Circular CSSF 18/681 is a CSSF circular, published 24 January 2018. Subject: Adoption of the guidelines of the European Banking Authority on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance or other comparable guarantee under Article 5(4) of Directive (EU) 2015/23661 (EBA/GL/2017/08).
\nRelevant for: Payment institutions/electronic money institutions/AISPs.
\nIn case of discrepancies between the French and the English text, the French text shall prevail. Luxembourg, 24 January 2018 To all the persons that wish to introduce an application for authorisation as payment institution for the provision of payment initiation services, and/or an application for registration as payment institution to provide account information services
\nRe: Adoption of the guidelines of the European Banking Authority on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance or other comparable guarantee under Article 5(4) of Directive (EU) 2015/2366 1 (EBA/GL/2017/08)
\nLadies and Gentlemen, The purpose of this circular is to draw your attention to the Guidelines of the European Banking Authority (EBA) on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance or other comparable guarantee under Article 5(4) of Directive (EU) 2015/2366 (“PSD2”) (the “Guidelines”) and with which the CSSF intends to comply. The Guidelines specify the criteria and indicators on how to stipulate the minimum monetary amount of the professional indemnity insurance (PII) or other comparable guarantee to be held for authorisation and registration under PSD2 and apply for: -
\nundertakings that apply for authorisation as payment initiation service provider;
\nDirective (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market and amending Directives 2002/65/EC, 2009/110/EC, 2013/36/EU and Regulation (EU) No 1093/2010 and repealing Directive 2007/64/EC
\nundertakings that apply for registration as account information service provider; undertakings that apply for authorisation as payment initiation service provider and account information service provider.
\nThe Guidelines also set out a formula for the calculation of the minimum monetary amount of the PII or comparable guarantee. The Guidelines are annexed to this circular. They are also available on the EBA’s website: https://www.eba.europa.eu/documents/10180/1956339/Guidelines+on+PII+under+PSD2+%2 8EBA-GL-2017-08%29_EN.pdf By way of this circular, the CSSF adopts the Guidelines which apply as from 13 January 2018. This circular enters into force with immediate effect.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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