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Document 02015L2366-20240408
Directive (EU) 2015/2366 of the European Parliament and of the Council of 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/EC (Text with EEA relevance)Text with EEA relevance
Consolidated text: Directive (EU) 2015/2366 of the European Parliament and of the Council of 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/EC (Text with EEA relevance)Text with EEA relevance
Directive (EU) 2015/2366 of the European Parliament and of the Council of 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/EC (Text with EEA relevance)Text with EEA relevance
02015L2366 — EN — 08.04.2024 — 001.001
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DIRECTIVE (EU) 2015/2366 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 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/EC (OJ L 337 23.12.2015, p. 35) |
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REGULATION (EU) 2024/886 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 March 2024 |
L 886 |
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19.3.2024 |
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Corrected by:
DIRECTIVE (EU) 2015/2366 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 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/EC
(Text with EEA relevance)
TITLE I
SUBJECT MATTER, SCOPE AND DEFINITIONS
Article 1
Subject matter
This Directive establishes the rules in accordance with which Member States shall distinguish between the following categories of payment service provider:
credit institutions as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council ( 1 ), including branches thereof within the meaning of point (17) Article 4(1) of that Regulation where such branches are located in the Union, whether the head offices of those branches are located within the Union or, in accordance with Article 47 of Directive 2013/36/EU and with national law, outside the Union;
electronic money institutions within the meaning of point (1) of Article 2 of Directive 2009/110/EC, including, in accordance with Article 8 of that Directive and with national law, branches thereof, where such branches are located within the Union and their head offices are located outside the Union, in as far as the payment services provided by those branches are linked to the issuance of electronic money;
post office giro institutions which are entitled under national law to provide payment services;
payment institutions;
the ECB and national central banks when not acting in their capacity as monetary authority or other public authorities;
Member States or their regional or local authorities when not acting in their capacity as public authorities.
This Directive also establishes rules concerning:
the transparency of conditions and information requirements for payment services; and
the respective rights and obligations of payment service users and payment service providers in relation to the provision of payment services as a regular occupation or business activity.
Article 2
Scope
Article 3
Exclusions
This Directive does not apply to the following:
payment transactions made exclusively in cash directly from the payer to the payee, without any intermediary intervention;
payment transactions from the payer to the payee through a commercial agent authorised via an agreement to negotiate or conclude the sale or purchase of goods or services on behalf of only the payer or only the payee;
professional physical transport of banknotes and coins, including their collection, processing and delivery;
payment transactions consisting of the non-professional cash collection and delivery within the framework of a non-profit or charitable activity;
services where cash is provided by the payee to the payer as part of a payment transaction following an explicit request by the payment service user just before the execution of the payment transaction through a payment for the purchase of goods or services;
cash-to-cash currency exchange operations where the funds are not held on a payment account;
payment transactions based on any of the following documents drawn on the payment service provider with a view to placing funds at the disposal of the payee:
paper cheques governed by the Geneva Convention of 19 March 1931 providing a uniform law for cheques;
paper cheques similar to those referred to in point (i) and governed by the laws of Member States which are not party to the Geneva Convention of 19 March 1931 providing a uniform law for cheques;
paper-based drafts in accordance with the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes;
paper-based drafts similar to those referred to in point (iii) and governed by the laws of Member States which are not party to the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes;
paper-based vouchers;
paper-based traveller’s cheques;
paper-based postal money orders as defined by the Universal Postal Union;
payment transactions carried out within a payment or securities settlement system between settlement agents, central counterparties, clearing houses and/or central banks and other participants of the system, and payment service providers, without prejudice to Article 35;
payment transactions related to securities asset servicing, including dividends, income or other distributions, or redemption or sale, carried out by persons referred to in point (h) or by investment firms, credit institutions, collective investment undertakings or asset management companies providing investment services and any other entities allowed to have the custody of financial instruments;
services provided by technical service providers, which support the provision of payment services, without them entering at any time into possession of the funds to be transferred, including processing and storage of data, trust and privacy protection services, data and entity authentication, information technology (IT) and communication network provision, provision and maintenance of terminals and devices used for payment services, with the exclusion of payment initiation services and account information services;
services based on specific payment instruments that can be used only in a limited way, that meet one of the following conditions:
instruments allowing the holder to acquire goods or services only in the premises of the issuer or within a limited network of service providers under direct commercial agreement with a professional issuer;
instruments which can be used only to acquire a very limited range of goods or services;
instruments valid only in a single Member State provided at the request of 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;
payment transactions by a provider of electronic communications networks or services provided in addition to electronic communications services for a subscriber to the network or service:
for purchase of digital content and voice-based services, regardless of the device used for the purchase or consumption of the digital content and charged to the related bill; or
performed from or via an electronic device and charged to the related bill within the framework of a charitable activity or for the purchase of tickets;
provided that the value of any single payment transaction referred to in points (i) and (ii) does not exceed EUR 50 and:
payment transactions carried out between payment service providers, their agents or branches for their own account;
payment transactions and related services between a parent undertaking and its subsidiary or between subsidiaries of the same parent undertaking, without any intermediary intervention by a payment service provider other than an undertaking belonging to the same group;
cash withdrawal services offered by means of ATM by providers, acting on behalf of one or more card issuers, which are not a party to the framework contract with the customer withdrawing money from a payment account, on condition that those providers do not conduct other payment services as referred to in Annex I. Nevertheless the customer shall be provided with the information on any withdrawal charges referred to in Articles 45, 48, 49 and 59 before carrying out the withdrawal as well as on receipt of the cash at the end of the transaction after withdrawal.
Article 4
Definitions
For the purposes of this Directive, the following definitions apply:
‘home Member State’ means either of the following:
the Member State in which the registered office of the payment service provider is situated; or
if the payment service provider has, under its national law, no registered office, the Member State in which its head office is situated;
‘host Member State’ means the Member State other than the home Member State in which a payment service provider has an agent or a branch or provides payment services;
‘payment service’ means any business activity set out in Annex I;
‘payment institution’ means a legal person that has been granted authorisation in accordance with Article 11 to provide and execute payment services throughout the Union;
‘payment transaction’ means an act, initiated by the payer or on his behalf or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;
‘remote payment transaction’ means a payment transaction initiated via internet or through a device that can be used for distance communication;
‘payment system’ means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions;
‘payer’ means a natural or legal person who holds a payment account and allows a payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a payment order;
‘payee’ means a natural or legal person who is the intended recipient of funds which have been the subject of a payment transaction;
‘payment service user’ means a natural or legal person making use of a payment service in the capacity of payer, payee, or both;
‘payment service provider’ means a body referred to in Article 1(1) or a natural or legal person benefiting from an exemption pursuant to Article 32 or 33;
‘payment account’ means an account held in the name of one or more payment service users which is used for the execution of payment transactions;
‘payment order’ means an instruction by a payer or payee to its payment service provider requesting the execution of a payment transaction;
‘payment instrument’ means a personalised device(s) and/or set of procedures agreed between the payment service user and the payment service provider and used in order to initiate a payment order;
‘payment initiation service’ means a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider;
‘account information service’ means an online service to provide consolidated information on one or more payment accounts held by the payment service user with either another payment service provider or with more than one payment service provider;
‘account servicing payment service provider’ means a payment service provider providing and maintaining a payment account for a payer;
‘payment initiation service provider’ means a payment service provider pursuing business activities as referred to in point (7) of Annex I;
‘account information service provider’ means a payment service provider pursuing business activities as referred to in point (8) of Annex I;
‘consumer’ means a natural person who, in payment service contracts covered by this Directive, is acting for purposes other than his or her trade, business or profession;
‘framework contract’ means a payment service contract which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account;
‘money remittance’ means a payment service where funds are received from a payer, without any payment accounts being created in the name of the payer or the payee, for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee, and/or where such funds are received on behalf of and made available to the payee;
‘direct debit’ means a payment service for debiting a payer’s payment account, where a payment transaction is initiated by the payee on the basis of the consent given by the payer to the payee, to the payee’s payment service provider or to the payer’s own payment service provider;
‘credit transfer’ means a payment service for crediting a payee’s payment account with a payment transaction or a series of payment transactions from a payer’s payment account by the payment service provider which holds the payer’s payment account, based on an instruction given by the payer;
‘funds’ means banknotes and coins, scriptural money or electronic money as defined in point (2) of Article 2 of Directive 2009/110/EC;
‘value date’ means a reference time used by a payment service provider for the calculation of interest on the funds debited from or credited to a payment account;
‘reference exchange rate’ means the exchange rate which is used as the basis to calculate any currency exchange and which is made available by the payment service provider or comes from a publicly available source;
‘reference interest rate’ means the interest rate which is used as the basis for calculating any interest to be applied and which comes from a publicly available source which can be verified by both parties to a payment service contract;
‘authentication’ means a procedure which allows the payment service provider to verify the identity of a payment service user or the validity of the use of a specific payment instrument, including the use of the user’s personalised security credentials;
‘strong customer authentication’ means an authentication based on the use of two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data;
‘personalised security credentials’ means personalised features provided by the payment service provider to a payment service user for the purposes of authentication;
‘sensitive payment data’ means data, including personalised security credentials which can be used to carry out fraud. For the activities of payment initiation service providers and account information service providers, the name of the account owner and the account number do not constitute sensitive payment data;
‘unique identifier’ means a combination of letters, numbers or symbols specified to the payment service user by the payment service provider and to be provided by the payment service user to identify unambiguously another payment service user and/or the payment account of that other payment service user for a payment transaction;
‘means of distance communication’ means a method which, without the simultaneous physical presence of the payment service provider and the payment service user, may be used for the conclusion of a payment services contract;
‘durable medium’ means any instrument which enables the payment service user to store information addressed personally to that payment service user in a way accessible for future reference for a period of time adequate to the purposes of the information and which allows the unchanged reproduction of the information stored;
‘microenterprise’ means an enterprise, which at the time of conclusion of the payment service contract, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC;
‘business day’ means a day on which the relevant payment service provider of the payer or the payment service provider of the payee involved in the execution of a payment transaction is open for business as required for the execution of a payment transaction;
‘agent’ means a natural or legal person who acts on behalf of a payment institution in providing payment services;
‘branch’ means a place of business other than the head office which is a part of a payment institution, which has no legal personality and which carries out directly some or all of the transactions inherent in the business of a payment institution; all of the places of business set up in the same Member State by a payment institution with a head office in another Member State shall be regarded as a single branch;
‘group’ means a group of undertakings which are linked to each other by a relationship referred to in Article 22(1), (2) or (7) of Directive 2013/34/EU or undertakings as defined in Articles 4, 5, 6 and 7 of Commission Delegated Regulation (EU) No 241/2014 ( 2 ), which are linked to each other by a relationship referred to in Article 10(1) or in Article 113(6) or (7) of Regulation (EU) No 575/2013;
‘electronic communications network’ means a network as defined in point (a) of Article 2 of Directive 2002/21/EC of the European Parliament and of the Council ( 3 );
‘electronic communications service’ means a service as defined in point (c) of Article 2 of Directive 2002/21/EC;
‘digital content’ means goods or services which are produced and supplied in digital form, the use or consumption of which is restricted to a technical device and which do not include in any way the use or consumption of physical goods or services;
‘acquiring of payment transactions’ means a payment service provided by a payment service provider contracting with a payee to accept and process payment transactions, which results in a transfer of funds to the payee;
‘issuing of payment instruments’ means a payment service by a payment service provider contracting to provide a payer with a payment instrument to initiate and process the payer’s payment transactions;
‘own funds’ means funds as defined in point 118 of Article 4(1) of Regulation (EU) No 575/2013 where at least 75 % of the Tier 1 capital is in the form of Common Equity Tier 1 capital as referred to in Article 50 of that Regulation and Tier 2 is equal to or less than one third of Tier 1 capital;
‘payment brand’ means any material or digital name, term, sign, symbol or combination of them, capable of denoting under which payment card scheme card-based payment transactions are carried out;
‘co-badging’ means the inclusion of two or more payment brands or payment applications of the same payment brand on the same payment instrument.
