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Regulations for Electronic Money Institutions
The Liechtenstein Financial Market Authority (FMA) has established regulations governing electronic money institutions. These regulations aim to facilitate cross-border provision of electronic money services within the European Economic Area (EEA) while ensuring regulatory compliance and consumer protection.
Article 23: Freedom to Provide Services
Electronic money institutions licensed in Liechtenstein may exercise their freedom to provide services in other EEA Member States. To do so, they must notify the FMA in writing before establishing a branch or providing services in another EEA country.
Notification Requirements for Branches
When notifying the FMA of plans to establish a branch, electronic money institutions must provide the following information:
- Institution name and address
- Host EEA Member State
- Type of electronic money services to be provided
- Names of responsible individuals for managing the branch
- Organizational structure of the branch
Notification Requirements for Provision of Services without a Branch
When notifying the FMA of plans to provide services without establishing a branch, electronic money institutions must provide the following information:
- Host EEA Member State
- Institution name and address (and type of services to be provided)
The FMA will transmit this information to the competent authority in the host country within one month. If conditions are met, the FMA will register the branch in the Electronic Money Institutions Register.
Article 24: Foreign Electronic Money Institutions in Liechtenstein
Electronic money institutions from other EEA Member States may establish a branch or provide services in Liechtenstein. To do so, they must notify the FMA before establishing a branch or providing services.
Notification Requirements for Branches
When notifying the FMA of plans to establish a branch, foreign electronic money institutions must provide the following information:
- Institution name and address
- Type of electronic money services to be provided
- Names of responsible individuals for managing the branch
- Organizational structure of the branch
The FMA will confirm in writing that the institution may establish a branch or provide services if conditions are met.
Article 25: Use of Agents and Distribution of Electronic Money
Electronic money institutions may engage agents or distribute and redeem electronic money via third parties in other EEA Member States. To do so, they must notify the FMA before engaging an agent or distributing electronic money. The notification must include information about the agent, such as their name and address.
These articles aim to facilitate cross-border provision of electronic money services within the EEA while ensuring regulatory compliance and consumer protection.