Branch

If a payment institution wishes to offer services in another EEA Member State through a branch, it must inform DNB of its intention. This is done by submitting the completed notification form and supplementary information to DNB. The data which must be submitted in this case have been laid down in section 42a(b) of the Decree on Market Access of Financial Undertakings (Besluit markttoegang financiële ondernemingen). Where the submission of information to DNB is concerned, a Q&A has been prepared. If the information provided is insufficient, DNB will inform the payment institution accordingly. As soon as all data required for the notification have been submitted to DNB, the one-month notification period starts. Within that one-month period, the supervisory authority of the other Member State may react to the notification of the planned activities. On the basis of this reaction, DNB may refuse to enter the branch in the appropriate registers. Hence, in that case the institution is not permitted to offer its services in another Member State through a branch. Otherwise, after the end of the period, DNB and the other Member State enter the branch in the appropriate registers. From that moment onwards, the branch may start providing services in the other Member State.

Ongoing supervision of the branch is the responsibility of DNB. DNB may opt to exercise this supervision jointly with the supervisory authority of the other Member State. A branch is also subject to the provisions of Chapters 3 and 4 of the Decree on Prudential Rules for Financial Undertakings (Besluit prudentiële regels Wft) and must observe the relevant regulations. The supervisory authority of the other Member State itself exercises supervision regarding money laundering and financing of terrorism in accordance with its own national legislation and regulation. Hence, a sound knowledge of the relevant legislation and regulation in force in the other Member State is required.

DNB may at any time request further information and/or an explanation of the data submitted.

Requests for notification and specific questions regarding notifications may be mailed to
notificaties-betaalinstelling@dnb.nl.