EMDB
Notification of Intention to exercise right of
establishment in accordance with Regulation 28 of the
Financial Services (Electronic Money) Regulations 2011
The form is to be completed by all authorised Gibraltar electronic money institutions that
wish to exercise its right to establish a branch in another EEA State 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. Details about the establishment
2.1
Does the firm intend to establish a branch?
Yes
No
If “yes”, please complete section 3.
2.2
Does the firm intend to use an agent located outside of Gibraltar, but within the
EU, to provide services in the EEA State?
Yes
No
If “yes”, please complete section 4.
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2.3
Does the firm intend to appoint a distributor located outside of Gibraltar, but
within the EU, to provide services in the EEA State?
Yes
No
If “yes”, please complete section 5.
3. Details about the Branch
3.1
Please indicate the EEA State in which the institution wishes to establish a branch.
3.2
Please provide the address in the EEA State where the branch will be established
and from which we can get information about the business.
Address
Postcode
Telephone number
Fax number
Email address at the
branch
3.3
Please list the names of all the persons responsible for the management of the
branch
Title
Forename
Surname
For the person(s) responsible for the management of the branch, the institution
must submit fully completed Individual Questionnaires [which can be obtained
from the FSC’s website].
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3.4
Please provide the proposed date for the start of business at the branch. (Note:
The date should not be earlier than one month from the date this form is received
by the Financial Services Commission.)
3.5
Please tick the appropriate boxes to show which activities are to be provided by
the branch.
Electronic Money Activities
Issuance of electronic money
Distribution of electronic money
Redemption of electronic money
Payment Services
1.
Services enabling cash to be placed on a payment account as well as
all the operations required for operating a payment account.
2.
Services enabling cash withdrawals from a payment account as well as
all the operations required for operating a payment account.
3.
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:
(i) execution of direct debits, including one-off direct debits,
(ii) execution of payment transactions through a payment card or a
similar device,
(iii) execution of credit transfers, including standing orders.
4.
Execution of payment transactions where the funds are covered by a
credit line for a payment service user:
(i) execution of direct debits, including one-off direct debits,
- does this include the granting of credits?*
Yes
No
(ii) execution of payment transactions through a payment card or a
similar device,
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(iii) execution of credit transfers, including standing orders.
5.
Issuing and/or acquiring of payment instruments;
- does this include the granting of credits?*
Yes
No
6.
Money Remittance
7.
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, acting only as
an intermediary between the payment service user and the supplier of
the goods and services.
- does this include the granting of credits?*
Yes
No
* In accordance with the rules provided for in Regulation 32(2) Financial Services
(Electronic Money) Regulations 2011
3.6
Please provide the following information;
a)
Full description of the branch's
structural organisation (number of
business units/premises; initial
number of anticipated employees;
organisational chart, showing both
functional and legal reporting lines)
and how the branch fits into the
corporate structure of the group
b) Full description of outsourcing
arrangements
c) Full description of participation or
intention to participate in a national or
international payment system (if
applicable)
d) Full details of the anti-money
laundering procedures to be adopted
by the branch in the host Member
State, which include:
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procedures to identify the
customers and the beneficial
- owner of the transaction and what
is prescribed regarding the record
keeping
procedures to distinguish situations
- with different risk levels (risk based
approach) and the enhanced
customer due diligence 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
e)
f)
g)
3.7
measures which have been
implemented in relation to the
- training and education of their
employees in order to apply the
AML procedures.
Full details of the links with internal
control system of the institution
Details of the amount of control by
senior management in Gibraltar over
the day to day operations of the
branch and systems in place for
reporting.
How the branch will contribute to the
strategy of the firm/group
Please provide a forecast statement for the profit and loss and cash flow, both
over a twelve month period.
4. Details about the agent
4.1
Please indicate the EEA State in which the institution wishes to engage an agent.
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4.2
For each agent please provide details of the links with internal control system of
the e-money institution, including a description of the permanent and periodic
control procedures implemented by the e-money institution to ensure that agents
properly apply the AML procedures.
Name of Agent
Response
* The agent(s) should be separately registered with the FSC using the Form
EMDAD – Registering an agent or distributor located on our website.
4.3
Please list the names of the persons responsible for the management of each
agent.
Agent
Title
Forename
Surname
For the person(s) responsible for the management of the agent, the institution
must submit fully completed Individual Questionnaires [which can be obtained
from the FSC’s website].
4.4
Please provide the proposed date for the start of business at the agent. (Note:
The date should not be earlier than one month from the date this form is received
by the Financial Services Commission.)
4.5
Please tick the appropriate boxes to show which activities are to be provided by
the agent.
If different agents are carrying on different activities, please advise of the activities
for each agent by completing this question per agent.
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Electronic Money Activities
Distribution of electronic money
Redemption of electronic money
Payment Services
1.
Services enabling cash to be placed on a payment account as well as
all the operations required for operating a payment account.
2.
Services enabling cash withdrawals from a payment account as well as
all the operations required for operating a payment account.
3.
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:
(i) execution of direct debits, including one-off direct debits,
(ii) execution of payment transactions through a payment card or a
similar device,
(iii) execution of credit transfers, including standing orders.
4.
Execution of payment transactions where the funds are covered by a
credit line for a payment service user:
(i) execution of direct debits, including one-off direct debits,
- does this include the granting of credits?*
Yes
No
(ii) execution of payment transactions through a payment card or a
similar device,
(iii) execution of credit transfers, including standing orders.
5.
Issuing and/or acquiring of payment instruments;
- does this include the granting of credits?*
Yes
No
6.
