Practice Areas > Investment Services, Fintech & Capital Markets > E-Money Licence > Application Procedure
Overview
In our experience, prior to filing a licence application, it is very useful to set a face-to-face meeting with the MFSA in order to explain at a high level the business plan of the company. At this initial stage the MFSA will give an indication of potential difficulties, if any, that the applicant may face during the licensing procedures.
Following this meeting, the licence application is to be submitted to the Malta Financial Services Authority (MFSA) using the requisite forms. Once this has been carried out there are two parts to the following stage of the application procedure.
During the first part of the process the MFSA analyses the business plan provided (including any financial projections) whilst during the second part the MFSA carries out due diligence exercises on all involved parties including any directors, managers and shareholders. The MFSA performs these due diligence procedures as it sees fit in order to be certain that these individuals satisfy the requirements of prudent conduct.
Documents to be Submitted
The following documentation must be disclosed to the MFSA in order for the company to successfully apply for an E-Money Licence:
- the Memorandum and Articles of Association of the Company,
- the company’s business plan and 3 year financial projections,
- personal questionaires (due diligence documentation) on all directors, managers and shareholders of the company;
- the internet banking questionnaire (a detailed questionaire on IT and security policies);
- additional information which the MFSA has the discretion to request.
Passport Rights
One of the great advantages of the Malta E-Money Licence is that once this has been obtained, the E-Money Institution can benefit from the right to passport such licence into other EU Member States/ EEA States simply by carrying out a standard procedure of notification thereby enabling the Institution to provide its services through a foreign branch of the company or remotely, under the freedom to provide services throughout the EU.
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How we can help
For more information about the process of applying for an E-Money Licence and for any other questions about the post-licensing stages of running an E-Money Institution feel free to contact us. Our firm has successfully assisted a number of client in their application for electronic money institution licences as well as for payment services licences.