EMDAD
Application under Regulation 33 and 34 of the Financial
Services (Electronic Money) Regulations 2011 to register
an agent or notification of a distributor.
This form is to be completed by all Gibraltar licensed electronic money institutions that
wish to appoint an agent or distributor in accordance with Directive 2009/110/EC of the
European Parliament and of the Council of 16 September 2009.
Before completing this form, applicants should read the Financial Services (Electronic
Money) Regulations 2011 and the Notes to this form.
Completed notification forms should be sent to the applicant’s normal supervisory contact
at the Financial Services Commission.
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1. Details of the Electronic Money Institution
1.1
State the name(s) of the institution (corporate name and any business name(s))
used for the purposes of, or in connection with, any business carried on by it in
Gibraltar.
1.2
Contact Information;
Address:
Telephone number:
E-mail address:
Contact person:
1.3
Indicate any former name(s) by which the firm has been known.
2. Entity details
2.1
Entity name, or in the case of a sole
trader, the individual’s name
Address (include country if not in
Gibraltar)
Postcode
Trading name(s), if any
Former name(s), if any
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Telephone number
Fax number
E-mail address
Website address (if available)
Legal status
Corporate registration number (e.g.
Companies House)
Agent or Distributor ?
2.2
Does the institution intend to distribute or redeem e-money though the agent or
distributor?
Yes
No
N/A
Authorised Institutions only
2.3
Will the Authorised Institution be engaging the entity to provide services in
another EEA State?
Yes
No
If “no”, please proceed to Section 3 if it’s an agent or Section 4 for a distributor.
2.4
Does the Authorised Institution hold a passport to the relevant EEA State?
Yes
No
If “no” has an application been made?
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Yes
2.5
No
*
If “yes” to Q.2.4, please indicate whether the agent will operate under an
establishment or services type of passport.
Establishment
**
Services
* Form EMDS – Notification of intention to provide cross border services, should be
submitted together with this form.
** If the entity will have an establishment in, or provide services into, any other EEA
State the institution is required to submit Form EMDB together with this form.
3. Agent’s Systems and Controls
a)
Full description of the agent's structural
organisation (number of business
units/premises; number of employees;
organisational chart, showing both functional
and legal reporting lines; shareholding
structure) and how the agent fits into the
corporate structure of the e-money
institution
b)
Full description of participation or intention
to participate in a national or international
payment system
c)
Details of the services the agent will be
carrying on, on behalf of the institution.
d)
A description of the internal control
mechanisms that will be used by agent to
include:
procedures to identify the customers and
-
the beneficial owner of the transaction
and what is prescribed regarding the
record keeping
procedures which have been implemented
-
to distinguish situations with different risk
levels (risk based approach) and the
enhanced customer due diligence
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measures applicable in cases of higher
risk
procedures to detect suspicious
-
transactions which have to be reported to
the financial intelligence unit (FIU) and to
report these transactions
measures which have been implemented
-
in relation to the training and education
of the agent and its employees in order
to apply the AML procedures.
4. Distributor Systems and Controls
4.1
Provide details of the distributors internal control systems and how these comply
with the Anti-Money Laundering requirements.
5. The Directors and persons responsible for the
management
When considering the take on of agents, the firm should consider the fitness and
propriety of the individuals responsible for the management of the entity. The FSC
does not define the term “fit and proper”, however the term includes amongst other
considerations the concepts of honesty, integrity, reputation, solvency and
competence. This extends to the conduct of a business both in its dealings with the
public and in the ordering of its internal affairs.
[Further details on the “Fit and Proper Test” can be found on the FSC’s website in the
“Applications section”]
Has the fitness and propriety of the controllers and persons responsible for the
management of the entity been considered and found to be suitable?
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Yes
No
Provide details of any adverse information found.
Additionally, for the proprietor(s)/shareholder(s), director(s)/partner(s) and person(s)
responsible for the management of any agent being registered, the institution must
submit fully completed Individual Questionnaires [which can be obtained from the
FSC’s website].
Declaration
We certify that we have read Regulation 66 of the Financial Services (Electronic Money)
Regulations 2011. We are aware that it is an offence to provide any information which is
untrue in a material respect in connection with an application under the Regulations.
We certify that the information given in answer to the questions above is complete and
accurate to the best of our knowledge, and believe that there are no other facts relevant
to this application of which the Financial Services Commission should be aware.
We undertake to inform the Financial Services Commission of any changes material to the
application which arises while the Financial Services Commission is considering the
application.
Name
Position Held
Signed
Date
Name
Position Held
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Signed
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Date
Notes to Form EMDAD - Registering of an agent or
distributor
1. Scope for the Notification Requirement
a.
This form must be completed by all Gibraltar incorporated electronic
money institutions that intend to register an agent or notify a distributor
as required by Regulations 33 and 34 of the Financial Services (Electronic
Money) Regulations 2011 (“Regulations”).
b. Regulation 2 of the Regulations sets out the following defintions:
”Electronic money institution”: an authorised electronic money institution
incorporated in Gibraltar, which has its principal place of business in
Gibraltar and is currently licensed by the Financial Services Commission to
carry on the business of an electronic money issuer.
“Agent” a person who provides payment services on behalf of an e-money
institution where payment services refers to any activity listed in the
Schedule of the Financial Services (EEA)(Payment Services) Regulations
2010.
“Distributor”: a person who distributes or redeems e-money on behalf of
an e-money institution but who does not provide payment services on its
behalf, where payment services refers to any activity listed in the Schedule
of the Financial Services (EEA)(Payment Services) Regulations 2010.
c.
A separate notification form is required for each entity.
d. Form EMDAD should only be used to notify the FSC of any new branches,
agents or distributors (not ones that the FSC has already been notified of.
2.
Procedures
a.
It should not be assumed that information is known to the FSC merely
because it is in the public domain or has been previously disclosed to the FSC
or another regulatory body.
If you are not sure whether a piece of
information is relevant, please include it anyway.
b. The firm is required to immediately notify the FSC if there are any changes in
the information that has been submitted to the FSC..
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c.
Upon receipt of the form, the FSC will consider the notification and if
appropriate, reply to the institute within one month
Agents
d. A submission fee of £224 applies.
e.
If the institution is registering an agent, it is not required to complete section
4.
f.
The FSC will either provide to the agent registration, or advise the firm of its
grounds for refusal of the registration within the one month period.
g. FSC approval is required before the agent can start providing services on the
institution’s behalf.
Distributors
h.
A submission fee of £112 applies.
i.
If the institution is appointing a distributor, it is not required to complete
Question’s 2.2 and 2.5 or section 3.
The notification of distributors is only for information purposes and therefore
the FSC will not be providing an approval to such notification but will provide
feedback within a month of receipt if deemed necessary.
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