Directive (EU) 2015/2366 (PSD2)

Current as of 12 January 2016117 provisionsPSD2

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Provisions

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["Section 3", "Competent authorities and supervision", "Article 31"]
Reasons and communication
Reasons and communication 1. Any measure taken by the competent authorities pursuant to Article 23, 28, 29 or 30 involving penalties or restrictions on the…
["Section 3", "Liability", "Article 93"]
Abnormal and unforeseeable circumstances
Abnormal and unforeseeable circumstances No liability shall arise under Chapter 2 or 3 in cases of abnormal and unforeseeable circumstances beyond the control…
["TITLE VI", "FINAL PROVISIONS", "Article 117"]
Addresses
Addresses This Directive is addressed to the Member States.
["CHAPTER 2", "Single payment transactions", "Article 45"]
Information and conditions
Information and conditions 1. Member States shall ensure that the following information and conditions are provided or made available by the payment service…
["Section 2", "Execution time and value date", "Article 82"]
Scope
Scope 1. This Section applies to: (a) payment transactions in euro; (b) national payment transactions in the currency of the Member State outside the euro…
["Section 2", "ADR procedures and penalties", "Article 102"]
ADR procedures
and penalties — Article 102 — ADR procedures 1. Member States shall ensure that adequate, independent, impartial, transparent and effective ADR procedures for…
["Section 3", "Competent authorities and supervision", "Article 23"]
Supervision
Supervision 1. Member States shall ensure that the controls exercised by the competent authorities for checking continued compliance with this Title are…
["CHAPTER 5", "Operational and security risks and authentication", "Article 97"]
Authentication
Authentication 1. Member States shall ensure that a payment service provider applies strong customer authentication where the payer: (a) accesses its payment…
["Section 1", "General rules", "Article 13"]
Withdrawal of authorisation
Withdrawal of authorisation 1. The competent authorities may withdraw an authorisation issued to a payment institution only if the institution: (a) does not…
["CHAPTER 2", "Common provisions", "Article 37"]
Prohibition of persons other than payment service providers from providing payment services and duty of notification
Prohibition of persons other than payment service providers from providing payment services and duty of notification 1. Member States shall prohibit natural or…
["CHAPTER 5", "Operational and security risks and authentication", "Article 95"]
Management of operational and security risks
Management of operational and security risks 1. Member States shall ensure that payment service providers establish a framework with appropriate mitigation…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 1"]
Subject matter
Subject matter 1. This Directive establishes the rules in accordance with which Member States shall distinguish between the following categories of payment…
["TITLE VI", "FINAL PROVISIONS", "Article 107"]
Full harmonisation
Full harmonisation 1. Without prejudice to Article 2, Article 8(3), Article 32, Article 38(2), Article 42(2), Article 55(6), Article 57(3), Article 58(3)…
["CHAPTER 2", "Single payment transactions", "Article 47"]
Information for payer’s account servicing payment service provider in the event of a payment initiation service
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…
["TITLE VI", "FINAL PROVISIONS", "Article 113"]
Amendment to Directive 2013/36/EU
Amendment to Directive 2013/36/EU In Annex I to Directive 2013/36/EU, point (4) is replaced by the following: ‘(4) Payment services as defined in point (3) of…
["CHAPTER 2", "Authorisation of payment transactions", "Article 71"]
Notification and rectification of unauthorised or incorrectly executed payment transactions
Notification and rectification of unauthorised or incorrectly executed payment transactions 1. The payment service user shall obtain rectification of an…
["Section 3", "Competent authorities and supervision", "Article 24"]
Professional secrecy
Professional secrecy 1. Member States shall ensure that all persons who work or who have worked for the competent authorities, as well as experts acting on…
["Section 3", "Competent authorities and supervision", "Article 22"]
Designation of competent authorities
Designation of competent authorities 1. Member States shall designate as the competent authorities responsible for the authorisation and prudential supervision…
["CHAPTER 4", "Common provisions", "Article 59"]
Currency and currency conversion
Currency and currency conversion 1. Payments shall be made in the currency agreed between the parties. 2. Where a currency conversion service is offered prior…
["CHAPTER 3", "Framework contracts", "Article 55"]
Termination
of the framework contract shall be free of charge for the payment service user except where the contract has been in force for less than 6 months. Charges, if…
["Section 3", "Competent authorities and supervision", "Article 30"]
Measures in case of non-compliance, including precautionary measures
Measures in case of non-compliance, including precautionary measures 1. Without prejudice to the responsibility of the competent authorities of the home Member…
["CHAPTER 2", "Authorisation of payment transactions", "Article 65"]
Confirmation on the availability of funds
Confirmation on the availability of funds 1. Member States shall ensure that an account servicing payment service provider shall, upon the request of a payment…
