Revoking CNB Licence due to Non-Provision of Payment Services

Have you received a Notice of Initiation of Ex officio Proceedings, in which the Czech National Bank informs you of the initiation of administrative proceedings on revoking authorization to provide payment services or issue electronic money because it believes that you have not provided such services for more than six months?

If you do not provide payment services for more than six months, it is a reason for revoking the activity permit, in accordance with the provisions of Section 244 letter g) of the Act on Payments. The CNB may make findings on the non-provision of payment services mainly from statements submitted to the CNB, specifically from the Report on Eligible Assets and the Volume of Payment Transactions and Electronic Money Issued.

Did you know that such a notification does not always necessarily lead to the revoking of authorization to provide payment services or issue electronic money?

Our law firm STUCHLÍKOVÁ & PARTNERS has extensive experience in related areas and would be happy to provide you with legal advice. Contact us at info@stuchlikova.com and arrange an initial free consultation!

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