BT-REQ-3972 PSD3 Impacts v6(without crop marks) RL - Flipbook - Page 6
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HL | PSD3 Impacts
3. Authorisation/
re-authorisation
and changes to
the e-money regime
(PSD3 Arts 3, 9, 19-20 & 44 – 45)
Overview
No significant changes concerning the
procedures of application for authorisation,
control of shareholding and prudential
requirements under Title II of PSD3; however:
additional information is required
to be submitted to address ICT, data
sharing, passporting and wind down
arrangements;
changes required to the way APIs and
EMIs safeguard to mitigate concentration
risk will need to be notified to the
regulator; and
EMIs will need to register their
distributors (like APIs do agents).
Current APIs and EMIs will have two and a
half years to demonstrate compliance with
the incoming prudential requirements under
the Council Text (up from 2 years in the
other texts).
What is changing?
Authorisation Information (PSD3 Art 3)
More information is required as part of an application
for authorisation under PSD3, consisting of:
a description of arrangements for the use
of ICT services, demonstrating governance
arrangements, internal control mechanisms
and arrangements for the use of ICT services are
proportionate, appropriate, sound and adequate
(for AISPs this will include digital operational
resilience measures in details of security control
and mitigation measures);
for institutions wishing to enter into
information-sharing arrangements for the
exchange of payment fraud-related data under
the proposed PSR, the conclusions of the
relevant data protection impact assessment;
an overview of passporting footprint (current
or planned); and
a winding-up plan tailored to the envisaged
size and business model of the applicant.
Existing APIs/EMIs will need to provide additional
information required as part of an application for
“re-authorisation”.
The EP Text proposes to confirm that licensed
APIs/EMIs should only be required to submit
additional information introduced by PSD3, and
clarifies that noncompliance should be met with
suspension rather than loss of licence.