TITLE II
PAYMENT SERVICE PROVIDERS
CHAPTER 1
Payment institutions
Article 5
Applications for authorisation
For authorisation as a payment institution, an application shall be submitted to the competent authorities of the home Member State, together with the following:
a programme of operations setting out in particular the type of payment services envisaged;
a business plan including a forecast budget calculation for the first 3 financial years which demonstrates that the applicant is able to employ the appropriate and proportionate systems, resources and procedures to operate soundly;
evidence that the payment institution holds initial capital as provided for in Article 7;
for the payment institutions referred to in Article 10(1), a description of the measures taken for safeguarding payment service users’ funds in accordance with Article 10;
a description of the applicant’s governance arrangements and internal control mechanisms, including administrative, risk management and accounting procedures, which demonstrates that those governance arrangements, control mechanisms and procedures are proportionate, appropriate, sound and adequate;
a description of 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 of the notification obligations of the payment institution laid down in Article 96;
a description of the process in place to file, monitor, track and restrict access to sensitive payment data;
a description of business continuity arrangements including a clear identification of the critical operations, effective contingency plans and a procedure to regularly test and review the adequacy and efficiency of such plans;
a description of the principles and definitions applied for the collection of statistical data on performance, transactions and fraud;
a security policy document, including a detailed risk assessment in relation to its payment services and a description of security control and mitigation measures taken to adequately protect payment service users against the risks identified, including fraud and illegal use of sensitive and personal data;
for payment institutions subject to the obligations in relation to money laundering and terrorist financing under Directive (EU) 2015/849 of the European Parliament and of the Council ( 4 ) and Regulation (EU) 2015/847 of the European Parliament and of the Council ( 5 ), a description of the internal control mechanisms which the applicant has established in order to comply with those obligations;
a description of the applicant’s structural organisation, including, where applicable, a description of the intended use of agents and branches and of the off-site and on-site checks that the applicant undertakes to perform on them at least annually, as well as a description of outsourcing arrangements, and of its participation in a national or international payment system;
the identity of persons holding in the applicant, directly or indirectly, qualifying holdings within the meaning of point (36) of Article 4(1) of Regulation (EU) No 575/2013, the size of their holdings and evidence of their suitability taking into account the need to ensure the sound and prudent management of a payment institution;
the identity of directors and persons responsible for the management of the payment institution and, where relevant, persons responsible for the management of the payment services activities of the payment institution, as well as evidence that they are of good repute and possess appropriate knowledge and experience to perform payment services as determined by the home Member State of the payment institution;
where applicable, the identity of statutory auditors and audit firms as defined in Directive 2006/43/EC of the European Parliament and of the Council ( 6 );
the applicant’s legal status and articles of association;
the address of the applicant’s head office.
For the purposes of points (d), (e) (f) and (l) of the first subparagraph, the applicant shall provide a description of its audit arrangements and the organisational arrangements it has set up with a view to taking all reasonable steps to protect the interests of its users and to ensure continuity and reliability in the performance of payment services.
The security control and mitigation measures referred to in point (j) of the first subparagraph shall indicate how they ensure a high level of technical security and data protection, including for the software and IT systems used by the applicant or the undertakings to which it outsources the whole or part of its operations. Those measures shall also include the security measures laid down in Article 95(1). Those measures shall take into account EBA’s guidelines on security measures as referred to in Article 95(3) when in place.
In developing the guidelines referred to in the first subparagraph, EBA shall take account of the following:
the risk profile of the undertaking;
whether the undertaking provides other payment services as referred to in Annex I or is engaged in other business;
the size of the activity:
for undertakings that apply for authorisation to provide payment services as referred to in point (7) of Annex I, the value of the transactions initiated;
for undertakings that apply for registration to provide payment services as referred to in point (8) of Annex I, the number of clients that make use of the account information services;
the specific characteristics of comparable guarantees and the criteria for their implementation.
EBA shall review those guidelines on a regular basis.
EBA shall review those guidelines on a regular basis and in any event at least every 3 years.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Article 6
Control of the shareholding
Similar measures shall apply to natural or legal persons who fail to comply with the obligation to provide prior information, as laid down in this Article.
Article 7
Initial capital
Member States shall require payment institutions to hold, at the time of authorisation, initial capital, comprised of one or more of the items referred to in Article 26(1)(a) to (e) of Regulation (EU) No 575/2013 as follows:
where the payment institution provides only the payment service as referred to in point (6) of Annex I, its capital shall at no time be less than EUR 20 000 ;
where the payment institution provides the payment service as referred to in point (7) of Annex I, its capital shall at no time be less than EUR 50 000 ;
where the payment institution provides any of the payment services as referred to in points (1) to (5) of Annex I, its capital shall at no time be less than EUR 125 000 .
Article 8
Own funds
Article 9
Calculation of own funds
Notwithstanding the initial capital requirements set out in Article 7, Member States shall require payment institutions, except those offering only services as referred to in point (7) or (8), or both, of Annex I, to hold, at all times, own funds calculated in accordance with one of the following three methods, as determined by the competent authorities in accordance with national legislation:
4,0 % of the slice of PV up to EUR 5 million;
plus
2,5 % of the slice of PV above EUR 5 million up to EUR 10 million;
plus
1 % of the slice of PV above EUR 10 million up to EUR 100 million;
plus
0,5 % of the slice of PV above EUR 100 million up to EUR 250 million;
plus
0,25 % of the slice of PV above EUR 250 million.
The relevant indicator is the sum of the following:
interest income;
interest expenses;
commissions and fees received; and
other operating income.
Each element shall be included in the sum with its positive or negative sign. Income from extraordinary or irregular items shall not be used in the calculation of the relevant indicator. Expenditure on the outsourcing of services rendered by third parties may reduce the relevant indicator if the expenditure is incurred from an undertaking subject to supervision under this Directive. The relevant indicator is calculated on the basis of the 12-monthly observation at the end of the previous financial year. The relevant indicator shall be calculated over the previous financial year. Nevertheless own funds calculated according to Method C shall not fall below 80 % of the average of the previous 3 financial years for the relevant indicator. When audited figures are not available, business estimates may be used.
The multiplication factor shall be:
10 % of the slice of the relevant indicator up to EUR 2,5 million;
8 % of the slice of the relevant indicator from EUR 2,5 million up to EUR 5 million;
6 % of the slice of the relevant indicator from EUR 5 million up to EUR 25 million;
3 % of the slice of the relevant indicator from EUR 25 million up to 50 million;
1,5 % above EUR 50 million.
The scaling factor k to be used in Methods B and C shall be:
0,5 where the payment institution provides only the payment service as referred to in point (6) of Annex I;
1 where the payment institution provides any of the payment services as referred to in any of points (1) to (5) of Annex I.
Article 10
Safeguarding requirements
Member States or competent authorities shall require payment institutions which provide payment services as referred to in points (1) to (6) of Annex I to this Directive and electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC to safeguard all funds which have been received from the payment service users or through another payment service provider for the execution of payment transactions, in either of the following ways:
funds shall not be commingled at any time with the funds of any natural or legal person other than payment service users on whose behalf the funds are held and, where they are still held by the payment institution or electronic money institution and not yet delivered to the payee or transferred to another payment service provider by the end of the business day following the day when the funds have been received, they shall be deposited in a separate account in a credit institution or in a central bank at the discretion of that central bank, or invested in secure, liquid low-risk assets as defined by the competent authorities of the home Member State; and they shall be insulated in accordance with national law in the interest of the payment service users against the claims of other creditors of the payment institution or electronic money institution, in particular in the event of insolvency;
funds shall be covered by an insurance policy or some other comparable guarantee from an insurance company or a credit institution, which does not belong to the same group as the payment institution or electronic money institution itself, for an amount equivalent to that which would have been segregated in the absence of the insurance policy or other comparable guarantee, payable in the event that the payment institution or electronic money institution is unable to meet its financial obligations.
Article 11
Granting of authorisation
Article 12
Communication of the decision
Within 3 months of receipt of an application or, if the application is incomplete, of all of the information required for the decision, the competent authorities shall inform the applicant whether the authorisation is granted or refused. The competent authority shall give reasons where it refuses an authorisation.
Article 13
Withdrawal of authorisation
The competent authorities may withdraw an authorisation issued to a payment institution only if the institution:
does not make use of the authorisation within 12 months, expressly renounces the authorisation or has ceased to engage in business for more than 6 months, if the Member State concerned has made no provision for the authorisation to lapse in such cases;
has obtained the authorisation through false statements or any other irregular means;
no longer meets the conditions for granting the authorisation or fails to inform the competent authority on major developments in this respect;
would constitute a threat to the stability of or the trust in the payment system by continuing its payment services business; or
falls within one of the other cases where national law provides for withdrawal of an authorisation.
Article 14
Registration in the home Member State
Member States shall establish a public register in which the following are entered:
authorised payment institutions and their agents;
natural and legal persons benefiting from an exemption pursuant to Article 32 or 33, and their agents; and
the institutions referred to in Article 2(5) that are entitled under national law to provide payment services.
Branches of payment institutions shall be entered in the register of the home Member State if those branches provide services in a Member State other than their home Member State.
Article 15
EBA register
EBA shall make the register publicly available on its website, and shall allow for easy access to and easy search for the information listed, free of charge.
EBA shall submit those draft regulatory technical standards to the Commission by 13 January 2018.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
EBA shall submit those draft implementing technical standards to the Commission by 13 July 2017.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.
Article 16
Maintenance of authorisation
Where any change affects the accuracy of information and evidence provided in accordance with Article 5, the payment institution shall, without undue delay, inform the competent authorities of its home Member State accordingly.
Article 17
Accounting and statutory audit
Article 18
Activities
Apart from the provision of payment services, payment institutions shall be entitled to engage in the following activities:
the provision of operational and closely related ancillary services such as ensuring the execution of payment transactions, foreign exchange services, safekeeping activities, and the storage and processing of data;
the operation of payment systems, without prejudice to Article 35;
business activities other than the provision of payment services, having regard to applicable Union and national law.
Payment institutions may grant credit relating to payment services as referred to in point (4) or (5) of Annex I only if all of the following conditions are met:
the credit shall be ancillary and granted exclusively in connection with the execution of a payment transaction;
notwithstanding national rules on providing credit by credit cards, the credit granted in connection with a payment and executed in accordance with Article 11(9) and Article 28 shall be repaid within a short period which shall in no case exceed 12 months;
such credit shall not be granted from the funds received or held for the purpose of executing a payment transaction;
the own funds of the payment institution shall at all times and to the satisfaction of the supervisory authorities be appropriate in view of the overall amount of credit granted.
