ID 1115. Use of agents
General question on
We should be grateful for your guidance on whether a licensed e-money institution or payment institution is required to establish a branch when engaging an agent in another EEA State to provide services such as acting as an intermediary to sell the entity's products on its behalf or whether it is able to do so on a notification of services basis only.
According to Article 3(1) of the E-money Directive, the relevant provisions of the Directive 2007/64/EC, in particular Articles 10(9), 17 and 25 apply mutatis mutandis. Therefore a licensed e-money institution is allowed either to establish a branch or to use agents or distributors in another Member State depending on its business model and/or its organization structure.