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Tra
nsp
osi
tion
tab
le f
or
UK
im
ple
men
tati
on
of
the
Rev
ised
Paym
ent
Ser
vic
es D
irec
tive
(2015/2
366/E
U)
Abbre
via
tions
use
d:
“DC
IR”
mea
ns
the
Fin
anci
al S
ervic
es a
nd M
arket
s A
ct 2
000 (
Dis
closu
re o
f C
onfi
den
tial
Info
rmat
ion)
Reg
ula
tions
2001 (
S.I
. 2001/2
188);
“EM
R”
mea
ns
the
Ele
ctro
nic
Money
Reg
ula
tions
2011 (
S.I
. 2011/9
9);
“FS
MA
” m
eans
the
Fin
anci
al S
ervic
es a
nd M
arket
s A
ct 2
000 (
c. 8
);
“PS
R”
mea
ns
the
Pay
men
t S
ervic
es R
egula
tions
2017 (
S.I
. 2017/7
52);
“RA
O”
mea
ns
the
Fin
anci
al S
ervic
es a
nd M
arket
s A
ct 2
000 (
Reg
ula
ted A
ctiv
itie
s) O
rder
2001 (
S.I
. 2001/5
44).
R
efer
ence
s to
FC
A r
ule
s ar
e to
rule
s to
be
mad
e by t
he
Fin
anci
al C
onduct
Auth
ori
ty u
nder
the
Fin
anci
al S
ervic
es a
nd M
arket
s A
ct 2
000.
Dir
ecti
ve
pro
vis
ion
H
ow
tra
nsp
ose
d
Tit
le 1
Su
bje
ct m
att
er, sc
op
e an
d d
efin
itio
ns
Art
icle
1
Su
bje
ct m
att
er
1.
T
his
Dir
ecti
ve
esta
bli
shes
the
rule
s in
acc
ord
ance
wit
h w
hic
h M
ember
Sta
tes
shal
l dis
tinguis
h b
etw
een t
he
foll
ow
ing c
ateg
ori
es o
f
pay
men
t se
rvic
e pro
vid
er:
(a)
cred
it i
nst
ituti
ons
as d
efin
ed i
n p
oin
t (1
) of
Art
icle
4(1
) of
Reg
ula
tion (
EU
) N
o 5
75/2
013 o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e
Counci
l (2
8),
incl
udin
g b
ranch
es ther
eof
wit
hin
the
mea
nin
g o
f poin
t (1
7)
Art
icle
4(1
) of
that
Reg
ula
tion w
her
e su
ch b
ranch
es a
re loca
ted
in t
he
Unio
n,
whet
her
the
hea
d o
ffic
es o
f th
ose
bra
nch
es a
re l
oca
ted w
ithin
the
Unio
n o
r, i
n a
ccord
ance
wit
h A
rtic
le 4
7 o
f D
irec
tive
2013/3
6/E
U a
nd w
ith n
atio
nal
law
, outs
ide
the
Unio
n;
(b)
elec
tronic
money
inst
ituti
ons
wit
hin
the
mea
nin
g o
f poin
t (1
) of
Art
icle
2 o
f D
irec
tive
2009/1
10/E
C,
incl
udin
g,
in a
ccord
ance
wit
h A
rtic
le 8
of
that
Dir
ecti
ve
and w
ith n
atio
nal
law
, bra
nch
es ther
eof,
wher
e su
ch b
ranch
es a
re l
oca
ted w
ithin
the
Unio
n a
nd t
hei
r hea
d
off
ices
are
loca
ted o
uts
ide
the
Unio
n, in
as
far
as the
pay
men
t se
rvic
es p
rovid
ed b
y those
bra
nch
es a
re lin
ked
to the
issu
ance
of
elec
tronic
money;
(c)
post
off
ice
gir
o i
nst
ituti
ons
whic
h a
re e
nti
tled
under
nat
ional
law
to p
rovid
e pay
ment
serv
ices
;
(d)
pay
men
t in
stit
uti
ons;
(e)
the
EC
B a
nd n
atio
nal
cen
tral
ban
ks
when
not
acti
ng i
n t
hei
r ca
pac
ity a
s m
onet
ary a
uth
ori
ty o
r oth
er p
ubli
c au
thori
ties
;
(f)
Mem
ber
Sta
tes
or
thei
r re
gio
nal
or
loca
l au
thori
ties
when
not
acti
ng i
n t
hei
r ca
pac
ity a
s publi
c au
thori
ties
.
2. T
his
Dir
ecti
ve
also
est
abli
shes
rule
s co
nce
rnin
g:
No t
ransp
osi
tion r
equir
ed
2
(a)
the
tran
spar
ency
of
condit
ions
and i
nfo
rmat
ion r
equir
emen
ts f
or
pay
men
t se
rvic
es;
and
(b)
the
resp
ecti
ve
rights
and o
bli
gat
ions
of
pay
men
t se
rvic
e use
rs a
nd p
aym
ent
serv
ice
pro
vid
ers
in r
elat
ion t
o t
he
pro
vis
ion o
f
pay
men
t se
rvic
es a
s a
regula
r occ
upat
ion o
r busi
nes
s ac
tivit
y.
Art
icle
2
Sco
pe
1. T
his
Dir
ecti
ve
appli
es t
o p
aym
ent
serv
ices
pro
vid
ed w
ithin
the
Unio
n.
PS
Rs
regs
40(1
) to
(3)
and 6
3(1
) to
(3)
2.
T
itle
s II
I an
d I
V a
pply
to p
aym
ent
tran
sact
ions
in t
he
curr
ency
of
a M
ember
Sta
te w
her
e both
the
pay
er’s
pay
men
t se
rvic
e pro
vid
er
and t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er a
re,
or
the
sole
pay
men
t se
rvic
e pro
vid
er i
n t
he
pay
men
t tr
ansa
ctio
n i
s, l
oca
ted w
ithin
the
Unio
n.
3.
T
itle
III
, ex
cept
for
poin
t (b
) of
Art
icle
45(1
), p
oin
t (2
)(e)
of
Art
icle
52 a
nd p
oin
t (a
) of
Art
icle
56,
and T
itle
IV
, ex
cept
for
Art
icle
s
81 t
o 8
6, ap
ply
to p
aym
ent
tran
sact
ions
in a
curr
ency
that
is
not
the
curr
ency
of
a M
ember
Sta
te w
her
e both
the
pay
er’s
pay
men
t se
rvic
e
pro
vid
er a
nd t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er a
re, or
the
sole
pay
men
t se
rvic
e pro
vid
er i
n t
he
pay
men
t tr
ansa
ctio
n is,
loca
ted w
ithin
the
Unio
n, in
res
pec
t to
those
par
ts o
f th
e pay
men
ts t
ransa
ctio
n w
hic
h a
re c
arri
ed o
ut
in t
he
Unio
n.
4.
T
itle
III
, ex
cept
for
poin
t (b
) of
Art
icle
45(1
), p
oin
t (2
)(e)
of
Art
icle
52,
poin
t (5
)(g)
of
Art
icle
52 a
nd p
oin
t (a
) of
Art
icle
56,
and
Tit
le I
V,
exce
pt
for
Art
icle
62(2
) an
d (
4),
Art
icle
s 76,
77,
81,
83(1
), 8
9 a
nd 9
2,
apply
to p
aym
ent
tran
sact
ions
in a
ll c
urr
enci
es w
her
e
only
one
of
the
pay
men
t se
rvic
e pro
vid
ers
is l
oca
ted w
ithin
the
Unio
n,
in r
espec
t to
those
par
ts o
f th
e pay
men
ts t
ransa
ctio
n w
hic
h a
re
carr
ied o
ut
in t
he
Unio
n.
5. M
ember
Sta
tes
may
exem
pt
inst
ituti
ons
refe
rred
to i
n p
oin
ts (
4)
to (
23)
of
Art
icle
2(5
) of
Dir
ecti
ve
2013/3
6/E
U f
rom
the
appli
cati
on
of
all
or
par
t of
the
pro
vis
ions
of
this
Dir
ecti
ve.
PS
Rs
reg.3
Art
icle
3
Excl
usi
on
s
This
Dir
ecti
ve
does
not
apply
to t
he
foll
ow
ing:
(a)
pay
men
t tr
ansa
ctio
ns
mad
e ex
clusi
vel
y i
n c
ash d
irec
tly f
rom
the
pay
er t
o t
he
pay
ee, w
ithout
any i
nte
rmed
iary
inte
rven
tion;
PS
R S
ched
ule
2 p
ara
2(a
)
(b)
pay
men
t tr
ansa
ctio
ns
from
the
pay
er t
o t
he
pay
ee t
hro
ugh a
com
mer
cial
agen
t au
thori
sed v
ia a
n a
gre
emen
t to
neg
oti
ate
or
concl
ude
the
sale
or
purc
has
e of
goods
or
serv
ices
on b
ehal
f of
only
the
pay
er o
r only
the
pay
ee;
PS
R S
ched
ule
2 p
ara
2(b
)
(c)
pro
fess
ional
physi
cal
tran
sport
of
ban
knote
s an
d c
oin
s, i
ncl
udin
g t
hei
r co
llec
tion, pro
cess
ing a
nd d
eliv
ery;
PS
R S
ched
ule
2 p
ara
2(c
)
(d)
pay
men
t tr
ansa
ctio
ns
consi
stin
g o
f th
e non-p
rofe
ssio
nal
cas
h c
oll
ecti
on a
nd d
eliv
ery w
ithin
the
fram
ework
of
a non-p
rofi
t or
char
itab
le a
ctiv
ity;
PS
R S
ched
ule
2 p
ara
2(d
)
(e)
serv
ices
wher
e ca
sh i
s pro
vid
ed b
y t
he
pay
ee t
o t
he
pay
er a
s par
t of
a pay
men
t tr
ansa
ctio
n f
oll
ow
ing a
n e
xpli
cit
reques
t by t
he
pay
men
t se
rvic
e use
r ju
st b
efore
the
exec
uti
on o
f th
e pay
men
t tr
ansa
ctio
n t
hro
ugh a
pay
men
t fo
r th
e purc
has
e of
goods
or
serv
ices
;
PS
R S
ched
ule
2 p
ara
2(e
)
(f)
cash
-to-c
ash c
urr
ency
exch
ange
oper
atio
ns
wher
e th
e fu
nds
are
not
hel
d o
n a
pay
men
t ac
count;
P
SR
Sch
edule
2 p
ara
2(f
)
(g)
pay
men
t tr
ansa
ctio
ns
bas
ed o
n a
ny o
f th
e fo
llow
ing d
ocu
men
ts d
raw
n o
n t
he
pay
men
t se
rvic
e pro
vid
er w
ith a
vie
w t
o p
laci
ng
funds
at t
he
dis
posa
l of
the
pay
ee:
serv
ice
pro
vid
er w
ith a
vie
w t
o p
laci
ng f
unds
at t
he
dis
posa
l of
the
pay
ee:
(i)
pap
er c
heq
ues
gover
ned
by t
he
Gen
eva
Conven
tion o
f 19 M
arch
1931 p
rovid
ing a
unif
orm
law
for
cheq
ues
;
PS
R S
ched
ule
2 p
ara
2(g
)
3
(ii)
pap
er c
heq
ues
sim
ilar
to t
hose
ref
erre
d t
o i
n p
oin
t (i
) an
d g
over
ned
by t
he
law
s of
Mem
ber
Sta
tes
whic
h a
re n
ot
par
ty t
o t
he
Gen
eva
Conven
tion o
f 19 M
arch
1931 p
rovid
ing a
unif
orm
law
for
cheq
ues
;
(iii
) pap
er-b
ased
dra
fts
in a
ccord
ance
wit
h t
he
Gen
eva
Conven
tion o
f 7 J
une
1930 p
rovid
ing a
unif
orm
law
for
bil
ls o
f ex
chan
ge
and
pro
mis
sory
note
s;
(iv)
pap
er-b
ased
dra
fts
sim
ilar
to t
hose
ref
erre
d t
o i
n p
oin
t (i
ii)
and g
over
ned
by t
he
law
s of
Mem
ber
Sta
tes
whic
h a
re n
ot
par
ty t
o
the
Gen
eva
Conven
tion o
f 7 J
une
1930 p
rovid
ing a
unif
orm
law
for
bil
ls o
f ex
chan
ge
and p
rom
isso
ry n
ote
s;
(v)
pap
er-b
ased
vouch
ers;
(vi)
pap
er-b
ased
tra
vel
ler’
s ch
eques
;
(vii
) pap
er-b
ased
post
al m
oney
ord
ers
as d
efin
ed b
y t
he
Univ
ersa
l P
ost
al U
nio
n;
(h)
pay
men
t tr
ansa
ctio
ns
carr
ied
out
wit
hin
a
pay
men
t or
secu
riti
es
sett
lem
ent
syst
em
bet
wee
n
sett
lem
ent
agen
ts,
centr
al
counte
rpar
ties
, cl
eari
ng h
ouse
s an
d/o
r ce
ntr
al b
anks
and o
ther
par
tici
pan
ts o
f th
e sy
stem
, an
d p
aym
ent
serv
ice
pro
vid
ers,
wit
hout
pre
judic
e to
Art
icle
35;
PS
R S
ched
ule
2 p
ara
2(h
)
(i)
pay
men
t tr
ansa
ctio
ns
rela
ted t
o s
ecuri
ties
ass
et s
ervic
ing,
incl
udin
g d
ivid
ends,
inco
me
or
oth
er d
istr
ibuti
ons,
or
redem
pti
on o
r
sale
, ca
rrie
d o
ut
by p
erso
ns
refe
rred
to in p
oin
t (h
) or
by i
nves
tmen
t fi
rms,
cre
dit
inst
ituti
ons,
coll
ecti
ve
inves
tmen
t under
takin
gs
or
asse
t
man
agem
ent
com
pan
ies
pro
vid
ing i
nves
tmen
t se
rvic
es a
nd a
ny o
ther
enti
ties
all
ow
ed t
o h
ave
the
cust
ody o
f fi
nan
cial
inst
rum
ents
;
PS
R S
ched
ule
2 p
ara
2(i
)
(j)
serv
ices
pro
vid
ed b
y t
echnic
al s
ervic
e pro
vid
ers,
whic
h s
upport
the
pro
vis
ion o
f pay
men
t se
rvic
es, w
ithout
them
ente
ring a
t an
y
tim
e in
to p
oss
essi
on o
f th
e fu
nds
to b
e tr
ansf
erre
d,
incl
udin
g p
roce
ssin
g a
nd s
tora
ge
of
dat
a, t
rust
and p
rivac
y p
rote
ctio
n s
ervic
es,
dat
a
and e
nti
ty a
uth
enti
cati
on,
info
rmat
ion t
echnolo
gy (
IT)
and c
om
munic
atio
n n
etw
ork
pro
vis
ion,
pro
vis
ion a
nd m
ainte
nan
ce o
f te
rmin
als
and d
evic
es u
sed f
or
pay
men
t se
rvic
es, w
ith t
he
excl
usi
on o
f pay
men
t in
itia
tion s
ervic
es a
nd a
ccount
info
rmat
ion s
ervic
es;
PS
R S
ched
ule
2 p
ara
2(j
)
(k)
serv
ices
bas
ed o
n s
pec
ific
pay
men
t in
stru
men
ts that
can
be
use
d o
nly
in a
lim
ited
way
, th
at m
eet one
of
the
foll
ow
ing c
ondit
ions:
(i)
inst
rum
ents
all
ow
ing t
he
hold
er t
o a
cquir
e goods
or
serv
ices
only
in t
he
pre
mis
es o
f th
e is
suer
or
wit
hin
a l
imit
ed n
etw
ork
of
serv
ice
pro
vid
ers
under
dir
ect
com
mer
cial
agre
emen
t w
ith a
pro
fess
ional
iss
uer
;
(ii)
in
stru
men
ts w
hic
h c
an b
e use
d o
nly
to a
cquir
e a
ver
y l
imit
ed r
ange
of
goods
or
serv
ices
;
(iii
) in
stru
men
ts v
alid
only
in a
sin
gle
Mem
ber
Sta
te p
rovid
ed a
t th
e re
ques
t of
an u
nder
takin
g o
r a
publi
c se
ctor
enti
ty a
nd r
egula
ted
by a
nat
ional
or
regio
nal
publi
c au
thori
ty f
or
spec
ific
soci
al o
r ta
x p
urp
ose
s to
acq
uir
e sp
ecif
ic g
oods
or
serv
ices
fro
m s
uppli
ers
hav
ing
a co
mm
erci
al a
gre
emen
t w
ith t
he
issu
er;
PS
R S
ched
ule
2 p
ara
2(k
)
(l)
pay
men
t tr
ansa
ctio
ns
by a
pro
vid
er o
f el
ectr
onic
com
munic
atio
ns
net
work
s or
serv
ices
pro
vid
ed i
n a
ddit
ion t
o e
lect
ronic
com
munic
atio
ns
serv
ices
for
a su
bsc
riber
to t
he
net
work
or
serv
ice:
(i)
for
purc
has
e of
dig
ital
conte
nt
and v
oic
e-bas
ed s
ervic
es,
regar
dle
ss o
f th
e dev
ice
use
d f
or
the
purc
has
e or
consu
mpti
on o
f th
e
dig
ital
conte
nt
and c
har
ged
to t
he
rela
ted b
ill;
or
(ii)
per
form
ed f
rom
or
via
an e
lect
ronic
dev
ice
and c
har
ged
to t
he
rela
ted b
ill
wit
hin
the
fram
ework
of
a ch
arit
able
act
ivit
y o
r fo
r th
e
purc
has
e of
tick
ets;
pro
vid
ed t
hat
the
val
ue
of
any s
ingle
pay
men
t tr
ansa
ctio
n r
efer
red t
o i
n p
oin
ts (
i) a
nd (
ii)
does
not
exce
ed E
UR
50 a
nd:
—
the
cum
ula
tive
val
ue
of
pay
men
t tr
ansa
ctio
ns
for
an i
ndiv
idual
subsc
riber
does
not
exce
ed E
UR
300 p
er m
onth
, or
PS
R S
ched
ule
2 p
ara
2(l
)
4
—
wher
e a
subsc
riber
pre
-funds
its
acco
unt
wit
h t
he
pro
vid
er o
f th
e el
ectr
onic
com
munic
atio
ns
net
work
or
serv
ice,
the
cum
ula
tive
val
ue
of
pay
men
t tr
ansa
ctio
ns
does
not
exce
ed E
UR
300 p
er m
onth
;
(m)
pay
men
t tr
ansa
ctio
ns
carr
ied o
ut
bet
wee
n p
aym
ent
serv
ice
pro
vid
ers,
thei
r ag
ents
or
bra
nch
es f
or
thei
r ow
n a
ccount;
P
SR
Sch
edule
2 p
ara
2(m
)
(n)
pay
men
t tr
ansa
ctio
ns
and r
elat
ed s
ervic
es b
etw
een a
par
ent
under
takin
g a
nd i
ts s
ubsi
dia
ry o
r bet
wee
n s
ubsi
dia
ries
of
the
sam
e
par
ent
under
takin
g,
wit
hout
any i
nte
rmed
iary
inte
rven
tion b
y a
pay
men
t se
rvic
e pro
vid
er o
ther
than
an u
nder
takin
g b
elongin
g t
o t
he
sam
e gro
up;
PS
R S
ched
ule
2 p
ara
2(n
)
(o)
cash
wit
hdra
wal
ser
vic
es o
ffer
ed b
y m
eans
of
AT
M b
y p
rovid
ers,
act
ing o
n b
ehal
f of
one
or
more
car
d i
ssuer
s, w
hic
h a
re n
ot
a
par
ty to t
he
fram
ework
contr
act
wit
h the
cust
om
er w
ithdra
win
g m
oney
fro
m a
pay
men
t ac
count,
on c
ondit
ion that
those
pro
vid
ers
do n
ot
conduct
oth
er p
aym
ent
serv
ices
as
refe
rred
to i
n A
nnex
I.
