EBA · 2019_4753 Rejected question

Requirement for credit institutions and electronic money institutions wishing to offer PIS and AIS to take out professional indemnity insurance or a comparable guarantee / Obbligo di dotarsi di un'assicurazione per la responsabilità civile o analoga garanzia, per gli Enti creditizi o Istituti di moneta elettronica che vogliono offrire i servizi di PIS e AIS

Regulation
Directive 2015/2366/EU (PSD2)
Article
5, para. 2-3
Topic
Monetary amount of the professional indemnity insurance
Submitted by
Consultancy firm
Submitted
2019-05-29
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Question

Can an electronic money institution or a credit institution wishing to offer Payment Initiation Service (PIS) and Account information service (AIS) consider its own funds to be a guarantee that is comparable to professional indemnity insurance (PII)? *** IT:   Un Istituto di Moneta elettronica o un Ente creditizio che vuole offrire i servizi di PIS e AIS, può considerare i fondi propri come analoga garanzia rispetto all’assicurazione per la responsabilità civile professionale?

Background

We are a consultancy firm working for a major corporate group in which there are two legal entities – an electronic money institution and a credit institution – that wish to offer PIS and AIS to their clients. **** IT: Come società di consulenza stiamo lavorando per un importante Gruppo Societario all’interno del quale sono presenti due Legal Entity, un Istituto di moneta elettronica e un Ente creditizio, intenzionate ad offrire servizi di PIS e AIS ai propri clienti.
No answer published yet.

Original source: European Banking Authority, Q&A ID 2019_4753

This Q&A is published by European Banking Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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