["Section 3", "Liability", "Article 91"]
Additional financial compensation
Additional financial compensation Any financial compensation additional to that provided for under this Section may be determined in accordance with the law…
["CHAPTER 2", "Single payment transactions", "Article 44"]
Prior general information
Prior general information 1. Member States shall require that before the payment service user is bound by a single payment service contract or offer, the…
["CHAPTER 2", "Authorisation of payment transactions", "Article 73"]
Payment service provider’s liability for unauthorised payment transactions
Payment service provider’s liability for unauthorised payment transactions 1. Member States shall ensure that, without prejudice to Article 71, in the case of…
["Section 1", "General rules", "Article 5"]
Applications for authorisation
Applications for authorisation 1. For authorisation as a payment institution, an application shall be submitted to the competent authorities of the home Member…
["TITLE VI", "FINAL PROVISIONS", "Article 114"]
Repeal
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…
["TITLE VI", "FINAL PROVISIONS", "Article 110"]
Amendments to Directive 2002/65/EC
Amendments to Directive 2002/65/EC In Article 4 of Directive 2002/65/EC, paragraph 5 is replaced by the following: ‘5. Where Directive (EU) 2015/2366 of the…
["CHAPTER 5", "Operational and security risks and authentication", "Article 98"]
Regulatory technical standards on authentication and communication
Regulatory technical standards on authentication and communication 1. EBA shall, in close cooperation with the ECB and after consulting all relevant…
["CHAPTER 2", "Single payment transactions", "Article 49"]
Information for the payee after execution
Information for the payee after execution Immediately after the execution of the payment transaction, the payee’s payment service provider shall provide the…
["Section 4", "Exemption", "Article 33"]
Account information service providers
Account information service providers 1. Natural or legal persons providing only the payment service as referred to in point (8) of Annex I shall be exempt…
["CHAPTER 2", "Authorisation of payment transactions", "Article 74"]
Payer’s liability for unauthorised payment transactions
Payer’s liability for unauthorised payment transactions 1. By way of derogation from Article 73, the payer may be obliged to bear the losses relating to any…
["Section 1", "General rules", "Article 11"]
Granting of authorisation
Granting of authorisation 1. Member States shall require undertakings other than those referred to in points (a), (b), (c), (e) and (f) of Article 1
["CHAPTER 2", "Authorisation of payment transactions", "Article 69"]
Obligations of the payment service user in relation to payment instruments and personalised security credentials
Obligations of the payment service user in relation to payment instruments and personalised security credentials 1. The payment service user entitled to use a…
["Section 3", "Liability", "Article 89"]
Payment service providers’ liability for non-execution, defective or late execution of payment transactions
Payment service providers’ liability for non-execution, defective or late execution of payment transactions 1. Where a payment order is initiated directly by…
["Section 4", "Exemption", "Article 32"]
Conditions
Conditions 1. Member States may exempt or allow their competent authorities to exempt, natural or legal persons providing payment services as referred to in…
["CHAPTER 3", "Framework contracts", "Article 58"]
Information for the payee on individual payment transactions
Information for the payee on individual payment transactions 1. After the execution of an individual payment transaction, the payee’s payment service provider…
["Section 2", "Execution time and value date", "Article 84"]
Absence of payee’s payment account with the payment service provider
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…
["CHAPTER 2", "Authorisation of payment transactions", "Article 68"]
Limits of the use of the payment instrument and of the access to payment accounts by payment service providers
Limits of the use of the payment instrument and of the access to payment accounts by payment service providers 1. Where a specific payment instrument is used…
["Section 1", "General rules", "Article 14"]
Registration in the home Member State
Registration in the home Member State 1. Member States shall establish a public register in which the following are entered: (a) authorised payment…
["Section 1", "General rules", "Article 12"]
Communication of the decision
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…
["CHAPTER 2", "Single payment transactions", "Article 46"]
Information for the payer and payee after the initiation of a payment order
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…
["CHAPTER 2", "Common provisions", "Article 36"]
Access to accounts maintained with a credit institution
Access to accounts maintained with a credit institution Member States shall ensure that payment institutions have access to credit institutions’ payment…
["CHAPTER 2", "Authorisation of payment transactions", "Article 70"]
Obligations of the payment service provider in relation to payment instruments
Obligations of the payment service provider in relation to payment instruments 1. The payment service provider issuing a payment instrument shall: (a) make…
["Section 1", "General rules", "Article 10"]
Safeguarding requirements
Safeguarding requirements 1. The Member States or competent authorities shall require a payment institution which provides payment services as referred to in…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 3"]
