulations when handling customer data.

Entry into Force

  • This communication comes into effect on January 1, 2015.

Annexes

The following annexes are included with this document:

  • A list of relevant laws and regulations that apply to e-money institutions and payment services in Liechtenstein.
  • E-money institutions should familiarize themselves with these laws and regulations to ensure compliance.

License Checklist

  • A checklist for license applications (Annex 2).
  • This checklist can be used as a guide when submitting a license application to the FMA.