Subsection 1: Approval

Before issuing and managing electronic money, electronic money institutions must obtain an authorisation issued by the Autorité de contrôle prudentiel et de résolution, after obtaining the opinion of the Banque de France under the fourth paragraph of I of article L. 141-4 or article L. 521-8. To obtain this authorisation, an application must be submitted to the Autorité de contrôle prudentiel et de résolution, together with the information defined by…

I. – In order to grant authorisation, the Autorité de contrôle prudentiel et de résolution shall ensure that, taking into account the need to guarantee the sound and prudent management of the electronic money institution, it has adequate governance and internal control procedures for its electronic money issuing and management activities, as well as systems to ensure the security of the services provided and the protection of sensitive payment data….

I. – At the time of authorisation, electronic money institutions must have paid-up capital of at least an amount set by regulation. II. – The head office of any electronic money institution must be located on the same national territory as its registered office. III. – Any electronic money institution authorised in France carries out at least part of its business of issuing and managing electronic money on French territory.

Where an electronic money institution carries out activities of a hybrid nature within the meaning of Article L. 526-3 or activities referred to in Articles L. 525-4 or L. 525-5, the Autorité de contrôle prudentiel et de résolution shall verify that the person responsible for the activities of issuing and managing electronic money fulfils the conditions referred to in a of II of Article L. 526-8. The Autorité de contrôle…

Within a period set by regulation from receipt of the application or, if the application is incomplete, within the same period from receipt of all the information necessary for the decision, the Autorité de contrôle prudentiel et de résolution shall notify the applicant of its decision. Where the decision concerns an undertaking which previously carried on an activity under Article L. 525-5 or Article L. 525-6-1, the decision shall specify…

An electronic money institution shall at all times comply with the conditions of its authorisation. The Autorité de contrôle prudentiel et de résolution shall be notified of any change in the conditions governing the authorisation granted to an electronic money institution that affects the accuracy of the information and supporting documents provided for the implementation of the provisions of Articles L. 526-8 to L. 526-10. The procedures for this declaration…

With the exception of transactions carried out within a group, within the meaning ofArticle 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 an electronic money institution is subject to prior authorisation by the Autorité de contrôle prudentiel et de résolution. Without prejudice to the penalties that may be imposed…

The withdrawal of an electronic money institution’s authorisation is pronounced by the Autorité de contrôle prudentiel et de résolution at the request of the institution.

The withdrawal of an electronic money institution’s authorisation may also be decided ex officio by the Autorité de contrôle prudentiel et de résolution if the institution: 1° Does not make use of the authorisation within a period of twelve months or has ceased to carry on business for a period of more than six months ; 2° Has obtained authorisation by making false declarations or by any other irregular means;…

Withdrawal of authorisation takes effect at the end of a period determined by the Autorité de contrôle prudentiel et de résolution. During this period : 1° The electronic money institution remains subject to supervision by the Autorité de contrôle prudentiel et de résolution. The Autorité de contrôle prudentiel et de résolution may impose the disciplinary sanctions provided for in Article L. 612-39, including deregistration; 2° The institution may not issue…