How do businesses become registered or authorised as an Electronic Money Institution (EMI)?

Any business wishing to become authorised or registered needs to complete an application form and submit it to their National Competent Authority (<a href="/glossarycollection/national-competent-authority" style="color:#48277C;" target="_blank" title="National Competent Authority"><u>NCA</u></a>). In the UK this would be the Financial Conduct Authority (<a href="/glossarycollection/financial-conduct-authority" style="color:#48277C;" target="_blank" title="Financial Conduct Authority"><u>FCA</u></a>). A fee is charged to make the application.