For passporting firms, who is responsible for supervision?
In the case of an EEA payment service provider operating through a branch or agent in the UK, the supervisor for conduct of business purposes is us, as the host state competent authority. The home state competent authority remains responsible for prudential matters (that is, provisions covered by Title II PSRs). In the case of a UK payment service provider passporting on an establishment basis to another EEA state, the supervisor for conduct of business purposes is the host state competent authority, we remain responsible for prudential supervision.