Exclusions
Exclusions This Directive does not apply to the following: (a) payment transactions made exclusively in cash directly from the payer to the payee, without any…
["Section 1", "General rules", "Article 9"]
Calculation of own funds
Calculation of own funds 1. Notwithstanding the initial capital requirements set out in Article 7, Member States shall require payment institutions, except…
["Section 3", "Competent authorities and supervision", "Article 25"]
Right to apply to the courts
Right to apply to the courts 1. Member States shall ensure that decisions taken by the competent authorities in respect of a payment institution pursuant to…
["CHAPTER 1", "General rules", "Article 40"]
Charges for information
Charges for information 1. The payment service provider shall not charge the payment service user for providing information under this Title. 2. The payment…
["Section 1", "Complaint procedures", "Article 100"]
Competent authorities
Competent authorities 1. Member States shall designate competent authorities to ensure and monitor effective compliance with this Directive. Those competent…
["Section 2", "Execution time and value date", "Article 83"]
Payment transactions to a payment account
Payment transactions to a payment account 1. Member States shall require the payer’s payment service provider to ensure that after the time of receipt as…
["Section 2", "ADR procedures and penalties", "Article 103"]
Penalties
Penalties 1. Member States shall lay down rules on penalties applicable to infringements of the national law transposing this Directive and shall take all…
["Section 2", "Execution time and value date", "Article 87"]
Value date and availability of funds
Value date and availability of funds 1. Member States shall ensure that the credit value date for the payee’s payment account is no later than the business day…
["Section 1", "General rules", "Article 16"]
Maintenance of authorisation
Maintenance of authorisation Where any change affects the accuracy of information and evidence provided in accordance with Article 5, the payment institution…
["CHAPTER 2", "Authorisation of payment transactions", "Article 64"]
Consent and withdrawal of consent
Consent and withdrawal of consent 1. Member States shall ensure that a payment transaction is considered to be authorised only if the payer has given consent…
["Section 1", "General rules", "Article 6"]
Control of the shareholding
Control of the shareholding 1. Any natural or legal person who has taken a decision to acquire or to further increase, directly or indirectly, a qualifying…
["CHAPTER 2", "Single payment transactions", "Article 43"]
Scope
Scope 1. This Chapter applies to single payment transactions not covered by a framework contract. 2. Where a payment order for a single payment transaction is…
["TITLE V", "DELEGATED ACTS AND REGULATORY TECHNICAL STANDARDS", "Article 106"]
Obligation to inform consumers of their rights
Obligation to inform consumers of their rights 1. By 13 January 2018, the Commission shall produce a user-friendly electronic leaflet, listing in a clear and…
["Section 1", "General rules", "Article 8"]
Own funds
Own funds 1. The payment institution’s own funds, shall not fall below the amount of initial capital as referred to in Article 7 or the amount of own funds as…
["Section 3", "Competent authorities and supervision", "Article 26"]
Exchange of information
Exchange of information 1. The competent authorities of the different Member States shall cooperate with each other and, where appropriate, with the ECB and…
["CHAPTER 3", "Framework contracts", "Article 57"]
Information for the payer on individual payment transactions
Information for the payer on individual payment transactions 1. After the amount of an individual payment transaction is debited from the payer’s account or…
["Section 2", "Execution time and value date", "Article 86"]
National payment transactions
National payment transactions For national payment transactions, Member States may provide for shorter maximum execution times than those provided for in this…
["TITLE V", "DELEGATED ACTS AND REGULATORY TECHNICAL STANDARDS", "Article 105"]
Exercise of the delegation
Exercise of the delegation 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The…
["CHAPTER 2", "Common provisions", "Article 35"]
Access to payment systems
Access to payment systems 1. Member States shall ensure that the rules on access of authorised or registered payment service providers that are legal persons…
["CHAPTER 2", "Authorisation of payment transactions", "Article 67"]
Rules on access to and use of payment account information in the case of account information services
Rules on access to and use of payment account information in the case of account information services 1. Member States shall ensure that a payment service user…
["CHAPTER 1", "General rules", "Article 39"]
Other provisions in Union law
Other provisions in Union law The provisions of this Title are without prejudice to any Union law containing additional requirements on prior information…
["Section 2", "Execution time and value date", "Article 85"]
Cash placed on a payment account
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…
["CHAPTER 3", "Framework contracts", "Article 53"]
Accessibility of information and conditions of the framework contract
Accessibility of information and conditions of the framework contract At any time during the contractual relationship the payment service user shall have a…
["Section 2", "ADR procedures and penalties", "Article 101"]
