EBA Opinion on Passport Notifications for E-Money Agents and Distributors

The EBA has published an opinion on the nature of passport notifications regarding  agents and distributors under PSD2, 2EMD and MLD4.

In particular, the opinion provides clarity on:

  • the criteria that national competent authorities (NCAs) should take into account when assessing whether an activity carried out by a payment or electronic money institution using agents or distributors in a host member state amounts to an “establishment” of that payment or electronic money institution in that host member state or falls under the free provision of services.
  • the consequences that the existence of an establishment has on the obligations applicable to payment or electronic money institutions under PSD2, 2EMD and MLD4, and on the allocation of responsibilities between the home and host NCAs.

Angie Bamboulis