Article 19
Use of agents, branches or entities to which activities are outsourced
Where a payment institution intends to provide payment services through an agent it shall communicate the following information to the competent authorities in its home Member State:
the name and address of the agent;
a description of 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 Directive (EU) 2015/849, to be updated without delay in the event of material changes to the particulars communicated at the initial notification;
the identity of directors and persons responsible for the management of the agent to be used in the provision of payment services and, for agents other than payment service providers, evidence that they are fit and proper persons;
the payment services of the payment institution for which the agent is mandated; and
where applicable, the unique identification code or number of the agent.
Outsourcing of important operational functions, including IT systems, shall not be undertaken in such way as to impair materially the quality of the payment institution’s internal control and the ability of the competent authorities to monitor and retrace the payment institution’s compliance with all of the obligations laid down in this Directive.
For the purposes of the second subparagraph, an operational function shall be regarded as important if a defect or failure in its performance would materially impair the continuing compliance of a payment institution with the requirements of its authorisation requested pursuant to this Title, its other obligations under this Directive, its financial performance, or the soundness or the continuity of its payment services. Member States shall ensure that when payment institutions outsource important operational functions, the payment institutions meet the following conditions:
the outsourcing shall not result in the delegation by senior management of its responsibility;
the relationship and obligations of the payment institution towards its payment service users under this Directive shall not be altered;
the conditions with which the payment institution is to comply in order to be authorised and remain so in accordance with this Title shall not be undermined;
none of the other conditions subject to which the payment institution’s authorisation was granted shall be removed or modified.
Article 20
Liability
Article 21
Record-keeping
Member States shall require payment institutions to keep all appropriate records for the purpose of this Title for at least 5 years, without prejudice to Directive (EU) 2015/849 or other relevant Union law.
Article 22
Designation of competent authorities
The competent authorities shall guarantee independence from economic bodies and avoid conflicts of interest. Without prejudice to the first subparagraph, payment institutions, credit institutions, electronic money institutions, or post office giro institutions shall not be designated as competent authorities.
The Member States shall inform the Commission accordingly.
Article 23
Supervision
In order to check compliance with this Title, the competent authorities shall, in particular, be entitled to take the following steps:
to require the payment institution to provide any information needed to monitor compliance specifying the purpose of the request, as appropriate, and the time limit by which the information is to be provided;
to carry out on-site inspections at the payment institution, at any agent or branch providing payment services under the responsibility of the payment institution, or at any entity to which activities are outsourced;
to issue recommendations, guidelines and, if applicable, binding administrative provisions;
to suspend or to withdraw an authorisation pursuant to Article 13.
Article 24
Professional secrecy
Article 25
Right to apply to the courts
Article 26
Exchange of information
Member States shall, in addition, allow exchange of information between their competent authorities and the following:
the competent authorities of other Member States responsible for the authorisation and supervision of payment institutions;
the ECB and the national central banks of Member States, in their capacity as monetary and oversight authorities, and, where appropriate, other public authorities responsible for overseeing payment and settlement systems;
other relevant authorities designated under this Directive, Directive (EU) 2015/849 and other Union law applicable to payment service providers, such as laws applicable to money laundering and terrorist financing;
EBA, in its capacity of contributing to the consistent and coherent functioning of supervising mechanisms as referred to in point (a) of Article 1(5) of Regulation (EU) No 1093/2010.
Article 27
Settlement of disagreements between competent authorities of different Member States
Article 28
Application to exercise the right of establishment and freedom to provide services
Any authorised payment institution wishing to provide payment services for the first time in a Member State other than its home Member State, in the exercise of the right of establishment or the freedom to provide services, shall communicate the following information to the competent authorities in its home Member State:
the name, the address and, where applicable, the authorisation number of the payment institution;
the Member State(s) in which it intends to operate;
the payment service(s) to be provided;
where the payment institution intends to make use of an agent, the information referred to in Article 19(1);
where the payment institution intends to make use of a branch, the information referred to in points (b) and (e) of Article 5(1) with regard to the payment service business in the host Member State, a description of the organisational structure of the branch and the identity of those responsible for the management of the branch.
Where the payment institution intends to outsource operational functions of payment services to other entities in the host Member State, it shall inform the competent authorities of its home Member State accordingly.
Within 1 month of receipt of the information from the competent authorities of the home Member State, the competent authorities of the host Member State shall assess that information and provide the competent authorities of the home Member State with relevant information in connection with the intended provision of payment services by the relevant payment institution in the exercise of the freedom of establishment or the freedom to provide services. The competent authorities of the host Member State shall inform the competent authorities of the home Member State in particular of any reasonable grounds for concern in connection with the intended engagement of an agent or establishment of a branch with regard to money laundering or terrorist financing within the meaning of Directive (EU) 2015/849.
Where the competent authorities of the home Member State do not agree with the assessment of the competent authorities of the host Member State, they shall provide the latter with the reasons for their decision.
If the assessment of the competent authorities of the home Member State in particular in light of the information received from the competent authorities of the host Member State, is not favourable, the competent authority of the home Member State shall refuse to register the agent or branch or shall withdraw the registration if already made.
Upon entry in the register referred to in Article 14, the agent or branch may commence its activities in the relevant host Member State.
The payment institution shall notify to the competent authorities of the home Member State the date from which it commences its activities through the agent or branch in the relevant host Member State. The competent authorities of the home Member State shall inform the competent authorities of the host Member State accordingly.
EBA shall submit those draft regulatory technical standards to the Commission by 13 January 2018.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Article 29
Supervision of payment institutions exercising the right of establishment and freedom to provide services
By way of cooperation in accordance with the first subparagraph, the competent authorities of the home Member State shall notify the competent authorities of the host Member State where they intend to carry out an on-site inspection in the territory of the latter.
However, the competent authorities of the home Member State may delegate to the competent authorities of the host Member State the task of carrying out on-site inspections of the institution concerned.
Such reports shall be required for information or statistical purposes and, as far as the agents and branches conduct the payment service business under the right of establishment, to monitor compliance with the provisions of national law transposing Titles III and IV. Such agents and branches shall be subject to professional secrecy requirements at least equivalent to those referred to in Article 24.
Those draft regulatory technical standards shall, in particular, take account of:
the total volume and value of transactions carried out by the payment institution in host Member States;
the type of payment services provided; and
the total number of agents established in the host Member State.
EBA shall submit those draft regulatory technical standards to the Commission by 13 January 2017.
Those draft regulatory technical standards shall also specify the means and details of any reporting requested by host Member States from payment institutions on the payment business activities carried out in their territories in accordance with paragraph 2, including the frequency of such reporting.
EBA shall submit those draft regulatory technical standards to the Commission by 13 January 2018.
Article 30
Measures in case of non-compliance, including precautionary measures
The competent authority of the home Member State, after having evaluated the information received pursuant to the first subparagraph, shall, without undue delay, take all appropriate measures to ensure that the payment institution concerned puts an end to its irregular situation. The competent authority of the home Member State shall communicate those measures without delay to the competent authority of the host Member State and to the competent authorities of any other Member State concerned.
Precautionary measures shall be temporary and shall be terminated when the serious threats identified are addressed, including with the assistance of or in cooperation with the home Member State’s competent authorities or with EBA as provided for in Article 27(1).
Article 31
Reasons and communication
Article 32
Conditions
Member States may exempt or allow their competent authorities to exempt, natural or legal persons providing payment services as referred to in points (1) to (6) of Annex I from the application of all or part of the procedure and conditions set out in Sections 1, 2 and 3, with the exception of Articles 14, 15, 22, 24, 25 and 26, where:
the monthly average of the preceding 12 months’ total value of payment transactions executed by the person concerned, including any agent for which it assumes full responsibility, does not exceed a limit set by the Member State but that, in any event, amounts to no more than EUR 3 million. That requirement shall be assessed on the projected total amount of payment transactions in its business plan, unless an adjustment to that plan is required by the competent authorities; and
none of the natural persons responsible for the management or operation of the business has been convicted of offences relating to money laundering or terrorist financing or other financial crimes.
Article 33
Account information service providers
Article 34
Notification and information
If a Member State applies an exemption pursuant to Article 32, it shall, by 13 January 2018, notify the Commission of its decision accordingly and it shall notify the Commission forthwith of any subsequent change. In addition, the Member State shall inform the Commission of the number of natural and legal persons concerned and, on an annual basis, of the total value of payment transactions executed as of 31 December of each calendar year, as referred to in point (a) of Article 32(1).
CHAPTER 2
Common provisions
Article 35
Access to payment systems
Payment systems shall not impose on payment service providers, on payment service users or on other payment systems any of the following requirements:
restrictive rule on effective participation in other payment systems;
rule which discriminates between authorised payment service providers or between registered payment service providers in relation to the rights, obligations and entitlements of participants;
restriction on the basis of institutional status.
The participant shall provide the requesting payment service provider with full reasons for any rejection.
Article 35a
Conditions for requesting participation in designated payment systems
By way of safeguard for the stability and integrity of payment systems, payment institutions and electronic money institutions requesting participation and participating in systems designated under Directive 98/26/EC shall have in place the following:
a description of the measures taken for safeguarding payment service users’ funds;
a description of the governance arrangements and internal control mechanisms for the payment services or electronic money services it intends to provide, including administrative, risk management and accounting procedures, of the payment institution or electronic money institution and a description of the arrangements for the use of information and communication technology services of the payment institution or electronic money institution, related to Articles 6 and 7 of Regulation (EU) 2022/2554 of the European Parliament and of the Council ( 9 ); and
a winding-up plan in case of failure.
For the purposes of the first subparagraph, point (a), of this paragraph:
where the payment institution or electronic money institution safeguards payment service users’ funds by depositing funds in a separate account in a credit institution or by means of an investment in secure, liquid, low-risk assets as defined by the competent authorities of the home Member State, the description of the measures taken for such safeguarding shall contain, as applicable:
a description of the investment policy to ensure that the assets that are chosen are liquid, secure and low-risk;
the number of persons that have access to the safeguarding account and their functions;
a description of the administration and reconciliation process to ensure that payment service users’ funds are insulated in the interest of payment service users against the claims of other creditors of the payment institution or electronic money institution, in particular in the event of insolvency;
a copy of the draft contract with the credit institution;
an explicit declaration by the payment institution or electronic money institution of compliance with Article 10 of this Directive;
where the payment institution or electronic money institution safeguards payment service users’ funds through an insurance policy or comparable guarantee from an insurance company or a credit institution, the description of the measures taken for such safeguarding shall contain the following:
a confirmation that the insurance policy or comparable guarantee from an insurance company or a credit institution is from an entity that is not part of the same group of firms as the payment institution or electronic money institution;
details of the reconciliation process in place to ensure that the insurance policy or comparable guarantee is sufficient to meet the safeguarding obligations of the payment institution or electronic money institution at all times;
the duration and the terms of renewal of the coverage;
a copy of the insurance agreement or comparable guarantee, or drafts thereof.