Dispute resolution
Dispute resolution 1. Member States shall ensure that payment service providers put in place and apply adequate and effective complaint resolution procedures…
["Section 1", "General rules", "Article 18"]
Activities
Activities 1. Apart from the provision of payment services, payment institutions shall be entitled to engage in the following activities: (a) the provision of…
["CHAPTER 4", "Data protection", "Article 94"]
Data protection
— Article 94 — Data protection 1. Member States shall permit processing of personal data by payment systems and payment service providers when necessary to…
["CHAPTER 3", "Framework contracts", "Article 52"]
Information and conditions
Information and conditions Member States shall ensure that the following information and conditions are provided to the payment service user: 1. on the payment…
["TITLE VI", "FINAL PROVISIONS", "Article 109"]
Transitional provision
Transitional provision 1. Member States shall allow payment institutions that have taken up activities in accordance with the national law transposing…
["CHAPTER 1", "Common provisions", "Article 63"]
Derogation for low value payment instruments and electronic money
Derogation for low value payment instruments and electronic money 1. In the case of payment instruments which, according to the framework contract, solely…
["Section 3", "Liability", "Article 92"]
Right of recourse
Right of recourse 1. Where the liability of a payment service provider under Articles 73 and 89 is attributable to another payment service provider or to an…
["CHAPTER 4", "Common provisions", "Article 60"]
Information on additional charges or reductions
Information on additional charges or reductions 1. Where, for the use of a given payment instrument, the payee requests a charge or offers a reduction, the…
["Section 3", "Liability", "Article 88"]
Incorrect unique identifiers
Incorrect unique identifiers 1. If a payment order is executed in accordance with the unique identifier, the payment order shall be deemed to have been…
["CHAPTER 3", "Framework contracts", "Article 54"]
Changes in conditions of the framework contract
Changes in conditions of the framework contract 1. Any changes in the framework contract or in the information and conditions specified in Article 52 shall be…
["CHAPTER 2", "Authorisation of payment transactions", "Article 77"]
Requests for refunds for payment transactions initiated by or through a payee
Requests for refunds for payment transactions initiated by or through a payee 1. Member States shall ensure that the payer can request the refund referred to…
["CHAPTER 3", "Framework contracts", "Article 51"]
Prior general information
Prior general information 1. Member States shall require that, in good time before the payment service user is bound by any framework contract or offer, the…
["Section 1", "General rules", "Article 7"]
Initial capital
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…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 2"]
Scope
Scope 1. This Directive applies to payment services provided within the Union. 2. Titles III and IV apply to payment transactions in the currency of a Member…
["CHAPTER 2", "Single payment transactions", "Article 48"]
Information for the payer after receipt of the payment order
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…
["Section 1", "Payment orders and amounts transferred", "Article 78"]
Receipt of payment orders
Receipt of payment orders 1. Member States shall ensure that the time of receipt is when the payment order is received by the payer’s payment service provider…
["CHAPTER 5", "Operational and security risks and authentication", "Article 96"]
Incident reporting
Incident reporting 1. In the case of a major operational or security incident, payment service providers shall, without undue delay, notify the competent…
["Section 3", "Liability", "Article 90"]
Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions
Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions 1. Where a payment order is…
["Section 2", "Other requirements", "Article 20"]
Liability
Liability 1. Member States shall ensure that, where payment institutions rely on third parties for the performance of operational functions, those payment…
["CHAPTER 1", "General rules", "Article 38"]
Scope
Scope 1. This Title applies to single payment transactions, framework contracts and payment transactions covered by them. The parties may agree that it shall…
["Section 1", "Payment orders and amounts transferred", "Article 79"]
Refusal of payment orders
Refusal of payment orders 1. Where the payment service provider refuses to execute a payment order or to initiate a payment transaction, the refusal and, if…
["Section 1", "General rules", "Article 17"]
Accounting and statutory audit
Accounting and statutory audit 1. Directives 86/635/EEC and 2013/34/EU, and Regulation (EC) No 1606/2002 of the European Parliament and of the Council (34)…
["TITLE VI", "FINAL PROVISIONS", "Article 112"]
Amendments to Regulation (EU) No 1093/2010
Amendments to Regulation (EU) No 1093/2010 Regulation (EU) No 1093/2010 is amended as follows:
["CHAPTER 2", "Authorisation of payment transactions", "Article 72"]
Evidence on authentication and execution of payment transactions
Evidence on authentication and execution of payment transactions 1. Member States shall require that, where a payment service user denies having authorised an…
["Section 1", "Payment orders and amounts transferred", "Article 81"]
Amounts transferred and amounts received