Never
thel
ess
the
cust
om
er s
hal
l be
pro
vid
ed w
ith t
he
info
rmat
ion o
n a
ny
wit
hdra
wal
char
ges
ref
erre
d t
o i
n A
rtic
les
45,
48,
49 a
nd 5
9 b
efore
car
ryin
g o
ut
the
wit
hdra
wal
as
wel
l as
on r
ecei
pt
of
the
cash
at
the
end o
f th
e tr
ansa
ctio
n a
fter
wit
hdra
wal
.
PS
R r
eg.6
1 a
nd S
ched
ule
2 p
ara
2(o
)
Art
icle
4
Def
init
ion
s
For
the
purp
ose
s of
this
Dir
ecti
ve,
the
foll
ow
ing d
efin
itio
ns
apply
: P
SR
reg
.2(1
)
(1)
‘hom
e M
ember
Sta
te’
mea
ns
eith
er o
f th
e fo
llow
ing:
(a)
the
Mem
ber
Sta
te i
n w
hic
h t
he
regis
tere
d o
ffic
e of
the
pay
men
t se
rvic
e pro
vid
er i
s si
tuat
ed;
or
(b)
if t
he
pay
men
t se
rvic
e pro
vid
er h
as,
under
its
nat
ional
law
, no r
egis
tere
d o
ffic
e, t
he
Mem
ber
Sta
te i
n w
hic
h i
ts h
ead o
ffic
e is
situ
ated
;
PS
R r
eg.2
(1)
“hom
e st
ate
com
pet
ent
auth
ori
ty”
(2)
‘host
Mem
ber
Sta
te’
mea
ns
the
Mem
ber
Sta
te o
ther
than
the
hom
e M
ember
Sta
te i
n w
hic
h a
pay
men
t se
rvic
e pro
vid
er h
as a
n
agen
t or
a bra
nch
or
pro
vid
es p
aym
ent
serv
ices
;
PS
R r
eg.2
(1)
“host
sta
te
com
pet
ent
auth
ori
ty”
(3)
‘pay
men
t se
rvic
e’ m
eans
any b
usi
nes
s ac
tivit
y s
et o
ut
in A
nnex
I;
PS
R r
eg.2
(1)
“pay
men
t
serv
ice”
(4)
‘pay
men
t in
stit
uti
on’
mea
ns
a le
gal
per
son t
hat
has
bee
n g
rante
d a
uth
ori
sati
on i
n a
ccord
ance
wit
h A
rtic
le 1
1 t
o p
rovid
e an
d
exec
ute
pay
men
t se
rvic
es t
hro
ughout
the
Unio
n;
PS
R r
eg.2
(1)
“auth
ori
sed
pay
men
t in
stit
uti
on”
and
“EE
A a
uth
ori
sed p
aym
ent
inst
ituti
on”
(5)
‘pay
men
t tr
ansa
ctio
n’
mea
ns
an a
ct, i
nit
iate
d b
y the
pay
er o
r on h
is b
ehal
f or
by the
pay
ee, o
f pla
cing, t
ransf
erri
ng o
r w
ithdra
win
g
funds,
irr
espec
tive
of
any u
nder
lyin
g o
bli
gat
ions
bet
wee
n t
he
pay
er a
nd t
he
pay
ee;
PS
R r
eg.2
(1)
“pay
men
t
tran
sact
ion”
(6)
‘rem
ote
pay
men
t tr
ansa
ctio
n’
mea
ns
a pay
men
t tr
ansa
ctio
n init
iate
d v
ia i
nte
rnet
or
thro
ugh a
dev
ice
that
can
be
use
d f
or
dis
tance
com
munic
atio
n;
PS
R r
eg.2
(1)
“rem
ote
pay
men
t tr
ansa
ctio
n”
(7)
‘pay
men
t sy
stem
’ m
eans
a fu
nds
tran
sfer
sy
stem
w
ith fo
rmal
an
d st
andar
dis
ed ar
rangem
ents
an
d co
mm
on ru
les
for
the
pro
cess
ing, cl
eari
ng a
nd/o
r se
ttle
men
t of
pay
men
t tr
ansa
ctio
ns;
PS
R r
eg.2
(1)
“pay
men
t
syst
em”
(8)
‘pay
er’
mea
ns
a nat
ura
l or
legal
per
son w
ho h
old
s a
pay
men
t ac
count
and a
llow
s a
pay
men
t ord
er f
rom
that
pay
men
t ac
count,
or,
wher
e th
ere
is n
o p
aym
ent
acco
unt,
a n
atura
l or
legal
per
son w
ho g
ives
a p
aym
ent
ord
er;
PS
R r
eg.2
(1)
“pay
er”
5
(9)
‘pay
ee’
mea
ns
a nat
ura
l or
legal
per
son w
ho i
s th
e in
tended
rec
ipie
nt
of
funds
whic
h h
ave
bee
n t
he
subje
ct o
f a
pay
men
t
tran
sact
ion;
PS
R r
eg.2
(1)
“pay
ee”
(10)
‘pay
men
t se
rvic
e use
r’ m
eans
a nat
ura
l or
legal
per
son m
akin
g u
se o
f a
pay
men
t se
rvic
e in
the
capac
ity o
f pay
er, pay
ee, or
both
; P
SR
reg
.2(1
) “p
aym
ent
serv
ice
use
r”
(11)
‘pay
men
t se
rvic
e pro
vid
er’
mea
ns
a body r
efer
red t
o i
n A
rtic
le 1
(1)
or
a nat
ura
l or
legal
per
son b
enef
itin
g f
rom
an e
xem
pti
on
purs
uan
t to
Art
icle
32 o
r 33;
PS
R r
eg.2
(1)
“pay
men
t
serv
ice
pro
vid
er”
(12)
‘pay
men
t ac
count’
mea
ns
an a
ccount
hel
d i
n t
he
nam
e of
one
or
more
pay
men
t se
rvic
e use
rs w
hic
h i
s use
d f
or
the
exec
uti
on o
f
pay
men
t tr
ansa
ctio
ns;
PS
R r
eg.2
(1)
“pay
men
t
acco
unt”
(13)
‘pay
men
t ord
er’
mea
ns
an inst
ruct
ion b
y a
pay
er o
r pay
ee t
o i
ts p
aym
ent
serv
ice
pro
vid
er r
eques
ting t
he
exec
uti
on o
f a
pay
men
t
tran
sact
ion;
PS
R r
eg.2
(1)
“pay
men
t
ord
er”
(14)
‘pay
men
t in
stru
men
t’ m
eans
a per
sonal
ised
dev
ice(
s) a
nd/o
r se
t of
pro
cedure
s ag
reed
bet
wee
n t
he
pay
men
t se
rvic
e use
r an
d t
he
pay
men
t se
rvic
e pro
vid
er a
nd u
sed i
n o
rder
to i
nit
iate
a p
aym
ent
ord
er;
PS
R r
eg.2
(1)
“pay
men
t
inst
rum
ent”
(15)
‘pay
men
t in
itia
tion s
ervic
e’ m
eans
a se
rvic
e to
init
iate
a p
aym
ent
ord
er a
t th
e re
ques
t of
the
pay
men
t se
rvic
e use
r w
ith r
espec
t
to a
pay
men
t ac
count
hel
d a
t an
oth
er p
aym
ent
serv
ice
pro
vid
er;
PS
R r
eg.2
(1)
“pay
men
t
init
iati
on s
ervic
e”
(16)
‘acc
ount
info
rmat
ion s
ervic
e’ m
eans
an o
nli
ne
serv
ice
to p
rovid
e co
nso
lidat
ed i
nfo
rmat
ion o
n o
ne
or
more
pay
men
t ac
counts
hel
d b
y t
he
pay
men
t se
rvic
e use
r w
ith e
ither
anoth
er p
aym
ent
serv
ice
pro
vid
er o
r w
ith m
ore
than
one
pay
men
t se
rvic
e pro
vid
er;
PS
R r
eg.2
(1)
“acc
ount
info
rmat
ion s
ervic
e”
(17)
‘acc
ount
serv
icin
g p
aym
ent
serv
ice
pro
vid
er’
mea
ns
a pay
men
t se
rvic
e pro
vid
er p
rovid
ing a
nd m
ainta
inin
g a
pay
men
t ac
count
for
a pay
er;
PS
R r
eg.2
(1)
“acc
ount
serv
icin
g p
aym
ent
serv
ice
pro
vid
er”
(18)
‘pay
men
t in
itia
tion s
ervic
e pro
vid
er’
mea
ns
a pay
men
t se
rvic
e pro
vid
er p
urs
uin
g b
usi
nes
s ac
tivit
ies
as r
efer
red t
o i
n p
oin
t (7
) of
Annex
I;
PS
R r
eg.2
(1)
“pay
men
t
init
iati
on s
ervic
e
pro
vid
er”
(19)
‘acc
ount
info
rmat
ion s
ervic
e pro
vid
er’
mea
ns
a pay
ment
serv
ice
pro
vid
er p
urs
uin
g b
usi
nes
s ac
tivit
ies
as r
efer
red t
o i
n p
oin
t (8
)
of
Annex
I;
PS
R r
eg.2
(1)
“acc
ount
info
rmat
ion s
ervic
e
pro
vid
er”
(20)
‘consu
mer
’ m
eans
a nat
ura
l per
son w
ho, in
pay
men
t se
rvic
e co
ntr
acts
cover
ed b
y this
Dir
ecti
ve,
is
acti
ng f
or
purp
ose
s oth
er than
his
or
her
tra
de,
busi
nes
s or
pro
fess
ion;
PS
R r
eg.2
(1)
“consu
mer
”
(21)
‘fra
mew
ork
contr
act’
mea
ns
a pay
men
t se
rvic
e co
ntr
act w
hic
h g
over
ns
the
futu
re e
xec
uti
on o
f in
div
idual
and s
ucc
essi
ve
pay
men
t
tran
sact
ions
and w
hic
h m
ay c
onta
in t
he
obli
gat
ion a
nd c
ondit
ions
for
sett
ing u
p a
pay
men
t ac
count;
PS
R r
eg.2
(1)
“fra
mew
ork
contr
act”
(22)
‘money
rem
itta
nce
’ m
eans
a pay
men
t se
rvic
e w
her
e fu
nds
are
rece
ived
fro
m a
pay
er, w
ithout an
y p
aym
ent ac
counts
bei
ng c
reat
ed
in t
he
nam
e of
the
pay
er o
r th
e pay
ee,
for
the
sole
purp
ose
of
tran
sfer
ring a
corr
espondin
g a
mount
to a
pay
ee o
r to
anoth
er p
aym
ent
serv
ice
pro
vid
er a
ctin
g o
n b
ehal
f of
the
pay
ee, an
d/o
r w
her
e su
ch f
unds
are
rece
ived
on b
ehal
f of
and m
ade
avai
lable
to t
he
pay
ee;
PS
R r
eg.2
(1)
“ m
oney
rem
itta
nce
”
6
(23)
‘dir
ect
deb
it’
mea
ns
a pay
men
t se
rvic
e fo
r deb
itin
g a
pay
er’s
pay
men
t ac
count,
wher
e a
pay
men
t tr
ansa
ctio
n i
s in
itia
ted b
y t
he
pay
ee o
n t
he
bas
is o
f th
e co
nse
nt giv
en b
y t
he
pay
er to the
pay
ee, to
the
pay
ee’s
pay
men
t se
rvic
e pro
vid
er o
r to
the
pay
er’s
ow
n p
aym
ent
serv
ice
pro
vid
er;
PS
R r
eg.2
(1)
“dir
ect
deb
it”
(24)
‘cre
dit
tra
nsf
er’
mea
ns
a pay
men
t se
rvic
e fo
r cr
edit
ing a
pay
ee’s
pay
men
t ac
count
wit
h a
pay
men
t tr
ansa
ctio
n o
r a
seri
es o
f
pay
men
t tr
ansa
ctio
ns
from
a p
ayer
’s p
aym
ent
acco
unt
by t
he
pay
men
t se
rvic
e pro
vid
er w
hic
h h
old
s th
e pay
er’s
pay
men
t ac
count,
bas
ed
on a
n i
nst
ruct
ion g
iven
by t
he
pay
er;
PS
R r
eg.2
(1)
“cre
dit
tran
sfer
”
(25)
‘funds’
mea
ns
ban
knote
s an
d c
oin
s, s
crip
tura
l m
oney
or
elec
tronic
money
as
def
ined
in p
oin
t (2
) of
Art
icle
2 o
f D
irec
tive
2009/1
10/E
C;
PS
R r
eg.2
(1)
“funds”
(26)
‘val
ue
dat
e’ m
eans
a re
fere
nce
tim
e use
d b
y a
pay
men
t se
rvic
e pro
vid
er f
or
the
calc
ula
tion o
f in
tere
st o
n t
he
funds
deb
ited
fro
m
or
cred
ited
to a
pay
men
t ac
count;
PS
R r
eg.2
(1)
“val
ue
dat
e”
(27)
‘ref
eren
ce e
xch
ange
rate
’ m
eans
the
exch
ange
rate
whic
h i
s use
d a
s th
e bas
is t
o c
alcu
late
any c
urr
ency
exch
ange
and w
hic
h i
s
mad
e av
aila
ble
by t
he
pay
men
t se
rvic
e pro
vid
er o
r co
mes
fro
m a
publi
cly a
vai
lable
sourc
e;
PS
R r
eg.2
(1)
“ref
eren
ce
exch
ange
rate
”
(28)
‘ref
eren
ce i
nte
rest
rat
e’ m
eans
the
inte
rest
rat
e w
hic
h i
s use
d a
s th
e bas
is f
or
calc
ula
ting a
ny i
nte
rest
to b
e ap
pli
ed a
nd w
hic
h
com
es f
rom
a p
ubli
cly a
vai
lable
sourc
e w
hic
h c
an b
e ver
ifie
d b
y b
oth
par
ties
to a
pay
men
t se
rvic
e co
ntr
act;
PS
R r
eg.2
(1)
“ref
eren
ce
inte
rest
rat
e”
(29)
‘auth
enti
cati
on’
mea
ns
a pro
cedure
whic
h a
llow
s th
e pay
men
t se
rvic
e pro
vid
er t
o v
erif
y t
he
iden
tity
of
a pay
men
t se
rvic
e use
r
or
the
val
idit
y o
f th
e use
of
a sp
ecif
ic p
aym
ent
inst
rum
ent,
incl
udin
g t
he
use
of
the
use
r’s
per
sonal
ised
sec
uri
ty c
reden
tial
s;
PS
R r
eg.2
(1)
“auth
enti
cati
on”
(30)
‘str
ong c
ust
om
er a
uth
enti
cati
on’
mea
ns
an a
uth
enti
cati
on b
ased
on t
he
use
of
two o
r m
ore
ele
men
ts c
ateg
ori
sed a
s know
ledge
(som
ethin
g o
nly
the
use
r know
s),
poss
essi
on (
som
ethin
g o
nly
the
use
r poss
esse
s) a
nd i
nher
ence
(so
met
hin
g t
he
use
r is
) th
at a
re
indep
enden
t, i
n t
hat
the
bre
ach o
f one
does
not
com
pro
mis
e th
e re
liab
ilit
y o
f th
e oth
ers,
and i
s des
igned
in s
uch
a w
ay a
s to
pro
tect
the
confi
den
tial
ity o
f th
e au
then
tica
tion d
ata;
PS
R r
eg.2
(1)
“ st
rong
cust
om
er a
uth
enti
cati
on”
(31)
‘per
sonal
ised
sec
uri
ty c
reden
tial
s’ m
eans
per
sonal
ised
fea
ture
s pro
vid
ed b
y t
he
pay
men
t se
rvic
e pro
vid
er t
o a
pay
men
t se
rvic
e
use
r fo
r th
e purp
ose
s of
auth
enti
cati
on;
PS
R r
eg.2
(1)
“per
sonal
ised
sec
uri
ty
cred
enti
als”
(32)
‘sen
siti
ve
pay
men
t dat
a’ m
eans
dat
a, i
ncl
udin
g p
erso
nal
ised
sec
uri
ty c
reden
tial
s w
hic
h c
an b
e use
d t
o c
arry
out
frau
d.
