Question ID
2019_4753
Legal act
Directive 2015/2366/EU (PSD2)
Topic
Monetary amount of the professional indemnity insurance
Article
5
Paragraph
2-3
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
EBA/GL/2017/08 - Guidelines on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance
Article/Paragraph
Guideline 1
Type of submitter
Consultancy firm
Subject matter
Requirement for credit institutions and electronic money institutions wishing to offer PIS and AIS to take out professional indemnity insurance or a comparable guarantee / Obbligo di dotarsi di un'assicurazione per la responsabilità civile o analoga garanzia, per gli Enti creditizi o Istituti di moneta elettronica che vogliono offrire i servizi di PIS e AIS
Question

Can an electronic money institution or a credit institution wishing to offer Payment Initiation Service (PIS) and Account information service (AIS) consider its own funds to be a guarantee that is comparable to professional indemnity insurance (PII)?

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IT:   Un Istituto di Moneta elettronica o un Ente creditizio che vuole offrire i servizi di PIS e AIS, può considerare i fondi propri come analoga garanzia rispetto all’assicurazione per la responsabilità civile professionale?

 

Background on the question

We are a consultancy firm working for a major corporate group in which there are two legal entities – an electronic money institution and a credit institution – that wish to offer PIS and AIS to their clients.

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IT: Come società di consulenza stiamo lavorando per un importante Gruppo Societario all’interno del quale sono presenti due Legal Entity, un Istituto di moneta elettronica e un Ente creditizio, intenzionate ad offrire servizi di PIS e AIS ai propri clienti.

Submission date
Rejected publishing date
Rationale for rejection

Please note that as part of adjustments to the Single Rulebook Q&A process, agreed by the EBA and the European Commission, it has been decided to reject outstanding questions submitted before 1 January 2020, when the Q&A process was updated as part of the last ESAs Review. In particular, the question that you have submitted has now regrettably been rejected and will not be addressed.

If you believe your question would still benefit from clarification, you are invited to resubmit your question, adapting it to reflect any legislative, regulatory or other relevant developments that may have occurred since the initial date of submission. The EBA will aim to address resubmitted questions as a matter of priority. When considering to resubmit, you are kindly requested to observe the updated admissibility criteria agreed in the context of the adjustment of the Q&A process, available in the Additional background and guidance for asking questions. We hope for your understanding.

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Status
Rejected question