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Amendments Processing for Payment Institutions | Central Bank of Ireland
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id="MainContentPlaceholder_T225F410C003_Col00" class="sf_colsIn" data-placeholder-label="Main Content"><h1>Amendments Processing for Payment Institutions</h1> <p>The following list is not exhaustive and is intended to serve as a guide only and firms should refer to the requirements of the relevant legislation. If any Payment Institution is unclear of its obligations, it should contact <a><span class="__cf_email__" data-cfemail="c9b9a8b0a4aca7bdbaacbbbfa0aaacbababcb9acbbbfa0baa0a6a789aaaca7bdbba8a5aba8a7a2e7a0ac">[email protected]</span></a> contact details are available in the <a href="https://www.centralbank.ie/regulation/industry-market-sectors/payment-institutions/contact-us">Contact Us</a> section. </p> <h2>Change of Persons Holding PCF's </h2> <p>Any change of persons holding Pre-approved Controlled Functions (PCFs) should be notified to the Central Bank. This includes both proposed appointments and resignations of PCFs. All proposed appointees are subject to the “Fitness & Probity” regime as outlined in the <a href="/regulation/how-we-regulate/fitness-probity">Fitness and Probity page</a>. Please refer to the <a href="/docs/default-source/regulation/industry-market-sectors/electronic-money-institutions/authorisation-process/psd2-guidance-note.pdf?sfvrsn=1341a81d_25" title="Guidance on the PSD2 Specific Requirements" target="_blank">Guidance on the PSD2 Specific Requirements</a> for applicants seeking approval for a PCF role in a Payment Institution. </p> <h2>Assessment of acquisitions and disposals of qualifying holdings in Payment Institutions</h2> Changes in qualifying holdings in Payment Institutions are subject to the prior approval of the Central Bank. Please see <a href="https://www.centralbank.ie/regulation/industry-market-sectors/payment-institutions/notification-process-for-proposed-acquisitions-of-qualifying-holdings">Notification Process for Proposed Acquisitions of Qualifying Holdings in Payment Institutions</a>. <h2>Change of Company Name </h2> <p> The Central Bank must first approve any proposed change in company name before it is submitted to the Companies Registration Office.</p> <h2>Application for Extension of Authorisation </h2> <p>An application by a firm to alter/extend its authorisation i.e. a request for additional regulated services as a Payment Institution requires the prior approval of the Central Bank. Please contact <a href="/cdn-cgi/l/email-protection#97e7f6eefaf2f9e3e4f2e5e1fef4f2e4e4e2e7f2e5e1fee4fef8f9d7f4f2f9e3e5f6fbf5f6f9fcb9fef2"><span class="__cf_email__" data-cfemail="b1c1d0c8dcd4dfc5c2d4c3c7d8d2d4c2c2c4c1d4c3c7d8c2d8dedff1d2d4dfc5c3d0ddd3d0dfda9fd8d4">[email protected]</span></a>.</p> <h2>Application for Material Change of a Business Model</h2> <p>An application by a Payment Institution to make material changes to its business model (which does not involve a change in regulated services) requires the prior approval of the Central Bank. Please contact <a href="/cdn-cgi/l/email-protection#59293820343c372d2a3c2b2f303a3c2a2a2c293c2b2f302a303637193a3c372d2b38353b38373277303c"><span class="__cf_email__" data-cfemail="e19180988c848f9592849397888284929294918493978892888e8fa182848f9593808d83808f8acf8884">[email protected]</span></a>. </p> <h2>Application to Change Critical Outsourcing Arrangements</h2> <p>Where a Payment Institution intends to outsource critical or important functions, or where it intends to materially alter its existing outsourcing arrangements for any critical or important function, it should complete the <a href="https://www.centralbank.ie/docs/default-source/regulation/industry-market-sectors/payment-institutions/forms/pi-emi-outsourcing-notification-form.docx?sfvrsn=2">PI EMI Outsourcing Notification Form</a> and send it to <a><span class="__cf_email__" data-cfemail="3646574f5b535842455344405f5553454543465344405f455f5958765553584244575a5457585d185f53">[email protected]</span></a>.</p> <p>Where a Payment Institution proposes outsourcing arrangements of operational functions that it has assessed as not being critical or important as per the <a href="https://www.eba.europa.eu/sites/default/documents/files/documents/10180/2551996/38c80601-f5d7-4855-8ba3-702423665479/EBA%20revised%20Guidelines%20on%20outsourcing%20arrangements.pdf?retry=1">EBA Guidelines on outsourcing arrangements</a>, the entity is still required to notify the Central Bank of such arrangements, under Regulation 30(7) of the Payment Services Regulations, 2018. This notification, should be sent by email to <a><span class="__cf_email__" data-cfemail="ff8f9e86929a918b8c9a8d89969c9a8c8c8a8f9a8d89968c969091bf9c9a918b8d9e939d9e9194d1969a">[email protected]</span></a>, and does not require the completion of the outsourcing notification form. </p> <p>If an outsourcing notification also constitutes a material change in business model, then both the <a href="https://www.centralbank.ie/docs/default-source/regulation/industry-market-sectors/payment-institutions/forms/pi-emi-outsourcing-notification-form.docx?sfvrsn=2" title="PI EMI Outsourcing Notification Form" target="_blank">PI EMI Outsourcing Notification Form</a> and the PI Change in Business Model Form, should be completed and submitted for assessment. Please note that material changes in business model should not take place without prior notification to the Central Bank.</p> <h2>Change of Address </h2> Any change of address by an authorised Payment Institution must be notified in advance to the Central Bank. <h2>Changes in Regulatory Capital Composition</h2> <p>Any changes to the composition of regulatory capital, including the introduction of additional regulatory capital (e.g. by way of <a href="https://www.centralbank.ie/docs/default-source/regulation/industry-market-sectors/electronic-money-institutions/forms/gns-4-4-7-6-capital-contribution-agreement.doc?sfvrsn=4" title="Capital Contribution Agreement" target="_blank">Capital Contribution Agreement</a> or Loan Subordination Agreement) or the repayment of any of same by an authorised Payment Institution, requires the prior approval of the Central Bank. Any changes proposed including payment of dividends must be notified in advance to <a><span class="__cf_email__" data-cfemail="e595849c88808b91968097938c8680969690958097938c968c8a8ba586808b9197848987848b8ecb8c80">[email protected]</span></a>.</p> <h2>Exemptions under the Regulatory Technical Standards on Strong Customer Authentication and Common and Secure Open Standards of Communication</h2> <p>Additional guidance regarding Article 17 and Article 33(6) exemptions under the <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018R0389&from=EN" title="This window will open in a new link" target="_blank">Regulatory Technical Standard on Strong Customer Authentication and Common and Secure Open Standards of Communication</a> can be found in the <a href="https://www.centralbank.ie/regulation/psd2-overview/faq" title="PSD2 - FAQ" target="_blank">PSD2 - FAQ</a>.</p> <h2>Other Changes</h2> In addition to the changes listed above, firms are expected to inform the Central Bank in advance of any other material changes that impact the Payment Institution , including material change in measures of safeguarding and they should contact <a><span class="__cf_email__" data-cfemail="2f5f4e56424a415b5c4a5d59464c4a5c5c5a5f4a5d59465c4640416f4c4a415b5d4e434d4e414401464a">[email protected]</span></a> directly. Time for consideration by the Central Bank must be factored in prior to planned implementation of changes. 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