For
the
acti
vit
ies
of
pay
men
t in
itia
tion s
ervic
e pro
vid
ers
and a
ccount
info
rmat
ion s
ervic
e pro
vid
ers,
the
nam
e of
the
acco
unt
ow
ner
and t
he
acco
unt
num
ber
do n
ot
const
itute
sen
siti
ve
pay
men
t dat
a;
PS
R r
eg.2
(1)
“sen
siti
ve
pay
men
t dat
a”
(33)
‘uniq
ue
iden
tifi
er’
mea
ns
a co
mbin
atio
n o
f le
tter
s, n
um
ber
s or
sym
bols
spec
ifie
d t
o t
he
pay
men
t se
rvic
e use
r by t
he
pay
men
t
serv
ice
pro
vid
er a
nd t
o b
e pro
vid
ed b
y t
he
pay
men
t se
rvic
e use
r to
iden
tify
unam
big
uousl
y a
noth
er p
aym
ent
serv
ice
use
r an
d/o
r th
e
pay
men
t ac
count
of
that
oth
er p
aym
ent
serv
ice
use
r fo
r a
pay
men
t tr
ansa
ctio
n;
PS
R r
eg.2
(1)
“uniq
ue
iden
tifi
er”
(34)
‘mea
ns
of
dis
tance
com
mu
nic
atio
n’
mea
ns
a m
ethod w
hic
h, w
ithout
the
sim
ult
aneo
us
physi
cal
pre
sence
of
the
pay
men
t se
rvic
e
pro
vid
er a
nd t
he
pay
men
t se
rvic
e use
r, m
ay b
e use
d f
or
the
concl
usi
on o
f a
pay
ment
serv
ices
contr
act;
PS
R r
eg.2
(1)
“mea
ns
of
dis
tance
com
munic
atio
n”
7
(35)
‘dura
ble
med
ium
’ m
eans
any i
nst
rum
ent
whic
h e
nab
les
the
pay
men
t se
rvic
e use
r to
sto
re i
nfo
rmat
ion a
ddre
ssed
per
sonal
ly t
o
that
pay
men
t se
rvic
e use
r in
a w
ay a
cces
sible
for
futu
re r
efer
ence
for
a per
iod o
f ti
me
adeq
uat
e to
the
purp
ose
s of
the
info
rmat
ion a
nd
whic
h a
llow
s th
e unch
anged
rep
roduct
ion o
f th
e in
form
atio
n s
tore
d;
PS
R r
eg.2
(1)
“dura
ble
med
ium
”
(36)
‘mic
roen
terp
rise
’ m
eans
an e
nte
rpri
se, w
hic
h a
t th
e ti
me
of
concl
usi
on o
f th
e pay
men
t se
rvic
e co
ntr
act,
is
an e
nte
rpri
se a
s def
ined
in A
rtic
le 1
and A
rtic
le 2
(1)
and (
3)
of
the
Annex
to R
ecom
men
dat
ion 2
003/3
61/E
C;
PS
R r
eg.2
(1)
“mic
ro-
ente
rpri
se”
(37)
‘busi
nes
s day
’ m
eans
a day
on w
hic
h t
he
rele
van
t pay
men
t se
rvic
e pro
vid
er o
f th
e pay
er o
r th
e pay
men
t se
rvic
e pro
vid
er o
f th
e
pay
ee i
nvolv
ed i
n t
he
exec
uti
on o
f a
pay
men
t tr
ansa
ctio
n i
s open
for
busi
nes
s as
req
uir
ed f
or
the
exec
uti
on o
f a
pay
men
t tr
ansa
ctio
n;
PS
R r
eg.2
(1)
“busi
nes
s
day
”
(38)
‘agen
t’ m
eans
a nat
ura
l or
legal
per
son w
ho a
cts
on b
ehal
f of
a pay
men
t in
stit
uti
on i
n p
rovid
ing p
aym
ent
serv
ices
; P
SR
reg
.2(1
) “a
gen
t”
(39)
‘bra
nch
’ m
eans
a pla
ce o
f busi
nes
s oth
er t
han
the
hea
d o
ffic
e w
hic
h i
s a
par
t of
a pay
men
t in
stit
uti
on,
whic
h h
as n
o l
egal
per
sonal
ity a
nd w
hic
h c
arri
es o
ut dir
ectl
y s
om
e or
all of
the
tran
sact
ions
inher
ent in
the
busi
nes
s of
a pay
men
t in
stit
uti
on; al
l of
the
pla
ces
of
busi
nes
s se
t up i
n t
he
sam
e M
em
ber
Sta
te b
y a
pay
men
t in
stit
uti
on w
ith a
hea
d o
ffic
e in
anoth
er M
ember
Sta
te s
hal
l be
regar
ded
as
a
single
bra
nch
;
PS
R r
eg.2
(1)
“bra
nch
”
(40)
‘gro
up’
mea
ns
a gro
up o
f under
takin
gs
whic
h a
re l
inked
to e
ach o
ther
by a
rel
atio
nsh
ip r
efer
red t
o i
n A
rtic
le 2
2(1
), (
2)
or
(7)
of
Dir
ecti
ve
2013/3
4/E
U o
r under
takin
gs
as d
efin
ed i
n A
rtic
les
4, 5, 6 a
nd 7
of
Com
mis
sion D
eleg
ated
Reg
ula
tion (
EU
) N
o 2
41/2
014 (
29),
whic
h a
re l
inked
to e
ach o
ther
by a
rel
atio
nsh
ip r
efer
red t
o i
n A
rtic
le 1
0(1
) or
in A
rtic
le 1
13(6
) or
(7)
of
Reg
ula
tion (
EU
) N
o 5
75/2
013;
PS
R r
eg.2
(1)
“gro
up”
(41)
‘ele
ctro
nic
com
munic
atio
ns
net
work
’ m
eans
a net
work
as
def
ined
in p
oin
t (a
) of
Art
icle
2 o
f D
irec
tive
2002/2
1/E
C o
f th
e
Euro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l;
PS
R r
eg.2
(1)
“ele
ctro
nic
com
munic
atio
ns
net
work
”
(42)
‘ele
ctro
nic
com
munic
atio
ns
serv
ice’
mea
ns
a se
rvic
e as
def
ined
in p
oin
t (c
) of
Art
icle
2 o
f D
irec
tive
2002/2
1/E
C;
PS
R r
eg.2
(1)
“ele
ctro
nic
com
munic
atio
ns
serv
ice”
(43)
‘dig
ital
conte
nt’
mea
ns
goods
or
serv
ices
whic
h a
re p
roduce
d a
nd s
uppli
ed i
n d
igit
al f
orm
, th
e use
or
consu
mpti
on o
f w
hic
h i
s
rest
rict
ed t
o a
tec
hnic
al d
evic
e an
d w
hic
h d
o n
ot
incl
ude
in a
ny w
ay t
he
use
or
consu
mpti
on o
f physi
cal
goods
or
serv
ices
;
PS
R r
eg.2
(1)
“dig
ital
conte
nt”
(44)
‘acq
uir
ing o
f pay
men
t tr
ansa
ctio
ns’
mea
ns
a pay
men
t se
rvic
e pro
vid
ed b
y a
pay
men
t se
rvic
e pro
vid
er c
ontr
acti
ng w
ith a
pay
ee
to a
ccep
t an
d p
roce
ss p
aym
ent
tran
sact
ions,
whic
h r
esult
s in
a t
ransf
er o
f fu
nds
to t
he
pay
ee;
PS
R r
eg.2
(1)
“acq
uir
ing
of
pay
men
t tr
ansa
ctio
ns”
(45)
‘iss
uin
g o
f pay
men
t in
stru
men
ts’
mea
ns
a pay
men
t se
rvic
e by a
pay
men
t se
rvic
e pro
vid
er c
ontr
acti
ng t
o p
rovid
e a
pay
er w
ith a
pay
men
t in
stru
men
t to
init
iate
and p
roce
ss t
he
pay
er’s
pay
men
t tr
ansa
ctio
ns;
PS
R r
eg.2
(1)
“iss
uin
g o
f
pay
men
t in
stru
men
ts”
(46)
‘ow
n f
unds’
mea
ns
funds
as d
efin
ed in p
oin
t 118 o
f A
rtic
le 4
(1)
of
Reg
ula
tion (
EU
) N
o 5
75/2
013 w
her
e at
lea
st 7
5 %
of
the
Tie
r
1 c
apit
al i
s in
the
form
of
Com
mon E
quit
y T
ier
1 c
apit
al a
s re
ferr
ed t
o i
n A
rtic
le 5
0 o
f th
at R
egula
tion a
nd T
ier
2 i
s eq
ual
to o
r le
ss t
han
one
thir
d o
f T
ier
1 c
apit
al;
PS
R r
eg.2
(1)
“ow
n f
unds”
and r
eg.2
2(3
)
(47)
‘pay
men
t bra
nd’
mea
ns
any m
ater
ial
or
dig
ital
nam
e, t
erm
, si
gn,
sym
bol
or
com
bin
atio
n o
f th
em,
capab
le o
f den
oti
ng u
nder
whic
h p
aym
ent
card
sch
eme
card
-bas
ed p
aym
ent
tran
sact
ions
are
carr
ied o
ut;
PS
R r
eg.2
(1)
“pay
men
t
bra
nd”
(48)
‘co-b
adgin
g’
mea
ns
the
incl
usi
on o
f tw
o o
r m
ore
pay
men
t bra
nds
or
pay
men
t ap
pli
cati
ons
of
the
sam
e pay
men
t bra
nd o
n t
he
sam
e pay
men
t in
stru
men
t.
PS
R r
eg.2
(1)
“co-b
adged
”
Tit
le I
I
Paym
ent
Ser
vic
e P
rovid
ers
8
Art
icle
5
Ap
pli
cati
on
s fo
r au
thori
sati
on
1. F
or
auth
ori
sati
on a
s a
pay
men
t in
stit
uti
on, an
appli
cati
on s
hal
l be
subm
itte
d t
o t
he
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te,
toget
her
wit
h t
he
foll
ow
ing:
PS
R r
eg.5
(1)
and
Sch
edule
2
(a)
a pro
gra
mm
e of
oper
atio
ns
sett
ing o
ut
in p
arti
cula
r th
e ty
pe
of
pay
men
t se
rvic
es e
nvis
aged
; P
SR
Sch
edule
2 p
ara
1
(b)
a busi
nes
s pla
n incl
udin
g a
fore
cast
budget
cal
cula
tion f
or
the
firs
t 3 f
inan
cial
yea
rs w
hic
h d
emonst
rate
s th
at the
appli
cant is
able
to e
mplo
y t
he
appro
pri
ate
and p
roport
ionat
e sy
stem
s, r
esourc
es a
nd p
roce
dure
s to
oper
ate
soundly
;
PS
R S
ched
ule
2 p
ara
2
(c)
evid
ence
that
the
pay
men
t in
stit
uti
on h
old
s in
itia
l ca
pit
al a
s pro
vid
ed f
or
in A
rtic
le 7
; P
SR
Sch
edule
2 p
ara
3
(d)
for
the
pay
men
t in
stit
uti
ons
refe
rred
to i
n A
rtic
le 1
0(1
), a
des
crip
tion o
f th
e m
eas
ure
s ta
ken
for
safe
guar
din
g p
aym
ent
serv
ice
use
rs’
funds
in a
ccord
ance
wit
h A
rtic
le 1
0;
PS
R S
ched
ule
2 p
ara
4
(e)
a des
crip
tion of
the
appli
cant’
s gover
nan
ce a
rran
gem
ents
an
d i
nte
rnal
co
ntr
ol
mec
han
ism
s, in
cludin
g ad
min
istr
ativ
e, ri
sk
man
agem
ent
and a
ccounti
ng p
roce
dure
s, w
hic
h d
emonst
rate
s th
at t
hose
gover
nan
ce a
rran
gem
ents
, co
ntr
ol
mec
han
ism
s an
d p
roce
dure
s
are
pro
port
ionat
e, a
ppro
pri
ate,
sound a
nd a
deq
uat
e;
PS
R S
ched
ule
2 p
ara
5
(f)
a des
crip
tion o
f th
e pro
cedure
in p
lace
to m
onit
or,
han
dle
and f
oll
ow
up a
sec
uri
ty i
nci
den
t an
d s
ecuri
ty r
elat
ed c
ust
om
er
com
pla
ints
, in
cludin
g a
n i
nci
den
ts r
eport
ing m
echan
ism
whic
h t
akes
acc
ount
of
the
noti
fica
tion o
bli
gat
ions
of
the
pay
men
t in
stit
uti
on
laid
dow
n i
n A
rtic
le 9
6;
PS
R S
ched
ule
2 p
ara
6
(g)
a des
crip
tion o
f th
e pro
cess
in p
lace
to f
ile,
monit
or,
tra
ck a
nd r
estr
ict
acce
ss t
o s
ensi
tive
pay
men
t dat
a;
PS
R S
ched
ule
2 p
ara
7
(h)
a des
crip
tion o
f busi
nes
s co
nti
nuit
y a
rran
gem
ents
incl
udin
g a
cle
ar iden
tifi
cati
on o
f th
e cr
itic
al o
per
atio
ns,
eff
ecti
ve
conti
ngen
cy
pla
ns
and a
pro
cedure
to r
egula
rly t
est
and r
evie
w t
he
adeq
uac
y a
nd e
ffic
iency
of
such
pla
ns;
PS
R S
ched
ule
2 p
ara
8
(i)
a des
crip
tion o
f th
e pri
nci
ple
s an
d d
efin
itio
ns
appli
ed f
or
the
coll
ecti
on o
f st
atis
tica
l dat
a on p
erfo
rman
ce, tr
ansa
ctio
ns
and f
raud;
PS
R S
ched
ule
2 p
ara
9
(j)
a se
curi
ty p
oli
cy d
ocu
men
t, i
ncl
udin
g a
det
aile
d r
isk a
sses
smen
t in
rel
atio
n t
o i
ts p
aym
ent
serv
ices
and a
des
crip
tion o
f se
curi
ty
contr
ol an
d m
itig
atio
n m
easu
res
taken
to a
deq
uat
ely p
rote
ct p
aym
ent se
rvic
e use
rs a
gai
nst
the
risk
s id
enti
fied
, in
cludin
g f
raud a
nd ill
egal
use
of
sensi
tive
and p
erso
nal
dat
a;
PS
R S
ched
ule
2 p
ara
10
(k)
for
pay
men
t in
stit
uti
ons
subje
ct t
o t
he
obli
gat
ions
in r
elat
ion t
o m
oney
lau
nder
ing a
nd t
erro
rist
fin
anci
ng u
nder
Dir
ecti
ve
(EU
)
2015/8
49 o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l (3
1)
and R
egula
tion (
EU
) 2015/8
47 o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e
Counci
l (3
2),
a d
escr
ipti
on o
f th
e in
tern
al c
ontr
ol
mec
han
ism
s w
hic
h t
he
appli
cant
has
est
abli
shed
in o
rder
to c
om
ply
wit
h t
hose
obli
gat
ions;
PS
R S
ched
ule
2 p
ara
11
(l)
a des
crip
tion o
f th
e ap
pli
cant’
s st
ruct
ura
l org
anis
atio
n,
incl
udin
g,
wher
e ap
pli
cable
, a
des
crip
tion o
f th
e in
tended
use
of
agen
ts
and b
ranch
es a
nd o
f th
e off
-sit
e an
d o
n-s
ite
chec
ks
that
the
appli
cant
under
takes
to p
erfo
rm o
n t
hem
at
leas
t an
nual
ly,
as w
ell
as a
des
crip
tion o
f outs
ourc
ing a
rran
gem
ents
, an
d o
f it
s par
tici
pat
ion i
n a
nat
ional
or
inte
rnat
ional
pay
men
t sy
stem
;
PS
R S
ched
ule
2 p
ara
12
(m)
the
iden
tity
of
per
sons
hold
ing i
n t
he
appli
cant,
dir
ectl
y o
r in
dir
ectl
y,
qual
ifyin
g h
old
ings
wit
hin
the
mea
nin
g o
f poin
t (3
6)
of
Art
icle
4(1
) of
Reg
ula
tion (
EU
) N
o 5
75/2
013,
the
size
of
thei
r hold
ings
and e
vid
ence
of
thei
r su
itab
ilit
y t
akin
g i
nto
acc
ount
the
nee
d t
o
ensu
re t
he
sound a
nd p
ruden
t m
anag
em
ent
of
a pay
ment
inst
ituti
on;
PS
R S
ched
ule
2 p
ara
13
9
(n)
the
iden
tity
of
dir
ecto
rs a
nd p
erso
ns
resp
onsi
ble
for
the
man
agem
ent
of
the
pay
men
t in
stit
uti
on a
nd,
wher
e re
levan
t, p
erso
ns
resp
onsi
ble
for
the
man
agem
ent
of
the
pay
men
t se
rvic
es a
ctiv
itie
s of
the
pay
men
t in
stit
uti
on,
as w
ell
as e
vid
ence
that
they
are
of
good
repute
and p
oss
ess
appro
pri
ate
know
ledge
and e
xper
ience
to p
erfo
rm p
aym
ent
serv
ices
as
det
erm
ined
by t
he
hom
e M
ember
Sta
te o
f th
e
pay
men
t in
stit
uti
on;
PS
R S
ched
ule
2 p
ara
14
(o)
wher
e ap
pli
cable
, the
iden
tity
of
stat
uto
ry a
udit
ors
and a
udit
fir
ms
as d
efin
ed in D
irec
tive
2006/4
3/E
C o
f th
e E
uro
pea
n P
arli
amen
t
and o
f th
e C
ounci
l;
PS
R S
ched
ule
2 p
ara
15
(p)
the
appli
cant’
s le
gal
sta
tus
and a
rtic
les
of
asso
ciat
ion;
PS
R S
ched
ule
2 p
ara
16
(q)
the
addre
ss o
f th
e ap
pli
cant’
s hea
d o
ffic
e.
PS
R S
ched
ule
2 p
ara
17
For
the
purp
ose
s of
poin
ts (
d),
(e)
(f)
and (
l) o
f th
e fi
rst
subpar
agra
ph, th
e ap
pli
cant
shal
l pro
vid
e a
des
crip
tion o
f it
s au
dit
arr
angem
ents
and t
he
org
anis
atio
nal
arr
angem
ents
it
has
set
up w
ith a
vie
w t
o t
akin
g a
ll r
easo
nab
le s
teps
to p
rote
ct t
he
inte
rest
s of
its
use
rs a
nd t
o
ensu
re c
onti
nuit
y a
nd r
elia
bil
ity i
n t
he
per
form
ance
of
pay
men
t se
rvic
es.
PS
R S
ched
ule
2 p
ara
18
The
secu
rity
contr
ol
and m
itig
atio
n m
easu
res
refe
rred
to i
n p
oin
t (j
) of
the
firs
t su
bpar
agra
ph s
hal
l in
dic
ate
how
they
ensu
re a
hig
h l
evel
of
tech
nic
al s
ecuri
ty a
nd d
ata
pro
tect
ion, in
cludin
g f
or
the
soft
war
e an
d I
T s
yst
ems
use
d b
y t
he
appli
cant
or
the
under
takin
gs
to w
hic
h it
outs
ourc
es t
he
whole
or
par
t of
its
oper
atio
ns.
Those
mea
sure
s sh
all
also
incl
ude
the
secu
rity
mea
sure
s la
id d
ow
n i
n A
rtic
le 9
5(1
). T
hose
mea
sure
s sh
all
take
into
acc
ount
EB
A’s
guid
elin
es o
n s
ecuri
ty m
easu
res
as r
efer
red t
o i
n A
rtic
le 9
5(3
) w
hen
in p
lace
.
