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the making
this Statutory Instrument was published in “Iris Oifigiúil”
12th January, 2018. I, PASCHAL DONOHOE, Minister for Finance, in exercise
the powers conferred on me by section 3
the European Communities Act 1972 (No. 27
1972) and for the purpose
giving effect to Directive (EU) 2015/2366
the European Parliament and
the Council
25 November 20151 hereby make the following Regulations: PART 1 Preliminary Citation and commencement 1.
the Payment Services Directive enter into force. Interpretation 2.
1942” means the Central Bank Act 1942 (No. 22
1942); “applicant” means a person who applies for an authorisation under Regulation 7; “Bank” means the Central Bank
Ireland; “Commission Recommendation” means the Commission Recommendation 2003/361/EC
6 May 2003 concerning the definition
micro, small and medium-sized enterprises2 ; “competent authority
another Member State” means a competent authority
another Member State designated for the purposes
the Payment Services Directive under the law
that Member State; “court” means the High Court; “credit institution” has the same meaning as it has in the European Union (Capital Requirements) Regulations 2014 ( S.I. No. 158
2014 ); “credit union” has the same meaning as it has in the Credit Union Act 1997 (No. 15
1997); “Directive 2009/110/EC” means Directive 2009/110/EC
the European Parliament and
the Council
16 September 2009 on the taking up, pursuit and prudential supervision
the business
electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC3 ; “Directive 2013/36/EU” means Directive 2013/36/EU
the European Parliament and
the Council
26 June 2013 on access to the activity
credit institutions and the prudential supervision
credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC4 ; “Directive (EU) 2015/849” means Directive (EU) 2015/849
the European Parliament and
the Council
20 May 2015 on the prevention
the use
the financial system for the purposes
money laundering or terrorist financing, amending Regulation (EU) No 648/2012
the European Parliament and
the Council, and repealing Directive 2005/60/EC
the European Parliament and
the Council and Commission Directive 2006/70/EC5 ; “electronic money institution” has the same meaning as it has in the European Communities (Electronic Money) Regulations 2011 ( S.I. No. 183
2011 ); “Financial Services and Pensions Ombudsman” has the same meaning as it has in the Act
1942; “General Data Protection Regulation” means Regulation (EU) 2016/679
the European Parliament and
the Council
27 April 2016 on the protection
natural persons with regard to the processing
personal data and on the free movement
such data, and repealing Directive 95/46/EC6 ; “insurance undertaking” has the same meaning as it has in the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485
2015 ); “investment firm” has the same meaning as it has in the European Union (Markets in Financial Instruments) Regulations 2017 ( S.I. No. 375
2017 ); “market operator
a regulated market” has the same meaning as it has in the European Union (Markets in Financial Instruments) Regulations 2017; “Member State” means Member State
the European Union and, where relevant, includes a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992 (as adjusted by the Protocol signed at Brussels on 17 March 1993), as amended; “payment account” means an account held in the name
one or more payment service users that is used for the execution
payment transactions, where the holder
the account is entitled to place, transfer or withdraw funds without any restrictions; “Payment Services Directive” means Directive (EU) 2015/2366
the European Parliament and
the Council
25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC7 ; “payment institution” means a payment institution authorised by the Bank under Regulation 18; “payment services provider” means a person referred to in Regulation 6
the European Parliament and
the Council
20 May 2015 on information accompanying transfers
funds and repealing Regulation (EC) No 1781/20068 ; “Regulation (EU) No 575/2013” means Regulation (EU) No 575/2013
the European Parliament and
the Council
26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/20129 ; “Regulation (EU) No 1093/2010” means Regulation (EU) No 1093/2010
the European Parliament and
the Council
24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC10 ; “Regulations
2009” means the European Communities (Payment Services) Regulations 2009 ( S.I. No. 383
2009 ); “reinsurance undertaking” has the same meaning as it has in European Union (Insurance and Reinsurance) Regulations 2015; “UCITS management company” means a management company within the meaning
the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 ( S.I. No. 352
2011 ).
certain provisions
these Regulations 3.
a payment transaction specified in paragraphs
a payment service provided by a payment service provider— (
the right
establishment, or (II)through an agent established in the State, or (b) in a case in which the provision concerned applies to or imposes an obligation on a payment service user, where that payment service user is resident in or established in the State.
a Member State where both the payer’s payment service provider and the payee’s payment service provider are, or the sole payment service provider in the payment transaction is, located in a Member State.
a Member State where both the payer’s payment service provider and the payee’s payment service provider are, or the sole payment service provider in the payment transaction is, located within the Union, in respect to those parts
the payments transaction which are carried out in a Member State.
the payment service providers is located in a Member State, in respect to those parts
the payments transaction which are carried out in a Member State. Payment transactions, etc., to which these Regulations do not apply 4.
goods or services on behalf
the payer only or the payee only, (c) professional physical transport
banknotes and coins, including their collection, processing and delivery, (d) payment transactions consisting
non-professional cash collection and delivery within the framework
a non-profit or charitable activity, (e) services where cash is provided by a payee to a payer as part
a payment transaction following an explicit request by the payment service user just before the execution
the payment transaction through a payment for the purchase
goods or services, (
the following classes
document drawn on a payment service provider with a view to placing funds at the disposal
a payee: (i) paper cheques governed by the Geneva Convention
19 March 1931 providing a uniform law for cheques; (
a Member State which is not a party to the Geneva Convention
19 March 1931 providing a uniform law for cheques; (iii) paper-based drafts in accordance with the Geneva Convention
7 June 1930 providing a uniform law for bills
exchange and promissory notes; (iv) paper-based drafts similar to those referred to in clause (iii) and governed by the law
a Member State which is not a party to the Geneva Convention
7 June 1930 providing a uniform law for bills
exchange and promissory notes; (
the system, and (
financial instruments, (j) services provided by technical service providers, which support the provision
payment services, without them entering at any time into possession
the funds to be transferred, including processing and storage
data, trust and privacy protection services, data and entity authentication, information technology and communication network provision, provision and maintenance
terminals and devices used for payment services, with the exclusion
payment initiation services and account information services, (k) services based on specific payment instruments that can be used only in a limited way, that meet one
the following conditions: (i) instruments allowing the holder to acquire goods or services only in the premises
the issuer or within a limited network
service providers under direct commercial agreement with a professional issuer; (ii) instruments which can be used only to acquire a very limited range
goods or services; (iii) instruments valid only in a single Member State provided at the request
an undertaking or a public sector entity and regulated by a national or regional public authority for specific social or tax purposes to acquire specific goods or services from suppliers having a commercial agreement with the issuer, (l) payment transactions by a provider
electronic communications networks or services provided in addition to electronic communications services for a subscriber to the network or service— (i) for purchase
digital content and voice-based services, regardless
the device used for the purchase or consumption
the digital content and charged to the related bill, or (ii) performed from or via an electronic device and charged to the related bill within the framework
a charitable activity or for the purchase
tickets, provided that the value
any single payment transaction referred to in clauses (
payment transactions for an individual subscriber does not exceed €300 per month, or (II) where a subscriber pre-funds its account with the provider
the electronic communications network or service, the cumulative value
payment transactions does not exceed €300 per month, (
the same parent undertaking, without any intermediary intervention by a payment service provider other than an undertaking belonging to the same group, and (o) subject to paragraph
fered by means
an automated teller machine, where the provider— (i) acts on behalf
one or more card issuers, (ii) is not a party to a framework contract with a customer who withdraws money from a payment account, and (iii) does not conduct other payment services referred to in the Schedule.
