In advance of submitting an application for authorisation/registration, the firm should satisfy itself that:
- its proposed business model requires authorisation/registration;
- it can comply with the authorisation requirements for electronic money institutions or registration requirements for small electronic money institutions;
- it is capable of complying with, and adhering to, the authorisation/registration requirements and on-going supervisory requirements that must be satisfied on an on-going basis;
- it has read the Guidance Note on Completing an Application and has taken the information provided therein into consideration when completing the Application for Authorisation as an Electronic Money Institution Form or Application for Registration as a Small Electronic Money Institution Form.
Firms are advised to seek legal advice if they are unsure as to whether their proposed activities require authorisation/registration or if they are unsure as to how they should comply with the authorisation/registration requirements. If, after having received and considered such advice, firms have any doubt about their status, they are advised to submit an application for authorisation/registration.
Pre-Application Meeting
A pre-application meeting, with the Central Bank, is an option for applicant firms. Specific questions can be raised about any aspect of the application process, service standards or completing the application form. However, it is not within the remit of the Central Bank to provide advice at these meetings, including the provision of advice on any proposed business model or proposed payment services which may require authorisation. It is the responsibility of a firm or individual proposing to provide a financial service in Ireland, to ascertain whether they fall to be regulated by the Central Bank or any other regulatory authority.
The Central Bank recommends that firms who wish to avail of this facility have completed their application material to an advanced stage before requesting such a meeting. Specific questions should be prepared in advance in order to make the meeting as productive as possible. Such meetings will typically be no longer than one hour.
Innovation Hub
The Innovation Hub is an additional facility available to firms to engage with the Central Bank outside of existing formal regulator / firm engagement processes.