Necessary documents for registration of the National Payment Institution. Part 1.

 A national payment institution is an organization that provides payment services through а license. To obtain permission from the Polish Financial Supervision Commission (FSC) to conduct activities, the payment institution shall submit the documents in accordance with the following list:

1. extract from National Court Register;
2. articles of association, founding act or agreement of the company;
3. list of payment services that the national payment institution intends to provide;
4. program of activities and financing plan for a period of at least three years (the year in which the application was submitted is not included in this period);
5. documents confirming the possession of financial resources intended for own funds;
6. description of the risk management and internal control system, which includes:

• organizational solutions:

1. organizational structure and decision-making procedures covering the full range of business activities,
2. rules and procedures for fulfilling the obligations of obligated institutions within the meaning of Art. 2 point 1 of the Act of November 16, 2000 on counteracting money laundering and financing of terrorism;

• the rules of risk management:

1. principles of risk assessment, in particular the risk of losing liquidity when providing a payment loan or when conducting other business in addition to the provision of payment services,
2. procedures for risk identification, estimation, monitoring and information about risk and risk mitigation procedures;

• internal control, including:

1. internal audit,
2. examination of compliance of the conducted activities with the Office of Competition and Consumer Protection, counteraction money laundering and terrorist financing regulations and internal regulations;

(Although it should include procedures of control the execution of payment transactions, and control the activities of agents of the national payment institutions and entities entrusted with the operation of some operational activities)

• description:

1. rules for dealing with funds received from users for the execution of payment transactions in accordance with Art. 78 of the Payment Services Act,
2. user complaint handling procedures,
3. internal communication system, which should take into account the organizational solutions referred to in point a);

       7. data to establish the identity of managers and persons who have a significant package of shares in the company or cooperative proposes to provide payment services, indicating the size of             the shares;

      8. documents and information available to assess whether the applicant and managers and person who hold a significant share in the company (intending to provide payment services)                      guarantee the prudent and stable management of the payment institution, in particular:

• documents allowing to assess whether the managing persons have education and professional experience to manage the activity in payment services,
• information on criminal or fiscal convictions, rescinded and finalised disciplinary proceedings, as well as other completed administrative and civil proceedings concerning the applicant or managers and persons who hold a significant share in the company intending to provide payment services;
• information  about criminal proceedings in cases of intentional crime, proceedings in cases of fiscal offenses, as well as pending administrative, disciplinary and civil proceedings - against managers and persons who have a significant shares in the company intending to provide services payment;

       9. data to establish the identity of statutory auditors and other entities to audit financial statements.

During the proceedings, the Financial Supervision Commission may also request additional information or documents necessary to resolve the case.

The issuance of an authorization to provide services as a national payment institution is subject to a fee in the amount of the Polish currency equivalent of EUR 1250 (using the average exchange rate announced by the National Bank of Poland, on the date of authorization to the account indicated in the request of the Polish Financial Supervision Commission to pay this fee). But the change of the authorization to provide services as a national payment institution is subject to a fee in the amount of the Polish currency equivalent of EUR 400 (using the average exchange rate announced by the National Bank of Poland, on the day of issuing the decision on changing the authorization to the account indicated in the request of the Polish Financial Supervision Commission for this fee ).

According to Art. 113 of the Act of August 19, 2011 on Payment Services, national payment institutions are obliged to make payments to cover surveillance costs. Article 115 of the Act on Payment Services provides that the Prime Minister shall define, by way of a regulation the payment deadlines, the amount and the method of calculating payments to cover the supervision costs.

FSC issues a decision on the authorization within 3 months from the date of receipt of the application or supplement. This means that the period of three months calculated from the day when received by the FSC complete application (or the last document supplementing the application).

The application for a permit for a national payment institutions (signed in accordance with the rules of representation),  with attachments should be submitted in writing to the FSC office or to be sent to: Financial Supervision Commission, ul. Piękna 20, 00-549 Warszawa.