PS
R S
ched
ule
2 p
ara
11
2. M
ember
Sta
tes
shal
l re
quir
e under
takin
gs
that
apply
for
auth
ori
sati
on to p
rovid
e pay
men
t se
rvic
es a
s re
ferr
ed to in p
oin
t (7
) of
Annex
I, a
s a
condit
ion o
f th
eir
auth
ori
sati
on,
to h
old
a p
rofe
ssio
nal
indem
nit
y i
nsu
rance
, co
ver
ing t
he
terr
itori
es i
n w
hic
h t
hey
off
er s
ervic
es,
or
som
e oth
er c
om
par
able
guar
ante
e ag
ainst
lia
bil
ity t
o e
nsu
re t
hat
they
can
cover
thei
r li
abil
itie
s as
spec
ifie
d i
n A
rtic
les
73,
89,
90 a
nd
92.
PS
R S
ched
ule
2 p
ara
19
3. M
ember
Sta
tes
shal
l re
quir
e under
takin
gs
that
apply
for
regis
trat
ion t
o p
rovid
e pay
men
t se
rvic
es a
s re
ferr
ed t
o i
n p
oin
t (8
) of
Annex
I, a
s a
condit
ion o
f th
eir
regis
trat
ion,
to h
old
a p
rofe
ssio
nal
indem
nit
y i
nsu
rance
cover
ing t
he
terr
itori
es i
n w
hic
h t
hey
off
er s
ervic
es,
or
som
e oth
er c
om
par
able
guar
ante
e ag
ainst
thei
r li
abil
ity v
is-à
-vis
the
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er o
r th
e pay
men
t se
rvic
e
use
r re
sult
ing f
rom
non
-auth
ori
sed o
r fr
audule
nt
acce
ss t
o o
r non-a
uth
ori
sed o
r fr
audule
nt
use
of
pay
men
t ac
count
info
rmat
ion.
PS
R S
ched
ule
2 p
ara
19
4. B
y 1
3 J
anuar
y 2
017, E
BA
shal
l, a
fter
consu
ltin
g a
ll r
elev
ant
stak
ehold
ers,
incl
udin
g t
hose
in t
he
pay
men
t se
rvic
es m
arket
, re
flec
ting
all
inte
rest
s in
volv
ed,
issu
e guid
elin
es,
addre
ssed
to t
he
com
pet
ent
auth
ori
ties
, in
acc
ord
ance
wit
h A
rtic
le 1
6 o
f R
egula
tion (
EU
) N
o
1093/2
010 o
n the
crit
eria
on h
ow
to s
tipula
te the
min
imum
monet
ary a
mount of
the
pro
fess
ional
indem
nit
y insu
rance
or
oth
er c
om
par
able
guar
ante
e re
ferr
ed t
o i
n p
arag
raphs
2 a
nd 3
.
In d
evel
opin
g t
he
guid
elin
es r
efer
red t
o i
n t
he
firs
t su
bpar
agra
ph, E
BA
shal
l ta
ke
acco
unt
of
the
foll
ow
ing:
(a)
the
risk
pro
file
of
the
under
takin
g;
(b)
whet
her
the
under
takin
g p
rovid
es o
ther
pay
men
t se
rvic
es a
s re
ferr
ed t
o i
n A
nnex
I o
r is
engag
ed i
n o
ther
busi
nes
s;
(c)
the
size
of
the
acti
vit
y:
No t
ransp
osi
tion r
equir
ed
10
(i)
for
under
takin
gs
that
apply
for
auth
ori
sati
on t
o p
rovid
e pay
men
t se
rvic
es a
s re
ferr
ed t
o i
n p
oin
t (7
) of
Annex
I,
the
val
ue
of
the
tran
sact
ions
init
iate
d;
(ii)
fo
r under
takin
gs
that
apply
for
regis
trat
ion t
o p
rovid
e pay
men
t se
rvic
es a
s re
ferr
ed t
o i
n p
oin
t (8
) of
Annex
I,
the
num
ber
of
clie
nts
that
mak
e use
of
the
acco
unt
info
rmat
ion s
ervic
es;
(d)
the
spec
ific
char
acte
rist
ics
of
com
par
able
guar
ante
es a
nd t
he
crit
eria
for
thei
r im
ple
men
tati
on.
EB
A s
hal
l re
vie
w t
hose
guid
elin
es o
n a
reg
ula
r bas
is.
5. B
y 1
3 J
uly
2017, E
BA
shal
l, a
fter
consu
ltin
g a
ll r
elev
ant
stak
ehold
ers,
incl
udin
g t
hose
in t
he
pay
men
t se
rvic
es m
arket
, re
flec
ting a
ll
inte
rest
s in
volv
ed,
issu
e guid
elin
es i
n a
ccord
ance
wit
h A
rtic
le 1
6 o
f R
egula
tion (
EU
) N
o 1
093/2
010 c
once
rnin
g t
he
info
rmat
ion t
o b
e
pro
vid
ed t
o t
he
com
pet
ent
auth
ori
ties
in t
he
appli
cati
on f
or
the
auth
ori
sati
on o
f pay
men
t in
stit
uti
ons,
incl
udin
g t
he
requir
emen
ts l
aid
dow
n i
n p
oin
ts (
a), (b
), (
c), (e
) an
d (
g)
to (
j) o
f th
e fi
rst
subpar
agra
ph o
f par
agra
ph 1
of
this
Art
icle
.
EB
A s
hal
l re
vie
w t
hose
guid
elin
es o
n a
reg
ula
r bas
is a
nd i
n a
ny e
ven
t at
lea
st e
ver
y 3
yea
rs.
No t
ransp
osi
tion r
equir
ed
6. T
akin
g into
acc
ount,
wher
e ap
pro
pri
ate,
exper
ience
acq
uir
ed i
n t
he
appli
cati
on o
f th
e guid
elin
es r
efer
red to i
n p
arag
raph 5
, E
BA
may
dev
elop d
raft
reg
ula
tory
tec
hnic
al s
tandar
ds
spec
ifyin
g t
he
info
rmat
ion t
o b
e pro
vid
ed t
o t
he
com
pet
ent
auth
ori
ties
in t
he
appli
cati
on f
or
the
auth
ori
sati
on o
f pay
ment
inst
ituti
ons,
incl
udin
g t
he
requir
emen
ts l
aid d
ow
n i
n p
oin
ts (
a), (b
), (
c), (e
) an
d (
g)
to (
j) o
f par
agra
ph 1
.
Pow
er is
del
egat
ed to the
Com
mis
sion to a
dopt th
e re
gula
tory
tec
hnic
al s
tandar
ds
refe
rred
to i
n the
firs
t su
bpar
agra
ph i
n a
ccord
ance
wit
h
Art
icle
s 10 t
o 1
4 o
f R
egula
tion (
EU
) N
o 1
093/2
010.
No t
ransp
osi
tion r
equir
ed
7. T
he
info
rmat
ion r
efer
red t
o i
n p
arag
raph 4
shal
l be
noti
fied
to c
om
pet
ent
auth
ori
ties
in a
ccord
ance
wit
h p
arag
raph 1
. N
o t
ransp
osi
tion r
equir
ed
Art
icle
6
Con
trol
of
the
share
hold
ing
1.
A
ny n
atura
l or
legal
per
son w
ho h
as t
aken
a d
ecis
ion t
o a
cquir
e or
to f
urt
her
incr
ease
, dir
ectl
y o
r in
dir
ectl
y,
a qual
ifyin
g h
old
ing
wit
hin
the
mea
nin
g o
f poin
t (3
6)
of
Art
icle
4(1
)of
Reg
ula
tion (
EU
) N
o 5
75/2
013 i
n a
pay
men
t in
stit
uti
on,
as a
res
ult
of
whic
h t
he
pro
port
ion o
f th
e ca
pit
al o
r of
the
voti
ng r
ights
hel
d w
ould
rea
ch o
r ex
ceed
20 %
, 30 %
or
50 %
, or
so t
hat
the
pay
men
t in
stit
uti
on w
ould
bec
om
e it
s su
bsi
dia
ry,
shal
l in
form
the
com
pet
ent
auth
ori
ties
of
that
pay
men
t in
stit
uti
on i
n w
riti
ng o
f th
eir
inte
nti
on i
n a
dvan
ce.
The
sam
e ap
pli
es t
o a
ny n
atura
l or
legal
per
son w
ho h
as t
aken
a d
ecis
ion t
o d
ispose
, dir
ectl
y o
r in
dir
ectl
y,
of
a qual
ifyin
g h
old
ing,
or
to
reduce
its
qual
ifyin
g h
old
ing s
o t
hat
the
pro
port
ion o
f th
e ca
pit
al o
r of
the
voti
ng r
ights
hel
d w
ould
fal
l bel
ow
20 %
, 30 %
or
50 %
, or
so
that
the
pay
men
t in
stit
uti
on w
ould
cea
se t
o b
e it
s su
bsi
dia
ry.
FS
MA
Par
t 12 (
appli
ed b
y
PS
R S
ched
ule
2 p
ara
5)
2. T
he
pro
pose
d a
cquir
er o
f a
qual
ifyin
g h
old
ing s
hal
l su
pply
to t
he
com
pet
ent
auth
ori
ty i
nfo
rmat
ion i
ndic
atin
g t
he
size
of
the
inte
nded
hold
ing a
nd r
elev
ant
info
rmat
ion r
efer
red t
o i
n A
rtic
le 2
3(4
) of
Dir
ecti
ve
2013/3
6/E
U.
FS
MA
Par
t 12 (
appli
ed b
y
PS
R S
ched
ule
2 p
ara
5)
3.
M
ember
Sta
tes
shal
l re
quir
e th
at w
her
e th
e in
fluen
ce e
xer
cise
d b
y a
pro
pose
d a
cquir
er,
as r
efer
red t
o i
n p
arag
raph 2
is
likel
y t
o
oper
ate
to t
he
det
rim
ent
of
the
pru
den
t an
d s
ound m
anag
em
ent
of
the
pay
men
t in
stit
uti
on,
the
com
pet
ent
auth
ori
ties
shal
l ex
pre
ss t
hei
r
FS
MA
Par
t 12 (
appli
ed b
y
PS
R S
ched
ule
2 p
ara
5)
11
opposi
tion o
r ta
ke
oth
er a
ppro
pri
ate
mea
sure
s to
bri
ng t
hat
sit
uat
ion t
o a
n e
nd. S
uch
mea
sure
s m
ay i
ncl
ude
inju
nct
ions,
pen
alti
es a
gai
nst
dir
ecto
rs o
r th
e per
sons
resp
onsi
ble
for
the
man
agem
ent,
or
the
susp
ensi
on o
f th
e ex
erci
se o
f th
e voti
ng r
ights
att
ached
to t
he
shar
es h
eld
by t
he
shar
ehold
ers
or
mem
ber
s of
the
pay
men
t in
stit
uti
on i
n q
ues
tion.
Sim
ilar
mea
sure
s sh
all ap
ply
to n
atura
l or
legal
per
sons
who f
ail to
com
ply
wit
h t
he
obli
gat
ion to p
rovid
e pri
or
info
rmat
ion, as
lai
d d
ow
n
in t
his
Art
icle
.
4.
If
a h
old
ing i
s ac
quir
ed d
espit
e th
e opposi
tion o
f th
e co
mpet
ent
auth
ori
ties
, M
ember
Sta
tes
shal
l, r
egar
dle
ss o
f an
y o
ther
pen
alty
to
be
adopte
d,
pro
vid
e fo
r th
e ex
erci
se o
f th
e co
rres
pondin
g v
oti
ng r
ights
to b
e su
spen
ded
, th
e null
ity o
f vote
s ca
st o
r th
e poss
ibil
ity o
f
annull
ing t
hose
vote
s.
FS
MA
Par
t 12 (
appli
ed b
y
PS
R S
ched
ule
2 p
ara
5)
Art
icle
7
Init
ial
Cap
ital
Mem
ber
Sta
tes
shal
l re
quir
e pay
men
t in
stit
uti
ons
to h
old
, at
the
tim
e of
auth
ori
sati
on,
init
ial
capit
al,
com
pri
sed o
f one
or
more
of
the
item
s re
ferr
ed t
o i
n A
rtic
le 2
6(1
)(a)
to (
e) o
f R
egula
tion (
EU
) N
o 5
75/2
013 a
s fo
llow
s:
(a)
wher
e th
e pay
men
t in
stit
uti
on p
rovid
es o
nly
the
pay
men
t se
rvic
e as
ref
erre
d t
o i
n p
oin
t (6
) of
Annex
I,
its
capit
al s
hal
l at
no t
ime
be
less
than
EU
R 2
0 0
00;
(b)
wher
e th
e pay
men
t in
stit
uti
on p
rovid
es t
he
pay
men
t se
rvic
e as
ref
erre
d t
o i
n p
oin
t (7
) of
Annex
I,
its
capit
al s
hal
l at
no t
ime
be
less
than
EU
R 5
0 0
00;
(c)
wher
e th
e pay
men
t in
stit
uti
on p
rovid
es a
ny o
f th
e pay
men
t se
rvic
es a
s re
ferr
ed t
o i
n p
oin
ts (
1)
to (
5)
of
Annex
I,
its
capit
al s
hal
l at
no t
ime
be
less
than
EU
R 1
25 0
00.
PS
R r
eg.6
(3)
and
Sch
edule
3 p
aras
1&
2
Art
icle
8
Ow
n f
un
ds
1. T
he
pay
men
t in
stit
uti
on’s
ow
n f
unds,
shal
l not fa
ll b
elow
the
amount
of
init
ial ca
pit
al a
s re
ferr
ed to in A
rtic
le 7
or
the
amount
of
ow
n
funds
as c
alcu
late
d i
n a
ccord
ance
wit
h A
rtic
le 9
of
this
Dir
ecti
ve,
whic
hev
er i
s th
e hig
her
.
PS
R r
eg.2
2(1
)
2.
M
ember
Sta
tes
shal
l ta
ke
the
nec
essa
ry m
easu
res
to p
reven
t th
e m
ult
iple
use
of
elem
ents
eli
gib
le f
or
ow
n f
unds
wher
e th
e pay
men
t
inst
ituti
on b
elongs
to t
he
sam
e gro
up a
s an
oth
er p
aym
ent
inst
ituti
on,
cred
it i
nst
ituti
on,
inves
tmen
t fi
rm,
asse
t m
anag
em
ent
com
pan
y o
r
insu
rance
under
takin
g. T
his
par
agra
ph s
hal
l al
so a
pply
wher
e a
pay
men
t in
stit
uti
on h
as a
hybri
d c
har
acte
r an
d c
arri
es o
ut
acti
vit
ies
oth
er
than
pro
vid
ing p
aym
ent
serv
ices
.
PS
R r
eg.2
2(4
)
3. If
the
condit
ions
laid
dow
n i
n A
rtic
le 7
of
Reg
ula
tion (
EU
) N
o 5
75/2
013 a
re m
et, M
ember
Sta
tes
or
thei
r co
mpet
ent
auth
ori
ties
may
choose
not
to a
pply
Art
icle
9 o
f th
is D
irec
tive
to p
aym
ent
inst
ituti
ons
whic
h a
re i
ncl
uded
in t
he
conso
lidat
ed s
uper
vis
ion o
f th
e par
ent
cred
it i
nst
ituti
on p
urs
uan
t to
Dir
ecti
ve
2013/3
6/E
U.
PS
R r
eg.2
2(2
)(b)
Art
icle
9
Calc
ula
tion
of
ow
n f
un
ds
12
1.
N
otw
ithst
andin
g t
he
init
ial
capit
al r
equir
emen
ts s
et o
ut
in A
rtic
le 7
, M
ember
Sta
tes
shal
l re
quir
e pay
men
t in
stit
uti
ons,
exce
pt
those
off
erin
g o
nly
ser
vic
es a
s re
ferr
ed t
o i
n p
oin
t (7
) or
(8),
or
both
, of
Annex
I, to
hold
, at
all
tim
es, ow
n f
unds
calc
ula
ted i
n a
ccord
ance
wit
h
one
of
the
foll
ow
ing t
hre
e m
ethods,
as
det
erm
ined
by t
he
com
pet
ent
auth
ori
ties
in a
ccord
ance
wit
h n
atio
nal
leg
isla
tion:
M
ethod A
The
pay
men
t in
stit
uti
on’s
ow
n f
unds
shal
l am
ount to
at le
ast 10 %
of
its
fixed
over
hea
ds
of
the
pre
cedin
g y
ear.
The
com
pet
ent au
thori
ties
may a
dju
st t
hat
req
uir
emen
t in
the
even
t of
a m
ater
ial
chan
ge
in a
pay
men
t in
stit
uti
on’s
busi
nes
s si
nce
the
pre
cedin
g y
ear.
Wher
e a
pay
men
t in
stit
uti
on h
as n
ot
com
ple
ted a
full
yea
r’s
busi
nes
s at
the
dat
e of
the
calc
ula
tion,
the
requir
emen
t sh
all
be
that
its
ow
n f
unds
amount
to a
t le
ast
10 %
of
the
corr
espondin
g f
ixed
over
hea
ds
as p
roje
cted
in i
ts b
usi
nes
s pla
n,
unle
ss a
n a
dju
stm
ent
to t
hat
pla
n i
s
requir
ed b
y t
he
com
pet
ent
auth
ori
ties
.
M
ethod B
The
pay
men
t in
stit
uti
on’s
ow
n f
unds
shal
l am
ount to
at le
ast th
e su
m o
f th
e fo
llow
ing e
lem
ents
mult
ipli
ed b
y the
scal
ing f
acto
r k d
efin
ed
in p
arag
raph 2
, w
her
e pay
men
t volu
me
(PV
) re
pre
sents
one
twel
fth o
f th
e to
tal am
ount
of
pay
men
t tr
ansa
ctio
ns
exec
ute
d b
y the
pay
men
t
inst
ituti
on i
n t
he
pre
cedin
g y
ear:
(a)
4,0
% o
f th
e sl
ice
of
PV
up t
o E
UR
5 m
illi
on;
plu
s
(b)
2,5
% o
f th
e sl
ice
of
PV
above
EU
R 5
mil
lion u
p t
o E
UR
10 m
illi
on;
plu
s
(c)
1 %
of
the
slic
e of
PV
above
EU
R 1
0 m
illi
on u
p t
o E
UR
100 m
illi
on;
plu
s
(d)
0,5
% o
f th
e sl
ice
of
PV
above
EU
R 1
00 m
illi
on u
p t
o E
UR
250 m
illi
on;
plu
s
(e)
0,2
5 %
of
the
slic
e of
PV
above
EU
R 2
50 m
illi
on.
