# PSD3 Article 13 — Granting of authorisation

Textual state: amended_substantial. 267 words changed; 1 paragraph added

- Current text: Council final compromise text (Council document 8222/26) — not yet law.
- Compared against: COM(2023) 366 final — superseded.
- Classification is mechanical; method: https://paymentslaw.eu/method/
- Editorial review state: not_assessed. Markers are curated and selective, not a complete assessment.

Word-level diff, proposal → compromise: `{+text+}` was inserted, `[-text-]` was deleted.

## Paragraph 1

1. Member States shall authorise an applicant payment institution for the payment services [-and electronic money services -]it intends to provide, provided that the applicant payment institution: (a) is a legal person established in a Member State; (b) has submitted to its competent authorities the information referred to in Article [-3(3); -]{+3(3) or Article 3(3a) respectively; +}(c) has taken into account the need to ensure the sound and prudent management of the applicant payment institution, robust governance arrangements for the payment services [-or electronic money services -]it intends to provide, including: (i) a clear organisational structure with well-defined, transparent and consistent lines of responsibility; (ii) effective procedures to identify, manage, monitor and report the risks to which the applicant payment institution is or might be exposed; (iii) adequate internal control mechanisms, including sound administration and accounting procedures. (d) has the initial capital referred to in Article 5; (e) complies with Article 3(4). The governance arrangements and control mechanisms referred to in point (c) shall be comprehensive and proportionate to the nature, scale and complexity of the payment services [-or electronic money services -]the applicant payment institutions intend to provide. [-The -]{+By [OP please insert the date: one year after the date of entry into force of this Directive], the +}EBA shall adopt [-guidelines -]{+guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, addressed to the competent authorities designated under this Directive, +}on the arrangements, processes and mechanisms referred to in this paragraph.

## Paragraph 2

2. Competent authorities of the home Member State shall grant an authorisation if the information and evidence accompanying the application complies with all of the requirements laid down in Article 3 and if the competent authorities’ overall assessment, having scrutinised the application, is favourable. Before granting an authorisation, the competent authorities may, where relevant, consult the national central bank or other relevant public authorities.

## New paragraph 2a

{+2a. Without prejudice to paragraph 2, competent authorities of the home Member State shall decide on the authorisation within 60 business days where a crypto-asset service provider that has been authorised as crypto-asset service provider in accordance with Article 63 of Regulation (EU) 2023/1114 intends to provide payment services only with electronic money tokens. The period as set out in first subparagraph shall commence upon receipt by the competent authority of the home Member State of the application and the information to be submitted pursuant to Article 3(3a). Where the competent authority concludes that an application is not complete, it shall immediately inform the applicant crypto-asset provider thereof, specifying the missing or incomplete information, and set a deadline by which that applicant is required to provide the missing information. The period as set out in the first subparagraph shall be suspended until the information is provided or on the expiry of that deadline, whichever comes sooner. The competent authority may, in accordance with the procedure described above, continue to request any missing or incomplete information until the application is complete. If an authorisation is granted, it shall be limited to the provision of services specified in the application.+}

## Paragraph 3

3. A payment institution which, under the national law of its home Member State, is required to have a registered office, shall have its head office in the same Member State as its registered office and shall carry out a part of its payment service [-or electronic money -]business there. The competent authorities of the Member State where the payment institution is to have its registered office shall however not require the payment institution to carry out the majority of its business in the country where it will have its registered office.

## Paragraph 4

4. Competent authorities may, as a condition for authorisation, require that the applicant payment institution establishes a separate entity for the provision of the payment services referred to in Annex I, points [-1 -]{+(1) +}to [-6, -]{+(6) and (8), +}where the applicant payment institution is engaged in other business activities that may impair, or is likely to impair, either the financial soundness of the applicant payment institution or the ability of the competent authorities to monitor the applicant payment institution’s compliance with this Directive.

## Paragraph 5

5. Competent authorities shall refuse to authorise an applicant payment institution in any of the following cases: (a) where, taking into account the need to ensure the sound and prudent management of the payment institution, those competent authorities are not satisfied as to the suitability of the shareholders or members that have qualified holdings; (b) where there are close links as defined in Article 4(1), point (38), of Regulation (EU) No 575/2013 between the payment institution and natural or legal persons that do prevent the effective exercise of the supervisory functions of the competent authorities; (c) where the laws, regulations, or administrative provisions of a third country governing one or more natural or legal persons with which the payment institution has close links as defined in Article 4(1), point (38), of Regulation (EU) No 575/2013, or difficulties involved in the enforcement of those laws, regulations or administrative provisions, prevent the effective exercise of the supervisory functions of the competent authorities.

## Paragraph 6

6. An authorisation shall be valid in all Member States and shall allow the payment institution concerned to provide the payment [-or electronic money -]services that are covered by the authorisation throughout the Union, pursuant to the freedom to provide services or the freedom of establishment.