Subject matter and scope of application

These guidelines specify criteria and indicators on how to stipulate the minimum monetary amount of the professional indemnity insurance (PII) or other comparable guarantee to be held by undertakings that apply for:

• i. authorisation to provide payment services under point (7) of Annex I (payment initiation services, PIS) in accordance with Article 5(2) of Directive (EU) 2015/2366 of the European Parliament and of the Council on payment services in the internal market (PSD2);
• ii. registration to provide payment services under point (8) of Annex I (account information services, AIS) in accordance with Article 5(3) of PSD2;
• iii. authorisation to provide both payment services under point (7) and (8) of Annex I to PSD2.

The guidelines also set out a formula for the calculation of the minimum monetary amount of the PII or comparable guarantee.