Amounts transferred and amounts received 1. Member States shall require the payment service provider(s) of the payer, the payment service provider(s) of the…
["Section 1", "Complaint procedures", "Article 99"]
Complaints
Complaints 1. Member States shall ensure that procedures are set up which allow payment service users and other interested parties including consumer…
["CHAPTER 2", "Authorisation of payment transactions", "Article 76"]
Refunds for payment transactions initiated by or through a payee
Refunds for payment transactions initiated by or through a payee 1. Member States shall ensure that a payer is entitled to a refund from the payment service…
["CHAPTER 1", "General rules", "Article 42"]
Derogation from information requirements for low-value payment instruments and electronic money
Derogation from information requirements for low-value payment instruments and electronic money 1. In cases of payment instruments which, according to the…
["TITLE VI", "FINAL PROVISIONS", "Article 111"]
Amendments to Directive 2009/110/EC
Amendments to Directive 2009/110/EC Directive 2009/110/EC is amended as follows: (1) Article 3 is amended as follows: (a) paragraph 1 is replaced by the…
["TITLE VI", "FINAL PROVISIONS", "Article 115"]
Transposition
Transposition 1. By 13 January 2018, Member States shall adopt and publish the measures necessary to comply with this Directive. They shall immediately inform…
["Section 1", "Payment orders and amounts transferred", "Article 80"]
Irrevocability of a payment order
Irrevocability of a payment order 1. Member States shall ensure that the payment service user shall not revoke a payment order once it has been received by the…
["Section 2", "Other requirements", "Article 21"]
Record-keeping
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…
["CHAPTER 3", "Framework contracts", "Article 56"]
Information before execution of individual payment transactions
Information before execution of individual payment transactions In the case of an individual payment transaction under a framework contract initiated by the…
["Section 3", "Competent authorities and supervision", "Article 27"]
Settlement of disagreements between competent authorities of different Member States
Settlement of disagreements between competent authorities of different Member States 1. Where a competent authority of a Member State considers that, in a…
["CHAPTER 1", "General rules", "Article 41"]
Burden of proof on information requirements
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…
["Section 1", "General rules", "Article 15"]
EBA register
EBA register 1. EBA shall develop, operate and maintain an electronic, central register that contains the information as notified by the competent authorities…
["CHAPTER 2", "Authorisation of payment transactions", "Article 66"]
Rules on access to payment account in the case of payment initiation services
Rules on access to payment account in the case of payment initiation services 1. Member States shall ensure that a payer has the right to make use of a payment…
["CHAPTER 3", "Framework contracts", "Article 50"]
Scope
Scope This Chapter applies to payment transactions covered by a framework contract.
["Section 4", "Exemption", "Article 34"]
Notification and information
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…
["CHAPTER 2", "Authorisation of payment transactions", "Article 75"]
Payment transactions where the transaction amount is not known in advance
Payment transactions where the transaction amount is not known in advance 1. Where a payment transaction is initiated by or through the payee in the context of…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 4"]
Definitions
Definitions For the purposes of this Directive, the following definitions apply: (1) ‘home Member State’ means either of the following: (a) the Member State in…
["CHAPTER 1", "Common provisions", "Article 62"]
Charges applicable
Charges applicable 1. The payment service provider shall not charge the payment service user for fulfilment of its information obligations or corrective and…
["Section 3", "Competent authorities and supervision", "Article 28"]
Application to exercise the right of establishment and freedom to provide services
Application to exercise the right of establishment and freedom to provide services 1. Any authorised payment institution wishing to provide payment services…
["CHAPTER 1", "Common provisions", "Article 61"]
Scope
Scope 1. Where the payment service user is not a consumer, the payment service user and the payment service provider may agree that Article 62(1), Article…
["Section 3", "Competent authorities and supervision", "Article 29"]
Supervision of payment institutions exercising the right of establishment and freedom to provide services
Supervision of payment institutions exercising the right of establishment and freedom to provide services 1. In order to carry out the controls and take the…
["TITLE V", "DELEGATED ACTS AND REGULATORY TECHNICAL STANDARDS", "Article 104"]
Delegated acts
Delegated acts The Commission shall be empowered to adopt delegated acts in accordance with Article 105 concerning: (a) adapting the reference to…
["TITLE VI", "FINAL PROVISIONS", "Article 108"]
Review clause
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…
["Section 2", "Other requirements", "Article 19"]
Use of agents, branches or entities to which activities are outsourced
Use of agents, branches or entities to which activities are outsourced 1. Where a payment institution intends to provide payment services through an agent it…
["TITLE VI", "FINAL PROVISIONS", "Article 116"]
Entry into force
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.