For the purposes of the first subparagraph, point (b), the description shall demonstrate that the governance arrangements, internal control mechanisms and arrangements for the use of information and communication technology as referred to in that point are proportionate, appropriate, sound and adequate. In addition, governance arrangements and internal control mechanisms shall include:
a mapping of the risks identified by the payment institution or electronic money institution, including the type of risks and the procedures the payment institution or electronic money institution has in place or will put in place to assess and prevent such risks;
the different procedures to carry out periodical and permanent controls, including the frequency and the human resources allocated;
the accounting procedures by which the payment institution or electronic money institution records and reports its financial information;
the identity of the person or persons responsible for the internal control functions, including for periodic, permanent and compliance control, as well as an up-to-date curriculum vitae of that person or those persons;
the identity of any auditor that is not a statutory auditor as defined in Article 2, point 2, of Directive 2006/43/EC;
the composition of the management body and, if applicable, of any other oversight body or committee;
a description of the way outsourced functions are monitored and controlled so as to avoid impairment of the quality of the internal controls of the payment institution or electronic money institution;
a description of the way any agents and branches are monitored and controlled within the framework of the internal controls of the payment institution or electronic money institution;
where the payment institution or electronic money institution is the subsidiary of a regulated entity in another Member State, a description of the group governance.
For the purposes of the first subparagraph, point (c), the winding-up plan shall be adapted to the envisaged size and business model of the payment institution or electronic money institution and shall include a description of the mitigation measures to be adopted by the payment institution or electronic money institution in the event of the termination of its payment services, which would ensure the execution of pending payment transactions and the termination of existing contracts.
Article 36
Access to accounts maintained with a credit institution
Member States shall ensure that payment institutions have access to credit institutions’ payment accounts services on an objective, non-discriminatory and proportionate basis. Such access shall be sufficiently extensive as to allow payment institutions to provide payment services in an unhindered and efficient manner.
The credit institution shall provide the competent authority with duly motivated reasons for any rejection.
Article 37
Prohibition of persons other than payment service providers from providing payment services and duty of notification
On the basis of that notification, the competent authority shall take a duly motivated decision on the basis of criteria referred to in point (k) of Article 3 where the activity does not qualify as a limited network, and inform the service provider accordingly.
TITLE III
TRANSPARENCY OF CONDITIONS AND INFORMATION REQUIREMENTS FOR PAYMENT SERVICES
CHAPTER 1
General rules
Article 38
Scope
Article 39
Other provisions in Union law
The provisions of this Title are without prejudice to any Union law containing additional requirements on prior information.
However, where Directive 2002/65/EC is also applicable, the information requirements set out in Article 3(1) of that Directive, with the exception of points (2)(c) to (g), (3)(a), (d) and (e), and (4)(b) of that paragraph shall be replaced by Articles 44, 45, 51 and 52 of this Directive.
Article 40
Charges for information
Article 41
Burden of proof on information requirements
Member States shall stipulate that the burden of proof lies with the payment service provider to prove that it has complied with the information requirements set out in this Title.
Article 42
Derogation from information requirements for low-value payment instruments and electronic money
In cases of payment instruments which, according to the relevant framework contract, concern only individual payment transactions that do not exceed EUR 30 or that either have a spending limit of EUR 150 or store funds that do not exceed EUR 150 at any time:
by way of derogation from Articles 51, 52 and 56, the payment service provider shall provide the payer only with information on the main characteristics of the payment service, including the way in which the payment instrument can be used, liability, charges levied and other material information needed to take an informed decision as well as an indication of where any other information and conditions specified in Article 52 are made available in an easily accessible manner;
it may be agreed that, by way of derogation from Article 54, the payment service provider is not required to propose changes to the conditions of the framework contract in the same way as provided for in Article 51(1);
it may be agreed that, by way of derogation from Articles 57 and 58, after the execution of a payment transaction:
the payment service provider provides or makes available only a reference enabling the payment service user to identify the payment transaction, the amount of the payment transaction, any charges and/or, in the case of several payment transactions of the same kind made to the same payee, information on the total amount and charges for those payment transactions;
the payment service provider is not required to provide or make available information referred to in point (i) if the payment instrument is used anonymously or if the payment service provider is not otherwise technically in a position to provide it. However, the payment service provider shall provide the payer with a possibility to verify the amount of funds stored.
CHAPTER 2
Single payment transactions
Article 43
Scope
Article 44
Prior general information
Article 45
Information and conditions
Member States shall ensure that the following information and conditions are provided or made available by the payment service provider to the payment service user:
a specification of 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;
the maximum execution time for the payment service to be provided;
all charges payable by the payment service user to the payment service provider and, where applicable, a breakdown of those charges;
where applicable, the actual or reference exchange rate to be applied to the payment transaction.
In addition, Member States shall ensure that payment initiation service providers shall, prior to initiation, provide the payer with, or make available to the payer, the following clear and comprehensive information:
the name of the payment initiation service provider, the geographical address of its head office and, where applicable, the geographical address of its agent or branch established in the Member State where the payment service is offered, and any other contact details, including electronic mail address, relevant for communication with the payment initiation service provider; and
the contact details of the competent authority.
Article 46
Information for the payer and payee after the initiation of a payment order
In addition to the information and conditions specified in Article 45, 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 of the following data to the payer and, where applicable, the payee:
confirmation of the successful initiation of the payment order with the payer’s account servicing payment service provider;
a reference enabling the payer and the payee to identify the payment transaction and, where appropriate, the payee to identify the payer, and any information transferred with the payment transaction;
the amount of the payment transaction;
where applicable, the amount of any charges payable to the payment initiation service provider for the transaction, and where applicable a breakdown of the amounts of such charges.
Article 47
Information for payer’s account servicing payment service provider in the event of a payment initiation service
Where a payment order is initiated through a payment initiation service provider, it shall make available to the payer’s account servicing payment service provider the reference of the payment transaction.
Article 48
Information for the payer after receipt of the payment order
Immediately after receipt of the payment order, the payer’s payment service provider shall provide the payer with or make available to the payer, in the same way as provided for in Article 44(1), all of the following data with regard to its own services:
a reference enabling the payer to identify the payment transaction and, where appropriate, information relating to the payee;
the amount of the payment transaction in the currency used in the payment order;
the amount of any charges for the payment transaction payable by the payer and, where applicable, a breakdown of the amounts of such charges;
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 point (d) of Article 45(1), and the amount of the payment transaction after that currency conversion;
the date of receipt of the payment order.
Article 49
Information for the payee after execution
Immediately after the execution of the payment transaction, the payee’s payment service provider shall provide the payee with, or make available to, the payee, in the same way as provided for in Article 44(1), all of the following data with regard to its own services:
a reference enabling the payee to identify the payment transaction and, where appropriate, the payer and any information transferred with the payment transaction;
the amount of the payment transaction in the currency in which the funds are at the payee’s disposal;
the amount of any charges for the payment transaction payable by the payee and, where applicable, a breakdown of the amounts of such charges;
where applicable, the exchange rate used in the payment transaction by the payee’s payment service provider, and the amount of the payment transaction before that currency conversion;
the credit value date.
CHAPTER 3
Framework contracts
Article 50
Scope
This Chapter applies to payment transactions covered by a framework contract.
Article 51
Prior general information
Article 52
Information and conditions
Member States shall ensure that the following information and conditions are provided to the payment service user:
on the payment service provider:
the name of the payment service provider, the geographical address of its head office and, where applicable, the geographical address of its agent or branch established in the Member State where the payment service is offered, and any other address, including electronic mail address, relevant for communication with the payment service provider;
the particulars of the relevant supervisory authorities and of the register provided for in Article 14 or of any other relevant public register of authorisation of the payment service provider and the registration number or equivalent means of identification in that register;
on use of the payment service:
a description of the main characteristics of the payment service to be provided;
a specification of 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;
the form of and procedure for giving consent to initiate a payment order or execute a payment transaction and withdrawal of such consent in accordance with Articles 64 and 80;
a reference to the time of receipt of a payment order in accordance with Article 78 and the cut-off time, if any, established by the payment service provider;
the maximum execution time for the payment services to be provided;
whether there is a possibility to agree on spending limits for the use of the payment instrument in accordance with Article 68(1);
in the case of co-badged, card-based payment instruments, the payment service user’s rights under Article 8 of Regulation (EU) 2015/751;
on charges, interest and exchange rates:
all charges payable by the payment service user to the payment service provider including those connected to the manner in and frequency with which information under this Directive is provided or made available and, where applicable, the breakdown of the amounts of such charges;
where applicable, the interest and exchange rates to be applied or, if reference interest and exchange rates are to be used, the method of calculating the actual interest, and the relevant date and index or base for determining such reference interest or exchange rate;
if agreed, the immediate application of changes in reference interest or exchange rate and information requirements relating to the changes in accordance with Article 54(2);
on communication:
where applicable, the means of communication, including the technical requirements for the payment service user’s equipment and software, agreed between the parties for the transmission of information or notifications under this Directive;
the manner in, and frequency with which, information under this Directive is to be provided or made available;
the language or languages in which the framework contract will be concluded and communication during this contractual relationship undertaken;
the payment service user’s right to receive the contractual terms of the framework contract and information and conditions in accordance with Article 53;
on safeguards and corrective measures:
where applicable, a description of the steps that the payment service user is to take in order to keep safe a payment instrument and how to notify the payment service provider for the purposes of point (b) of Article 69(1);
the secure procedure for notification of the payment service user by the payment service provider in the event of suspected or actual fraud or security threats;
if agreed, the conditions under which the payment service provider reserves the right to block a payment instrument in accordance with Article 68;
the liability of the payer in accordance with Article 74, including information on the relevant amount;
how and within what period of time the payment service user is to notify the payment service provider of any unauthorised or incorrectly initiated or executed payment transaction in accordance with Article 71 as well as the payment service provider’s liability for unauthorised payment transactions in accordance with Article 73;
the liability of the payment service provider for the initiation or execution of ►C1 payment transactions in accordance with Articles 89 and 90; ◄
the conditions for refund in accordance with Articles 76 and 77;
on changes to, and termination of, the framework contract:
if agreed, information that the payment service user will be deemed to have accepted changes in the conditions in accordance with Article 54, unless the payment service user notifies the payment service provider before the date of their proposed date of entry into force that they are not accepted;
the duration of the framework contract;
the right of the payment service user to terminate the framework contract and any agreements relating to termination in accordance with Article 54(1) and Article 55;
on redress:
any contractual clause on the law applicable to the framework contract and/or the competent courts;
the ADR procedures available to the payment service user in accordance with Articles 99 to 102.
Article 53
Accessibility of information and conditions of the framework contract
At any time during the contractual relationship the payment service user shall have a right to receive, on request, the contractual terms of the framework contract as well as the information and conditions specified in Article 52 on paper or on another durable medium.
Article 54
Changes in conditions of the framework contract
Where applicable in accordance with point (6)(a) of Article 52, the payment service provider shall inform the payment service user that it is to be deemed to have accepted those changes if it does not notify the payment service provider before the proposed date of their entry into force that they are not accepted. The payment service provider shall also inform the payment service user that, in the event that the payment service user rejects those changes, the payment service user has the right to terminate the framework contract free of charge and with effect at any time until the date when the changes would have applied.
