Small electronic money institutions

Published: 27/7/2018
The CNB will issue a decision on the entry of small electronic money institutions in the register of payment service providers and electronic money issuers, if it assesses, based on the application and the submitted documentation that all the conditions prescribed by the Electronic Money Act have been met.

A small electronic money institution means a legal person established in the Republic of Croatia, which has been issued a decision by the Croatian National Bank on the entry of a small electronic money institution in the register of payment service providers and electronic money issuers and which may issue electronic money and provide payment services referred to in Article 3, paragraph (2), items (3) to (6) of the Electronic Money Act.

Small electronic money institutions may issue electronic money and provide payment services exclusively in the territory of the Republic of Croatia.

Legal persons established in the Republic of Croatia intending to issue electronic money as small electronic money institutions have to submit an application to the Croatian National Bank for entry in the register in accordance with Article 60 of the Electronic Money Act, supported by all the required documentation and information prescribed by the mentioned Act.

The application for entry in the register should also be supported by the report on the average outstanding electronic money or, where the applicant has not commenced operating or has not operated long enough to calculate the average outstanding electronic money, a projection of the average outstanding electronic money for the following six months, indicating the payment services that it intends to provide and those that are not linked to the issuance of electronic money. The average outstanding electronic money of a small electronic money institution may not exceed HRK 2,000,000.00.

If a small electronic money institution provides payment services that are not linked to the issuance of electronic money, the total average monthly value of payment transactions executed by a small electronic money institution in the last 12 months, including the payment transactions executed through its agents, may not exceed HRK 7,500,000.00.

The prescribed documentation and information that have to be submitted to the Croatian National Bank for the purpose of entry in the register of payment service providers and electronic money issuers are specified in Guidelines on the information to be provided for the authorisation of payment institutions and e-money institutions and for the registration of account information service providers under Article 5, paragraph (5) of Directive (EU) 2015/2366.

In addition to the application and the prescribed documentation, the applicant should also submit a completed and signed Obrazac za prikupljanje i obradu osobnih podataka.

Based on the submitted application for entry in the register of payment service providers and electronic money issuers and the submitted documentation, the Croatian National Bank will decide on the application in an administrative procedure and adopt a decision on the entry in the register if all the conditions prescribed by Article 59 of the Electronic Money Act have been met. Legal persons may provide payment services only after these payment services have been entered as business activities in the register of companies.