Regulatory Alerts2018-03-29
Added · Updated
Ordinance No 16 of the BNB 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 Ordinance establishes the terms and procedures for licensing payment institutions and electronic money institutions, as well as for entering account information service providers into the register. It mandates specific application requirements, including capital proof, business plans, governance frameworks, and compliance with EBA guidelines. The text also defines qualification criteria for management personnel, requiring at least five years of professional experience with three years in a managerial role within the banking or financial sector. Additionally, it outlines the supervisory powers of the Bulgarian National Bank regarding payment systems with settlement finality and the conditions for participation in such systems.