Reporting Requirements for Electronic Money Institutions

Regular Reporting

An authorised E-Money Institution is required to submit to the Central Bank of Ireland ("Central Bank") at the frequency specified to the E-Money institution and within 20 business days of the end of the relevant reporting period reports setting out financial information and information in relation to the services provided including the safeguarding of users' funds and the appointment of distributors.  The details to be included in the reports are set out in the Guidance Note for the Supplementary Return and the Guidance Note for the Accounts Return.  Please note that references within these Guidance Notes to the E-Money Regulations 2011 should be read as relating to the updated European Communities (Electronic Money) Regulations 2011 (as amended).

Non-submission or late submission of returns is a key indicator in the assessment of the risk profile of authorised E-Money Institutions and in deciding which E-Money Institutions need to be inspected.

Please refer to the following FAQ for additional reporting requirements under PSD2.

Annual Accounts 

The annual audited accounts of an E-Money Institution authorised in Ireland under the provisions of the E-Money Regulations must be submitted to the Central Bank within six months of the relevant financial year end.

Reporting of Breaches 

E-Money Institutions are required to report any material breaches of legislative or supervisory requirements to the Central Bank.

If there is uncertainty regarding whether a change within a firm constitutes a material change for supervisory purposes, the E-Money Institution should contact the Consumer Protection: Supervision Division directly.  Contact details are available in the Contact Us section.

Duties of External Auditors

Statutory Duty Confirmations and/or Auditors Management Letters 

Following the audit of an E-Money Institution’s financial statements, the auditor must supply the Central Bank with a copy of the 'Management letter' issued to the E-Money Institution’s Board of Directors or subcommittee of the Board.

In addition, auditors of E-Money Institution’s must make an annual 'Statutory Duty Confirmation' to the Central Bank stating whether any circumstances came to their attention during their annual audit that gave rise to a duty to report the matter(s).

Both the 'Management Letter' and 'Statutory Duty Confirmation' should be submitted in hard copy to the Central Bank to the following address:

Statutory Duty Confirmations and/or Auditors Management Letter
Consumer Protection: Supervision
Central Bank of Ireland
New Wapping Street
North Wall Quay
Dublin 1
D01 F7X3

Links to Guidance Notes

Guidance Note EMI Accounts Return (FINREP) | pdf 992 KB Guidance Note for the E-Money Institution Supplementary Return | pdf 1226 KB EMI FINREP Appendix 1 | xls 172 KB