Financial Supervision Authority issues three activity licenses for paying authorities
Pursuant to the Paying Authorities and E-Money Institutions Act, the Financial Supervision Authority has issued a paying authority activity license to AS Talveaed and has granted permission for exercising the exception set forth in the Paying Authorities and E-Money Institutions Act to IIZI Kindlustusmaakler AS and AS Parsimonia.
The activity license allows AS Talveaed to provide money transfer service without restrictions on volume. The permission for the exception set forth in the Paying Authorities and E-money Institutions Act allows IIZI Kindlustusmaakler AS and AS Parsimonia to provide the money transfer service with volume-based restrictions. The permission for the exception means that simplified requirements are in effect for applying for a paying authority activity license and the prerequisite is that the company’s average monthly total of payment transactions in the last 12 months does not exceed 1 million euros a month.
The Paying Authorities and E-Money Institutions Act, which entered into force in January 2010, requires companies that provide payment service to apply for an activity license or permission for an exception (specified in the Act) from the Financial Supervision Authority. The Financial Supervision Authority shall make the decision to grant or deny the activity license within three months of receiving all of the required documents and data and no later than six months of the date on which the application for activity license was received. The decision to grant or deny the exception shall be made by the Financial Supervision Authority within one month of receiving all of the required documents and data and no later than within three months.
Paying authorities were not previously subject to Financial Supervision Authority supervision, and companies could provide payment services without a relevant activity license until 30 April 2011.