paragraph
the cash at the end
the transaction after withdrawal. Relationship with Consumer Credit Act 1995 5. Nothing in these Regulations affects the operation
the Consumer Credit Act 1995 (No. 24
1995) or the European Communities (Consumer Credit Agreements) Regulations 2010 ( S.I. No. 281
2010 ). PART 2 Payment Service Providers Chapter 1 Right to Provide Payment Services Payment service providers 6.
point
Regulation (EU) No 575/2013, including branches
that credit institution within the meaning
point
that Regulation where such branches are located in the Union, whether the head
fices
those branches are located within the Union or, in accordance with Article 47
Directive 2013/36/EU and the law
the State, outside the Union, (b) an electronic money institution within the meaning
point
Directive 2009/110/EC, including, in accordance with Article 8
that Directive and with the law
the State, branches
that electronic money institution, where such branches are located within the Union and their head
fices are located outside the Union, in as far as the payment services provided by those branches are linked to the issuance
electronic money, (c) An Post in its capacity as a provider
banking and giro services, or the postal authority
another Member State in its capacity as the provider
a giro service, (d) the Bank, the European Central Bank, or the central bank
another Member State, when not acting in its capacity as a monetary authority, (e) a Member State, or a regional or local authority
a Member State, when not acting in its capacity as a public authority, (
that Member State giving effect to the Payment Services Directive.
another Member State to provide a payment service shall not provide, in the State, a payment service that is not covered by its authorisation.
the Schedule.
the Schedule.
fice
the applicant is situated.
operations, setting out in particular the type
payment services envisaged, (
an applicant to which Regulation 17
the measures taken, in accordance with Regulation 17, to safeguard payment service users’ funds, (e) a description
the applicant’s governance arrangements and internal control mechanisms (including its administrative, risk-management and accounting procedures) that demonstrates that those governance arrangements, control mechanisms and procedures are proportionate, appropriate, sound and adequate, (f) a description
the procedure in place to monitor, handle and follow up a security incident and security related customer complaints, including an incidents reporting mechanism which takes account
the notification obligations
a payment institution under Regulation 119, (g) a description
the process in place to file, monitor, track and restrict access to sensitive payment data, (h) a description
business continuity arrangements including a clear identification
the critical operations, effective contingency plans and a procedure to regularly test and review the adequacy and efficiency
such plans, (i) a description
the principles and definitions applied for the collection
statistical data on performance, transactions and fraud, (j) a security policy document, including a detailed risk assessment in relation to the applicant’s payment services and a description
security control and mitigation measures taken to adequately protect payment service users against the risks identified, including fraud and illegal use
sensitive and personal data, (k) for applicants subject to the obligations in relation to money laundering and terrorist financing under Directive (EU) 2015/849 and Regulation (EU) 2015/847, a description
the internal control mechanisms which the applicant has established in order to comply with those obligations, (l) a description
the applicant’s structural organisation, including, where applicable, a description
the intended use
agents and branches and
the
f-site and on-site checks that the applicant undertakes to perform on them at least annually, as well as a description
outsourcing arrangements, and
its participation in a national or international payment system, (m) the identity
persons holding in the applicant, directly or indirectly, qualifying holdings within the meaning
point
Regulation (EU) No 575/2013, the size
their holdings and evidence
their suitability taking into account the need to ensure the sound and prudent management
a payment institution, (n) the identity
directors and persons responsible for the management
the applicant and, where relevant, persons responsible for the management
the payment services activities
the applicant, as well as evidence that they are
good repute and possess appropriate knowledge and experience to perform payment services, as determined by the State, (o) where applicable, the identity
statutory auditors and audit firms as defined in the European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 ( S.I. No. 312
2016 ), (p) the applicant’s legal status and articles
association, and (q) the address
the applicant’s head
fice.
subparagraphs (d), (e), (f) and (l)
paragraph
its audit arrangements and the organisational arrangements it has set up with a view to taking all reasonable steps to protect the interests
its users and to ensure continuity and reliability in the performance
payment services.
paragraph
technical security and data protection, including for the software and information technology systems used by the applicant or the undertakings to which it outsources the whole or part
its operations.
the Payment Services Directive.
the Schedule, shall as a condition
its authorisation, hold a professional indemnity insurance policy, covering the territories in which it
fers services, or some other comparable guarantee against liability to ensure that it can cover its liabilities as specified in Regulations 97, 112, 113 and 115.
providing the payment services referred to in paragraph 8
the Schedule, shall as a condition
its authorisation or registration, as the case may be, hold a professional indemnity insurance policy covering the territories in which it
fers services, or some other comparable guarantee against its liability vis--vis an account servicing payment service provider or a payment service user resulting from non-authorised or fraudulent access to or non-authorised or fraudulent use
payment account information.
considering an application.
Regulation 23, an application shall be deemed to be incomplete until such time as the applicant concerned has provided the information requested by the Bank under paragraph
at least— (a) where the applicant proposes to provide only the payment service referred to in paragraph 6
the Schedule, €20,000, (b) where the applicant proposes to provide the payment service referred to in paragraph 7
the Schedule, €50,000, and (c) where the applicant proposes to provide a payment service referred to in any one or more
paragraphs 1 to 5
the Schedule, €125,000.
calculating an applicant’s initial capital, only the items referred to in Article 26
Regulation (EU) No 575/2013 shall be taken into account. Own funds 9.
