The College of the ACPR may, under very specific circumstances, grant a licence exemption (art. L. 521-3 of the Monetary and Financial Code): an undertaking may issue and manage electronic money with a view to the acquisition of goods or services solely on the premises of the undertaking or, under a commercial agreement with it, within a limited acceptance network or for a limited range of goods or services, provided that the maximum amount that may be loaded on the electronic device does not exceed EUR 250.
To grant this exemption, the ACPR considers in particular the following points:
- security conditions for the means of payment;
- consumer protection arrangements.
To apply for a licence exemption, you must:
- contact the Secretariat of the Authorisation Directorate to present your plans;
- send a detailed application for prior authorisation based on the following form: Exemption form
After receiving your application, the Authorisation Directorate will review your request.The ACPR will issue the electronic money institution licence exemption within three months of receipt of a complete application.
If the application is incomplete, additional information may be requested and the review period extended. As part of the review of the application and in accordance with the regulations, the exemption is issued after obtaining the opinion of Banque de France on the security of the means of payment.
Once the exemption is obtained, the undertaking must provide the ACPR with an annual report evidencing compliance with the abovementioned provisions and the security of the means of payment that it issues and manages. The ACPR will send a copy of this annual report to the Banque de France.