["Section 2", "ADR procedures and penalties", "Article 101"]
Dispute resolution
Dispute resolution 3. The payment service provider shall inform the payment service user about at least one ADR entity which is competent to deal with disputes…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 4"]
Definitions
Definitions (10) ‘payment service user’ means a natural or legal person making use of a payment service in the capacity of payer, payee, or both; (11) ‘payment…
["Section 1", "General rules", "Article 9"]
Calculation of own funds
Calculation of own funds (8), or both, of Annex I, to hold, at all times, own funds calculated in accordance with one of the following three methods, as…
["CHAPTER 2", "Authorisation of payment transactions", "Article 68"]
Limits of the use of the payment instrument and of the access to payment accounts by payment service providers
Limits of the use of the payment instrument and of the access to payment accounts by payment service providers 5. An account servicing payment service provider…
["Section 3", "Competent authorities and supervision", "Article 29"]
Supervision of payment institutions exercising the right of establishment and freedom to provide services
Supervision of payment institutions exercising the right of establishment and freedom to provide services 3. The competent authorities shall provide each other…
["CHAPTER 2", "Authorisation of payment transactions", "Article 66"]
Rules on access to payment account in the case of payment initiation services
Rules on access to payment account in the case of payment initiation services (1); (e) not store sensitive payment data of the payment service user; (f) not…
["CHAPTER 5", "Operational and security risks and authentication", "Article 96"]
Incident reporting
Incident reporting 3. By 13 January 2018, EBA shall, in close cooperation with the ECB and after consulting all relevant stakeholders, including those in the…
["TITLE VI", "FINAL PROVISIONS", "Article 109"]
Transitional provision
Transitional provision 3. This paragraph applies to natural or legal persons who benefited under Article 26 of Directive 2007/64/EC before 13 January 2018, and…
["Section 1", "General rules", "Article 6"]
Control of the shareholding
Control of the shareholding (4) of Directive 2013/36/EU. 3. Member States shall require that where the influence exercised by a proposed acquirer, as referred…
["CHAPTER 5", "Operational and security risks and authentication", "Article 98"]
Regulatory technical standards on authentication and communication
Regulatory technical standards on authentication and communication 3. The exemptions referred to in point (b) of paragraph 1 shall be based on the following…
["Section 4", "Exemption", "Article 32"]
Conditions
Conditions (9) and Articles 28, 29 and 30 shall not apply to them. 4. Member States may also provide that any natural or legal person registered in accordance…
["Section 1", "General rules", "Article 5"]
Applications for authorisation
Applications for authorisation (1), a description of the measures taken for safeguarding payment service users’ funds in accordance with Article 10; (e) a…
["CHAPTER 5", "Operational and security risks and authentication", "Article 95"]
Management of operational and security risks
Management of operational and security risks 4. Taking into account experience acquired in the application of the guidelines referred to in paragraph 3, EBA…
["Section 3", "Liability", "Article 89"]
Payment service providers’ liability for non-execution, defective or late execution of payment transactions
Payment service providers’ liability for non-execution, defective or late execution of payment transactions 87. Where a payment transaction is executed late…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 3"]
Exclusions
Exclusions not party to the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes; (v) paper-based vouchers; (vi)…
["Section 1", "General rules", "Article 18"]
Activities
Activities (9) and Article 28 shall be repaid within a short period which shall in no case exceed 12 months; (c) such credit shall not be granted from the…
["TITLE VI", "FINAL PROVISIONS", "Article 111"]
Amendments to Directive 2009/110/EC
Amendments to Directive 2009/110/EC (2) in Article 18, the following paragraph is added: ‘4. Member States shall allow electronic money institutions that have…
["Section 1", "Complaint procedures", "Article 100"]
Competent authorities
Competent authorities 5. Member States shall notify the Commission of the designated competent authorities referred to in paragraph 1 as soon as possible and…
["Section 3", "Competent authorities and supervision", "Article 23"]
Supervision
Supervision (2) and Article 9, Member States shall ensure that the competent authorities are entitled to take steps described under paragraph 1 of this Article…
["CHAPTER 3", "Framework contracts", "Article 52"]
Information and conditions
Information and conditions (1); (g) in the case of co-badged, card-based payment instruments, the payment service user’s rights under Article 8 of Regulation…
["Section 3", "Competent authorities and supervision", "Article 28"]
Application to exercise the right of establishment and freedom to provide services