Article 55
Termination
Article 56
Information before execution of individual payment transactions
In the case of an individual payment transaction under a framework contract initiated by the payer, a payment service provider shall, at the payer’s request for this specific payment transaction, provide explicit information on all of the following:
the maximum execution time;
the charges payable by the payer;
where applicable, a breakdown of the amounts of any charges.
Article 57
Information for the payer on individual payment transactions
After the amount of an individual payment transaction is debited from the payer’s account or, where the payer does not use a payment account, after receipt of the payment order, the payer’s payment service provider shall provide the payer, without undue delay and in the same way as laid down in Article 51(1), with all of the following information:
a reference enabling the payer to identify each payment transaction and, where appropriate, information relating to the payee;
the amount of the payment transaction in the currency in which the payer’s payment account is debited or in the currency used for the payment order;
the amount of any charges for the payment transaction and, where applicable, a breakdown of the amounts of such charges, or the interest payable by the payer;
where applicable, the exchange rate used in the payment transaction by the payer’s payment service provider, and the amount of the payment transaction after that currency conversion;
the debit value date or the date of receipt of the payment order.
Article 58
Information for the payee on individual payment transactions
After the execution of an individual payment transaction, the payee’s payment service provider shall provide the payee without undue delay in the same way as laid down in Article 51(1) with all of the following information:
a reference enabling the payee to identify the payment transaction and the payer, and any information transferred with the payment transaction;
the amount of the payment transaction in the currency in which the payee’s payment account is credited;
the amount of any charges for the payment transaction and, where applicable, a breakdown of the amounts of such charges, or the interest payable by the payee;
where applicable, the exchange rate used in the payment transaction by the payee’s payment service provider, and the amount of the payment transaction before that currency conversion;
the credit value date.
CHAPTER 4
Common provisions
Article 59
Currency and currency conversion
The payer shall agree to the currency conversion service on that basis.
Article 60
Information on additional charges or reductions
TITLE IV
RIGHTS AND OBLIGATIONS IN RELATION TO THE PROVISION AND USE OF PAYMENT SERVICES
CHAPTER 1
Common provisions
Article 61
Scope
Article 62
Charges applicable
Article 63
Derogation for low value payment instruments and electronic money
In the case of payment instruments which, according to the framework contract, solely concern individual payment transactions not exceeding EUR 30 or which either have a spending limit of EUR 150, or store funds which do not exceed EUR 150 at any time, payment service providers may agree with their payment service users that:
point (b) of Article 69(1), points (c) and (d) of Article 70(1), and Article 74(3) do not apply if the payment instrument does not allow its blocking or prevention of its further use;
Articles 72 and 73, and Article 74(1) and (3), do not apply if the payment instrument is used anonymously or the payment service provider is not in a position for other reasons which are intrinsic to the payment instrument to prove that a payment transaction was authorised;
by way of derogation from Article 79(1), the payment service provider is not required to notify the payment service user of the refusal of a payment order, if the non-execution is apparent from the context;
by way of derogation from Article 80, the payer may not revoke the payment order after transmitting the payment order or giving consent to execute the payment transaction to the payee;
by way of derogation from Articles 83 and 84, other execution periods apply.
CHAPTER 2
Authorisation of payment transactions
Article 64
Consent and withdrawal of consent
In the absence of consent, a payment transaction shall be considered to be unauthorised.
Article 65
Confirmation on the availability of funds
Member States shall ensure that an account servicing payment service provider shall, upon the request of a payment service provider issuing card-based payment instruments, immediately confirm whether an amount necessary for the execution of a card-based payment transaction is available on the payment account of the payer, provided that all of the following conditions are met:
the payment account of the payer is accessible online at the time of the request;
the payer has given explicit consent to the account servicing payment service provider to respond to requests from a specific payment service provider to confirm that the amount corresponding to a certain card-based payment transaction is available on the payer’s payment account;
the consent referred to in point (b) has been given before the first request for confirmation is made.
The payment service provider may request the confirmation referred to in paragraph 1 where all of the following conditions are met:
the payer has given explicit consent to the payment service provider to request the confirmation referred to in paragraph 1;
the payer has initiated the card-based payment transaction for the amount in question using a card based payment instrument issued by the payment service provider;
the payment service provider authenticates itself towards the account servicing payment service provider before each confirmation request, and securely communicates with the account servicing payment service provider in accordance with point (d) of Article 98(1).
Article 66
Rules on access to payment account in the case of payment initiation services
The payment initiation service provider shall:
not hold at any time the payer’s funds in connection with the provision of the payment initiation service;
ensure that the personalised security credentials of the payment service user are not, with the exception of the user and the issuer of the personalised security credentials, accessible to other parties and that they are transmitted by the payment initiation service provider through safe and efficient channels;
ensure that any other information about the payment service user, obtained when providing payment initiation services, is only provided to the payee and only with the payment service user’s explicit consent;
every time a payment is initiated, identify itself towards the account servicing payment service provider of the payer and communicate with the account servicing payment service provider, the payer and the payee in a secure way, in accordance with point (d) of Article 98(1);
not store sensitive payment data of the payment service user;
not request from the payment service user any data other than those necessary to provide the payment initiation service;
not use, access or store any data for purposes other than for the provision of the payment initiation service as explicitly requested by the payer;
not modify the amount, the payee or any other feature of the transaction.
The account servicing payment service provider shall:
communicate securely with payment initiation service providers in accordance with point (d) of Article 98(1);
immediately after receipt of the payment order from a payment initiation service provider, provide or make available all information on the initiation of the payment transaction and all information accessible to the account servicing payment service provider regarding the execution of the payment transaction to the payment initiation service provider;
treat payment orders transmitted through the services of a payment initiation service provider without any discrimination other than for objective reasons, in particular in terms of timing, priority or charges vis-à-vis payment orders transmitted directly by the payer.
Article 67
Rules on access to and use of payment account information in the case of account information services
The account information service provider shall:
provide services only where based on the payment service user’s explicit consent;
ensure that the personalised security credentials of the payment service user are not, with the exception of the user and the issuer of the personalised security credentials, accessible to other parties and that when they are transmitted by the account information service provider, this is done through safe and efficient channels;
for each communication session, identify itself towards the account servicing payment service provider(s) of the payment service user and securely communicate with the account servicing payment service provider(s) and the payment service user, in accordance with point (d) of Article 98(1);
access only the information from designated payment accounts and associated payment transactions;
not request sensitive payment data linked to the payment accounts;
not use, access or store any data for purposes other than for performing the account information service explicitly requested by the payment service user, in accordance with data protection rules.
In relation to payment accounts, the account servicing payment service provider shall:
communicate securely with the account information service providers in accordance with point (d) of Article 98(1); and
treat data requests transmitted through the services of an account information service provider without any discrimination for other than objective reasons.
Article 68
Limits of the use of the payment instrument and of the access to payment accounts by payment service providers
The account servicing payment service provider shall allow access to the payment account once the reasons for denying access no longer exist.
Article 69
Obligations of the payment service user in relation to payment instruments and personalised security credentials
The payment service user entitled to use a payment instrument shall:
use the payment instrument in accordance with the terms governing the issue and use of the payment instrument, which must be objective, non-discriminatory and proportionate;
notify the payment service provider, or the entity specified by the latter, without undue delay on becoming aware of the loss, theft, misappropriation or unauthorised use of the payment instrument.
Article 70
Obligations of the payment service provider in relation to payment instruments
The payment service provider issuing a payment instrument shall:
make sure that the personalised security credentials are not accessible to parties other than the payment service user that is entitled to use the payment instrument, without prejudice to the obligations on the payment service user set out in Article 69;
refrain from sending an unsolicited payment instrument, except where a payment instrument already given to the payment service user is to be replaced;
ensure that appropriate means are available at all times to enable the payment service user to make a notification pursuant to point (b) of Article 69(1) or to request unblocking of the payment instrument pursuant to Article 68(4); on request, the payment service provider shall provide the payment service user with the means to prove, for 18 months after notification, that the payment service user made such a notification;
provide the payment service user with an option to make a notification pursuant to point (b) of Article 69(1) free of charge and to charge, if at all, only replacement costs directly attributed to the payment instrument;
prevent all use of the payment instrument once notification pursuant to point (b) of Article 69(1) has been made.
Article 71
Notification and rectification of unauthorised or incorrectly executed payment transactions
The time limits for notification laid down in the first subparagraph do not apply where the payment service provider has failed to provide or make available the information on the payment transaction in accordance with Title III.
Article 72
Evidence on authentication and execution of payment transactions
If the payment transaction is initiated through a payment initiation service provider, the burden shall be on the payment initiation service provider to prove that within its sphere of competence, the payment transaction was authenticated, accurately recorded and not affected by a technical breakdown or other deficiency linked to the payment service of which it is in charge.
Article 73
Payment service provider’s liability for unauthorised payment transactions
If the payment initiation service provider is liable for the unauthorised payment transaction, it shall immediately compensate the account servicing payment service provider at its request for the losses incurred or sums paid as a result of the refund to the payer, including the amount of the unauthorised payment transaction. In accordance with Article 72(1), the burden shall be on the payment initiation service provider to prove that, within its sphere of competence, the payment transaction was authenticated, accurately recorded and not affected by a technical breakdown or other deficiency linked to the payment service of which it is in charge.
Article 74
Payer’s liability for unauthorised payment transactions
The first subparagraph shall not apply if:
the loss, theft or misappropriation of a payment instrument was not detectable to the payer prior to a payment, except where the payer has acted fraudulently; or
the loss was caused by acts or lack of action of an employee, agent or branch of a payment service provider or of an entity to which its activities were outsourced.
The payer shall bear all of the losses relating to any unauthorised payment transactions if they were incurred by the payer acting fraudulently or failing to fulfil one or more of the obligations set out in Article 69 with intent or gross negligence. In such cases, the maximum amount referred to in the first subparagraph shall not apply.
Where the payer has neither acted fraudulently nor intentionally failed to fulfil its obligations under Article 69, Member States may reduce the liability referred to in this paragraph, taking into account, in particular, the nature of the personalised security credentials and the specific circumstances under which the payment instrument was lost, stolen or misappropriated.
If the payment service provider does not provide appropriate means for the notification at all times of a lost, stolen or misappropriated payment instrument, as required under point (c) of Article 70(1), the payer shall not be liable for the financial consequences resulting from use of that payment instrument, except where the payer has acted fraudulently.
Article 75
Payment transactions where the transaction amount is not known in advance
Article 76
Refunds for payment transactions initiated by or through a payee
Member States shall ensure that a payer is entitled to a refund from the payment service provider of an authorised payment transaction which was initiated by or through a payee and which has already been executed, if both of the following conditions are met:
the authorisation did not specify the exact amount of the payment transaction when the authorisation was made;
the amount of the payment transaction exceeded the amount the payer could reasonably have expected taking into account the previous spending pattern, the conditions in the framework contract and relevant circumstances of the case.
At the payment service provider’s request, the payer shall bear the burden of proving such conditions are met.
The refund shall consist of the full amount of the executed payment transaction. The credit value date for the payer’s payment account shall be no later than the date the amount was debited.