M
ethod C
The
pay
men
t in
stit
uti
on’s
ow
n f
unds
shal
l am
ount
to a
t le
ast
the
rele
van
t in
dic
ator
def
ined
in p
oin
t (a
), m
ult
ipli
ed b
y t
he
mult
ipli
cati
on
fact
or
def
ined
in p
oin
t (b
) an
d b
y t
he
scal
ing f
acto
r k d
efin
ed i
n p
arag
raph 2
.
(a)
The
rele
van
t in
dic
ator
is t
he
sum
of
the
foll
ow
ing:
(i)
inte
rest
inco
me;
(ii)
in
tere
st e
xpen
ses;
(iii
) co
mm
issi
ons
and f
ees
rece
ived
; an
d
(iv)
oth
er o
per
atin
g i
nco
me.
PS
R r
eg.2
2(1
) an
d (
2)(
a)
and S
ched
ule
2 p
aras
3 &
7-1
0
13
Eac
h e
lem
ent
shal
l be
incl
uded
in t
he
sum
wit
h i
ts p
osi
tive
or
neg
ativ
e si
gn.
Inco
me
from
extr
aord
inar
y o
r ir
regula
r it
ems
shal
l not
be
use
d i
n t
he
calc
ula
tion o
f th
e re
levan
t in
dic
ator.
Expen
dit
ure
on t
he
outs
ourc
ing o
f se
rvic
es r
ender
ed b
y t
hir
d p
arti
es m
ay r
educe
the
rele
van
t in
dic
ator
if t
he
expen
dit
ure
is
incu
rred
fro
m a
n u
nder
takin
g s
ubje
ct t
o s
uper
vis
ion u
nder
this
Dir
ecti
ve.
The
rele
van
t in
dic
ator
is c
alcu
late
d o
n the
bas
is o
f th
e 12-m
onth
ly o
bse
rvat
ion a
t th
e en
d o
f th
e pre
vio
us
finan
cial
yea
r. T
he
rele
van
t in
dic
ator
shal
l be
calc
ula
ted
over
the
pre
vio
us
finan
cial
yea
r. N
ever
thel
ess
ow
n f
unds
calc
ula
ted a
ccord
ing t
o M
ethod C
shal
l not
fall
bel
ow
80 %
of
the
aver
age
of
the
pre
vio
us
3 f
inan
cial
yea
rs f
or
the
rele
van
t in
dic
ator.
When
audit
ed f
igure
s ar
e not
avai
lable
, busi
nes
s es
tim
ates
may
be
use
d.
(b)
The
mult
ipli
cati
on f
acto
r sh
all
be:
(i)
10 %
of
the
slic
e of
the
rele
van
t in
dic
ator
up t
o E
UR
2,5
mil
lion;
(ii)
8 %
of
the
slic
e of
the
rele
van
t in
dic
ator
from
EU
R 2
,5 m
illi
on u
p t
o E
UR
5 m
illi
on;
(iii
) 6 %
of
the
slic
e of
the
rele
van
t in
dic
ator
from
EU
R 5
mil
lion u
p t
o E
UR
25 m
illi
on;
(iv)
3 %
of
the
slic
e of
the
rele
van
t in
dic
ator
from
EU
R 2
5 m
illi
on u
p t
o 5
0 m
illi
on;
(v)
1,5
% a
bove
EU
R 5
0 m
illi
on.
2. T
he
scal
ing f
acto
r k t
o b
e use
d i
n M
ethods
B a
nd C
shal
l be:
(a)
0,5
wher
e th
e pay
men
t in
stit
uti
on p
rovid
es o
nly
the
pay
men
t se
rvic
e as
ref
erre
d t
o i
n p
oin
t (6
) of
Annex
I;
(b)
1 w
her
e th
e pay
men
t in
stit
uti
on p
rovid
es a
ny o
f th
e pay
men
t se
rvic
es a
s re
ferr
ed t
o i
n a
ny o
f poin
ts (
1)
to (
5)
of
Annex
I.
PS
R S
ched
ule
2 p
ara
9(4
)
3.
T
he
com
pet
ent
auth
ori
ties
may
, bas
ed o
n a
n e
val
uat
ion o
f th
e ri
sk-m
anagem
ent
pro
cess
es,
risk
loss
dat
a bas
e an
d i
nte
rnal
contr
ol
mec
han
ism
s of
the
pay
men
t in
stit
uti
on, re
quir
e th
e pay
men
t in
stit
uti
on t
o h
old
an a
mount
of
ow
n f
unds
whic
h i
s up t
o 2
0 %
hig
her
than
the
amount
whic
h w
ould
res
ult
fro
m t
he
appli
cati
on o
f th
e m
ethod c
hose
n i
n a
ccord
ance
wit
h p
arag
raph 1
, or
per
mit
the
pay
men
t
inst
ituti
on t
o h
old
an a
mount
of
ow
n f
unds
whic
h i
s up t
o 2
0 %
low
er t
han
the
amount
whic
h w
ould
res
ult
fro
m t
he
appli
cati
on o
f th
e
met
hod c
hose
n i
n a
ccord
ance
wit
h p
arag
raph 1
.
PS
R S
ched
ule
2 p
aras
4-6
Art
icle
10
Safe
gu
ard
ing r
equ
irem
ents
1.
T
he
Mem
ber
Sta
tes
or
com
pet
ent
auth
ori
ties
shal
l re
quir
e a
pay
men
t in
stit
uti
on w
hic
h p
rovid
es p
aym
ent
serv
ices
as
refe
rred
to i
n
poin
ts (
1)
to (
6)
of
Annex
I t
o s
afeg
uar
d a
ll f
unds
whic
h h
ave
bee
n r
ecei
ved
fro
m t
he
pay
men
t se
rvic
e use
rs o
r th
rough a
noth
er p
aym
ent
serv
ice
pro
vid
er f
or
the
exec
uti
on o
f pay
men
t tr
ansa
ctio
ns,
in e
ither
of
the
foll
ow
ing w
ays:
PS
R r
eg.2
3(1
) an
d (
3)
(a)
funds
shal
l not
be
com
min
gle
d a
t an
y t
ime
wit
h t
he
funds
of
any n
atura
l or
legal
per
son o
ther
than
pay
men
t se
rvic
e use
rs o
n
whose
beh
alf
the
funds
are
hel
d a
nd, w
her
e th
ey a
re s
till
hel
d b
y t
he
pay
men
t in
stit
uti
on a
nd n
ot
yet
del
iver
ed t
o t
he
pay
ee o
r tr
ansf
erre
d
to a
noth
er p
aym
ent
serv
ice
pro
vid
er b
y t
he
end o
f th
e busi
nes
s day
foll
ow
ing t
he
day
when
the
funds
hav
e bee
n r
ecei
ved
, th
ey s
hal
l be
dep
osi
ted i
n a
sep
arat
e ac
count
in a
cre
dit
inst
ituti
on o
r in
ves
ted i
n s
ecure
, li
quid
low
-ris
k a
sset
s as
def
ined
by t
he
com
pet
ent
auth
ori
ties
PS
R r
eg.2
3(5
) to
(11)
and
(14)
to (
17)
14
of
the
hom
e M
ember
Sta
te; an
d they
shal
l be
insu
late
d in a
ccord
ance
wit
h n
atio
nal
law
in the
inte
rest
of
the
pay
men
t se
rvic
e use
rs a
gai
nst
the
clai
ms
of
oth
er c
redit
ors
of
the
pay
men
t in
stit
uti
on, in
par
ticu
lar
in t
he
even
t of
inso
lven
cy;
(b)
funds
shal
l be
cover
ed b
y a
n i
nsu
rance
poli
cy o
r so
me
oth
er c
om
par
able
guar
ante
e fr
om
an i
nsu
rance
com
pan
y o
r a
cred
it
inst
ituti
on, w
hic
h d
oes
not
bel
ong t
o t
he
sam
e gro
up a
s th
e pay
men
t in
stit
uti
on i
tsel
f, f
or
an a
mount
equiv
alen
t to
that
whic
h w
ould
hav
e bee
n s
egre
gat
ed i
n t
he
abse
nce
of
the
insu
rance
poli
cy o
r oth
er c
om
par
able
guar
ante
e, p
ayab
le i
n t
he
even
t th
at t
he
pay
men
t
inst
ituti
on i
s unab
le t
o m
eet
its
finan
cial
obli
gat
ions.
PS
R r
eg.2
3(1
2)
to (
17)
2.
W
her
e a
pay
men
t in
stit
uti
on i
s re
quir
ed t
o s
afeg
uar
d f
unds
under
par
agra
ph 1
and a
port
ion o
f th
ose
funds
is t
o b
e use
d f
or
futu
re
pay
men
t tr
ansa
ctio
ns
wit
h t
he
rem
ainin
g a
mount
to b
e use
d f
or
non-p
aym
ent
serv
ices
, th
at p
ort
ion o
f th
e fu
nds
to b
e use
d f
or
futu
re
pay
men
t tr
ansa
ctio
ns
shal
l al
so b
e su
bje
ct t
o t
he
requir
emen
ts o
f par
agra
ph 1
. W
her
e th
at p
ort
ion i
s var
iable
or
not
know
n i
n a
dvan
ce,
Mem
ber
Sta
tes
shal
l al
low
pay
men
t in
stit
uti
ons
to a
pply
this
par
agra
ph o
n t
he
bas
is o
f a
repre
senta
tive
port
ion a
ssum
ed t
o b
e use
d f
or
pay
men
t se
rvic
es p
rovid
ed s
uch
a r
epre
senta
tive
port
ion c
an b
e re
asonab
ly e
stim
ated
on t
he
bas
is o
f his
tori
cal
dat
a to
the
sati
sfac
tion o
f
the
com
pet
ent
auth
ori
ties
.
PS
R r
eg.2
3(2
)
Art
icle
11
Gra
nti
ng o
f au
thori
sati
on
1. M
ember
Sta
tes
shal
l re
quir
e under
takin
gs
oth
er t
han
those
ref
erre
d t
o i
n p
oin
ts (
a), (b
), (
c), (e
) an
d (
f) o
f A
rtic
le 1
(1)
and o
ther
than
nat
ura
l or
legal
per
sons
ben
efit
ing f
rom
an e
xem
pti
on p
urs
uan
t to
Art
icle
32 o
r 33,
who i
nte
nd t
o p
rovid
e pay
men
t se
rvic
es,
to o
bta
in
auth
ori
sati
on a
s a
pay
men
t in
stit
uti
on b
efore
com
men
cing t
he
pro
vis
ion o
f pay
ment
serv
ices
. A
n a
uth
ori
sati
on s
hal
l only
be
gra
nte
d t
o a
legal
per
son e
stab
lish
ed i
n a
Mem
ber
Sta
te.
PS
R r
egs
6(4
) an
d 1
38
2.
C
om
pet
ent
auth
ori
ties
shal
l gra
nt
an a
uth
ori
sati
on i
f th
e in
form
atio
n a
nd e
vid
ence
acc
om
pan
yin
g t
he
appli
cati
on c
om
pli
es w
ith a
ll
of
the
requir
emen
ts l
aid d
ow
n i
n A
rtic
le 5
and i
f th
e co
mpet
ent
auth
ori
ties
’ over
all
asse
ssm
ent,
hav
ing s
cruti
nis
ed t
he
appli
cati
on,
is
favoura
ble
. B
efore
gra
nti
ng a
n a
uth
ori
sati
on,
the
com
pet
ent
auth
ori
ties
may
, w
her
e re
levan
t, c
onsu
lt t
he
nat
ional
cen
tral
ban
k o
r oth
er
rele
van
t publi
c au
thori
ties
.
PS
R r
eg.6
(2)
3.
A
pay
men
t in
stit
uti
on w
hic
h,
under
the
nat
ional
law
of
its
hom
e M
ember
Sta
te i
s re
quir
ed t
o h
ave
a re
gis
tere
d o
ffic
e, s
hal
l hav
e it
s
hea
d o
ffic
e in
the
sam
e M
ember
Sta
te a
s it
s re
gis
tere
d o
ffic
e an
d s
hal
l ca
rry o
ut
at l
east
par
t of
its
pay
men
t se
rvic
e busi
nes
s th
ere.
PS
R r
eg.6
(4)
and (
5)
4.
T
he
com
pet
ent
auth
ori
ties
shal
l gra
nt
an a
uth
ori
sati
on o
nly
if,
tak
ing i
nto
acc
ount
the
nee
d t
o e
nsu
re t
he
sound a
nd p
ruden
t
man
agem
ent
of
a pay
men
t in
stit
uti
on,
the
pay
men
t in
stit
uti
on h
as r
obust
gover
nan
ce a
rran
gem
ents
for
its
pay
men
t se
rvic
es b
usi
nes
s,
whic
h i
ncl
ude
a cl
ear
org
anis
atio
nal
str
uct
ure
wit
h w
ell-
def
ined
, tr
ansp
aren
t an
d c
onsi
sten
t li
nes
of
resp
onsi
bil
ity,
effe
ctiv
e pro
cedure
s
to iden
tify
, m
anag
e, m
onit
or
and r
eport
the
risk
s to
whic
h it is
or
mig
ht
be
expose
d, an
d a
deq
uat
e in
tern
al c
ontr
ol
mec
han
ism
s, i
ncl
udin
g
sound
adm
inis
trat
ive
and
acco
unti
ng
pro
cedure
s;
those
ar
rangem
ents
, pro
cedure
s an
d
mec
han
ism
s sh
all
be
com
pre
hen
sive
and
pro
port
ionat
e to
the
nat
ure
, sc
ale
and c
om
ple
xit
y o
f th
e pay
men
t se
rvic
es p
rovid
ed b
y t
he
pay
men
t in
stit
uti
on.
PS
R r
eg.6
(6)
5. W
her
e a
pay
men
t in
stit
uti
on p
rovid
es a
ny o
f th
e pay
men
t se
rvic
es a
s re
ferr
ed to i
n p
oin
ts (
1)
to (
7)
of
Annex
I a
nd, at
the
sam
e ti
me,
is e
ngag
ed i
n o
ther
busi
nes
s ac
tivit
ies,
the
com
pet
ent
auth
ori
ties
may
req
uir
e th
e es
tabli
shm
ent
of
a se
par
ate
enti
ty f
or
the
pay
men
t
serv
ices
busi
nes
s, w
her
e th
e non-p
aym
ent
serv
ices
act
ivit
ies
of
the
pay
men
t in
stit
uti
on i
mpai
r or
are
likel
y t
o i
mpai
r ei
ther
the
finan
cial
PS
R r
eg.7
(4)
15
soundnes
s of
the
pay
men
t in
stit
uti
on o
r th
e ab
ilit
y o
f th
e co
mpet
ent
auth
ori
ties
to m
onit
or
the
pay
men
t in
stit
uti
on’s
com
pli
ance
wit
h a
ll
obli
gat
ions
laid
dow
n b
y t
his
Dir
ecti
ve.
6.
T
he
com
pet
ent
auth
ori
ties
shal
l re
fuse
to g
rant
an a
uth
ori
sati
on i
f, t
akin
g i
nto
acc
ount
the
nee
d t
o e
nsu
re t
he
sound a
nd p
ruden
t
man
agem
ent
of
a pay
men
t in
stit
uti
on,
they
are
not
sati
sfie
d a
s to
the
suit
abil
ity o
f th
e sh
areh
old
ers
or
mem
ber
s th
at h
ave
qual
ifyin
g
hold
ings.
PS
R r
eg.6
(7)(
a) a
nd (
b)
7. W
her
e cl
ose
lin
ks
as d
efin
ed i
n p
oin
t (3
8)
of
Art
icle
4(1
) of
Reg
ula
tion (
EU
) N
o 5
75/2
013 e
xis
t bet
wee
n t
he
pay
men
t in
stit
uti
on a
nd
oth
er n
atura
l or
legal
per
sons,
the
com
pet
ent
auth
ori
ties
shal
l gra
nt
an a
uth
ori
sati
on o
nly
if
those
lin
ks
do n
ot
pre
ven
t th
e ef
fect
ive
exer
cise
of
thei
r su
per
vis
ory
funct
ions.
PS
R r
eg.6
(9)(
a) a
nd (
10)
8.
T
he
com
pet
ent
auth
ori
ties
shal
l gra
nt
an a
uth
ori
sati
on o
nly
if
the
law
s, r
egula
tions
or
adm
inis
trat
ive
pro
vis
ions
of
a th
ird c
ountr
y
go
ver
nin
g o
ne
or
more
nat
ura
l or
legal
per
sons
wit
h w
hic
h t
he
pay
men
t in
stit
uti
on h
as c
lose
lin
ks,
or
dif
ficu
ltie
s in
volv
ed i
n t
he
enfo
rcem
ent
of
those
law
s, r
egula
tions
or
adm
inis
trat
ive
pro
vis
ions,
do n
ot
pre
ven
t th
e ef
fect
ive
exer
cise
of
thei
r su
per
vis
ory
funct
ions.
PS
R r
eg.6
(9)(
b)
and (
10)
9.
An a
uth
ori
sati
on s
hal
l be
val
id in a
ll M
ember
Sta
tes
and s
hal
l al
low
the
pay
men
t in
stit
uti
on c
once
rned
to p
rovid
e th
e pay
men
t se
rvic
es
that
are
cover
ed b
y t
he
auth
ori
sati
on t
hro
ughout
the
Unio
n, purs
uan
t to
the
free
dom
to p
rovid
e se
rvic
es o
r th
e fr
eedom
of
esta
bli
shm
ent.
PS
R r
eg.1
38
Art
icle
12
Com
mu
nic
ati
on
of
the
dec
isio
n
Wit
hin
3 m
onth
s of
rece
ipt
of
an a
ppli
cati
on o
r, i
f th
e ap
pli
cati
on i
s in
com
ple
te,
of
all
of
the
info
rmat
ion r
equir
ed f
or
the
dec
isio
n,
the
com
pet
ent
auth
ori
ties
shal
l in
form
the
appli
cant
whet
her
the
auth
ori
sati
on i
s gra
nte
d o
r re
fuse
d.
The
com
pet
ent
auth
ori
ty s
hal
l giv
e
reas
ons
wher
e it
ref
use
s an
auth
ori
sati
on.
