Book V: Service providers

At the time of authorisation, payment institutions must have paid-up capital in an amount at least equal to the sum laid down by regulation, depending on whether: a) The payment institution provides only the payment service of transmitting funds ; b) The payment institution provides a payment initiation service; c) The payment institution provides other payment services. For the purposes of determining the minimum capital, the provision of the account…

I. – Payment institutions providing the payment service referred to in 7° of II of article L. 314-1 must, at the time of authorisation, have professional civil liability insurance covering the territories in which they offer services or another comparable guarantee against liability. II. – Payment institutions providing the payment service referred to in 8° of II of Article L. 314-1 must, at the time of authorisation, have professional indemnity…

I. – The head office of any payment institution must be located in the same national territory as its registered office. II. – Any payment institution authorised in France carries out at least part of its payment services business on French territory. III. – Where a payment institution carries out hybrid activities within the meaning of Article L. 522-3, the Autorité de contrôle prudentiel et de résolution shall verify that…

Within a period set by regulation following receipt of the application or, if the application is incomplete, within the same period following receipt of all the information required for the purposes of the decision, the Autorité de contrôle prudentiel et de résolution shall notify the applicant of its decision.

The payment institution must comply with the conditions of its authorisation at all times. The Autorité de contrôle prudentiel et de résolution must be notified of any change in the conditions governing the authorisation granted to a payment institution that affects the accuracy of the information and supporting documents provided for the implementation of the provisions of II of Article L. 522-6. An order issued by the Minister for the…

With the exception of transactions carried out within a group, within the meaning of Article L. 233-3 of the Commercial Code, any acquisition, extension or disposal of a direct or indirect holding, within the meaning of Article L. 233-4 of the same code, in a payment institution is subject to prior authorisation by the Autorité de contrôle prudentiel et de résolution. Without prejudice to the penalties that may be imposed…

I. – Withdrawal of authorisation as a payment institution shall be decided by the Autorité de contrôle prudentiel et de résolution at the request of the institution. It may also be decided ex officio by the Autorité de contrôle prudentiel et de résolution if the institution : a) Does not make use of the authorisation within a period of twelve months or has ceased to carry on business for a…

I. – The Autorité de contrôle prudentiel et de résolution may issue a simplified payment institution authorisation when the total amount of payment transactions forecast does not exceed a ceiling set by decree. Before providing payment services, the payment institutions referred to in the first paragraph must obtain authorisation, which is granted by the Autorité de contrôle prudentiel et de résolution after receiving the opinion of the Banque de France…