Under the Financial Supervision Act (Wet op het financieel toezicht), a payment service provider wishing to operate in the Netherlands must obtain a licence from DNB, unless it has been exempted from the licensing requirement or provides payment services on the basis of the so-termed single European licence. Licensed payment service providers are known as payment institutions and are subject to supervision by DNB. The seven different payment services in respect of which a payment service provider may obtain a licence are listed in the Annex to the European Payment Services Directive (2007/64/EC).
Single European licence
This part of the register also includes (foreign) undertakings offering payment services in the Netherlands on the basis of the so-termed single European licence. These undertakings are primarily supervised in the country of origin (home supervisor) (link to notification). Payment service providers from other EEA countries often provide services in the Netherlands on the basis of the so-termed single European licence through payment services agents established in the Netherlands.
Furthermore, a payment service provider may be exempted from the licensing requirement. Exempted payment service providers are not supervised by DNB, unless the exemption is subject to statutory conditions to be supervised by DNB. However, exempted payment service providers remain subject to conduct of business supervision by AFM.
The United Kingdom (UK) left the European Union (EU) on 31 January 2020. The withdrawal agreement between the EU and the UK provides for a post-Brexit transition period, which will end on 31 December 2020. During this transition period, EU law continues to apply to and in the UK (Article 127). References to Member States will include the UK (Article 7), with a few exceptions, none of which are relevant to financial services. Consequently, entries in the Financial Supervision Act (Wft) register for cross-border services from or to the UK, including Gibraltar, via passporting rights for providing financial services, or for branch offices established in the UK and vice versa, remain valid for the duration of the transition period.