— (i) the amount
initial capital required under Regulation 8, and (ii) the own funds requirement
that payment institution calculated in accordance with a direction issued by the Bank under Regulation 11, or (b) where paragraph
initial capital required under Regulation 8.
Regulation (EU) No 575/2013, and (b) is included in the consolidated supervision
the parent credit institution in accordance with Directive 2013/36/EU.
fers— (a) only the services referred to in paragraph 7
the Schedule, or (b) only the services referred to in paragraphs 7 and 8
the Schedule.
fers only the payment service referred to in paragraph 8
the Schedule, paragraph
own funds 10.In calculating own funds— (a) where a payment institution belongs to the same group as another payment institution, credit institution, investment firm, asset management company or insurance undertaking, the payment institution shall not take into account elements that also form part
a calculation
own funds for another member
the group, and (b) where a payment institution carries out activities other than providing payment services, the payment institution shall not, in calculating own funds, take into account elements that are properly attributable to any
those other activities. Calculation
own funds — directions 11.
Regulation 9 applies, direct a payment institution to calculate the amount
that institution’s own funds requirement in accordance with Regulation 12, 13 or 14.
R = 0.1 * FO where—
R is the own funds requirement, FO is— (a) where the payment institution has completed a full year’s business at the date
the calculation, the amount
the fixed overheads
the payment institution for the previous year, subject to any adjustment applied by the Bank where there has been a material change in the business
the payment institution since the preceding year, or (b) where the payment institution has not completed a full year’s business at the date
the calculation, the amount
the fixed overheads
the payment institution as projected in the business plan
the payment institution, subject to any adjustment to that business plan required by the Bank in accordance with Regulation 22. Method B 13.
R = K*SE where—
R is the own funds requirement, K is the scaling factor described in Regulation 15, SE is— (a) in a case in which the payment volume is less than or equal to €5,000,000, 4 per cent
the amount
the payment volume, (b) in a case in which the payment volume is greater than €5,000,000 and less than or equal to €10,000,000, €200,000 plus 2.5 per cent
the amount by which the payment volume exceeds €5,000,000, (c) in a case in which the payment volume is greater than €10,000,000 and less than or equal to €100,000,000, €325,000 plus one per cent
the amount by which the payment volume exceeds €10,000,000, (d) in a case in which the payment volume is greater than €100,000,000 and less than or equal to €250,000,000, €1,225,000 plus 0.5 per cent
the amount by which the payment volume exceeds €100,000,000, and (e) in a case in which the payment volume is greater than €250,000,000, €1,975,000 plus 0.25 per cent
the amount by which the payment volume exceeds €250,000,000.
the total amount
payment transactions executed by the payment institution concerned in the preceding year. Method C 14.
R = K*RI*MF where—
R is the own funds requirement, K is the scaling factor described in Regulation 15, RI is the relevant indicator calculated in accordance with paragraph
the following in respect
the payment institution concerned: (
services rendered by third parties may be used to reduce the relevant indicator if the expenditure is incurred from an undertaking subject to supervision under these Regulations or the law
another Member State giving effect to the Payment Services Directive. (d) The relevant indicator is calculated over the previous financial year on the basis
the 12-monthly observation at the end
the previous financial year.
the multiplication factor is as follows: (a) in a case in which the relevant indicator is less than or equal to €2,500,000, 10 per cent
the amount
the relevant indicator; (b) in a case in which the relevant indicator is greater than €2,500,000 and less than or equal to €5,000,000, €250,000 plus 8 per cent
the amount by which the relevant indicator exceeds €2,500,000; (c) in a case in which the relevant indicator is greater than €5,000,000 and less than or equal to €25,000,000, €450,000 plus 6 per cent
the amount by which the relevant indicator exceeds €5,000,000; (d) in a case in which the relevant indicator is greater than €25,000,000 and less than or equal to €50,000,000, €1,650,000 plus 3 per cent
the amount by which the relevant indicator exceeds €25,000,000; (e) in a case in which the relevant indicator is greater than €50,000,000, €2,400,000 plus 1.5 per cent
the amount by which the relevant indicator exceeds €50,000,000.
a payment institution calculated in accordance with paragraph
the average
the own funds requirements calculated in accordance with paragraph
that financial institution is the amount
that average. Scaling factor 15. The scaling factor for the purposes
Regulations 13 and 14 is— (a) 0.5,where the payment institution provides only the payment service referred to in paragraph 6
the Schedule, and (b) 1,where the payment institution provides any
the payment services referred to in paragraphs 1 to 5
the Schedule. Adjustment to own funds requirement 16. The Bank may, based on an evaluation
the risk-management processes, risk loss data base and internal control mechanisms
a payment institution— (a) require the payment institution to hold an amount
own funds which is up to 20 per cent higher than the amount calculated in accordance with a direction issued to the payment institution under Regulation 11, or (b) permit the payment institution to hold an amount
own funds which is up to 20 per cent lower than the amount calculated in accordance with a direction issued to the payment institution under Regulation 11. Safeguarding requirements 17.
a payment transaction.
the Schedule shall safeguard user’s funds in either
the following ways: (
any person other than the payment service user on whose behalf the funds are held, and (ii) where the funds are still held by the payment institution and not yet delivered to the payee or transferred to another payment service provider by the end
the business day after the day
receipt, shall be deposited in a separate account in a credit institution or invested in assets designated or approved by the Bank for the purpose
these Regulations as secure, liquid and low-risk assets; (
a payment institution, nor the
ficial Assignee in Bankruptcy, has any recourse or right against user’s funds safeguarded in accordance with paragraph
payment service users or
their heirs, successors or assigns against user’s funds relating to the payment transaction concerned have been satisfied in full.
those funds is to be used for future payment transactions and the remainder for non-payment services, the payment institution shall protect the part
the funds to be used for future payment transactions in accordance with paragraph
the funds to be used for future payment transactions referred to in paragraph
historical data to the satisfaction
the Bank. Granting
authorisation 18.
the requirements specified in Regulation 7, (
a payment institution, the applicant has robust governance arrangements for its payment services business, which include— (i) a clear organisational structure with well-defined, transparent and consistent lines
responsibility, (
a payment institution, the Bank is satisfied as to the suitability
the shareholders or members that have qualifying holdings in the applicant, (e) if close links, as defined in point
Regulation (EU) No 575/2013, exist between the applicant and other persons, those links do not prevent the effective exercise
the Bank’s supervisory functions, (f) if the applicant has close links, as defined in point
Regulation (EU) No 575/2013, with persons in a third country, the laws, regulations or administrative provisions
the third country governing those persons or difficulties involved in the enforcement
those laws, regulations or administrative provisions, do not prevent the effective exercise
the Bank’s supervisory functions, and (g) the applicant is a legal person established in the State.
