All applicants seeking to provide services as an EMI are requested to contact the Financial Regulator to discuss application requirements. It is normal practice for the Financial Regulator to meet with new applicants to discuss their proposed business.
This serves a dual purpose of enabling the Financial Regulator to familiarise itself with the background and business credentials of the applicant and identifying, at a critical early stage, any potential issues with the proposed business.
Work has begun on developing guidance notes and application forms to assist applicants. This work will be informed by discussions at EU level in the Transposition Working Group for Directive 2009/110/EC.