Regulatory Alerts2019-10-31
Added · Updated
Amendments to Financial Institutions Rules FIR/01, FIR/02 and FIR/03
The Authority revises Financial Institution Rules FIR/01, FIR/02, and FIR/03 to align with amendments to the Financial Institutions Act transposing Directive (EU) 2015/2366 (PSDII). FIR/01 introduces application procedures and new Annexes I through IV for Payment Institutions, Electronic Money Institutions, and Account Information Service Providers, while mandating professional indemnity insurance or comparable guarantees for payment initiation and account information service providers instead of minimum capital requirements. FIR/02 updates supervisory requirements by adjusting the scaling factor (k) for own funds calculation methods. FIR/03 removes references to repealed rules and aligns asset security assessments with Article 366 of Regulation (EU) No 575/2013 (CRR), with all revised rules taking immediate effect.