its intention to refuse, setting out a statement
the reasons for the proposed refusal and specifying a period (not less than 21 calendar days) within which the applicant may make written submissions in relation to the proposed refusal.
the payment services proposed to be provided by the applicant.
establishment and by way
the provision
services. Conditions 19.
its intention to do so, setting out a statement
the reasons for the proposed condition or requirement and specifying a period (not less than 21 calendar days) within which the applicant may make written submissions in relation to the proposed condition or requirement.
a specified condition or requirement. Separate entity 20. Where a payment institution provides any
the payment services referred to in paragraphs 1 to 7
the Schedule and, at the same time, is engaged in other business activities, the Bank may require the establishment
a separate entity for the payment services business, where the non-payment services activities
the payment institution impair or are likely to impair either the financial soundness
the payment institution or the ability
the Bank to monitor the payment institution’s compliance with these Regulations. Head
fice 21. Where a payment institution has its registered
fice in the State, it shall have its head
fice in the State and shall carry out at least part
its payment service business in the State. Adjustments to business plan 22.
decision 23.
the receipt
an application for authorisation, or (ii) where the application is incomplete,
all
the information required for the Bank to make a decision on the application, the Bank shall inform the applicant whether the authorisation has been granted or refused.
authorisation 24.
the authorisation within 12 months, (
the authorisation or fails to inform the Bank
major developments in this respect, (f) would constitute a threat to the stability
, or the trust in, the payment system by continuing its payment services business, or (g) may have its authorisation withdrawn in accordance with another law
the State.
the proposed withdrawal to the payment institution concerned— (i) setting out a summary
the relevant evidence, (ii) setting out the reasons for the proposed withdrawal, and (iii) specifying a reasonable period (not less than 21 calendar days from the date
the notice) within which the institution may make written representations concerning the proposed withdrawal, and (
the withdrawal, setting out the reasons for the withdrawal.
the withdrawal
an authorisation and shall also notify the European Banking Authority.
an authorisation under this Regulation takes effect on and from the date
the notice
withdrawal or, if a later date is specified in the notice, on and from that date, irrespective
whether an appeal against the withdrawal is made under Part VIIA
the Act
1942. Register 25.
— (
activities notified under Regulation 45
the service providers concerned.
a payment institution for which the State is the home Member State provides services in another Member State, the Bank shall list the branch in the Register.
which a person referred to in paragraph
an authorisation and any withdrawal
an exemption pursuant to Regulation 41 or 42.
the reasons for the withdrawal
— (
finance, send a notification to the European Banking Authority informing it
the information so entered.
authorisation 27. Where— (a) any change affects the accuracy
information or evidence provided by a payment institution under Regulation 7, and (b) the State is the home Member State
the payment institution, the payment institution shall, without undue delay, inform the Bank accordingly. Accounting and statutory audit 28.
2015 ) and Regulation (EC) No 1606/2002
the European Parliament and
the Council
19 July 200211 shall apply to a payment institution, subject to the modification that a reference in the European Union (Credit Institutions: Financial Statements) Regulations 2015 to a credit institution shall be construed as a reference to a payment institution.
the Companies Act 2014 (No. 38
2014) shall apply mutatis mutandis to a payment institution to which that Act does not otherwise apply.
a payment institution shall be audited by a statutory auditor or audit firm within the meaning
the European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 ( S.I. No. 312
2016 ).
the European Union (Capital Requirements) Regulations 2014 shall apply to the statutory auditor or audit firm
a payment institution in respect
payment services activities, subject to the modification that a reference in those Regulations to a credit institution shall be construed as a reference to a payment institution. Activities 29.
payment services, a payment institution may engage in the following activities: (a) the provision
operational and closely related ancillary services such as ensuring the execution
payment transactions, foreign exchange services, safekeeping activities, and the storage and processing
data; (b) without prejudice to Regulation 43, the operation
payment systems; (c) business activities other than the provision
payment services, subject to any law
the State or
the Union applicable to such activities.
one or more payment services, it may hold only payment accounts which are used exclusively for payment transactions.
payment services shall not constitute— (a) a deposit or other repayable funds, within the meaning
Directive 2013/36/EU, or (b) electronic money, within the meaning
the European Communities (Electronic Money) Regulations 2011.
the Schedule where all
the following conditions are met: (a) the credit is ancillary and granted exclusively in connection with the execution
a payment transaction; (b) notwithstanding any law in relation to the provision
credit by means
a credit card, credit granted in connection with a payment and executed in accordance with Regulations 18
executing a payment transaction; (d) the own funds
the payment institution are, at all times and to the satisfaction
the Bank, appropriate in view
the overall amount
credit granted.
taking deposits or other repayable funds, within the meaning
Directive 2013/36/EU.
Union law or the law
the State regarding conditions for granting credit to consumers, where that law
the State is not harmonised by the Payment Services Directive and complies with Union law. Use
agents, branches or entities to which activities are outsourced 30.
the agent; (b) a description
the internal control mechanisms that will be used by the agent in order to comply with the obligations in relation to money laundering and terrorist financing under the law
the State giving effect to Directive (EU) 2015/849, to be updated without delay in the event
material changes to the particulars communicated at the initial notification; (c) the identity
directors and persons responsible for the management
the agent to be used in the provision
payment services and, for agents other than payment service providers, evidence that they are fit and proper persons; (d) the payment services
the payment institution for which the agent is mandated; (e) where applicable, the unique identification code or number
the agent.
receipt
the information referred to in paragraph
the agent concerned have been entered in the Register.
payment services prior to the entry
its details in the Register.
important operational functions, including information technology systems, shall not be undertaken in a manner that materially impairs the quality
the payment institution’s internal control and the ability
the Bank to monitor and review the payment institution’s compliance with these Regulations.
paragraph
a payment institution with the requirements
its authorisation under this Part, its other obligations under these Regulations, its financial performance, or the soundness or the continuity
its payment services.
its responsibility; (b) the relationship and obligations
the payment institution towards its payment service users under these Regulations will not be altered; (
the other conditions subject to which the payment institution’s authorisation was granted will be removed or modified.
this fact.
