"Establishing a payment institution in Estonia: legislative framework and key legal requirements of the authorisation procedure" Nikita Divissenko, LL.M.

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Presentation transcript:

"Establishing a payment institution in Estonia: legislative framework and key legal requirements of the authorisation procedure" Nikita Divissenko, LL.M. 28-29.10.2016 Vihula, Lääne-Virumaa, Estonia

EU legislation Notion of payment / e-money institution Payment Services Directive 2007/64/EC (PSD) E-Money Directive (2009/110/EC) (EMD) Applicability of EU law principles

Estonian legislation Payment Institutions and E-money Institutions Act Money Laundering and Terrorist Financing Prevention Act

Estonian Supervision Authorities Main supervisory body: Estonian Financial Supervision Authority (Finantsinspektsioon, EFSA) Estonian Financial Intelligence Unit (Rahapesu Andmebüroo, AML authority)

Payment services Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account. Execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider. Execution of payment transactions where the funds are covered by a credit line for a payment service user. Issuing and/or acquiring of payment instruments. Money remittance. Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator.

Application To be submitted to the EFSA Duration: up to 6 months Powers of the EFSA Issue or refusal to issue an authorisation Key issues: Management / ownership Capital IT

Capital requirements 125 000 (350 000) EUR Source and origin of the funds Proof of sufficient funds

Management 2 + 3 Fit & Proper Education and experience Professional qualifications Impeccable business reputation

Level of technological organisation Security Trustworthiness Sufficient level of organisation

Documentation: Business plan Internal rules of procedure AML Provision of services Accounting Ownership structure Organisational structure IT Solutions Financial reports / data

Cross-border activity Registration of payment agents Branches abroad

Recent tendencies Number of registered payment institutions – 12 (+1 in 2016); Creditors and Credit Intermediaries Act in force since 29 March 2015; Short and middle-term loan providers now under the supervision of the EFSA; Growing amount of requests from abroad.

Thank you! Questions? Our contacts Nikita Divissenko, LL.M tel +372 626 4300 nikita.divissenko@varul.com Ahtri 6a, 10151 Tallinn, Estonia