Gibraltar PSP_Guidelines

Gibraltar Payment Institutions License

The regulation of payment institutions falls under the scope of the Financial Services (Investment and Fiduciary Services) Act 1989 and specifically, the Financial Services (EEA)(Payment Services) Regulations 2010.

Permitted Activities

Payment services may consist of:

  1. Enabling cash withdrawals
  2. Enabling cash to be placed in a payment account
  3. Credit transfers, including standing order
  4. Issuing payment instruments or acquiring payment transactions; or
  5. Money remittance

Types of Payment Institutions

There are two types of payment institutions:

  1. Authorized payment institutions: Institutions which will be authorized to provide one or more payment services and who will be required to comply with all legislative requirements.
  2. Registered payment institutions: Institutions able to carry out certain payment services and to whom the FSC grants a waiver so that are not subject to all the legislative requirements, as long as can demonstrate that meet the following conditions.
  3. Turnover does not exceed €3 million of payment transactions per month; and
  4. None of the persons responsible for the management of the business has been convicted of financial crime.

These institutions do not have the right of establishment, or the freedom to provide services (cannot passport), nor can they indirectly exercise those rights when being a member of a payment system, outside of Gibraltar.

A payment institution, whether authorized and registered, can apply for one of the below three classes of licenses, depending on the services to be provided:

Class A

Provides money remittance services.

Class B

Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment service user and the supplier of the goods and services.

Class C

  1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account
  2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account
  3. Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider
  4. Execution of payment transactions where the funds are covered by credit line for a payment service user.

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is Gibraltar:

  1. Limited partnerships,
  2. Unit trust or
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • Minimum of Two Shareholders
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Licensed Principle The Applicant must employ at least one individual who is licensed as a principal.

The Principle must:

  1. Have sufficient educational or other qualifications or experience;
  2. Have sufficient authority within the company;
  3. Be a fit and proper person, to supervise the business for which the company that has nominated him is licensed or is applying to be licensed;
Authorized Representative The Applicant must employ at least one individual who is licensed as a representative.

The representative must:

  1. Have sufficient educational or other qualifications or experience;
  2. Be a fit and proper person to be licensed as a representative;
Local Office The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
Auditor The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission
Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator
Minimum Capital Requirements The initial and ongoing minimum capital requirements are:

  • Class A License: €20,000
  • Class B License: €50,000
  • Class C License: €125,000

Ongoing Obligations

  1. Licences are to be renewed annually. On application for renewal of a Licence, Financial Service Commission of Gibraltar , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal licence fee
  2. Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

OR Contact us on:

  • Tel: +248 4321018
  • WhatsApp: +248 2525217
  • Skype: vf-international.com
  • Email: [email protected]

Telephone:

+248 252 5217

[email protected]

vf-international.com