— (
operational functions, the payment institution shall take reasonable steps to ensure that the third party complies with the requirements
these Regulations in so far as those requirements apply to the third party.
its employees, and any agent, branch or entity to which activities are outsourced. Record-keeping 32.
this Part for at least 5 years.
the law
the State giving effect to Directive (EU) 2015/849 or other relevant European law. Competent authority 33.
the Payment Services Directive.
a payment institution other than the provision
payment services and the activities referred to in Regulation 29
2013), the Bank may, for the purposes
confirming compliance with this Part, take the following steps: (a) require a payment institution to provide any information needed to monitor compliance, specifying the purpose
the request, as appropriate, and the time limit by which the information is to be provided; (b) carry out on-site inspections at the payment institution, at any agent or branch providing payment services under the responsibility
the payment institution, or at any entity to which activities are outsourced; (
the payment institution impair or are likely to impair the financial soundness
the payment institution. Appealable decisions 35.The following decisions
the Bank are appealable decisions for the purposes
A
the Act
1942: (a) a decision
the Bank in relation to the granting
an authorisation under Regulation 18; (
disagreements between competent authorities
different Member States 36.
another Member State referred to in Regulations 37, 38, 39 or 40 does not comply with the relevant conditions set out in those provisions, it may refer the matter to the European Banking Authority and request its assistance in accordance with Article 19
Regulation (EU) No 1093/2010.
Regulation (EU) No 1093/2010 or the European Banking Authority, on its own initiative, is assisting the Bank and competent authorities
other Member States in reaching an agreement in accordance with the second subparagraph
that Regulation, the Bank shall defer its decision on the matter concerned pending resolution under Article 19
that Regulation. Application to exercise the right
establishment and freedom to provide services 37.
the right
establishment or the freedom to provide services, shall communicate the following information to the Bank not less than 3 months prior to the date on which it proposes to commence provision
those payment services: (a) the name, address and, where applicable, authorisation number
the payment institution; (
an agent, the information referred to in Regulation 30
a branch, the information referred to in Regulation 7
the organisational structure
the branch and the identity
those responsible for the management
the branch; (f) where the payment institution proposes to outsource operational functions
payment services to other entities in the host Member State, that it proposes to do so.
any relevant change regarding the information communicated in accordance with paragraph
receipt
all
the information referred to in paragraph
the host Member State.
another Member State in accordance with the law
that Member State equivalent to paragraph
receipt
the information assess that information and provide that competent authority with relevant information in connection with the proposed provision
payment services by the payment institution, authorised by that competent authority, in the exercise
the freedom
establishment or the freedom to provide services.
any reasonable grounds for concern in connection with the intended engagement
an agent or establishment
a branch with regard to money laundering or terrorist financing within the meaning
Directive (EU) 2015/849.
a host Member State, provided by that competent authority in accordance with the law
that Member State equivalent to paragraphs
the Bank, in particular in light
the information received from the competent authority
the host Member State provided by that competent authority in accordance with the law
that Member State equivalent to paragraphs
the Bank, in particular in light
the information received from the competent authority
the host Member State provided by that competent authority in accordance with the law
that Member State equivalent to paragraphs
receipt
the information referred to in paragraph
the most recently received
such information, the Bank shall communicate its decision to the competent authority
the host Member State and to the payment institution.
the payment institution concerned may commence its activities in the host Member State.
the date from which it commences its activities through the agent or branch, as the case may be, in the relevant host Member State.
the host Member State concerned
the information provided by the payment institution concerned in accordance with paragraph
payment institutions exercising the right
establishment and freedom to provide services 38.
the agent or branch
a payment institution, where that agent or branch is located in the territory
another Member State, the Bank shall cooperate with the competent authorities
the host Member State
that agent or branch.
the host Member State concerned where the Bank intends to carry out an on-site inspection in that Member State.
the host Member State concerned the task
carrying out on-site inspections
the agent or branch concerned.
establishment, to monitor compliance with Parts 3 and 4.
a host Member State
the agent or branch
a payment institution authorised under Regulation 18 with all essential and relevant information, in particular in the case
infringements or suspected infringements
these Regulations by an agent or a branch, and where such infringements occurred in the context
the exercise
the freedom to provide services.
compliance with paragraph
the payment institution with Regulation 21.
establishment, the head
fice
which is situated in another Member State, to appoint a central contact point in the State to— (
the home Member State and any other host Member States
the payment institution concerned, including by providing such competent authorities with documents and information on request. Measures in case
non-compliance, including precautionary measures 39.
the home Member State
the payment institution concerned without delay.
that Member State equivalent to paragraph
the State, to ensure that the payment institution concerned ceases its contravention.
the host Member State
the payment institution concerned and to the competent authorities
any other Member State concerned.
the payment service users in the State, where the State is the host Member State, the Bank may, in parallel with the cross-border cooperation between competent authorities and pending measures by the competent authorities
the home Member State
the payment institution concerned, as provided by Regulation 38, take such precautionary measures, available to it under this or any other law
the State, as it considers appropriate in the circumstances.
the payment service users in the State, (b) not result in a preference for payment service users
the payment institution concerned in the State over payment service users
the payment institution in other Member States, (
or in cooperation with the home Member State’s competent authority or with the European Banking Authority in accordance with Regulation 36
the home Member State
the payment institution concerned and those
any other Member State concerned, (
the precautionary measures taken under paragraph
their justification. Reasons and communication 40.
the freedom to provide services or the freedom
establishment where that decision is justified in the circumstances relating to the decision.
the freedom to provide services or the freedom
establishment, it shall communicate the reasons for its decision to the payment institution concerned.
the State giving effect to Directive (EU) 2015/849 and Regulation (EU) 2015/847
the competent authorities designated in the State for the purposes
Directive (EU) 2015/849 and Regulation (EU) 2015/847, in particular under the law
the State giving effect to Article 48
Directive (EU) 2015/849 and Article 22
Regulation (EU) 2015/847, to supervise or monitor the compliance with the requirements laid down in those enactments. Conditions (small payment institutions) 41.
the Schedule from the application
all or part
the procedure and conditions set out in Regulations 7 to 40, with the exception
Regulations 25, 26, 33 and 35, where the following conditions are satisfied: (a) the monthly average
the preceding 12 months’ total value
payment transactions executed by the person concerned, including any agent for which it assumes full responsibility, does not exceed €3,000,000; (b) none
the natural persons responsible for the management or operation
the business has been convicted
fences relating to money laundering or terrorist financing or other financial crimes; (c) (i)where the person is a legal person, it has its head
fice in the State, or (ii) where the person is a natural person, he or she has his or her place
residence in the State.
payment transactions in the business plan
the person concerned, unless an adjustment to that plan is required by the Bank.
any change which results in the person no longer satisfying a condition specified in that paragraph.
the Bank’s decision on the application for authorisation.
that period.
the law
the State giving effect to Directive (EU) 2015/849 or any other anti-money-laundering law
the State.
the Schedule shall be— (a) exempt from the application
the procedure and conditions set out in Regulations 7 to 32, with the exception
subparagraphs (a), (b), (
Regulation 7
Regulation 34
this Regulation shall be treated as a payment institution, save that Parts 3 and 4 shall not apply to them, with the exception
Regulations 65, 69 and 76, where applicable, and
Regulations 91, 93 and 118 to 120. Chapter 3 Common Provisions Access to payment systems 43.
an authorised or registered payment service provider that is a legal person to a payment system shall— (
the payment system.
the following requirements: (
participants; (c) restrictions on the basis
institutional status.