PS
R r
eg.9
Art
icle
13
Wit
hd
raw
al
of
au
thori
sati
on
1. T
he
com
pet
ent
auth
ori
ties
may
wit
hdra
w a
n a
uth
ori
sati
on i
ssued
to a
pay
men
t in
stit
uti
on o
nly
if
the
inst
ituti
on:
PS
R r
eg.1
0(1
)
(a)
does
not
mak
e use
of
the
auth
ori
sati
on w
ithin
12 m
onth
s, e
xpre
ssly
ren
ounce
s th
e au
thori
sati
on o
r has
cea
sed t
o e
ngag
e in
busi
nes
s fo
r m
ore
than
6 m
onth
s, i
f th
e M
ember
Sta
te c
once
rned
has
mad
e no p
rovis
ion f
or
the
auth
ori
sati
on t
o l
apse
in s
uch
cas
es;
PS
R r
eg.1
0(1
)(a)
, (b
) an
d
(c)
(b)
has
obta
ined
the
auth
ori
sati
on t
hro
ugh f
alse
sta
tem
ents
or
any o
ther
irr
egula
r m
eans;
P
SR
reg
.10(1
)(d)
(c)
no l
onger
mee
ts t
he
condit
ions
for
gra
nti
ng t
he
auth
ori
sati
on o
r fa
ils
to i
nfo
rm t
he
com
pet
ent
auth
ori
ty o
n m
ajor
dev
elopm
ents
in t
his
res
pec
t;
PS
R r
eg.1
0(1
)(e)
(d)
would
const
itute
a t
hre
at t
o t
he
stab
ilit
y o
f or
the
trust
in t
he
pay
men
t sy
stem
by c
onti
nuin
g i
ts p
aym
ent
serv
ices
busi
nes
s; o
r P
SR
reg
.10(1
)(g)
(e)
fall
s w
ithin
one
of
the
oth
er c
ases
wher
e nat
ional
law
pro
vid
es f
or
wit
hdra
wal
of
an a
uth
ori
sati
on.
PS
R r
eg.1
0(1
)(f)
, (h
) an
d
(i)
2. T
he
com
pet
ent
auth
ori
ty s
hal
l giv
e re
asons
for
any w
ithdra
wal
of
an a
uth
ori
sati
on a
nd s
hal
l in
form
those
conce
rned
acc
ord
ingly
. P
SR
reg
.10(2
) an
d (
3)
3. T
he
com
pet
ent au
thori
ty s
hal
l m
ake
publi
c th
e w
ithdra
wal
of
an a
uth
ori
sati
on, in
cludin
g i
n the
regis
ters
ref
erre
d t
o i
n A
rtic
les
14 a
nd
15.
PS
R r
eg.1
0(5
)
A
rtic
le 1
4
Reg
istr
ati
on
in
th
e h
om
e M
emb
er S
tate
16
1. M
ember
Sta
tes
shal
l es
tabli
sh a
publi
c re
gis
ter
in w
hic
h t
he
foll
ow
ing a
re e
nte
red:
(a)
auth
ori
sed p
aym
ent
inst
ituti
ons
and t
hei
r ag
ents
;
(b)
nat
ura
l an
d l
egal
per
sons
ben
efit
ing f
rom
an e
xem
pti
on p
urs
uan
t to
Art
icle
32 o
r 33, an
d t
hei
r ag
ents
; an
d
(c)
the
inst
ituti
ons
refe
rred
to i
n A
rtic
le 2
(5)
that
are
enti
tled
under
nat
ional
law
to p
rovid
e pay
men
t se
rvic
es.
Bra
nch
es o
f pay
men
t in
stit
uti
ons
shal
l be
ente
red i
n t
he
regis
ter
of
the
hom
e M
ember
Sta
te i
f th
ose
bra
nch
es p
rovid
e se
rvic
es i
n a
Mem
ber
Sta
te o
ther
than
thei
r hom
e M
ember
Sta
te.
PS
R r
eg.4
(1)
2.
T
he
publi
c re
gis
ter
shal
l id
enti
fy t
he
pay
men
t se
rvic
es f
or
whic
h t
he
pay
ment
inst
ituti
on i
s au
thori
sed o
r fo
r w
hic
h t
he
nat
ura
l or
legal
per
son h
as b
een r
egis
tere
d. A
uth
ori
sed p
aym
ent
inst
ituti
ons
shal
l be
list
ed i
n t
he
regis
ter
separ
atel
y f
rom
nat
ura
l an
d l
egal
per
sons
ben
efit
ing f
rom
an e
xem
pti
on p
urs
uan
t to
Art
icle
32 o
r 33.
The
regis
ter
shal
l be
publi
cly a
vai
lable
for
consu
ltat
ion,
acce
ssib
le o
nli
ne,
and u
pdat
ed w
ithout
del
ay.
PS
R r
eg.4
(1)&
(4)(
b)
and
(5)(
a)&
(d)
3. C
om
pet
ent au
thori
ties
shal
l en
ter
in the
publi
c re
gis
ter
any w
ithdra
wal
of
auth
ori
sati
on a
nd a
ny w
ithdra
wal
of
an e
xem
pti
on p
urs
uan
t
to A
rtic
le 3
2 o
r 33.
PS
R r
eg.4
(5)(
b)
4.
C
om
pet
ent
auth
ori
ties
shal
l noti
fy E
BA
of
the
reas
ons
for
the
wit
hdra
wal
of
any a
uth
ori
sati
on a
nd o
f an
y e
xem
pti
on p
urs
uan
t to
Art
icle
32 o
r 33
PS
R r
eg.4
(6)
Art
icle
15
EB
A r
egis
ter
1.
E
BA
shal
l dev
elop,
oper
ate
and m
ainta
in a
n e
lect
ronic
, ce
ntr
al r
egis
ter
that
conta
ins
the
info
rmat
ion a
s noti
fied
by t
he
com
pet
ent
auth
ori
ties
in a
ccord
ance
wit
h p
arag
raph 2
. E
BA
shal
l be
resp
onsi
ble
for
the
accu
rate
pre
senta
tion o
f th
at i
nfo
rmat
ion.
EB
A s
hal
l m
ake
the
regis
ter
publi
cly a
vai
lable
on i
ts w
ebsi
te,
and s
hal
l al
low
for
easy
acc
ess
to a
nd e
asy s
earc
h f
or
the
info
rmat
ion
list
ed, fr
ee o
f ch
arge.
Tra
nsp
osi
tion n
ot
requir
ed
2. C
om
pet
ent
auth
ori
ties
shal
l, w
ithout
del
ay, noti
fy E
BA
of
the
info
rmat
ion e
nte
red i
n t
hei
r publi
c re
gis
ters
as
refe
rred
to i
n A
rtic
le 1
4
in a
lan
guag
e cu
stom
ary i
n t
he
fiel
d o
f fi
nan
ce.
PS
R r
eg.4
(6)
3.
C
om
pet
ent
auth
ori
ties
shal
l be
resp
onsi
ble
for
the
accu
racy
of
the
info
rmat
ion s
pec
ifie
d i
n p
arag
raph 2
and f
or
kee
pin
g t
hat
info
rmat
ion u
p-t
o-d
ate.
PS
R r
eg.4
(6)
4.
E
BA
shal
l dev
elop d
raft
reg
ula
tory
tec
hnic
al s
tandar
ds
sett
ing t
echnic
al r
equir
emen
ts o
n d
evel
opm
ent,
oper
atio
n a
nd m
ainte
nan
ce
of
the
elec
tronic
cen
tral
reg
iste
r an
d o
n a
cces
s to
the
info
rmat
ion c
onta
ined
ther
ein.
The
tech
nic
al r
equir
emen
ts s
hal
l en
sure
that
modif
icat
ion o
f th
e in
form
atio
n i
s only
poss
ible
by t
he
com
pet
ent
auth
ori
ty a
nd E
BA
.
EB
A s
hal
l su
bm
it t
hose
dra
ft r
egula
tory
tec
hnic
al s
tandar
ds
to t
he
Com
mis
sion b
y 1
3 J
anuar
y 2
018.
Pow
er is
del
egat
ed to the
Com
mis
sion to a
dopt th
e re
gula
tory
tec
hnic
al s
tandar
ds
refe
rred
to i
n the
firs
t su
bpar
agra
ph i
n a
ccord
ance
wit
h
Art
icle
s 10 t
o 1
4 o
f R
egula
tion (
EU
) N
o 1
093/2
010.
Tra
nsp
osi
tion n
ot
requir
ed
5.
E
BA
shal
l dev
elop d
raft
im
ple
men
ting t
echnic
al s
tandar
ds
on t
he
det
ails
and s
truct
ure
of
the
info
rmat
ion t
o b
e noti
fied
purs
uan
t to
par
agra
ph 1
, in
cludin
g t
he
com
mon f
orm
at a
nd m
odel
in w
hic
h t
his
info
rmat
ion i
s to
be
pro
vid
ed.
EB
A s
hal
l su
bm
it t
hose
dra
ft i
mple
men
ting t
echnic
al s
tandar
ds
to t
he
Com
mis
sion b
y 1
3 J
uly
2017.
Tra
nsp
osi
tion n
ot
requir
ed
17
Pow
er i
s co
nfe
rred
on t
he
Com
mis
sion t
o a
dopt
the
imple
men
ting t
echnic
al s
tandar
ds
refe
rred
to i
n t
he
firs
t su
bpar
agra
ph i
n a
ccord
ance
wit
h A
rtic
le 1
5 o
f R
egula
tion (
EU
) N
o 1
093/2
010.
Art
icle
16
Main
ten
an
ce o
f au
thori
sati
on
Wher
e an
y c
han
ge
affe
cts
the
accu
racy
of
info
rmat
ion a
nd e
vid
ence
pro
vid
ed in a
ccord
ance
wit
h A
rtic
le 5
, th
e pay
men
t in
stit
uti
on s
hal
l,
wit
hout
undue
del
ay, in
form
the
com
pet
ent
auth
ori
ties
of
its
hom
e M
ember
Sta
te a
ccord
ingly
.
PS
R r
eg.2
0 a
nd 3
7
Art
icle
17
Acc
ou
nti
ng a
nd
sta
tuto
ry a
ud
it
1.
D
irec
tives
86/6
35/E
EC
and 2
013/3
4/E
U,
and R
egula
tion (
EC
) N
o 1
606/2
002 o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l, s
hal
l
apply
to p
aym
ent
inst
ituti
ons
muta
tis
muta
ndis
.
No a
ddit
ional
tran
sposi
tion n
eeded
for
pay
men
t in
stit
uti
ons
2.
U
nle
ss e
xem
pte
d u
nder
Dir
ecti
ve
2013/3
4/E
U a
nd,
wher
e ap
pli
cable
, D
irec
tive
86/6
35/E
EC
, th
e an
nual
acc
ounts
and c
onso
lidat
ed
acco
unts
of
pay
men
t in
stit
uti
ons
shal
l be
audit
ed b
y s
tatu
tory
audit
ors
or
audit
fir
ms
wit
hin
the
mea
nin
g o
f D
irec
tive
2006/4
3/E
C.
No a
ddit
ional
tran
sposi
tion n
eeded
for
pay
men
t in
stit
uti
ons
3. F
or
super
vis
ory
purp
ose
s, M
ember
Sta
tes
shal
l re
quir
e th
at p
aym
ent in
stit
uti
ons
pro
vid
e se
par
ate
acco
unti
ng info
rmat
ion f
or
pay
men
t
serv
ices
and a
ctiv
itie
s re
ferr
ed t
o i
n A
rtic
le 1
8(1
), w
hic
h s
hal
l be
subje
ct t
o a
n a
udit
or’
s re
port
. T
hat
rep
ort
shal
l be
pre
par
ed,
wher
e
appli
cable
, by t
he
stat
uto
ry a
udit
ors
or
an a
udit
fir
m.
PS
R r
eg.2
4(1
) an
d (
2)
4. T
he
obli
gat
ions
esta
bli
shed
in A
rtic
le 6
3 o
f D
irec
tive
2013/3
6/E
U s
hal
l ap
ply
muta
tis
muta
ndis
to the
stat
uto
ry a
udit
ors
or
audit
fir
ms
of
pay
men
t in
stit
uti
ons
in r
espec
t of
pay
men
t se
rvic
es a
ctiv
itie
s.
PS
R r
eg.2
4(3
) an
d (
4)
Art
icle
18
Act
ivit
ies
1. A
par
t fr
om
the
pro
vis
ion o
f pay
men
t se
rvic
es, pay
men
t in
stit
uti
ons
shal
l be
enti
tled
to e
ngag
e in
the
foll
ow
ing a
ctiv
itie
s:
(a)
the
pro
vis
ion o
f oper
atio
nal
and c
lose
ly r
elat
ed a
nci
llar
y s
ervic
es s
uch
as
ensu
ring the
exec
uti
on o
f pay
men
t tr
ansa
ctio
ns,
fore
ign
exch
ange
serv
ices
, sa
fekee
pin
g a
ctiv
itie
s, a
nd t
he
stora
ge
and p
roce
ssin
g o
f dat
a;
(b)
the
oper
atio
n o
f pay
men
t sy
stem
s, w
ithout
pre
judic
e to
Art
icle
35;
(c)
busi
nes
s ac
tivit
ies
oth
er t
han
the
pro
vis
ion o
f pay
men
t se
rvic
es, hav
ing r
egar
d t
o a
ppli
cable
Unio
n a
nd n
atio
nal
law
.
PS
R r
eg.3
2(1
)
2.
W
her
e pay
men
t in
stit
uti
ons
engag
e in
the
pro
vis
ion o
f one
or
more
pay
men
t se
rvic
es,
they
may
hold
only
pay
men
t ac
counts
whic
h
are
use
d e
xcl
usi
vel
y f
or
pay
men
t tr
ansa
ctio
ns.
PS
R r
eg.3
3
3.
A
ny f
unds
rece
ived
by p
aym
ent
inst
ituti
ons
from
pay
men
t se
rvic
e use
rs w
ith a
vie
w t
o t
he
pro
vis
ion o
f pay
men
t se
rvic
es s
hal
l not
const
itute
a d
eposi
t or
oth
er r
epay
able
funds
wit
hin
the
mea
nin
g o
f A
rtic
le 9
of
Dir
ecti
ve
2013/3
6/E
U, or
elec
tronic
money
as
def
ined
in
poin
t (2
) of
Art
icle
2 o
f D
irec
tive
2009/1
10/E
C.
RA
O a
rt.6
0JA
& 6
0JB
EM
R r
eg.2
(1)
“ele
ctro
nic
money”
4.
P
aym
ent
inst
ituti
ons
may
gra
nt
cred
it r
elat
ing t
o p
aym
ent
serv
ices
as
refe
rred
to i
n p
oin
t (4
) or
(5)
of
Annex
I o
nly
if
all
of
the
foll
ow
ing c
ondit
ions
are
met
:
(a)
the
cred
it s
hal
l be
anci
llar
y a
nd g
rante
d e
xcl
usi
vel
y i
n c
onnec
tion w
ith t
he
exec
uti
on o
f a
pay
men
t tr
ansa
ctio
n;
PS
R r
eg.3
2(2
)
18
(b)
notw
ithst
andin
g n
atio
nal
rule
s on p
rovid
ing c
redit
by c
redit
car
ds,
the
cred
it g
rante
d i
n c
onnec
tion w
ith a
pay
men
t an
d e
xec
ute
d
in a
ccord
ance
wit
h A
rtic
le 1
1(9
) an
d A
rtic
le 2
8 s
hal
l be
repai
d w
ithin
a s
hort
per
iod w
hic
h s
hal
l in
no c
ase
exce
ed 1
2 m
onth
s;
(c)
such
cre
dit
shal
l not
be
gra
nte
d f
rom
the
funds
rece
ived
or
hel
d f
or
the
purp
ose
of
exec
uti
ng a
pay
men
t tr
ansa
ctio
n;
(d)
the
ow
n f
unds
of
the
pay
ment
inst
ituti
on s
hal
l at
all
tim
es a
nd t
o t
he
sati
sfac
tion o
f th
e su
per
vis
ory
auth
ori
ties
be
appro
pri
ate
in
vie
w o
f th
e over
all
amount
of
cred
it g
rante
d.
5.
P
aym
ent
inst
ituti
ons
shal
l not
conduct
the
busi
nes
s of
takin
g d
eposi
ts o
r oth
er r
epay
able
funds
wit
hin
the
mea
nin
g o
f A
rtic
le 9
of
Dir
ecti
ve
2013/3
6/E
U.
FS
MA
s.1
9 a
nd R
AO
art.
5
6.
This
Dir
ecti
ve
shal
l be
wit
hout pre
judic
e to
Dir
ecti
ve
2008/4
8/E
C, o
ther
rel
evan
t U
nio
n law
or
nat
ional
mea
sure
s re
gar
din
g c
ondit
ions
for
gra
nti
ng c
redit
to c
onsu
mer
s not
har
monis
ed b
y t
his
Dir
ecti
ve
that
com
ply
wit
h U
nio
n l
aw.
PS
R r
egs
41 a
nd 6
3
Sec
tion
2
Oth
er r
equ
irem
ents
Art
icle
19
Use
of
agen
ts, b
ran
ches
or
enti
ties
to w
hic
h a
ctiv
itie
s are
ou
tsou
rced
1.
W
her
e a
pay
men
t in
stit
uti
on i
nte
nds
to p
rovid
e pay
men
t se
rvic
es t
hro
ugh a
n a
gen
t it
shal
l co
mm
unic
ate
the
foll
ow
ing i
nfo
rmat
ion
to t
he
com
pet
ent
auth
ori
ties
in i
ts h
om
e M
ember
Sta
te:
(a)
the
nam
e an
d a
ddre
ss o
f th
e ag
ent;
(b)
a des
crip
tion o
f th
e in
tern
al c
ontr
ol
mec
han
ism
s th
at w
ill
be
use
d b
y t
he
agen
t in
ord
er to c
om
ply
wit
h t
he
obli
gat
ions
in r
elat
ion
to m
oney
lau
nder
ing a
nd ter
rori
st f
inan
cing u
nder
Dir
ecti
ve
(EU
) 2015/8
49, to
be
updat
ed w
ithout del
ay i
n t
he
even
t of
mat
eria
l ch
anges
to t
he
par
ticu
lars
com
munic
ated
at
the
init
ial
noti
fica
tion;
(c)
the
iden
tity
of
dir
ecto
rs a
nd p
erso
ns
resp
onsi
ble
for
the
man
agem
ent
of
the
agen
t to
be
use
d i
n the
pro
vis
ion o
f pay
men
t se
rvic
es
and, fo
r ag
ents
oth
er t
han
pay
men
t se
rvic
e pro
vid
ers,
evid
ence
that
they
are
fit
and p
roper
per
sons;
(d)
the
pay
men
t se
rvic
es o
f th
e pay
men
t in
stit
uti
on f
or
whic
h t
he
agen
t is
man
dat
ed;
and
(e)
wher
e ap
pli
cable
, th
e uniq
ue
iden
tifi
cati
on c
ode
or
num
ber
of
the
agen
t.
PS
R r
eg.3
4(3
)
2.
W
ithin
2 m
onth
s of
rece
ipt
of
the
info
rmat
ion r
efer
red t
o i
n p
arag
raph 1
, th
e co
mpet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te s
hal
l
com
munic
ate
to t
he
pay
men
t in
stit
uti
on w
het
her
the
agen
t has
bee
n e
nte
red i
n t
he
regis
ter
pro
vid
ed f
or
in A
rtic
le 1
4.
