Regulatory Alerts2018-03-29
Ordinance No. 16 of the BNB of 29 March 2018 on Granting Licenses and Approvals, Entry into the Register under Article 19 of the Law on Payment Services and Payment Systems, and Requirements to the Activity of Operators of Payment Systems with Settlement Finality
The Bulgarian National Bank issued Ordinance No. 16 to establish the detailed conditions and procedures for licensing payment institutions, e-money institutions, and operators of payment systems with settlement finality. The regulation mandates comprehensive documentation for license applications, including business plans, capital verification, and robust internal control frameworks aligned with EBA guidelines. It further defines strict qualification, professional experience, and reputation requirements for managing bodies and qualified shareholders to ensure the integrity and stability of the payment services sector.
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