2010 ), or (b) a payment system composed exclusively
payment service providers belonging to a group.
a payment system contravenes paragraph
the payment system by notice in writing to make a specified modification to the rules
the payment system within a specified period.
a payment system to which a direction is given under paragraph
the payment system to comply with the direction.
a payment system contravenes paragraph
use
limited network exclusion 45.
a type referred to in either or both
subparagraphs (i) and (ii)
paragraph (k)
Regulation 4, and (b) the total value
payment transactions executed in providing those services over the preceding 12 months exceeds €1,000,000, the service provider shall send a notification to the Bank.
the services provided by the service provider, (b) specify which
the conditions referred to in subparagraphs (i) and (ii)
paragraph (k)
Regulation 4 is considered by the service provider to be satisfied, (c) be sent within such period
time, as the Bank may direct, after the end
the period
12 months referred to in paragraph
12 months referred to in paragraph
which a notification has already been made under paragraph
a notification under paragraph
the contents
the notification and the conditions referred to in paragraph (k)
Regulation 4, whether or not those conditions are satisfied, and inform the service provider concerned accordingly.
the services notified under paragraph
any services notified under paragraph
the service provider concerned in the Register. Notification
use
electronic communications exclusion 46.
Regulation 4, the service provider shall send a notification to the Bank.
the services being provided by the service provider, (b) specify to which
the transaction types referred to in subparagraphs (i) and (ii)
paragraph (l)
Regulation 4 the services being provided relate.
the service provider, provided services in respect
which a notification has been sent under paragraph
that financial year as the Bank may direct, provide an audit opinion in respect
that financial year to the effect that the transactions in respect
which the services were provided comply with the limits set out in paragraph (l)
Regulation 4.
the services notified under paragraph
any services notified under paragraph
the service provider concerned in the Register. Chapter 4 Control
Shareholding Control
shareholding — Interpretation 47. In this Chapter— “prescribed percentage” means 20%, 30% or 50%; “proposed acquirer” means a person who proposes to acquire or increase a qualifying holding in a payment institution, and includes a group
persons acting in concert to acquire or increase such a holding; “proposed acquisition” means— (a) the proposed acquisition
a qualifying holding in a payment institution, or (b) a proposed increase in a qualifying holding in such an institution that results in the size
the holding reaching or exceeding a prescribed percentage; “qualifying holding”, in relation to a payment institution, means a direct or indirect holding— (a) that represents 10% or more
the capital
, or the voting rights in, the payment institution, or (b) that makes it possible to exercise a significant influence over the management
the payment institution. Restrictions on acquiring and disposing
qualifying holdings in payment institutions 48.
the intended size
the holding.
the holding without having previously notified the Bank in writing
the intended size
the holding if, as a result
the increase— (a) the percentage
the capital
, or the voting rights in, the payment institution that the proposed acquirer holds would reach or exceed a prescribed percentage, or (b) in the case
a proposed acquirer that is a company or other body corporate, the payment institution would become the proposed acquirer’s subsidiary.
a qualifying holding in a payment institution without having previously notified the Bank in writing
the intended size
the holding.
part
a qualifying holding in a payment institution without having previously notified the Bank in writing
the intended size
the holding if, as a result
the disposal— (a) the percentage
the capital
, or the voting rights in, the payment institution that the person holds would fall to or below a prescribed percentage, or (b) in the case
a person that is a company or other body corporate, the payment institution would cease to be the person’s subsidiary.
notification specified by the Bank for the purpose
this provision and made available on the
ficial website
the Bank, and (b) such documentation in relation to the proposed acquisition or disposal, as the case may be, as is specified in that form as being required to be submitted to the Bank with the form. Application to court where no notification given 49.
justice to do so, make an order— (
the application.
an application under paragraph
hearing
the application.
, and the places and dates
service on, all persons who have been served with the notice
application, grounding affidavit and exhibits (if any) shall be filed by the applicant at least 4 days before the application is heard.
an order under paragraph
voting rights under Regulation 61, and (b) retrospectively validate the exercise
voting rights during such a suspension. Payment institution to provide information in relation to certain acquisitions and disposals 50.
the acquisition
a qualifying holding in it, or an increase in the size
such a holding that results in the holding reaching or exceeding a prescribed percentage, the institution shall inform the Bank in writing
the acquisition or increase without delay.
a disposal
, or a reduction in the size
, a holding in it that results in the holding ceasing to be a qualifying holding or falling to or below a prescribed percentage, the institution shall inform the Bank in writing
the disposal or reduction without delay. Period for assessment
proposed acquisition 51.
the notification in writing.
paragraph
the proposed acquisition concerned.
the written acknowledgement referred to in paragraph
the proposed acquisition concerned in accordance with Regulation 52.
receipt
a notification referred to in paragraph
the date on which the assessment period will end.
that period, the Bank may request any further information necessary to complete the assessment
the acquisition.
any information received in response to the request.
