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How to apply successfully

Relevant for:
emi
Validity:
valid 
Date:
1 april 2017
Status
Factsheet
Reference:
02016-01
Author:
DNB

All electronic money institutions applying for authorisation will want the procedure to progress as quickly as possible and will want to be issued authorisation. We will do everything in our power to ensure a smooth and straightforward consideration process.

You can make the difference
You can also speed up the process yourself. We have looked at successful past applications to identify success factors. Obviously, complete and correct applications will be more successful.

These are the success factors for a smooth application for authorization:

  • Thorough preparation
    It helps if you are aware of the different aspects involved in making an application, and why and how we assess its components. We have put the following background information on our Open Book on Supervision website:
    • The relevant sections of the law , so that you know the statutory provisions that apply
    • Notes to the authorisation application form , listing for each item what we expect from you
    • List of activities requiring authorisation, against which you can check whether your enterprise actually needs authorisation, for instance with the help of a legal expert

  • Fully completed application
    This may sound like stating the obvious, but if your application is incomplete, we cannot start considering it and will ask you to provide additional information. This will take time, and the consideration period will not start. So be sure to submit a complete application. You will find more detailed instructions in the application form and the notes to the form.

  • Quality of your application
    If you thoroughly substantiate your application, demonstrating for each aspect how you satisfy the authorisation requirements, we will be able to assess all aspects of your application swiftly. High-quality information provides strong "evidence" in support of your application and enables us to complete the procedure more quickly.

  • Consult a legal expert
    Practice has shown that applications are often more complete and of a substantially higher quality if the applicant has sought advice, for example from a legal expert or an auditor who specialises in the Dutch Financial Supervision Act. We can assess a complete and well-substantiated application more quickly and more thoroughly.

  • Checklist
    We often see the same points being overlooked in applications for authorisation. Before submitting your application, be sure to go through the following checklist.
    • Does your enterprise have sufficient capital at its disposal? (own funds and solvency)
    • Is segregation of assets guaranteed? (safeguarding of funds)?
    • Are financial statements available that we can verify?
    • Has an auditor issued an unqualified opinion on your financial statements?
    • Does the enterprise have a footprint in the Netherlands?
    • Are there any integrity issues or antecedents involving proposed policymakers or co-policymakers that we have to know about? Applicants sometimes propose to appoint directors on whom we, or another supervisory authority, previously issued a negative decision or who have come under criminal investigation. Be sure to check these issues before submitting your application.

  • Electronic money institutions – market access overview

Background information

  • What is an electronic money institution?
  • Services not requiring authorisation
  • Exemption from the authorisation requirement

Applying for authorisation

  • Applying for authorisation as an electronic money institution
  • a - Application form and notes
  • b - Application process (10 steps)
  • c - Application process time line
  • d - Application fees

Background information

  • Prohibition on operating as an electronic money institution without authorisation
  • Public register
  • Electronic money institutions having their registered offices in other member states
  • Legislation and regulations governing market access for electronic money institutions

News and contact

  • Current developments and events
  • Contact
Respond to this page
Sector
  • Banks
  • Clearing institutions
  • Collect­ive invest­ment schemes
  • Crypto service providers
  • Electronic money institutions
  • Exchange transaction
  • Insurers
  • Investment firms
  • Payment institutions
  • Pension funds
  • Premium Pension Institutions
  • Trust offices
Laws and EU Directives
  • CRD IV en CRR
  • Act on the Supervision of Trust Offices (Wet toezicht trustkantoren – Wtt)
  • Anti-Money Laundering and Anti-Terrorist Financing Act
  • Payment services in the internal market
  • Regulations establishing European Supervisory Authorities
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  • Declarations of no-objection (DNOs) for group companies
  • Initial screening for second-tier senior officers
  • Initial assessment ’ reputation assessment
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Related Q&A
  • Account information services provision and other business activities
  • [For consultation][Closed] Draft Q&A on recognition of risk mitigation techniques using reinsurance contracts in the Solvency II Standard Formula
  • Assessment Framework for DNB Information Security Examination
  • Procedure for international individual value transfer to a non-EU/non-EEA institution
more
Related Downloads
  • List of General good provisions - insurance undertakings
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