Regulatory Alerts2022-03-18
Added · Updated
Processing Times for Electronic Money Institution Authorisation Applications
De Nederlandsche Bank establishes that the statutory consideration period for electronic money institution authorisation is three months, commencing only upon receipt of a complete application. Processing often exceeds this timeframe due to requests for supplementary information, which suspends the clock until provided. Applications of higher quality and completeness are processed more rapidly, while failure to respond to information requests may result in the cessation of consideration.
Factsheet
Read aloud
When applying for authorisation from DNB, you should bear in mind the following processing times. The time between submitting your application and receiving DNB's decision differs for each application.
Published: 18 March 2022
The statutory consideration period for an application to be authorised as an electronic money institution is three months. The consideration period will start when we have received all information that is required to take a decision.
We have learned from experience that the total application processing time tends to be longer than three months. This is because the consideration period does not start until the application is complete. The consideration period may also be suspended if information is missing, or if your application prompts additional questions. We will then ask you to provide us with additional information. The consideration period will resume when we have received all relevant information. If you do not supplement your application on request, or you fail to do so sufficiently, we may decide to cease consideration of your application.
Quality
The time we need to handle your application greatly depends on its quality and completeness and the supplementary information that you provide. If for any reason we are unable to come to a decision within the set period, we will inform you accordingly. Generally speaking, the better the quality of your submitted application (in terms of both content and completeness), the faster we can process it.
Contact
If you are considering to submit an application, you can contact our Expert Centre on Market Access to announce your application for authorisation, and to enquire after the expected processing time.
General information
What is an electronic money institution?
Services not requiring authorisation
Exemption from the authorisation requirement
Applying for authorisation
Application form and notes
Application process (10 steps)
How long will it take to consider my application for authorisation?
Application fees
How to apply successfully
Background information
PSD2
Prohibition on operating as an electronic money institution without authorisation
Public register
Electronic money institutions having their registered offices in other member states
Legislation and regulations governing market access for electronic money institutions
Discover related articles
Factsheet
Market access
Electronic money institutions
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