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Money Remittance
7.
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, acting only as
an intermediary between the payment service user and the supplier of
the goods and services.
- does this include the granting of credits?*
Yes
No
* In accordance with the rules provided for in Regulation 32(2) Financial Services
(Electronic Money) Regulations 2011
5. Details about the distributor
5.1
Please indicate the EEA State in which the firm wishes to appoint a distributor.
5.2
For each distributor please provide details of the links with internal control
system of the e-money institution, including a description of the
permanent and periodic control procedures implemented by the e-money
institution to ensure that agents properly apply the AML procedures.
Name of Distributor
Response
* The distributor should be separately notified to the FSC using the Form EMDAD
– Registering an agent or distributor located on our website.
5.3
Please list the names of the persons responsible for the management of each
distributor.
Distributor
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Title
Forename
Surname
Date of
Birth
5.4
Please provide the proposed date for the start of business at the distributor.
(Note: The date should not be earlier than one month from the date this form is
received by the Financial Services Commission.)
5.5
Please tick the appropriate boxes to show which activities are to be provided by
the distributor.
If different distributors are carrying on different activities, please advise of the
activities for each distributor by completing this question per distributor.
Electronic Money Activities
Redemption
Name of Distributor
Distribution of E-money
of E-money
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.
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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
Signed
Date
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Notes to Forms EMDB (Establishment of
a Branch)
1
Scope Of The Notification Requirement
a.
Form EMDB must be completed by all Gibraltar incorporated electronic
money institutions that intend to carry on activities listed in Schedule 1 of
the Financial Services (Banking) Act (“Act”) through;
i.
the establishment of a branch,
ii.
an agent located in another EEA State, or
iii.
a distributor located in another EEA State.
b. This notification only covers listed activities carried on by the
establishment in the Member State in which it is established. Any listed
activities conducted by the entity on a cross border provision of services
basis within the territory of another Member State must be notified in
Form EMDS.
c.
The term “electronic money institution” and the associated terms have the
meaning given to them in Regulation 2 of the Financial Services (Electronic
Money) Regulations 2011 (“the Regulations”). In summary, these terms are
defined as follows:
d. An electronic money institution means an authorised electronic money
institution incorporated in Gibraltar, has its principal place of business in
Gibraltar and is currently licensed by the Financial Services Commission to
carry on the business of electronic money issuer.
e.
A “branch” is defined in the Regulations as established by the institution
to issue e-money, provide services, distribute or redeem e-money or carry
out other activities in accordance with the Regulations within the EEA in
another EEA State other than in Gibraltar.
f.
An “agent is defined in the Regulations as 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.
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g. A “distributor” is defined in the Regulations as a person who distributes or
redeems e-money but does not provide payment services on behalf of the
institution.
h.
A separate notification form is required for each Member State.
i.
The forms should only include any new branches, agents or distributors.
Information on the current branches, agents or distributors previously
notified are not required.
2
Procedures
Branch
If an institution intends to establish a branch in an EEA State, it should complete sections
1, 2 and 3 of the EMDB form.
Please be advised that an application fee of £5,000 is payable each notification for the
establishment of a branch.
Furthermore, an annual fee of £6,328 is payable for each
branch established.
Agent
If an institution intends to establish an agent located in an EEA State, it should complete
sections 1, 2 and 4 of the EMDB form.
A fee of £224 is payable for each notification submitted.
Distributor
If an institution intends to establish a distributor located in an EEA State, it should
complete sections 1, 2 and 5 of the EMDB form.
A fee of £112 is payable for each notification submitted.
General
The submission of Form EMDB constitutes an application to establish a branch, register an
agent or appoint a distributor in an EEA Member State for the purpose of carrying on
only those particular activities specified in
the form in that EEA State.
The Financial Services Commission is obliged to act on the application within one month
of its receipt. If the application is refused, the Financial Services Commission must give a
notice of refusal, including the grounds for the decision, before the month expires. The
firm has recourse to make representations as set out in the Regulations.
Subject to the FSC not having any objections to the Branch application, the FSC will send
a notice (before the one month expires) to the relevant competent authority in the EEA
State where the branch is to be established. Once this notice has been given, the
Financial Services Commission must notify the firm of the date on which it was given.
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The branch may then be established and conduct the activities specified in Q.3.5 of the
EMDB Form as from one month from receipt of the notification by the FSC. However,
due to the short timescale the FSC would recommend that the institution wait to start
business until:
(i)
the relevant competent authority in the EEA Member State informs the
firm that it may establish the branch; or
(ii)
one month elapses following the day on which the Financial Services
Commission notified the relevant competent authority in the EEA State
that the application was allowed.
The institution may be contacted by the relevant competent authority in the EEA State
concerning the authority’s supervisory powers and any regulations that may be applicable
to the branch’s activities.
Information on the institution
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.
Change in requisite details
The institution is required to notify the FSC if there are any proposed changes to the
information provided in this form. The FSC will process the notification within one month
in the same manner as noted above, and will notify the institution if the notification has
been submitted to the relevant home state competent authority, or if refused, the
grounds for the refusal.
As per above, the changes can be effected was from one month from receipt of the
notification by the FSC. However, due to the short timescale the FSC would recommend
that the institution wait to effect the change until:
(i)
the relevant competent authority in the EEA Member State
acknowledges the notification; or
(ii)
one month elapses following the day on which the FSC notified the
relevant competent authority in the EEA State.
If a change in requisite details is occasioned by circumstances beyond the institution’s
control, then notification of the change must be made as soon as practicable (whether
before or after the change).
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