Chapter 3 TITLE II ‘PAYMENT SERVICE PROVIDERS’, CHAPTER 1 ‘PAYMENT INSTITUTIONS’, SECTION 1 ‘GENERAL RULES’ (ARTS 5-18), SECTION 2 ‘OTHER REQUIREMENTS’ (ARTS 19-21)
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This chapter examines Articles 5 to 21 of Payment Service Directive 2 (hereinafter PSD2), laid down in Chapter I of Title II of PSD2. Like all other intermediaries operating in the financial market, payment institutions are subject to strict prudential regulations concerning the request for a specific authorization. In order for supervisory authorities to release that authorization, payment institutions must comply with some requirements that primarily concern legal form, ownership of shares, capital and other funds. The existence of these requirements is a necessary condition for obtaining authorization, which is subject to stringent rules that concern not only the issue of said authorization but also its maintenance and possible revocation. Articles 5 to 21 of PSD2 are largely dedicated to these subjects. The aim of this chapter is to comment on these articles, seeking to grasp differences and/or similarities with financial market regulations on other intermediaries (banks and insurance companies) with which payment institutions share special rules.

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