— (a) the period between the date
the request and the date
the receipt
a response from the proposed acquirer concerned, and (b) 20 working days.
information already supplied but such a request does not interrupt the assessment period.
a Member State that transposes Directive 2009/65/EC
the European Parliament and
the Council
13 July 200912 , Directive 2009/138/EC
the European Parliament and
the Council
25 November 200913 , or Directive 2014/65/EU
the European Parliament and
the Council
15 May 201414 . Assessment
proposed acquisitions 52.
the assessment
a proposed acquisition is to ensure the sound and prudent management
the payment institution concerned.
the proposed acquirer concerned on the payment institution concerned, and (b) appraise the suitability
the proposed acquirer and the financial soundness
the proposed acquisition concerned against all
the following criteria: (i) the reputation
the proposed acquirer; (ii) the reputation and experience
the individuals who will direct the business
the payment institution as a result
the proposed acquisition; (iii) the financial soundness
the proposed acquirer, in particular in relation to the type
business pursued and envisaged in the payment institution; (iv) whether the payment institution will be able to comply and continue to comply with the prudential requirements
existing legislation; (v) whether the group
which it will become a part has a structure that makes it possible to exercise effective supervision, effectively exchange information among the competent authorities and determine the allocation
responsibilities among the competent authorities; (vi) whether there are reasonable grounds to suspect that, in connection with the proposed acquisition, money laundering or terrorist financing (within the meaning
Directive (EU) 2015/849) is being or has been committed or attempted, or that the proposed acquisition could increase the risk
money laundering or terrorist financing.
the economic needs
the market.
other Member States in certain cases 53.
a proposed acquisition, the Bank may work in full consultation with the relevant competent authorities
other Member States if the proposed acquirer concerned is— (a) an insurance undertaking, reinsurance undertaking, electronic money institution, credit institution, investment firm or UCITS management company, or the market operator
a regulated market, authorised by a competent authority
another Member State, (b) the parent undertaking
such an undertaking, institution, firm, company or market operator, or (c) a person that controls such an undertaking, institution, firm, company or market operator.
a proposed acquisition.
a proposed acquisition in a payment institution authorised by the Bank, shall indicate any views or reservations expressed by the competent authority responsible for the proposed acquirer concerned. Notice
Bank’s decision 54.
a proposed acquisition, the Bank decides— (
the assessment period, so inform the proposed acquirer concerned in writing and give reasons for that decision.
the reasons for its decision if the proposed acquirer concerned so requests.
any other law that requires the acquisition to be approved by the Bank, to have been so approved at the end
the assessment period. Bank may fix period for completion
acquisition
payment institutions, and may at any time revoke or vary any condition or requirement so imposed. Bank may oppose certain acquisitions 57. The Bank may oppose a proposed acquisition only if— (a) there are reasonable grounds for doing so on the basis
the criteria in paragraph
Regulation 52, or (b) the information provided by the proposed acquirer in its notification under Regulation 48 or in accordance with an order made under Regulation 49
Regulation 51. Circumstances in which proposed acquisition may be completed 58.
the acquisition in accordance with Regulation 48 or in accordance with an order made under Regulation 49
paragraph
no effect to pass title to any share or any other interest, and (b) any exercise
powers based on the purported acquisition
the holding concerned is void. Effect
section 450
Companies Act 2014 59. If a transaction is both a proposed acquisition and a compromise or arrangement for the purposes
section 450
the Companies Act 2014 , the court shall not make an order under that section in relation to the transaction until after the end
the assessment period in relation to the transaction. Payment institutions to provide information about shareholdings, etc. 60. A payment institution shall, at least once a year in the manner and at the time specified by the Bank, notify the Bank
the names
shareholders or members who have qualifying holdings and the size
each such holding. Power
court to make certain orders 61.
the institution, it may apply to the court for an order under paragraph
the application on the person to whom the application relates.
an application under paragraph
the following orders: (a) an order directing the respondent to dispose
the holding or a specified part
it; (b) an order suspending the exercise
the voting rights attached to the relevant shares; (c) an order invalidating votes already exercised by holders
those shares. PART 3 Transparency
Conditions and Information Requirements for Payment Services Chapter 1 General Rules Scope 62.
this Part do not, apply to the transaction or contract where the payment service user is not a consumer.
this Part, an undertaking shall be taken to be a micro enterprise— (a) for the purposes
a payment transaction, where it satisfies the definition
a micro enterprise in the Commission Recommendation at the time
initiation
the transaction, and (b) for the purposes
a framework contract, where it satisfies the definition
a micro enterprise in the Commission Recommendation at the time
entering into the framework contract.
a micro enterprise in the Commission Recommendation at the time
entering into the existing framework contract, ceases to satisfy that definition prior to the expiry
that framework contract. Operation
other legislative provisions 63.
any other law giving effect to an Act
the European Union that imposes additional requirements in relation to the giving
prior information.
Consumer Financial Services) Regulations 2004 ( S.I. No. 853
2004 ) apply in relation to a payment transaction or framework contract, the requirements
Regulation 6
those Regulations (to the extent that that Regulation requires the supply
the information specified in points (
Schedule 1 to those Regulations) are superseded by the requirements
— (a) in a case to which Chapter 2
this Part applies, Regulations 68 and 69, or (b) in a case to which Chapter 3
this Part applies, Regulations 75 and 76. Charges for information 64.
information additional to that to be provided under this Part, (b) the provision
information on a more frequent basis than is provided under this Part, or (c) the transmission
information by a means
communication other than that specified in the framework contract between the payment service user and the payment service provider.
proof on information requirements 65.Where in proceedings in relation to these Regulations a dispute arises as to whether or not the information requirements set out in this Part have been complied with, the burden
proof rests with the payment service provider. Derogation from information requirements for low-value payment instruments and electronic money 66.
which exceeds €30, (II) has a spending limit
€150, or (III) does not store more than €150 at any time, (
which exceeds €60, (II)has a spending limit
€300, or (III)does not store more than €300 at any time, or (
which exceeds €500, (II) has a spending limit
€500, or (III) does not store more than €500 at any time.
the payment service, including the way in which the payment instrument can be used, liability, charges levied and other material information needed to make an informed decision and an indication
where any other information specified in Regulation 76 are made available in an easily accessible manner, (b) notwithstanding Regulation 78, the payment service provider and payer may agree that the payment service provider is not required to propose changes to the conditions
the framework contract in the manner provided for in Regulation 75
a payment transaction— (i) the payment service provider need provide or make available only a reference enabling the payment service user to identify the payment transaction, the amount
the payment transaction and any charges (or, in the case
several payment transactions
the same kind to the same payee, information on the total amount and charges for those transactions), and (
verifying the amount
funds stored. Chapter 2 Single Payment Transactions Scope 67.
a payment instrument covered by a framework contract, the payment service provider is not obliged to provide or make available information which has already been given or which will be given to the payment service user by another payment service provider under that framework contract. Prior general information 68.
fer until such time as the payment service provider makes available to the payment service user, in an easily accessible manner, the information specified in Regulation 69 with regard to the payment service provider’s services.