Without prejudice to paragraph 3 of this Article, Member States shall ensure that, in addition to the right referred to in the first subparagraph of this paragraph, for direct debits as referred to in Article 1 of Regulation (EU) No 260/2012, the payer has an unconditional right to a refund within the time limits laid down in Article 77 of this Directive.
It may be agreed in a framework contract between the payer and the payment service provider that the payer has no right to a refund where:
the payer has given consent to execute the payment transaction directly to the payment service provider; and
where applicable, information on the future payment transaction was provided or made available in an agreed manner to the payer for at least 4 weeks before the due date by the payment service provider or by the payee.
Article 77
Requests for refunds for payment transactions initiated by or through a payee
The payment service provider’s right under the first subparagraph of this paragraph to refuse the refund shall not apply in the case set out in the fourth subparagraph of Article 76(1).
CHAPTER 3
Execution of payment transactions
Article 78
Receipt of payment orders
The payer’s account shall not be debited before receipt of the payment order. If the time of receipt is not on a business day for the payer’s payment service provider, the payment order shall be deemed to have been received on the following business day. The payment service provider may establish a cut-off time near the end of a business day beyond which any payment order received shall be deemed to have been received on the following business day.
Article 79
Refusal of payment orders
The payment service provider shall provide or make available the notification in an agreed manner at the earliest opportunity, and in any case, within the periods specified in Article 83.
The framework contract may include a condition that the payment service provider may charge a reasonable fee for such a refusal if the refusal is objectively justified.
Article 80
Irrevocability of a payment order
Article 81
Amounts transferred and amounts received
Article 82
Scope
This Section applies to:
payment transactions in euro;
national payment transactions in the currency of the Member State outside the euro area;
payment transactions involving only one currency conversion between the euro and the currency of a Member State outside the euro area, provided that the required currency conversion is carried out in the Member State outside the euro area concerned and, in the case of cross-border payment transactions, the cross-border transfer takes place in euro.
Article 83
Payment transactions to a payment account
Article 84
Absence of payee’s payment account with the payment service provider
Where the payee does not have a payment account with the payment service provider, the funds shall be made available to the payee by the payment service provider who receives the funds for the payee within the time limit laid down in Article 83.
Article 85
Cash placed on a payment account
Where a consumer places cash on a payment account with that payment service provider in the currency of that payment account, the payment service provider shall ensure that the amount is made available and value dated immediately after receipt of the funds. Where the payment service user is not a consumer, the amount shall be made available and value dated at the latest on the following business day after receipt of the funds.
Article 86
National payment transactions
For national payment transactions, Member States may provide for shorter maximum execution times than those provided for in this Section.
Article 87
Value date and availability of funds
The payment service provider of the payee shall ensure that the amount of the payment transaction is at the payee’s disposal immediately after that amount is credited to the payee’s payment service provider’s account where, on the part of the payee’s payment service provider, there is:
no currency conversion; or
a currency conversion between the euro and a Member State currency or between two Member State currencies.
The obligation laid down in this paragraph shall also apply to payments within one payment service provider.
Article 88
Incorrect unique identifiers
In the event that the collection of funds under the first subparagraph is not possible, the payer’s payment service provider shall provide to the payer, upon written request, all information available to the payer’s payment service provider and relevant to the payer in order for the payer to file a legal claim to recover the funds.
Article 89
Payment service providers’ liability for non-execution, defective or late execution of payment transactions
Where the payer’s payment service provider is liable under the first subparagraph, it shall, without undue delay, refund to the payer the amount of the non-executed or defective payment transaction, and, where applicable, restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place.
The credit value date for the payer’s payment account shall be no later than the date on which the amount was debited.
Where the payee’s payment service provider is liable under the first subparagraph, it shall immediately place the amount of the payment transaction at the payee’s disposal and, where applicable, credit the corresponding amount to the payee’s payment account.
The credit value date for the payee’s payment account shall be no later than the date on which the amount would have been value dated, had the transaction been correctly executed in accordance with Article 87.
Where a payment transaction is executed late, the payee’s payment service provider shall ensure, upon the request of the payer’s payment service provider acting on behalf of the payer, that the credit value date for the payee’s payment account is no later than the date the amount would have been value dated had the transaction been correctly executed.
In the case of a non-executed or defectively executed payment transaction where the payment order is initiated by the payer, the payer’s payment service provider shall, regardless of liability under this paragraph, on request, make immediate efforts to trace the payment transaction and notify the payer of the outcome. This shall be free of charge for the payer.
In the case of a late transmission of the payment order, the amount shall be value dated on the payee’s payment account no later than the date the amount would have been value dated had the transaction been correctly executed.
In addition, the payment service provider of the payee shall, without prejudice to Article 71, Article 88(2) and (3), and Article 93, be liable to the payee for handling the payment transaction in accordance with its obligations under Article 87. Where the payee’s payment service provider is liable under this subparagraph, it shall ensure that the amount of the payment transaction is at the payee’s disposal immediately after that amount is credited to the payee’s payment service provider’s account. The amount shall be value dated on the payee’s payment account no later than the date the amount would have been value dated had the transaction been correctly executed.
►C1 In the case of a non-executed or defectively executed payment transaction for which the payee's payment service provider is not liable under the first and third subparagraphs, the payer's payment service provider shall be liable to the payer. ◄ Where the payer’s payment service provider is so liable he shall, as appropriate and without undue delay, refund to the payer the amount of the non-executed or defective payment transaction and restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place. The credit value date for the payer’s payment account shall be no later than the date the amount was debited.
The obligation under the fourth subparagraph shall not apply to the payer’s payment service provider where the payer’s payment service provider proves that the payee’s payment service provider has received the amount of the payment transaction, even if execution of payment transaction is merely delayed. If so, the payee’s payment service provider shall value date the amount on the payee’s payment account no later than the date the amount would have been value dated had it been executed correctly.
In the case of a non-executed or defectively executed payment transaction where the payment order is initiated by or through the payee, the payee’s payment service provider shall, regardless of liability under this paragraph, on request, make immediate efforts to trace the payment transaction and notify the payee of the outcome. This shall be free of charge for the payee.
Article 90
Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions
The burden shall be on the payment initiation service provider to prove that the payment order was received by the payer’s account servicing payment service provider in accordance with Article 78 and that within its sphere of competence the payment transaction was authenticated, accurately recorded and not affected by a technical breakdown or other deficiency linked to the non-execution, defective or late execution of the transaction.
Article 91
Additional financial compensation
Any financial compensation additional to that provided for under this Section may be determined in accordance with the law applicable to the contract concluded between the payment service user and the payment service provider.
Article 92
Right of recourse
Article 93
Abnormal and unforeseeable circumstances
No liability shall arise under Chapter 2 or 3 in cases of abnormal and unforeseeable circumstances beyond the control of the party pleading for the application of those circumstances, the consequences of which would have been unavoidable despite all efforts to the contrary, or where a payment service provider is bound by other legal obligations covered by Union or national law.
CHAPTER 4
Data protection
Article 94
Data protection
CHAPTER 5
Operational and security risks and authentication
Article 95
Management of operational and security risks
EBA shall, in close cooperation with the ECB, review the guidelines referred to in the first subparagraph on a regular basis and in any event at least every 2 years.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
Article 96
Incident reporting
Where the incident has or may have an impact on the financial interests of its payment service users, the payment service provider shall, without undue delay, inform its payment service users of the incident and of all measures that they can take to mitigate the adverse effects of the incident.
EBA and the ECB shall, in cooperation with the competent authority of the home Member State, assess the relevance of the incident to other relevant Union and national authorities and shall notify them accordingly. The ECB shall notify the members of the European System of Central Banks on issues relevant to the payment system.
On the basis of that notification, the competent authorities shall, where appropriate, take all of the necessary measures to protect the immediate safety of the financial system.
By 13 January 2018, EBA shall, in close cooperation with the ECB and after consulting all relevant stakeholders, including those in the payment services market, reflecting all interests involved, issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 addressed to each of the following:
payment service providers, on the classification of major incidents referred to in paragraph 1, and on the content, the format, including standard notification templates, and the procedures for notifying such incidents;
competent authorities, on the criteria on how to assess the relevance of the incident and the details of the incident reports to be shared with other domestic authorities.
Article 97
Authentication
Member States shall ensure that a payment service provider applies strong customer authentication where the payer:
accesses its payment account online;
initiates an electronic payment transaction;
carries out any action through a remote channel which may imply a risk of payment fraud or other abuses.
Article 98
Regulatory technical standards on authentication and communication
EBA shall, in close cooperation with the ECB and after consulting all relevant stakeholders, including those in the payment services market, reflecting all interests involved, develop draft regulatory technical standards addressed to payment service providers as set out in Article 1(1) of this Directive in accordance with Article 10 of Regulation (EU) No 1093/2010 specifying:
the requirements of the strong customer authentication referred to in Article 97(1) and (2);
the exemptions from the application of Article 97(1), (2) and (3), based on the criteria established in paragraph 3 of this Article;
the requirements with which security measures have to comply, in accordance with Article 97(3) in order to protect the confidentiality and the integrity of the payment service users’ personalised security credentials; and
the requirements for common and secure open standards of communication for the purpose of identification, authentication, notification, and information, as well as for the implementation of security measures, between account servicing payment service providers, payment initiation service providers, account information service providers, payers, payees and other payment service providers.
The draft regulatory technical standards referred to in paragraph 1 shall be developed by EBA in order to:
ensure an appropriate level of security for payment service users and payment service providers, through the adoption of effective and risk-based requirements;
ensure the safety of payment service users’ funds and personal data;
secure and maintain fair competition among all payment service providers;
ensure technology and business-model neutrality;
allow for the development of user-friendly, accessible and innovative means of payment.
The exemptions referred to in point (b) of paragraph 1 shall be based on the following criteria:
the level of risk involved in the service provided;
the amount, the recurrence of the transaction, or both;
the payment channel used for the execution of the transaction.
Power is delegated to the Commission to adopt those regulatory technical standards in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
CHAPTER 6
ADR procedures for the settlement of disputes
Article 99
Complaints
Article 100
Competent authorities
They shall be either:
competent authorities within the meaning of Article 4(2) of Regulation (EU) No 1093/2010; or
bodies recognised by national law or by public authorities expressly empowered for that purpose by national law.
They shall not be payment service providers, with the exception of national central banks.
The competent authorities shall exercise their powers in accordance with national law either:
directly under their own authority or under the supervision of the judicial authorities; or
by application to courts which are competent to grant the necessary decision, including, where appropriate, by appeal, if the application to grant the necessary decision is not successful.
Article 101
Dispute resolution
Those procedures shall be applied in every Member State where the payment service provider offers the payment services and shall be available in an official language of the relevant Member State or in another language if agreed between the payment service provider and the payment service user.
Member States may introduce or maintain rules on dispute resolution procedures that are more advantageous to the payment service user than that referred to in the first subparagraph. Where they do so, those rules shall apply.
Article 102
ADR procedures
Article 103
Penalties
TITLE V
DELEGATED ACTS AND REGULATORY TECHNICAL STANDARDS
Article 104
Delegated acts
The Commission shall be empowered to adopt delegated acts in accordance with Article 105 concerning:
adapting the reference to Recommendation 2003/361/EC in point (36) of Article 4 of this Directive where that Recommendation is amended;
updating the amounts specified in Article 32(1) and Article 74(1) to take account of inflation.