Application to exercise the right of establishment and freedom to provide services 2. Within 1 month of receipt of all of the information referred to in…
["CHAPTER 1", "General rules", "Article 42"]
Derogation from information requirements for low-value payment instruments and electronic money
Derogation from information requirements for low-value payment instruments and electronic money (1); (c) it may be agreed that, by way of derogation from…
["CHAPTER 2", "Authorisation of payment transactions", "Article 73"]
Payment service provider’s liability for unauthorised payment transactions
Payment service provider’s liability for unauthorised payment transactions (1), the burden shall be on the payment initiation service provider to prove that…
["CHAPTER 3", "Framework contracts", "Article 54"]
Changes in conditions of the framework contract
Changes in conditions of the framework contract (1), unless the parties have agreed on a specific frequency or manner in which the information is to be…
["Section 1", "General rules", "Article 10"]
Safeguarding requirements
Safeguarding requirements 2. Where a payment institution is required to safeguard funds under paragraph 1 and a portion of those funds is to be used for future…
["Section 1", "General rules", "Article 11"]
Granting of authorisation
Granting of authorisation (1) and other than natural or legal persons benefiting from an exemption pursuant to Article 32 or 33, who intend to provide payment…
["Section 2", "Other requirements", "Article 19"]
Use of agents, branches or entities to which activities are outsourced
Use of agents, branches or entities to which activities are outsourced 4. If, after taking action to verify the information, the competent authorities are not…
["TITLE VI", "FINAL PROVISIONS", "Article 112"]
Amendments to Regulation (EU) No 1093/2010
Amendments to Regulation (EU) No 1093/2010 (1) in Article 1, paragraph 2 is replaced by the following: ‘2. The Authority shall act within the powers conferred…
["CHAPTER 2", "Authorisation of payment transactions", "Article 76"]
Refunds for payment transactions initiated by or through a payee
Refunds for payment transactions initiated by or through a payee (3)(b) of Article 52 was applied. 3. It may be agreed in a framework contract between the…
["CHAPTER 2", "Authorisation of payment transactions", "Article 74"]
Payer’s liability for unauthorised payment transactions
Payer’s liability for unauthorised payment transactions 2. Where the payer’s payment service provider does not require strong customer authentication, the…
["CHAPTER 1", "Common provisions", "Article 63"]
Derogation for low value payment instruments and electronic money
Derogation for low value payment instruments and electronic money (2) of Article 2 of Directive 2009/110/EC, except where the payer’s payment service provider…
["Section 1", "General rules", "Article 15"]
EBA register
EBA register 2017. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with…
["Section 3", "Competent authorities and supervision", "Article 30"]
Measures in case of non-compliance, including precautionary measures
Measures in case of non-compliance, including precautionary measures 3. Any precautionary measures under paragraph 2 shall be appropriate and proportionate to…
["CHAPTER 2", "Authorisation of payment transactions", "Article 65"]
Confirmation on the availability of funds
Confirmation on the availability of funds (1). 3. In accordance with Directive 95/46/EC, the confirmation referred to in paragraph 1 shall consist only in a…
["CHAPTER 2", "Authorisation of payment transactions", "Article 67"]
Rules on access to and use of payment account information in the case of account information services
Rules on access to and use of payment account information in the case of account information services (1); and (b) treat data requests transmitted through the…
["Section 1", "General rules", "Article 5"]
Applications for authorisation
Applications for authorisation (32), a description of the internal control mechanisms which the applicant has established in order to comply with those…
["TITLE VI", "FINAL PROVISIONS", "Article 109"]
Transitional provision
Transitional provision (3) of the Annex I to this Directive where, by 13 January 2020, the competent authorities have the evidence that the requirements laid…
["Section 2", "Other requirements", "Article 19"]
Use of agents, branches or entities to which activities are outsourced
Use of agents, branches or entities to which activities are outsourced 6. Where a payment institution intends to outsource operational functions of payment…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 3"]
Exclusions
Exclusions 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…
["CHAPTER 3", "Framework contracts", "Article 52"]
Information and conditions
Information and conditions (2); 4. on communication: (a) where applicable, the means of communication, including the technical requirements for the payment…
["Section 3", "Competent authorities and supervision", "Article 28"]
Application to exercise the right of establishment and freedom to provide services
Application to exercise the right of establishment and freedom to provide services 3. Within 3 months of receipt of the information referred to in paragraph 1…