ficial language
the Member State where the payment service is
fered or in any other language agreed between the parties.
a payment service user using a means
distance communication which does not enable the payment service provider concerned to comply with paragraphs
the payment transaction.
the draft single payment service contract or the draft payment order which includes the information specified in Regulation 69, the payment service provider shall be deemed to have complied with paragraphs
the information or unique identifier to be provided by the payment service user in order for a payment order to be properly initiated or executed; (
those charges; (d) where applicable, the actual or reference exchange rate to be applied to a payment transaction.
the payment initiation service provider; (b) the geographical address
its head
fice; (c) where applicable, the geographical address
its agent or branch established in the Member State where the payment service is
fered; (
the Bank.
a payment order 70. In addition to the information specified in Regulation 69, where a payment order is initiated through a payment initiation service provider, the payment initiation service provider shall, immediately after initiation, provide or make available all
the following information to the payer and, where applicable, the payee: (a) confirmation
the successful initiation
the payment order with the payer’s account servicing payment service provider; (
the payment transaction; (d) where applicable, the amount
any charges payable to the payment initiation service provider for the transaction and, where applicable, a breakdown
the amounts
such charges. Information for payer’s account servicing payment service provider 71. Where a payment order is initiated through a payment initiation service provider, the payment initiation service provider shall make available to the payer’s account servicing payment service provider the reference
the payment transaction. Information for the payer after receipt
the payment order 72. Immediately after receipt
a payment order, a payer’s payment service provider shall provide the payer with or make available to the payer, in the same manner as information is to be provided in accordance with Regulation 68
the following information with regard to the payment service provider’s services: (
the payment transaction in the currency used in the payment order; (c) the amount
any charges for the payment transaction payable by the payer and, where applicable, a breakdown
the amounts
such charges; (d) where applicable, the exchange rate used in the payment transaction by the payer’s payment service provider or a reference thereto, when different from the rate provided in accordance with Regulation 69
the payment transaction after that currency conversion; (e) the date
receipt
the payment order. Information for the payee after execution 73. Immediately after the execution
a payment transaction, a payee’s payment service provider shall provide the payee with, or make available to, the payee, in the same manner as information is to be provided in accordance with Regulation 68
the following information with regard to the payment service provider’s services: (
the payment transaction in the currency in which the funds are at the payee’s disposal; (c) the amount
any charges for the payment transaction payable by the payee and, where applicable, a breakdown
the amounts
such charges; (d) where applicable, the exchange rate used in the payment transaction by the payee’s payment service provider and the amount
the payment transaction before that currency conversion; (e) the credit value date. Chapter 3 Framework Contracts Scope 74. This Chapter applies to payment transactions covered by a framework contract. Prior general information 75.
fer, the payment service provider concerned shall provide the payment service user on paper or on another durable medium with the information specified in Regulation 76.
ficial language
the Member State where the payment service is
fered or in any other language agreed between the parties.
a payment service user using a means
distance communication which does not enable the payment service provider concerned to comply with paragraphs
the framework contract.
a draft framework contract which includes the information specified in Regulation 76, the payment service provider shall be deemed to have complied with paragraphs
the payment service provider; (ii) the geographical address
its head
fice; (iii) where applicable, the geographical address
its agent or branch established in the Member State where the payment service is
fered; (
the Bank and
the Register or
any other relevant public register
authorisation
the payment service provider and the registration number or equivalent means
identification in that register; (b) on the use
the payment service: (i) a description
the main characteristics
the payment service to be provided; (ii) a specification
the information or unique identifier that has to be provided by the payment service user in order for a payment order to be properly initiated or executed; (iii) the form
and procedure for giving consent to initiate a payment order or execute a payment transaction and withdrawal
such consent in accordance with Regulations 88 and 104; (iv) a reference to the time
receipt
a payment order in accordance with Regulation 102 and the cut-
f time, if any, established by the payment service provider; (
the payment instrument in accordance with Regulation 92
co-badged, card-based payment instruments, the payment service user’s rights under Article 8
Regulation (EU) 2015/751
the European Parliament and
the Council
29 April 201515 ; (
the amounts
such charges; (ii) where applicable, the interest and exchange rates to be applied or, if reference interest and exchange rates are to be used, the method
calculating the actual interest, and the relevant date and index or base for determining such reference interest or exchange rate; (iii) if agreed, the immediate application
changes in reference interest or exchange rate and information requirements relating to the changes in accordance with Regulation 78
communication, including the technical requirements for the payment service user’s equipment and software, agreed between the parties for the transmission
information or notifications under these Regulations; (
the framework contract and information in accordance with Regulation 77; (
the steps that the payment service user is to take in order to keep a payment instrument safe and how to notify the payment service provider for the purposes
Regulation 93
the payment service user by the payment service provider in the event
suspected or actual fraud or security threats; (iii) if agreed, the conditions under which the payment service provider reserves the right to block a payment instrument in accordance with Regulation 92; (iv) the liability
the payer in accordance with Regulation 98, including information on the relevant amount; (v) how and within what period
time the payment service user is to notify the payment service provider
any unauthorised or incorrectly initiated or executed payment transaction in accordance with Regulation 95 as well as the payment service provider’s liability for unauthorised payment transactions in accordance with Regulation 97; (vi) the liability
the payment service provider for the initiation or execution
payment transactions in accordance with Regulation 112; (vii) the conditions for refund in accordance with Regulation 100 and 101; (f) on changes to, and termination
, the framework contract: (i) if agreed, that the payment service user will be deemed to have accepted changes in the conditions in accordance with Regulation 78, unless the payment service user notifies the payment service provider before the date
their proposed date
entry into force that the changes are not accepted; (ii) the duration
the framework contract; (iii) the right
the payment service user to terminate the framework contract and any agreements relating to termination in accordance with Regulation 78
information and conditions
the framework contract 77. At any time during the contractual relationship the payment service user shall have a right to receive, on request, the contractual terms
the framework contract as well as the information specified in Regulation 76 on paper or on another durable medium. Changes in conditions
the framework contract 78.
application
the changes.
their proposed entry into force.
their entry into force that those changes are not accepted.
charge and with effect at any time before the date when the changes would have applied had the payment service user not rejected the changes.
changes in an interest or exchange rate immediately and without notice, and (b) the change in the interest or exchange rate is based on an agreed reference interest or exchange rate.
the change in the interest rate at the earliest opportunity in the same manner as information is to be provided in accordance with Regulation 75
AI explanation based on the official legal text. Indicative, not a substitute for legal advice.