Article 105
Exercise of the delegation
Article 106
Obligation to inform consumers of their rights
The Commission, EBA and the competent authorities shall each ensure that the leaflet is made available in an easily accessible manner on their respective websites.
TITLE VI
FINAL PROVISIONS
Article 107
Full harmonisation
However, payment service providers may decide to grant more favourable terms to payment service users.
Article 108
Review clause
The Commission shall, by 13 January 2021, submit to the European Parliament, the Council, the ECB and the European Economic and Social Committee, a report on the application and impact of this Directive, and in particular on:
the appropriateness and the impact of the rules on charges as set out in Article 62(3), (4) and (5);
the application of Article 2(3) and (4), including an assessment of whether Titles III and IV can, where technically feasible, be applied in full to payment transactions referred to in those paragraphs;
access to payment systems, having regard in particular to the level of competition;
the appropriateness and the impact of the thresholds for the payment transactions referred to in point (l) of Article 3;
the appropriateness and the impact of the threshold for the exemption referred to in point (a) of Article 32(1);
whether, given developments, it would be desirable, as a complement to the provisions in Article 75 on payment transactions where the amount is not known in advance and funds are blocked, to introduce maximum limits for the amounts to be blocked on the payer’s payment account in such situations.
If appropriate, the Commission shall submit a legislative proposal together with its report.
Article 109
Transitional provision
Member States shall require such payment institutions to submit all relevant information to the competent authorities in order to allow the latter to assess, by 13 July 2018, whether those payment institutions comply with the requirements laid down in Title II and, if not, which measures need to be taken in order to ensure compliance or whether a withdrawal of authorisation is appropriate.
Payment institutions which upon verification by the competent authorities comply with the requirements laid down in Title II shall be granted authorisation and shall be entered in the registers referred to in Articles 14 and 15. Where those payment institutions do not comply with the requirements laid down in Title II by 13 July 2018, they shall be prohibited from providing payment services in accordance with Article 37.
Member States shall allow those persons to continue those activities within the Member State concerned in accordance with Directive 2007/64/EC, until 13 January 2019 without being required to seek authorisation under Article 5 of this Directive or, to obtain an exemption pursuant to Article 32 of this Directive, or to comply with the other provisions laid down or referred to in Title II of this Directive.
Any person referred to in the first subparagraph who has not, by 13 January 2019, been authorised or exempted under this Directive shall be prohibited from providing payment services in accordance with Article 37 of this Directive.
Article 110
Amendments to Directive 2002/65/EC
In Article 4 of Directive 2002/65/EC, paragraph 5 is replaced by the following:
Article 111
Amendments to Directive 2009/110/EC
Directive 2009/110/EC is amended as follows:
Article 3 is amended as follows:
paragraph 1 is replaced by the following:
paragraphs 4 and 5 are replaced by the following:
in Article 18, the following paragraph is added:
Member States shall require electronic money institutions referred to in the first subparagraph to submit all relevant information to the competent authorities in order to allow the later to assess, by 13 July 2018, whether those electronic money institutions comply with the requirements laid down in Title II of this Directive, and, if not, which measures need to be taken in order to ensure compliance or whether a withdrawal of authorisation is appropriate.
Electronic money institutions referred to in the first subparagraph which upon verification by the competent authorities comply with the requirements laid down in Title II shall be granted authorisation and shall be entered in the register. Where those electronic money institutions do not comply with the requirements laid down in Title II by 13 July 2018 they shall be prohibited from issuing electronic money.’.
Article 112
Amendments to Regulation (EU) No 1093/2010
Regulation (EU) No 1093/2010 is amended as follows:
in Article 1, paragraph 2 is replaced by the following:
Article 4(1) is replaced by the following:
Article 113
Amendment to Directive 2013/36/EU
In Annex I to Directive 2013/36/EU, point (4) is replaced by the following:
Payment services as defined in point (3) of Article 4 of Directive (EU) 2015/2366 of the European Parliament and of the Council ( *8 );
Article 114
Repeal
Directive 2007/64/EC is repealed with effect from 13 January 2018.
Any reference to the repealed Directive shall be construed as a reference to this Directive and shall be read in accordance with the correlation table in Annex II to this Directive.
Article 115
Transposition
When Member States adopt those measures, they shall contain a reference to this Directive or shall be accompanied by such reference on the occasion of their official publication. Member States shall determine how such reference is to be made.
Article 116
Entry into force
This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Article 117
Addresses
This Directive is addressed to the Member States.
ANNEX I
PAYMENT SERVICES
(as referred to in point (3) of Article 4)
1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.
2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.
3. Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider:
execution of direct debits, including one-off direct debits;
execution of payment transactions through a payment card or a similar device;
execution of credit transfers, including standing orders.
4. Execution of payment transactions where the funds are covered by a credit line for a payment service user:
execution of direct debits, including one-off direct debits;
execution of payment transactions through a payment card or a similar device;
execution of credit transfers, including standing orders.
5. Issuing of payment instruments and/or acquiring of payment transactions.
6. Money remittance.
7. Payment initiation services.
8. Account information services.
ANNEX II
CORRELATION TABLE
|
This Directive |
Directive 2007/64/EC |
|
Article 1(1) |
Article 1(1) |
|
Article 1(2) |
Article 1(2) |
|
Article 2(1) |
Article 2(1) |
|
Article 2(2) |
|
|
Article 2(3) |
|
|
Article 2(4) |
|
|
Article 2(5) |
Article 2(3) |
|
Article 3 |
Article 3 |
|
Article 4: |
Article 4: |
|
points (1), (2), (3), (4), (5) and (10) |
points 1, 2, 3, 4, 5 and 10 |
|
point (7) |
point 6 |
|
point (8) |
point 7 |
|
point (9) |
point 8 |
|
point (11) |
point 9 |
|
point (12) |
point 14 |
|
point (13) |
point 16 |
|
point (14) |
point 23 |
|
points (20), (21), (22) |
points 11, 12, 13 |
|
point (23) |
point 28 |
|
point (25) |
point 15 |
|
points (26), (27) |
points 17, 18 |
|
point (28) |
point 20 |
|
point (29) |
point 19 |
|
point (33) |
point 21 |
|
points (34), (35), (36), (37) |
points 24, 25, 26, 27 |
|
point (38) |
point 22 |
|
points (39), (40) |
points 29, 30 |
|
points (6), (15)-(19), (24), (30)-(32), (41)-(48) |
— |
|
Article 5(1) |
Article 5 |
|
Article 5(2) |
— |
|
Article 5(3) |
— |
|
Article 5(4) |
— |
|
Article 5(5) |
— |
|
Article 5(6) |
— |
|
Article 5(7) |
— |
|
Article 6(1) |
— |
|
Article 6(2) |
— |
|
Article 6(3) |
— |
|
Article 6(4) |
— |
|
Article 7 |
Article 6 |
|
Article 8(1) |
Article 7(1) |
|
Article 8(2) |
Article 7(2) |
|
Article 8(3) |
Article 7(3) |
|
Article 9(1) |
Article 8(1) |
|
Article 9(2) |
Article 8(2) |
|
Article 9(3) |
Article 8(3) |
|
Article 10(1) |
Article 9(1) |
|
Article 10(2) |
Article 9(2) |
|
— |
Article 9(3) and (4) |
|
Article 11(1) |
Article 10(1) |
|
Article 11(2) |
Article 10(2) |
|
Article 11(3) |
Article 10(3) |
|
Article 11(4) |
Article 10(4) |
|
Article 11(5) |
Article 10(5) |
|
Article 11(6) |
Article 10(6) |
|
Article 11(7) |
Article 10(7) |
|
Article 11(8) |
Article 10(8) |
|
Article 11(9) |
Article 10(9) |
|
Article 12 |
Article 11 |
|
Article 13(1) |
Article 12(1) |
|
Article 13(2) |
Article 12(2) |
|
Article 13(3) |
Article 12(3) |
|
Article 14(1) |
Article 13 |
|
Article 14(2) |
Article 13 |
|
Article 14(3) |
— |
|
Article 14(4) |
— |
|
Article 15(1) |
— |
|
Article 15(2) |
— |
|
Article 15(3) |
— |
|
Article 15(4) |
— |
|
Article 15(5) |
— |
|
Article 16 |
Article 14 |
|
Article 17(1) |
Article 15(1) |
|
Article 17(2) |
Article 15(2) |
|
Article 17(3) |
Article 15(3) |
|
Article 17(4) |
Article 15(4) |
|
Article 18(1) |
Article 16(1) |
|
Article 18(2) |
Article 16(2) |
|
Article 18(3) |
Article 16(2) |
|
Article 18(4) |
Article 16(3) |
|
Article 18(5) |
Article 16(4) |
|
Article 18(6) |
Article 16(5) |
|
Article 19(1) |
Article 17(1) |
|
Article 19(2) |
Article 17(2) |
|
Article 19(3) |
Article 17(3) |
|
Article 19(4) |
Article 17(4) |
|
Article 19(5) |
Article 17(5) |
|
Article 19(6) |
Article 17(7) |
|
Article 19(7) |
Article 17(8) |
|
Article 19(8) |
— |
|
Article 20(1) |
Article 18(1) |
|
Article 20(2) |
Article 18(2) |
|
Article 21 |
Article 19 |
|
Article 22(1) |
Article 20(1) |
|
Article 22(2) |
Article 20(2) |
|
Article 22(3) |
Article 20(3) |
|
Article 22(4) |
Article 20(4) |
|
Article 22(5) |
Article 20(5) |
|
Article 23(1) |
Article 21(1) |
|
Article 23(2) |
Article 21(2) |
|
Article 23(3) |
Article 21(3) |
|
Article 24(1) |
Article 22(1) |
|
Article 24(2) |
Article 22(2) |
|
Article 24(3) |
Article 22(3) |
|
Article 25(1) |
Article 23(1) |
|
Article 25(2) |
Article 23(2) |
|
Article 26(1) |
Article 24(1) |
|
Article 26(2) |
Article 24(2) |
|
Article 27(1) |
— |
|
Article 27(2) |
— |
|
Article 28(1) |
Article 25(1) |
|
Article 28(2) |
— |
|
Article 28(3) |
— |
|
Article 28(4) |
— |
|
Article 28(5) |
— |
|
Article 29(1) |
Article 25(2) and (3) |
|
Article 29(2) |
— |
|
Article 29(3) |
Article 25(4) |
|
Article 29(4) |
— |
|
Article 29(5) |
— |
|
Article 29(6) |
— |
|
Article 30(1) |
— |
|
Article 30(2) |
— |
|
Article 30(3) |
— |
|
Article 30(4) |
— |
|
Article 31(1) |
— |
|
Article 31(2) |
Article 25(4) |
|
Article 32(1) |
Article 26(1) |
|
Article 32(2) |
Article 26(2) |
|
Article 32(3) |
Article 26(3) |
|
Article 32(4) |
Article 26(4) |
|
Article 32(5) |
Article 26(5) |
|
Article 32(6) |
Article 26(6) |
|
Article 33(1) |
— |
|
Article 33(2) |
— |
|
Article 34 |
Article 27 |
|
Article 35(1) |
Article 28(1) |
|
Article 35(2) |
Article 28(2) |
|
Article 36 |
— |
|
Article 37(1) |
Article 29 |
|
Article 37(2) |
— |
|
Article 37(3) |
— |
|
Article 37(4) |
— |
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Article 37(5) |
— |
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Article 38(1) |
Article 30(1) |
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Article 38(2) |
Article 30(2) |
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Article 38(3) |
Article 30(3) |
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Article 39 |
Article 31 |
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Article 40(1) |
Article 32(1) |
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Article 40(2) |
Article 32(2) |
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Article 40(3) |
Article 32(3) |
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Article 41 |
Article 33 |
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Article 42(1) |
Article 34(1) |
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Article 42(2) |
Article 34(2) |
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Article 43(1) |
Article 35(1) |
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Article 43(2) |
Article 35(2) |
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Article 44(1) |
Article 36(1) |
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Article 44(2) |
Article 36(2) |
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Article 44(3) |
Article 36(3) |
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Article 45(1) |
Article 37(1) |
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Article 45(2) |
— |
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Article 45(3) |
Article 37(2) |
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Article 46 |
— |
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Article 47 |
— |
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Article 48 |
Article 38 |
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Article 49 |
Article 39 |
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Article 50 |
Article 40 |
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Article 51(1) |
Article 41(1) |
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Article 51(2) |
Article 41(2) |
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Article 51(3) |
Article 41(3) |
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Article 52, point (1) |
Article 42(1) |
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Article 52, point (2) |
Article 42(2) |
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Article 52, point (3) |
Article 42(3) |
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Article 52, point (4) |
Article 42(4) |
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Article 52, point (5) |
Article 42(5) |
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Article 52, point (6) |
Article 42(6) |
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Article 52, point (7) |
Article 42(7) |
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Article 53 |
Article 43 |
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Article 54(1) |
Article 44(1) |
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Article 54(2) |
Article 44(2) |
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Article 54(3) |
Article 44(3) |
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Article 55(1) |
Article 45(1) |
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Article 55(2) |
Article 45(2) |
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Article 55(3) |
Article 45(3) |
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Article 55(4) |
Article 45(4) |
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Article 55(5) |
Article 45(5) |
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Article 55(6) |
Article 45(6) |
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Article 56 |
Article 46 |
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Article 57(1) |
Article 47(1) |
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Article 57(2) |
Article 47(2) |
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Article 57(3) |
Article 47(3) |
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Article 58(1) |
Article 48(1) |
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Article 58(2) |
Article 48(2) |
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Article 58(3) |
Article 48(3) |
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Article 59(1) |
Article 49(1) |
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Article 59(2) |
Article 49(2) |
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Article 60(1) |
Article 50(1) |
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Article 60(2) |
Article 50(2) |
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Article 60(3) |
— |
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Article 61(1) |
Article 51(1) |
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Article 61(2) |
Article 51(2) |
