National payment institutions – new regulation describing license motion documents
On December 14th 2020 the regulation of the Minister of Finance, Funds and Regional Policy of November 13th 2020 on the detailed scope of information and the type and form of documents attached to the application for a permit to operate as a national payment institution was published. As the name suggests, the regulation specifies the scope of the application for a permit to conduct business as a national payment institution (KIP).
The regulation was long awaited, with the previous one repealed in 2018 along with the implementation of the PSD2 Directive into the Polish legal system. In practice, for over 2 years, entities applying for the national payment institution KIP license relied on the outdated provisions of the „old”, i.e. the repealed regulation as well as on the practice developed in connection with the so-called re-authorization of national payment institutions.
The regulation of November 13th 2020 definitively ends the transition period, introducing solutions in line with market expectations and the current market practice. The regulation applies to KIP license application submitted from the moment the new regulations entered into force.