Electronic money institutions

Published: 31/1/2015
The CNB shall grant authorisation to issue electronic money if it assesses from the application and available information that all of the set conditions are met.

An electronic money institution having its head office in the Republic of Croatia is a legal person, which has been authorised by the CNB to issue electronic money and which, based on this authorisation, may provide payment services that are linked to the issuance of electronic money. An authorisation to issue electronic money may also contain authorisation to provide one or several payment services that are not linked to the issuance of electronic money.

Any authorisations to provide payment services that are not linked to the issuance of electronic money, subsequently obtained by an electronic money institution are considered as constituent parts of the authorisation for the issuance of electronic money.

A legal person having its head office in the Republic of Croatia submits an application to the CNB for authorisation to issue electronic money, specifying the payment services it intends to provide and indicating which of these services are not linked to the issuance of electronic money.

The application for authorisation to issue electronic money should be accompanied by all required documentation and data prescribed by Article 12, paragraph 2 of the Electronic Money Act.

The CNB decides about the application for authorisation in an administrative procedure, and if conditions prescribed by Article 13 of the Electronic Money Act are met, it grants authorisation to issue electronic money to the legal person that submitted the application. The CNB may refuse an application for authorisation to issue electronic money if it assesses that any of the conditions of the Act has not been met.

On the basis of the granted authorisation, the electronic money institution may issue electronic money and provide payment services, under the conditions prescribed by the Electronic Money Act, within the territory of another member state, through a branch or directly. An electronic money institution which intends to issue electronic money and/or provide payment services that are not linked to the issuance of electronic money within the territory of another member state must notify the CNB about it.