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Article 61(3) |
Article 51(3) |
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Article 61(4) |
Article 51(4) |
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Article 62(1) |
Article 52(1) |
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Article 62(2) |
Article 52(2) |
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Article 62(3) |
Article 52(3) |
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Article 62(4) |
— |
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Article 62(5) |
— |
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Article 63(1) |
Article 53(1) |
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Article 63(2) |
Article 53(2) |
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Article 63(3) |
Article 53(3) |
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Article 64(1) |
Article 54(1) |
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Article 64(2) |
Article 54(2) |
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Article 64(3) |
Article 54(3) |
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Article 64(4) |
Article 54(4) |
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Article 65(1) |
— |
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Article 65(2) |
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Article 65(3) |
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Article 65(4) |
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Article 65(5) |
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Article 65(6) |
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Article 66(1) |
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Article 66(2) |
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Article 66(3) |
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Article 66(4) |
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Article 66(5) |
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Article 67(1) |
— |
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Article 67(2) |
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Article 67(3) |
— |
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Article 67(4) |
— |
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Article 68(1) |
Article 55(1) |
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Article 68(2) |
Article 55(2) |
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Article 68(3) |
Article 55(3) |
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Article 68(4) |
Article 55(4) |
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Article 69(1) |
Article 56(1) |
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Article 69(2) |
Article 56(2) |
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Article 70(1) |
Article 57(1) |
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Article 70(2) |
Article 57(2) |
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Article 71(1) |
Article 58 |
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Article 71(2) |
— |
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Article 72(1) |
Article 59(1) |
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Article 72(2) |
Article 59(2) |
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Article 73(1) |
Article 60(1) |
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Article 73(2) |
— |
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Article 73(3) |
Article 60(2) |
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Article 74(1) |
Article 61(1), 61(2) and 61(3) |
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Article 74(2) |
— |
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Article 74(3) |
Article 61(4) and (5) |
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Article 75(1) |
— |
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Article 75(2) |
— |
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Article 76(1) |
Article 62(1) |
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Article 76(2) |
Article 62(2) |
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Article 76(3) |
Article 62(3) |
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Article 76(4) |
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Article 77(1) |
Article 63(1) |
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Article 77(2) |
Article 63(2) |
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Article 78(1) |
Article 64(1) |
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Article 78(2) |
Article 64(2) |
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Article 79(1) |
Article 65(1) |
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Article 79(2) |
Article 65(2) |
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Article 79(3) |
Article 65(3) |
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Article 80(1) |
Article 66(1) |
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Article 80(2) |
Article 66(2) |
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Article 80(3) |
Article 66(3) |
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Article 80(4) |
Article 66(4) |
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Article 80(5) |
Article 66(5) |
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Article 81(1) |
Article 67(1) |
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Article 81(2) |
Article 67(2) |
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Article 81(3) |
Article 67(3) |
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Article 82(1) |
Article 68(1) |
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Article 82(2) |
Article 68(2) |
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Article 83(1) |
Article 69(1) |
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Article 83(2) |
Article 69(2) |
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Article 83(3) |
Article 69(3) |
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Article 84 |
Article 70 |
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Article 85 |
Article 71 |
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Article 86 |
Article 72 |
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Article 87(1) |
Article 73(1) |
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Article 87(2) |
Article 73(1) |
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Article 87(3) |
Article 73(2) |
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Article 88(1) |
Article 74(1) |
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Article 88(2) |
Article 74(2) |
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Article 88(3) |
Article 74(2) |
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Article 88(4) |
Article 74(2) |
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Article 88(5) |
Article 74(3) |
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Article 89(1) |
Article 75(1) |
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Article 89(2) |
Article 75(2) |
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Article 89(3) |
Article 75(3) |
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Article 90(1) |
— |
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Article 90(2) |
— |
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Article 91 |
Article 76 |
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Article 92(1) |
Article 77(1) |
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Article 92(2) |
Article 77(2) |
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Article 93 |
Article 78 |
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Article 94(1) |
Article 79(1) |
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Article 94(2) |
— |
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Article 95(1) |
— |
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Article 95(2) |
— |
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Article 95(3) |
— |
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Article 95(4) |
— |
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Article 95(5) |
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Article 96(1) |
— |
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Article 96(2) |
— |
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Article 96(3) |
— |
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Article 96(4) |
— |
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Article 96(5) |
— |
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Article 96(6) |
— |
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Article 97(1) |
— |
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Article 97(2) |
— |
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Article 97(3) |
— |
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Article 97(4) |
— |
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Article 97(5) |
— |
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Article 98(1) |
— |
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Article 98(2) |
— |
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Article 98(3) |
— |
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Article 98(4) |
— |
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Article 98(5) |
— |
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Article 99(1) |
Article 80(1) |
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Article 99(2) |
Article 80(2) |
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Article 100(1) |
— |
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Article 100(2) |
— |
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Article 100(3) |
— |
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Article 100(4) |
Article 82(2) |
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Article 100(5) |
— |
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Article 100(6) |
— |
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Article 101(1) |
— |
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Article 101(2) |
— |
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Article 101(3) |
— |
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Article 101(4) |
— |
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Article 102(1) |
Article 83(1) |
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Article 102(2) |
Article 83(2) |
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Article 103(1) |
Article 81(1) |
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Article 103(2) |
— |
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Article 104 |
— |
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Article 105(1) |
— |
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Article 105(2) |
— |
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Article 105(3) |
— |
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Article 105(4) |
— |
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Article 105(5) |
— |
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Article 106(1) |
— |
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Article 106(2) |
— |
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Article 106(3) |
— |
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Article 106(4) |
— |
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Article 106(5) |
— |
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Article 107(1) |
Article 86(1) |
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Article 107(2) |
Article 86(2) |
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Article 107(3) |
Article 86(3) |
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Article 108 |
Article 87 |
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Article 109(1) |
Article 88(1) |
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Article 109(2) |
Article 88(3) |
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Article 109(3) |
Article 88(2) and (4) |
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Article 109(4) |
— |
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Article 109(5) |
— |
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Article 110 |
Article 90 |
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Article 111, point (1) |
— |
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Article 111, point (2) |
— |
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Article 112, point (1) |
— |
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Article 112, point (2) |
— |
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Article 113 |
Article 92 |
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Article 114 |
Article 93 |
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Article 115(1) |
Article 94(1) |
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Article 115(2) |
Article 94(2) |
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Article 115(3) |
— |
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Article 115(4) |
— |
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Article 115(5) |
— |
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Article 116 |
Article 95 |
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Article 117 |
Article 96 |
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Annex I |
Annex |
( 1 ) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
( 2 ) Commission Delegated Regulation (EU) No 241/2014 of 7 January 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for Own Funds requirements for institutions (OJ L 74, 14.3.2014, p. 8).
( 3 ) Directive 2002/21/EC of the European Parliament of the Council of 7 March 2002 on a common regulatory framework for electronic communications networks and services (Framework Directive) (OJ L 108, 24.4.2002, p. 33).
( 4 ) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73).
( 5 ) Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006 (OJ L 141, 5.6.2015, p. 1).
( 6 ) Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (OJ L 157, 9.6.2006, p. 87).
( 7 ) Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (OJ L 243, 11.9.2002, p. 1).
( 8 ) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).
( 9 ) Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, p. 1).
( 10 ) Directive 2013/11/EU of the European Parliament and of the Council of 21 May 2013 on alternative dispute resolution for consumer disputes and amending Regulation (EC) No 2006/2004 and Directive 2009/22/EC (Directive on consumer ADR) (OJ L 165, 18.6.2013, p. 63).
( *1 ) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market and amending Directives 2002/65/EC, 2009/110/EC, 2013/36/EU and Regulation (EU) No 1093/2010 and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).’.
( *2 ) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market and amending Directives 2002/65/EC, 2009/110/EC, 2013/36/EU and Regulation (EU) No 1093/2010 and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35)’;
( *3 ) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
( *4 ) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).
( *5 ) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).
( *6 ) Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006 (OJ L 141, 5.6.2015, p. 1).
( *7 ) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market and amending Directives 2002/65/EC, 2009/110/EC, 2013/36/EU and Regulation (EU) No 1093/2010 and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).
( 11 ) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73).
( 12 ) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).’;
( *8 ) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market and amending Directives 2002/65/EC, 2009/110/EC, 2013/36/EU and Regulation (EU) No 1093/2010 and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35)’.