PRESENTATION & SYNTHESIS OF THE LAWYER’S MISSIONS FOR ELECTRONIC MONEY INSTITUTION LICENSE IN FRANCE
Lawyer EMI License France.The law firm of Me Jonathan POUGET, Ph.D. in law and attorney, advises and defends your interests regardless of your geographical location. It prepares the file for applying for the approval of an Electronic Money Institution from the Prudential Control and Resolution Authority (ACPR).
I. What is the scope of your lawyer’s involvement in the preparation of the file?
Your lawyer handles the entire process of compiling the file, with the collaboration of the company’s executives and potential partners. The main elements of the file include:
1. Presentation of the company.
2. Establishment and presentation of the business program.
3. Development of a business plan and ensuring compliance with prudential regulations.
4. Presentation of the organizational structure and structuring of an internal control mechanism.
5. Implementation of security systems and access procedures for sensitive data.
6. Establishment of a business continuity plan and security policy.
To grant the Electronic Money Institution approval, the ACPR verifies the following elements:
1. Adequacy of the legal form to the intended activity.
2. Sufficient initial capital and level of prudential capital in accordance with capital requirements.
3. Business program and technical and financial resources implemented.
4. Description of the distribution network.
5. Identity and quality of direct and indirect capital contributors, and, if applicable, their guarantors.
6. Central administration located on the same national territory as the statutory headquarters.
7. Strong governance structure, including a clear organizational structure with well-defined, transparent, and coherent responsibilities.
8. Effective leaders or individuals designated as responsible for electronic money activity in the case of hybrid institutions (institutions engaged in other commercial activities) meeting the requirements of integrity, knowledge, experience, and skills.
9. Efficient procedures for detecting, managing, and controlling risks, as well as an adapted internal control system, including sound administrative and accounting procedures and an anti-money laundering and counter-terrorism financing system.
10. Protection of user funds.
11. Measures implemented to ensure the security of payment methods and the overall organization of security, monitoring proper functioning, and combating fraud.
II. What situations require obtaining ACPR approval? Lawyer EMI License France
If you intend to issue, manage, and make available, as a habitual profession, electronic money as defined in Article L. 315-1 of the Monetary and Financial Code, you must submit an application for approval as an electronic money institution to the Prudential Control and Resolution Authority (ACPR).
Article L. 315-1 of the Monetary and Financial Code specifies that:
“I. – Electronic money is a monetary value that is stored in electronic form, including magnetic, representing a claim against the issuer, which is issued in exchange for the transfer of funds for payment transactions defined in Article L. 133-3 and which is accepted by a natural or legal person other than the issuer of electronic money.
II. – Units of electronic money are referred to as value units, each constituting a claim incorporated in a title.”
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Your lawyer for EMI license in France is competent to handle any other request related to a procedure requiring validation from the Prudential Control and Resolution Authority (ACPR) or the Financial Markets Authority (AMF).
Lawyer for EMI License in France
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