Upon e
ntr
y i
n t
he
regis
ter,
the
agen
t m
ay c
om
men
ce p
rovid
ing p
aym
ent
serv
ices
.
PS
R r
eg.3
4(1
) an
d (
11)(
a)
3.
B
efore
lis
ting t
he
agen
t in
the
regis
ter,
the
com
pet
ent
auth
ori
ties
shal
l, i
f th
ey c
onsi
der
that
the
info
rmat
ion p
rovid
ed t
o t
hem
is
inco
rrec
t, t
ake
furt
her
act
ion t
o v
erif
y t
he
info
rmat
ion.
PS
R r
eg.3
4(5
)
4.
If
, af
ter
takin
g a
ctio
n t
o v
erif
y t
he
info
rmat
ion,
the
com
pet
ent
auth
ori
ties
are
not
sati
sfie
d t
hat
the
info
rmat
ion p
rovid
ed t
o t
hem
purs
uan
t to
par
agra
ph 1
is
corr
ect,
they
shal
l re
fuse
to lis
t th
e ag
ent in
the
regis
ter
pro
vid
ed f
or
in A
rtic
le 1
4 a
nd s
hal
l in
form
the
pay
men
t
inst
ituti
on w
ithout
undue
del
ay.
PS
R r
eg.3
4(7
)(a)
and (
8)
5. If
the
pay
men
t in
stit
uti
on w
ishes
to p
rovid
e pay
men
t se
rvic
es i
n a
noth
er M
ember
Sta
te b
y e
ngag
ing a
n a
gen
t or
esta
bli
shin
g a
bra
nch
it s
hal
l fo
llow
the
pro
cedure
s se
t out
in A
rtic
le 2
8.
PS
R r
eg.2
7(1
)(d)
19
6. W
her
e a
pay
men
t in
stit
uti
on i
nte
nds
to o
uts
ourc
e oper
atio
nal
funct
ions
of
pay
men
t se
rvic
es, it
shal
l in
form
the
com
pet
ent au
thori
ties
of
its
hom
e M
ember
Sta
te a
ccord
ingly
.
PS
R r
eg.2
5(1
)
Outs
ourc
ing o
f im
port
ant
oper
atio
nal
funct
ions,
incl
udin
g I
T s
yst
ems,
shal
l not
be
under
taken
in s
uch
way
as
to i
mpai
r m
ater
iall
y t
he
qual
ity o
f th
e pay
men
t in
stit
uti
on’s
inte
rnal
contr
ol
and t
he
abil
ity o
f th
e co
mpet
ent
auth
ori
ties
to m
onit
or
and r
etra
ce t
he
pay
men
t
inst
ituti
on’s
com
pli
ance
wit
h a
ll o
f th
e obli
gat
ions
laid
dow
n i
n t
his
Dir
ecti
ve.
For
the
purp
ose
s of
the
seco
nd s
ubpar
agra
ph,
an o
per
atio
nal
funct
ion s
hal
l be
regar
ded
as
import
ant
if a
def
ect
or
fail
ure
in i
ts
per
form
ance
would
mat
eria
lly i
mpai
r th
e co
nti
nuin
g c
om
pli
ance
of
a pay
men
t in
stit
uti
on w
ith t
he
requir
emen
ts o
f it
s au
thori
sati
on
reques
ted p
urs
uan
t to
this
Tit
le, it
s oth
er o
bli
gat
ions
under
this
Dir
ecti
ve,
its
fin
anci
al p
erfo
rman
ce, or
the
soundnes
s or
the
conti
nuit
y o
f
its
pay
men
t se
rvic
es. M
ember
Sta
tes
shal
l en
sure
that
when
pay
men
t in
stit
uti
ons
outs
ourc
e im
port
ant
oper
atio
nal
funct
ions,
the
pay
men
t
inst
ituti
ons
mee
t th
e fo
llow
ing c
ondit
ions:
(a)
the
outs
ourc
ing s
hal
l not
resu
lt i
n t
he
del
egat
ion b
y s
enio
r m
anag
emen
t of
its
resp
onsi
bil
ity;
(b)
the
rela
tionsh
ip a
nd o
bli
gat
ions
of
the
pay
men
t in
stit
uti
on t
ow
ards
its
pay
men
t se
rvic
e use
rs u
nder
this
Dir
ecti
ve
shal
l not
be
alte
red;
(c)
the
condit
ions
wit
h w
hic
h t
he
pay
men
t in
stit
uti
on i
s to
com
ply
in o
rder
to b
e au
thori
sed a
nd r
emai
n s
o i
n a
ccord
ance
wit
h t
his
Tit
le s
hal
l not
be
under
min
ed;
(d)
none
of
the
oth
er c
ondit
ions
subje
ct t
o w
hic
h t
he
pay
men
t in
stit
uti
on’s
auth
ori
sati
on w
as g
rante
d s
hal
l be
rem
oved
or
modif
ied.
PS
R r
eg.2
5(2
) an
d (
3)
7. P
aym
ent
inst
ituti
ons
shal
l en
sure
that
agen
ts o
r bra
nch
es a
ctin
g o
n t
hei
r beh
alf
info
rm p
aym
ent
serv
ice
use
rs o
f th
is f
act.
P
SR
reg
.34(1
6)
and
Sch
edule
2 p
ara
1(c
)
8.
P
aym
ent
inst
ituti
ons
shal
l co
mm
unic
ate
to t
he
com
pet
ent
auth
ori
ties
of
thei
r hom
e M
ember
Sta
te w
ithout
undue
del
ay a
ny c
han
ge
regar
din
g t
he
use
of
enti
ties
to w
hic
h a
ctiv
itie
s ar
e outs
ourc
ed a
nd, in
acc
ord
ance
wit
h t
he
pro
cedure
pro
vid
ed f
or
in p
arag
raphs
2, 3 a
nd
4, ag
ents
, in
cludin
g a
ddit
ional
agen
ts.
PS
R r
eg.2
5(4
)
Art
icle
20
Lia
bil
ity
1. M
ember
Sta
tes
shal
l en
sure
that
, w
her
e pay
men
t in
stit
uti
ons
rely
on t
hir
d p
arti
es f
or
the
per
form
ance
of
oper
atio
nal
funct
ions,
those
pay
men
t in
stit
uti
ons
take
reas
onab
le s
teps
to e
nsu
re t
hat
the
requir
emen
ts o
f th
is D
irec
tive
are
com
pli
ed w
ith.
PS
R r
eg.3
6(1
)
2.
M
ember
Sta
tes
shal
l re
quir
e th
at p
aym
ent
inst
ituti
ons
rem
ain f
ull
y l
iable
for
any a
cts
of
thei
r em
plo
yee
s, o
r an
y a
gen
t, b
ranch
or
enti
ty t
o w
hic
h a
ctiv
itie
s ar
e outs
ourc
ed.
PS
R r
eg.3
6(2
)
Art
icle
21
Rec
ord
kee
pin
g
Mem
ber
Sta
tes
shal
l re
quir
e pay
men
t in
stit
uti
ons
to k
eep a
ll a
ppro
pri
ate
reco
rds
for
the
purp
ose
of
this
Tit
le f
or
at l
east
5 y
ears
, w
ithout
pre
judic
e to
Dir
ecti
ve
(EU
) 2015/8
49 o
r oth
er r
elev
ant
Unio
n l
aw.
PS
R r
eg.3
1
Sec
tion
3
Com
pet
ent
au
thori
ties
an
d s
up
ervis
ion
20
Art
icle
22
Des
ign
ati
on
of
com
pet
ent
au
thori
ties
1.
M
ember
Sta
tes
shal
l des
ignat
e as
the
com
pet
ent
auth
ori
ties
res
ponsi
ble
for
the
auth
ori
sati
on a
nd p
ruden
tial
super
vis
ion o
f pay
men
t
inst
ituti
ons
whic
h a
re t
o c
arry
out
the
duti
es p
rovid
ed f
or
under
this
Tit
le e
ither
publi
c au
thori
ties
, or
bodie
s re
cognis
ed b
y n
atio
nal
law
or
by p
ubli
c au
thori
ties
expre
ssly
em
pow
ered
for
that
purp
ose
by n
atio
nal
law
, in
cludin
g n
atio
nal
cen
tral
ban
ks.
The
com
pet
ent
auth
ori
ties
shal
l guar
ante
e in
dep
enden
ce f
rom
eco
nom
ic b
odie
s an
d a
void
confl
icts
of
inte
rest
. W
ithout
pre
judic
e to
the
firs
t su
bpar
agra
ph,
pay
men
t in
stit
uti
ons,
cre
dit
inst
ituti
ons,
ele
ctro
nic
money
inst
ituti
ons,
or
post
off
ice
gir
o i
nst
ituti
ons
shal
l not
be
des
ignat
ed a
s co
mpet
ent
auth
ori
ties
.
The
Mem
ber
Sta
tes
shal
l in
form
the
Com
mis
sion a
ccord
ingly
.
PS
R r
egs
106, 108 a
nd
124
2.
M
ember
Sta
tes
shal
l en
sure
that
the
com
pet
ent
auth
ori
ties
des
ignat
ed u
nder
par
agra
ph 1
poss
ess
all
pow
ers
nec
essa
ry f
or
the
per
form
ance
of
thei
r duti
es.
PS
R P
arts
9 a
nd 1
0
3.
M
ember
Sta
tes
on w
hose
ter
rito
ries
ther
e is
more
than
one
com
pet
ent
auth
ori
ty f
or
mat
ters
cover
ed b
y t
his
Tit
le s
hal
l en
sure
that
those
auth
ori
ties
cooper
ate
close
ly s
o t
hat
they
can
dis
char
ge
thei
r re
spec
tive
duti
es e
ffec
tivel
y.
The
sam
e ap
pli
es w
her
e th
e au
thori
ties
com
pet
ent
for
mat
ters
cover
ed b
y t
his
Tit
le a
re n
ot
the
com
pet
ent
auth
ori
ties
res
ponsi
ble
for
the
super
vis
ion o
f cr
edit
inst
ituti
ons.
PS
R r
eg.1
47
4.
T
he
task
s of
the
com
pet
ent
auth
ori
ties
des
ignat
ed u
nder
par
agra
ph 1
shal
l be
the
resp
onsi
bil
ity o
f th
e co
mpet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te.
PS
R r
egs
106, 108 a
nd
124
5.
P
arag
raph 1
shal
l not
imply
that
the
com
pet
ent
auth
ori
ties
are
req
uir
ed t
o s
uper
vis
e busi
nes
s ac
tivit
ies
of
the
pay
men
t in
stit
uti
ons
oth
er t
han
the
pro
vis
ion o
f pay
men
t se
rvic
es a
nd t
he
acti
vit
ies
refe
rred
to i
n p
oin
t (a
) of
Art
icle
18(1
).
PS
R r
egs
106, 108 a
nd
124
Art
icle
23
Su
per
vis
ion
1.
M
ember
Sta
tes
shal
l en
sure
that
the
contr
ols
exer
cise
d b
y t
he
com
pet
ent
auth
ori
ties
for
chec
kin
g c
onti
nued
com
pli
ance
wit
h t
his
Tit
le a
re p
roport
ionat
e, a
deq
uat
e an
d r
esponsi
ve
to t
he
risk
s to
whic
h p
aym
ent
inst
ituti
ons
are
expose
d.
In o
rder
to c
hec
k c
om
pli
ance
wit
h t
his
Tit
le, th
e co
mpet
ent
auth
ori
ties
shal
l, i
n p
arti
cula
r, b
e en
titl
ed t
o t
ake
the
foll
ow
ing s
teps:
(a)
to r
equir
e th
e pay
men
t in
stit
uti
on to p
rovid
e an
y info
rmat
ion n
eeded
to m
onit
or
com
pli
ance
spec
ifyin
g the
purp
ose
of
the
reques
t,
as a
ppro
pri
ate,
and t
he
tim
e li
mit
by w
hic
h t
he
info
rmat
ion i
s to
be
pro
vid
ed;
(b)
to c
arry
out
on-s
ite
insp
ecti
ons
at t
he
pay
men
t in
stit
uti
on,
at a
ny a
gen
t or
bra
nch
pro
vid
ing p
aym
ent
serv
ices
under
the
resp
onsi
bil
ity o
f th
e pay
ment
inst
ituti
on, or
at a
ny e
nti
ty t
o w
hic
h a
ctiv
itie
s ar
e outs
ourc
ed;
(c)
to i
ssue
reco
mm
endat
ions,
guid
elin
es a
nd, if
appli
cable
, bin
din
g a
dm
inis
trat
ive
pro
vis
ions;
(d)
to s
usp
end o
r to
wit
hdra
w a
n a
uth
ori
sati
on p
urs
uan
t to
Art
icle
13.
PS
R P
arts
9 a
nd 1
0, an
d
in p
arti
cula
r re
gs
109,
120, 125, 128, 134 a
nd
135 a
nd S
ched
ule
6 p
aras
1, 3, 4 a
nd 1
0
2. W
ithout
pre
judic
e to
the
pro
cedure
s fo
r th
e w
ithdra
wal
of
auth
ori
sati
ons
and t
he
pro
vis
ions
of
crim
inal
law
, th
e M
ember
Sta
tes
shal
l
pro
vid
e th
at t
hei
r re
spec
tive
com
pet
ent
auth
ori
ties
, m
ay, as
agai
nst
pay
men
t in
stit
uti
ons
or
those
who e
ffec
tivel
y c
ontr
ol
the
busi
nes
s of
pay
men
t in
stit
uti
ons
whic
h b
reac
h l
aws,
reg
ula
tions
or
adm
inis
trat
ive
pro
vis
ions
conce
rnin
g t
he
super
vis
ion o
r purs
uit
of
thei
r pay
men
t
serv
ice
busi
nes
s, a
dopt
or
impose
in r
espec
t of
them
pen
alti
es o
r m
easu
res
aim
ed s
pec
ific
ally
at
endin
g o
bse
rved
bre
aches
or
the
cause
s
of
such
bre
aches
.
PS
R r
egs
110 t
o 1
16 a
nd
125 t
o 1
29
21
3.
N
otw
ithst
andin
g t
he
requir
emen
ts o
f A
rtic
le 7
, A
rtic
le 8
(1)
and (
2)
and A
rtic
le 9
, M
ember
Sta
tes
shal
l en
sure
that
the
com
pet
ent
auth
ori
ties
are
enti
tled
to t
ake
step
s des
crib
ed u
nder
par
agra
ph 1
of
this
Art
icle
to e
nsu
re s
uff
icie
nt
capit
al f
or
pay
men
t se
rvic
es,
in
par
ticu
lar
wher
e th
e non-p
aym
ent
serv
ices
act
ivit
ies
of
the
pay
men
t in
stit
uti
on i
mpai
r or
are
likel
y t
o i
mpai
r th
e fi
nan
cial
soundnes
s of
the
pay
men
t in
stit
uti
on.
Pro
vis
ions
men
tioned
for
par
agra
ph 1
Art
icle
24
Pro
fess
ion
al
secr
ecy
1.
M
ember
Sta
tes
shal
l en
sure
that
all
per
sons
who w
ork
or
who h
ave
work
ed f
or
the
com
pet
ent
auth
ori
ties
, as
wel
l as
exper
ts a
ctin
g
on b
ehal
f of
the
com
pet
ent au
thori
ties
, are
bound b
y the
obli
gat
ion o
f pro
fess
ional
sec
recy
, wit
hout pre
judic
e to
cas
es c
over
ed b
y c
rim
inal
law
.
2.
In
the
exch
ange
of
info
rmat
ion i
n a
ccord
ance
wit
h A
rtic
le 2
6,
pro
fess
ional
sec
recy
shal
l be
stri
ctly
appli
ed t
o e
nsu
re t
he
pro
tect
ion
of
indiv
idual
and b
usi
nes
s ri
ghts
.
3. M
ember
Sta
tes
may
apply
this
Art
icle
tak
ing i
nto
acc
ount,
muta
tis
muta
ndis
, A
rtic
les
53 t
o 6
1 o
f D
irec
tive
2013/3
6/E
U.
FS
MA
s.3
48, 349 a
nd 3
52
and D
CIR
(ap
pli
ed b
y
PS
R S
ch.6
par
as 8
and
13)
Art
icle
25
Rig
ht
to a
pp
ly t
o t
he
cou
rts
1. M
ember
Sta
tes
shal
l en
sure
that
dec
isio
ns
taken
by t
he
com
pet
ent
auth
ori
ties
in r
espec
t of
a pay
men
t in
stit
uti
on p
urs
uan
t to
the
law
s,
regula
tions
and a
dm
inis
trat
ive
pro
vis
ions
adopte
d i
n a
ccord
ance
wit
h t
his
Dir
ecti
ve
may
be
conte
sted
bef
ore
the
court
s.
2. P
arag
raph 1
shal
l ap
ply
als
o i
n r
espec
t of
fail
ure
to a
ct.
PS
R r
egs
9(9
), 1
0(4
),
12(5
), 1
12(5
), 1
15(5
) an
d
130
Art
icle
26
Exch
an
ge
of
info
rmati
on
1. T
he
com
pet
ent
auth
ori
ties
of
the
dif
fere
nt
Mem
ber
Sta
tes
shal
l co
oper
ate
wit
h e
ach o
ther
and, w
her
e ap
pro
pri
ate,
wit
h t
he
EC
B a
nd
the
nat
ional
cen
tral
ban
ks
of
the
Mem
ber
Sta
tes,
EB
A a
nd o
ther
rel
evan
t co
mpet
ent
auth
ori
ties
des
ignat
ed u
nder
Unio
n o
r nat
ional
law
appli
cable
to p
aym
ent
serv
ice
pro
vid
ers.
