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European Commission, published in the EBA Q&A tool · not legislation · published 17 Jan 2025 [Final Q&A]","attribution":{"prepared_by":"European Commission","published_by":"EBA","published_in":"EBA Single Rulebook Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2025-01-17","question_submitted_on":"2023-05-03","locators":{"published_on":"EBA Q&A register entry 2023_6790, field 'Final publishing date'","question_submitted_on":"EBA Q&A register entry 2023_6790, field 'Submission date'"}},"adoption":null}},"provenance":{"official_url":"https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2023_6790","check":{"result":"matched","checked_at":"2026-10-26","against":"the EBA publication"},"repo_path":"spaces/psd2/level-3/q-and-a/eba/eba-qa-2023-6790-multi-licensed-entity-capital-requirement.md","body_sha256":"4671f2ab84e7440c329fa277e8adedbb316eb5864427ad3cd8691d0fba17631a"},"units":[],"markdown":"---\ntitle: \"EBA Q&A 2023_6790 — Q&A — Multi-licensed entity capital requirement [Final Q&A]\"\nshortTitle: \"EBA Q&A 2023_6790 — Q&A — Multi-licensed entity capital requirement [Final Q&A]\"\nanswer_id: EBA_QA_2023_6790\nstatus: \"Final Q&A\"\ntype: qa\ninstrument_type: qa\nauthority: EBA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"PSD2\"\npsd2_level3: true\nmica_level2: false\nlegal_basis: \"Article 8(2) PSD2\"\ndate: 17 January 2025\nsource_link: https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2023_6790\nlifecycle: \"Final Q&A\"\ntext_version: \"EBA Q&A register, 17 January 2025\"\nsource_url: \"https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2023_6790\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the EBA publication\"\nsource:\n  prepared_by: \"European Commission\"\n  published_by: \"EBA\"\n  published_in: \"EBA Single Rulebook Q&A tool\"\n  evidence:\n    prepared_by: \"Answer prepared by the European Commission because it is a matter of interpretation of Union law.\"\n    locator: \"EBA Q&A register entry 2023_6790, field 'Answer prepared by'\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2025-01-17\"\n  question_submitted_on: \"2023-05-03\"\n  locators:\n    published_on: \"EBA Q&A register entry 2023_6790, field 'Final publishing date'\"\n    question_submitted_on: \"EBA Q&A register entry 2023_6790, field 'Submission date'\"\nlifecycle_label: \"Final Q&A\"\n---\n\n**Answer prepared by the European Commission, published in the EBA Q&A tool · not legislation · published 17 Jan 2025 [Final Q&A]**\n\n*Final Q&A · EBA Q&A register, 17 January 2025 · Checked against the EBA publication on 26 Oct 2026 · [Official source](https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2023_6790)*\n\n| | |\n|---|---|\n| **Full title** | EBA Q&A 2023_6790 — Q&A — Multi-licensed entity capital requirement \\[Final Q&A\\] |\n| **Prepared by** | European Commission |\n| **Published by** | EBA, in the EBA Single Rulebook Q&A tool |\n| **Reference** | EBA_QA_2023_6790 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 17 January 2025; question submitted 3 May 2023 |\n| **Legal basis** | Article 8(2) PSD2 |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the EBA publication |\n\n**Multi-licensed entity capital requirement**\n\n### Question\n\nShould a payment institution that also has a crowdfunding license meet the capital requirements of both authorizations in aggregate?\n\n### Background\n\nA crowdfunding service provider may itself, or through a third party, provide payment services according to the article 8 paragraph 4 stemming from Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937.\n\nThat means, crowdfunding service providers may hold payment institution (PI) license and vice versa. If a PI entity is also authorized as a crowdfunding service provider, it needs to meet both capital requirements.\n\nPSD2 article 8 paragraph 2 states that Member States shall take the necessary measures to prevent the multiple use of elements eligible for own funds where the payment institution belongs to the same group as another payment institution, credit institution, investment firm, asset management company or insurance undertaking. This paragraph shall also apply where a payment institution has a hybrid character and carries out activities other than providing payment services.\n\nLast sentence of the before mentioned paragraph says that if payment institution has a hybrid character and carries out activities other than providing payment services, then own funds elements can’t be used multiple times. Unfortunately, it has not been further clarified whether ban of multiple use means aggregating the capital requirements of both licenses.\n\nFor example: same entity holds both PI and crowdfunding service provider authorizations. For example own funds requirement for PI is 2 EUR and own funds requirements for crowdfunding service is 1 EUR.\n\nIf PSD2 article 8 paragraph 2 means aggregation of own funds, then entity holding two authorizations would have to meet the both capital requirement separately i.e. 1+2=3.\n\nIf PSD 2 article 8 paragraph 2 doesn’t mean aggregation of own funds, but application of a higher capital requirement, which also covers the lower capital requirement resulting from the second authorization, then entity should have own funds in the sum of 2, that covers both capital requirements considered separately (non aggregated).\n\n***\n\n### Answer\n\nPayment institutions (PIs) are subject to initial capital and own funds requirements under Directive (EU) 2015/2366 (PSD2).\n\nIn accordance with Article 8(2) of PSD2, the elements eligible for own funds must not be used multiple times in situation where the payment institution belongs to the same group as another payment institution, credit institution, investment firm, asset management company or insurance undertaking.\n\nArticle 10(4) of Regulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR) stipulates that: 'A crowdfunding service provider may itself, or through a third party, provide payment services provided that the crowdfunding service provider itself, or the third party, is a payment service provider in accordance with Directive (EU) 2015/2366'.\n\nArticle 11(1) of the same Regulation sets out prudential requirements applicable to crowdfunding service providers. Article 11(4) further states that such prudential requirements ‘\\[do\\] not apply to crowdfunding service providers that are undertakings subject to Articles 4 and 5 of Directive 2009/110/EC or Articles 7 to 9 of Directive (EU) 2015/2366’.\n\nIt follows from the above that a PI which provides crowdfunding services in accordance with the ECSPR is not required to comply with the prudential requirements in Article 11(1) of the ECSPR.\n\nDisclaimer: The answer clarifies provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.\n\n***\n\n**Source:** [EBA original document](https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2023_6790)\n\n## Related Level 1 articles\n\n- [Article 8 — Own funds](../../../articles/8.md)\n"}