Regulatory Alerts2013-05-16
Added · Updated
Prohibition on operating as an electronic money institution without authorisation
Entities are prohibited from operating as electronic money institutions under Section 2:10a of the Financial Supervision Act unless they hold authorisation from De Nederlandsche Bank (DNB) or qualify for an exemption. Non-compliance constitutes a criminal offence under the Economic Offences Act and may result in enforcement measures such as cease and desist orders, administrative fines, or reports to the public prosecutor's office. DNB actively enforces this requirement through regular checks and has previously imposed significant administrative fines on non-compliant entities.
Related laws and regulations
Art. 2:10a Wft (Refers to an external site)
Factsheet
Read aloud
If you do not hold an authorisation issued by DNB, you are not permitted to operate as a electronic money institution pursuant to Section 2:10a of the Financial Supervision Act, unless you qualify for the Exemption Regulation .
Published: 16 May 2013
DNB pursues a policy of active enforcement and perform checks at regular intervals. If you provide electronic money services without authorisation or exemption issued by DNB and you have not been excepted from the authorisation requirement, we can take several enforcement measures, including issuing cease and desist orders and imposing administrative fines.
Economic offence
Non-compliance with the Financial Supervision Act constitutes a criminal offence under the Economic Offences Act, which we may report to the public prosecutor's office.
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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Related laws and regulations
Art. 2:10a Wft (Refers to an external site)
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