["TITLE VI", "FINAL PROVISIONS", "Article 112"]
Amendments to Regulation (EU) No 1093/2010
Amendments to Regulation (EU) No 1093/2010 Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation…
["Section 1", "General rules", "Article 11"]
Granting of authorisation
Granting of authorisation (7) of Annex I and, at the same time, is engaged in other business activities, the competent authorities may require the…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 4"]
Definitions
Definitions (20) ‘consumer’ means a natural person who, in payment service contracts covered by this Directive, is acting for purposes other than his or her…
["Section 3", "Competent authorities and supervision", "Article 29"]
Supervision of payment institutions exercising the right of establishment and freedom to provide services
Supervision of payment institutions exercising the right of establishment and freedom to provide services 4. Those draft regulatory technical standards shall…
["Section 3", "Liability", "Article 89"]
Payment service providers’ liability for non-execution, defective or late execution of payment transactions
Payment service providers’ liability for non-execution, defective or late execution of payment transactions (3), and Article 93, be liable to the payee for…
["Section 1", "General rules", "Article 9"]
Calculation of own funds
Calculation of own funds factor defined in point (b) and by the scaling factor k defined in paragraph 2. (a) The relevant indicator is the sum of the…
["Section 2", "Other requirements", "Article 19"]
Use of agents, branches or entities to which activities are outsourced
Use of agents, branches or entities to which activities are outsourced 8. Payment institutions shall communicate to the competent authorities of their home…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 4"]
Definitions
Definitions (27) ‘reference exchange rate’ means the exchange rate which is used as the basis to calculate any currency exchange and which is made available by…
["Section 1", "General rules", "Article 9"]
Calculation of own funds
Calculation of own funds (6) of Annex I; (b) 1 where the payment institution provides any of the payment services as referred to in any of points (1) to (5) of…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 3"]
Exclusions
Exclusions a payment account, on condition that those providers do not conduct other payment services as referred to in Annex I. Nevertheless the customer…
["TITLE VI", "FINAL PROVISIONS", "Article 112"]
Amendments to Regulation (EU) No 1093/2010
Amendments to Regulation (EU) No 1093/2010 (2) of Article 3 of Directive (EU) 2015/849;’.
["Section 3", "Competent authorities and supervision", "Article 28"]
Application to exercise the right of establishment and freedom to provide services
Application to exercise the right of establishment and freedom to provide services 5. EBA shall develop draft regulatory technical standards specifying the…
["Section 1", "General rules", "Article 5"]
Applications for authorisation
Applications for authorisation (33); (p) the applicant’s legal status and articles of association; (q) the address of the applicant’s head office. For the…
["Section 3", "Liability", "Article 89"]
Payment service providers’ liability for non-execution, defective or late execution of payment transactions
Payment service providers’ liability for non-execution, defective or late execution of payment transactions 87. Where the payee’s payment service provider is…
["CHAPTER 3", "Framework contracts", "Article 52"]
Information and conditions
Information and conditions (1); (b) the secure procedure for notification of the payment service user by the payment service provider in the event of suspected…
["Section 1", "General rules", "Article 5"]
Applications for authorisation
Applications for authorisation (8) of Annex I, as a condition of their registration, to hold a professional indemnity insurance covering the territories in…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 4"]
Definitions
Definitions (33) ‘unique identifier’ means a combination of letters, numbers or symbols specified to the payment service user by the payment service provider…
["Section 3", "Liability", "Article 89"]
Payment service providers’ liability for non-execution, defective or late execution of payment transactions
Payment service providers’ liability for non-execution, defective or late execution of payment transactions the payee, the payee’s payment service provider…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 4"]
Definitions
Definitions (39) ‘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…
["Section 1", "General rules", "Article 5"]
Applications for authorisation
Applications for authorisation (8) of Annex I, the number of clients that make use of the account information services; (d) the specific characteristics of…
["TITLE I", "SUBJECT MATTER, SCOPE AND DEFINITIONS", "Article 4"]
Definitions
Definitions (45) ‘issuing of payment instruments’ means a payment service by a payment service provider contracting to provide a payer with a payment…

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