The new Ordinance № 16 (the Ordinance) of the Bulgarian National Bank (BNB) on licensing and approvals of payment institutions, electronic money companies and operators of payment systems is in accordance with Directive (EU) 2015/2366 of the European parliament and of the council (“The Directive”) of 25 November 2015 on payment services in the internal market.
The Directive implements the requirements from the guidelines adopted by the European Banking Authority on information provided for licensing of payment institutions and electronic money companies as well as registration of services providers related to information on accounts.
The change introduced by the new Ordinance is related to the entry in the register under Article 19 of the Payment Services and Payment Systems Act with settlement finality.
The criteria for the minimum premium amount of the Professional Liability Insurance are set forth in the new Ordinance.
Ordinance regulates the terms and conditions for the licensing of a payment institution and electronic money company, the conditions and procedures for entry in the register of service provider of providing information on account, the conditions and procedures for pursuing an activity as an operator of payment system with settlement finality as well as conducting settlement in BNB.