2. M
ember
Sta
tes
shal
l, i
n a
ddit
ion, al
low
exch
ange
of
info
rmat
ion b
etw
een t
hei
r co
mpet
ent
auth
ori
ties
and t
he
foll
ow
ing:
(a)
the
com
pet
ent
auth
ori
ties
of
oth
er M
ember
Sta
tes
resp
onsi
ble
for
the
auth
ori
sati
on a
nd s
uper
vis
ion o
f pay
men
t in
stit
uti
ons;
(b)
the
EC
B a
nd t
he
nat
ional
cen
tral
ban
ks
of
Mem
ber
Sta
tes,
in t
hei
r ca
pac
ity a
s m
onet
ary a
nd o
ver
sight
auth
ori
ties
, an
d,
wher
e
appro
pri
ate,
oth
er p
ubli
c au
thori
ties
res
ponsi
ble
for
over
seei
ng p
aym
ent
and s
ettl
emen
t sy
stem
s;
(c)
oth
er r
elev
ant
auth
ori
ties
des
ignat
ed u
nder
this
Dir
ecti
ve,
Dir
ecti
ve
(EU
) 2015/8
49 a
nd o
ther
Unio
n l
aw a
ppli
cable
to p
aym
ent
serv
ice
pro
vid
ers,
such
as
law
s ap
pli
cable
to m
oney
lau
nder
ing a
nd t
erro
rist
fin
anci
ng;
(d)
EB
A, in
its
cap
acit
y o
f co
ntr
ibuti
ng t
o t
he
consi
sten
t an
d c
oher
ent
funct
ionin
g o
f su
per
vis
ing m
echan
ism
s as
ref
erre
d t
o i
n p
oin
t
(a)
of
Art
icle
1(5
) of
Reg
ula
tion (
EU
) N
o 1
093/2
010.
PS
R r
eg.1
47
Art
icle
27
Set
tlem
ent
of
dis
agre
emen
ts b
etw
een
com
pet
ent
au
thori
ties
of
dif
fere
nt
Mem
ber
Sta
tes
1.
W
her
e a
com
pet
ent
auth
ori
ty o
f a
Mem
ber
Sta
te c
onsi
der
s th
at,
in a
par
ticu
lar
mat
ter,
cro
ss-b
ord
er c
ooper
atio
n w
ith c
om
pet
ent
auth
ori
ties
of
anoth
er M
ember
Sta
te r
efer
red t
o i
n A
rtic
le 2
6,
28,
29,
30 o
r 31 o
f th
is D
irec
tive
does
not
com
ply
wit
h t
he
rele
van
t
PS
R r
eg.1
47(4
)
22
condit
ions
set out in
those
pro
vis
ions,
it m
ay r
efer
the
mat
ter
to E
BA
and r
eques
t it
s as
sist
ance
in a
ccord
ance
wit
h A
rtic
le 1
9 o
f R
egula
tion
(EU
) N
o 1
093/2
010.
2.
W
her
e E
BA
has
bee
n r
eques
ted t
o a
ssis
t purs
uan
t to
par
agra
ph 1
of
this
Art
icle
, it
shal
l ta
ke
a dec
isio
n u
nder
Art
icle
19(3
) of
Reg
ula
tion (
EU
) N
o 1
093/2
010 w
ithout undue
del
ay. E
BA
may
als
o a
ssis
t th
e co
mpet
ent au
thori
ties
in r
each
ing a
n a
gre
emen
t on its
ow
n
init
iati
ve
in a
ccord
ance
wit
h t
he
seco
nd s
ubpar
agra
ph o
f A
rtic
le 1
9(1
) of
that
Reg
ula
tion.
In e
ither
cas
e, t
he
com
pet
ent
auth
ori
ties
involv
ed s
hal
l def
er t
hei
r dec
isio
ns
pen
din
g r
esolu
tion u
nder
Art
icle
19 o
f th
at R
egula
tion.
Art
icle
28
Ap
pli
cati
on
to e
xer
cise
th
e ri
gh
t of
esta
bli
shm
ent
an
d f
reed
om
to p
rovid
e se
rvic
es
1.
A
ny a
uth
ori
sed p
aym
ent
inst
ituti
on w
ishin
g t
o p
rovid
e pay
men
t se
rvic
es f
or
the
firs
t ti
me
in a
Mem
ber
Sta
te o
ther
than
its
hom
e
Mem
ber
Sta
te,
in t
he
exer
cise
of
the
right
of
esta
bli
shm
ent
or
the
free
dom
to p
rovid
e se
rvic
es,
shal
l co
mm
unic
ate
the
foll
ow
ing
info
rmat
ion t
o t
he
com
pet
ent
auth
ori
ties
in i
ts h
om
e M
ember
Sta
te:
(a)
the
nam
e, t
he
addre
ss a
nd, w
her
e ap
pli
cable
, th
e au
thori
sati
on n
um
ber
of
the
pay
men
t in
stit
uti
on;
(b)
the
Mem
ber
Sta
te(s
) in
whic
h i
t in
tends
to o
per
ate;
(c)
the
pay
men
t se
rvic
e(s)
to b
e pro
vid
ed;
(d)
wher
e th
e pay
men
t in
stit
uti
on i
nte
nds
to m
ake
use
of
an a
gen
t, t
he
info
rmat
ion r
efer
red t
o i
n A
rtic
le 1
9(1
);
(e)
wher
e th
e pay
men
t in
stit
uti
on i
nte
nds
to m
ake
use
of
a bra
nch
, th
e in
form
atio
n r
efer
red t
o i
n p
oin
ts (
b)
and (
e) o
f A
rtic
le 5
(1)
wit
h r
egar
d t
o t
he
pay
men
t se
rvic
e busi
nes
s in
the
host
Mem
ber
Sta
te, a
des
crip
tion o
f th
e org
anis
atio
nal
str
uct
ure
of
the
bra
nch
and t
he
iden
tity
of
those
res
ponsi
ble
for
the
man
agem
ent
of
the
bra
nch
.
Wher
e th
e pay
men
t in
stit
uti
on i
nte
nds
to o
uts
ourc
e oper
atio
nal
funct
ions
of
pay
men
t se
rvic
es t
o o
ther
enti
ties
in t
he
host
Mem
ber
Sta
te,
it s
hal
l in
form
the
com
pet
ent
auth
ori
ties
of
its
hom
e M
ember
Sta
te a
ccord
ingly
.
PS
R r
eg.2
7(1
)
2. W
ithin
1 m
onth
of
rece
ipt
of
all
of
the
info
rmat
ion r
efer
red t
o i
n p
arag
raph 1
the
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te
shal
l se
nd i
t to
the
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te.
PS
R r
eg.2
7(3
)
Wit
hin
1 m
onth
of
rece
ipt
of
the
info
rmat
ion f
rom
the
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te, th
e co
mpet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te s
hal
l as
sess
that
info
rmat
ion a
nd p
rovid
e th
e co
mpet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te w
ith r
elev
ant
info
rmat
ion i
n c
onnec
tion w
ith t
he
inte
nded
pro
vis
ion o
f pay
men
t se
rvic
es b
y t
he
rele
van
t pay
men
t in
stit
uti
on i
n t
he
exer
cise
of
the
free
dom
of
esta
bli
shm
ent
or
the
free
dom
to p
rovid
e se
rvic
es.
The
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te s
hal
l in
form
the
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te i
n p
arti
cula
r of
any r
easo
nab
le g
rounds
for
conce
rn i
n c
onnec
tion w
ith t
he
inte
nded
engag
em
ent
of
an a
gen
t or
esta
bli
shm
ent
of
a bra
nch
wit
h r
egar
d t
o m
oney
lau
nder
ing o
r te
rrori
st f
inan
cing w
ithin
the
mea
nin
g o
f
Dir
ecti
ve
(EU
) 2015/8
49.
PS
R r
eg.2
9(1
)
Wher
e th
e co
mpet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te d
o n
ot
agre
e w
ith t
he
asse
ssm
ent
of
the
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te, th
ey s
hal
l pro
vid
e th
e la
tter
wit
h t
he
reas
ons
for
thei
r dec
isio
n.
PS
R r
eg.2
8(2
)(b)
If t
he
asse
ssm
ent
of
the
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te i
n p
arti
cula
r in
lig
ht
of
the
info
rmat
ion r
ecei
ved
fro
m t
he
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te,
is n
ot
favoura
ble
, th
e co
mpet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te s
hal
l re
fuse
to
regis
ter
the
agen
t or
bra
nch
or
shal
l w
ithdra
w t
he
regis
trat
ion i
f al
read
y m
ade.
PS
R r
eg.2
8(2
)(1)(
a)
23
3.
W
ithin
3 m
onth
s of
rece
ipt
of
the
info
rmat
ion r
efer
red t
o i
n p
arag
raph 1
the
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te s
hal
l
com
munic
ate
thei
r dec
isio
n t
o t
he
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te a
nd t
o t
he
pay
men
t in
stit
uti
on.
PS
R r
eg.2
8(2
)
Upon e
ntr
y i
n t
he
regis
ter
refe
rred
to i
n A
rtic
le 1
4, th
e ag
ent
or
bra
nch
may
co
mm
ence
its
act
ivit
ies
in t
he
rele
van
t host
Mem
ber
Sta
te.
PS
R r
egs
28(6
) an
d 3
4(2
)
The
pay
men
t in
stit
uti
on s
hal
l noti
fy t
o t
he
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te t
he
dat
e fr
om
whic
h i
t co
mm
ence
s it
s
acti
vit
ies
thro
ugh t
he
agen
t or
bra
nch
in t
he
rele
van
t host
Mem
ber
Sta
te.
The
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te s
hal
l
info
rm t
he
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te a
ccord
ingly
.
PS
R r
egs
28(7
) an
d
34(1
4)
4. T
he
pay
men
t in
stit
uti
on s
hal
l co
mm
unic
ate
to t
he
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te w
ithout
undue
del
ay a
ny r
elev
ant
chan
ge
regar
din
g t
he
info
rmat
ion c
om
munic
ated
in a
ccord
ance
wit
h p
arag
raph 1
, in
cludin
g a
ddit
ional
agen
ts,
bra
nch
es o
r en
titi
es t
o
whic
h a
ctiv
itie
s ar
e outs
ourc
ed in the
host
Mem
ber
Sta
tes
in w
hic
h it oper
ates
The
pro
cedure
pro
vid
ed f
or
under
par
agra
phs
2 a
nd 3
shal
l
apply
.
PS
R r
egs
27(2
) an
d
34(1
7)
5.
EB
A s
hal
l dev
elop d
raft
reg
ula
tory
tec
hnic
al s
tandar
ds
spec
ifyin
g the
fram
ework
for
cooper
atio
n, a
nd f
or
the
exch
ange
of
info
rmat
ion,
bet
wee
n c
om
pet
ent au
thori
ties
of
the
hom
e an
d o
f th
e host
Mem
ber
Sta
te in a
ccord
ance
wit
h this
Art
icle
. Those
dra
ft r
egula
tory
tec
hnic
al
stan
dar
ds
shal
l sp
ecif
y t
he
met
hod,
mea
ns
and d
etai
ls o
f co
oper
atio
n i
n t
he
noti
fica
tion o
f pay
men
t in
stit
uti
ons
oper
atin
g o
n a
cro
ss-
bord
er b
asis
and,
in p
arti
cula
r, t
he
scope
and t
reat
men
t of
info
rmat
ion t
o b
e su
bm
itte
d,
incl
udin
g c
om
mon t
erm
inolo
gy a
nd s
tandar
d
noti
fica
tion t
empla
tes
to e
nsu
re a
consi
sten
t an
d e
ffic
ient
noti
fica
tion p
roce
ss.
EB
A s
hal
l su
bm
it t
hose
dra
ft r
egula
tory
tec
hnic
al s
tandar
ds
to t
he
Com
mis
sion b
y 1
3 J
anuar
y 2
018.
Pow
er is
del
egat
ed to the
Com
mis
sion to a
dopt th
e re
gula
tory
tec
hnic
al s
tandar
ds
refe
rred
to i
n the
firs
t su
bpar
agra
ph i
n a
ccord
ance
wit
h
Art
icle
s 10 t
o 1
4 o
f R
egula
tion (
EU
) N
o 1
093/2
010.
No t
ransp
osi
tion
nec
essa
ry
Art
icle
29
Su
per
vis
ion
of
paym
ent
inst
itu
tion
s ex
erci
sin
g t
he
righ
t of
esta
bli
shm
ent
an
d f
reed
om
to p
rovid
e se
rvic
es
1.
In o
rder
to c
arry
out th
e co
ntr
ols
and tak
e th
e nec
essa
ry s
teps
pro
vid
ed f
or
in this
Tit
le a
nd in the
pro
vis
ions
of
nat
ional
law
tra
nsp
osi
ng
Tit
les
III
and I
V,
in a
ccord
ance
wit
h A
rtic
le 1
00(4
), i
n r
espec
t of
the
agen
t or
bra
nch
of
a pay
men
t in
stit
uti
on l
oca
ted i
n t
he
terr
itory
of
anoth
er M
ember
Sta
te,
the
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te s
hal
l co
oper
ate
wit
h t
he
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te.
By w
ay o
f co
oper
atio
n i
n a
ccord
ance
wit
h t
he
firs
t su
bpar
agra
ph,
the
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te s
hal
l noti
fy t
he
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te w
her
e th
ey i
nte
nd t
o c
arry
out
an o
n-s
ite
insp
ecti
on i
n t
he
terr
itory
of
the
latt
er.
How
ever
, th
e co
mpet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te m
ay d
eleg
ate
to t
he
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te t
he
task
of
carr
yin
g o
ut
on-s
ite
insp
ecti
ons
of
the
inst
ituti
on c
once
rned
.
PS
R r
eg.3
0(1
) to
(3)
2.
T
he
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
tes
may
req
uir
e th
at p
aym
ent
inst
ituti
ons
hav
ing a
gen
ts o
r bra
nch
es w
ithin
thei
r
terr
itori
es s
hal
l re
port
to t
hem
per
iodic
ally
on t
he
acti
vit
ies
carr
ied o
ut
in t
hei
r te
rrit
ori
es.
Such
rep
ort
s sh
all
be
requir
ed f
or
info
rmat
ion o
r st
atis
tica
l purp
ose
s an
d,
as f
ar a
s th
e ag
ents
and b
ranch
es c
onduct
the
pay
men
t se
rvic
e
busi
nes
s under
the
right
of
esta
bli
shm
ent,
to m
onit
or
com
pli
ance
wit
h t
he
pro
vis
ions
of
nat
ional
law
tra
nsp
osi
ng T
itle
s II
I an
d I
V. S
uch
agen
ts a
nd b
ranch
es s
hal
l be
subje
ct t
o p
rofe
ssio
nal
sec
recy
req
uir
emen
ts a
t le
ast
equiv
alen
t to
those
ref
erre
d t
o i
n A
rtic
le 2
4.
PS
R r
eg.3
0(4
) to
(6)
24
3.
T
he
com
pet
ent
auth
ori
ties
shal
l pro
vid
e ea
ch o
ther
wit
h a
ll e
ssen
tial
and/o
r re
levan
t in
form
atio
n,
in p
arti
cula
r in
the
case
of
infr
ingem
ents
or
susp
ecte
d i
nfr
ingem
ents
by a
n a
gen
t or
a bra
nch
, an
d w
her
e su
ch i
nfr
ingem
ents
occ
urr
ed i
n t
he
conte
xt
of
the
exer
cise
of
the
free
dom
to p
rovid
e se
rvic
es.
In t
hat
reg
ard,
the
com
pet
ent
auth
ori
ties
shal
l co
mm
unic
ate,
upon r
eques
t, a
ll r
elev
ant
info
rmat
ion
and,
on t
hei
r ow
n i
nit
iati
ve,
all
ess
enti
al i
nfo
rmat
ion,
incl
udin
g o
n t
he
com
pli
ance
of
the
pay
men
t in
stit
uti
on w
ith t
he
condit
ions
under
Art
icle
11(3
).
PS
R r
eg.3
0(2
)(b)
4. M
ember
Sta
tes
may
req
uir
e pay
men
t in
stit
uti
ons
oper
atin
g o
n thei
r te
rrit
ory
thro
ugh a
gen
ts u
nder
the
right of
esta
bli
shm
ent,
the
hea
d
off
ice
of
whic
h is
situ
ated
in a
noth
er M
ember
Sta
te, to
appoin
t a
centr
al c
onta
ct p
oin
t in
thei
r te
rrit
ory
to e
nsu
re a
deq
uat
e co
mm
unic
atio
n
and i
nfo
rmat
ion r
eport
ing o
n c
om
pli
ance
wit
h T
itle
s II
I an
d I
V,
wit
hout
pre
judic
e to
any p
rovis
ions
on a
nti
-money
lau
nder
ing a
nd
counte
ring t
erro
rist
fin
anci
ng p
rovis
ions
and t
o f
acil
itat
e su
per
vis
ion b
y c
om
pet
ent
auth
ori
ties
of
hom
e M
ember
Sta
te a
nd h
ost
Mem
ber
Sta
tes,
incl
udin
g b
y p
rovid
ing c
om
pet
ent
auth
ori
ties
wit
h d
ocu
men
ts a
nd i
nfo
rmat
ion o
n r
eques
t.
PS
R r
eg.3
0(7
)
5.
E
BA
shal
l dev
elop d
raft
reg
ula
tory
tec
hnic
al s
tandar
ds
spec
ifyin
g t
he
crit
eria
to b
e ap
pli
ed w
hen
det
erm
inin
g,
in a
ccord
ance
wit
h
the
pri
nci
ple
of
pro
port
ional
ity,
the
circ
um
stan
ces
when
the
appoin
tmen
t of
a ce
ntr
al c
onta
ct p
oin
t is
appro
pri
ate,
and t
he
funct
ions
of
those
conta
ct p
oin
ts, purs
uan
t to
par
agra
ph 4
.
Those
dra
ft r
egula
tory
tec
hnic
al s
tandar
ds
shal
l, i
n p
arti
cula
r, t
ake
acco
unt
of:
(a)
the
tota
l volu
me
and v
alue
of
tran
sact
ions
carr
ied o
ut
by t
he
pay
men
t in
stit
uti
on i
n h
ost
Mem
ber
Sta
tes;
(b)
the
type
of
pay
men
t se
rvic
es p
rovid
ed;
and
(c)
the
tota
l num
ber
of
agen
ts e
stab
lish
ed i
n t
he
host
Mem
ber
Sta
te.
EB
A s
hal
l su
bm
it t
hose
dra
ft r
egula
tory
tec
hnic
al s
tandar
ds
to t
he
Com
mis
sion b
y 1
3 J
anuar
y 2
017.
6.
EB
A s
hal
l dev
elop d
raft
reg
ula
tory
tec
hnic
al s
tandar
ds
spec
ifyin
g the
fram
ework
for
cooper
atio
n, a
nd f
or
the
exch
ange
of
info
rmat
ion,
bet
wee
n t
he
com
pet
ent
auth
ori
ties
of
the
hom
e M
emb
er S
tate
and o
f th
e host
Mem
ber
Sta
te i
n a
ccord
ance
wit
h t
his
Tit
le a
nd t
o m
onit
or
com
pli
ance
wit
h t
he
pro
vis
ions
of
nat
ional
law
tra
nsp
osi
ng T
itle
s II
I an
d I
V.
The
dra
ft r
egula
tory
tec
hnic
al s
tandar
ds
shal
l sp
ecif
y t
he
met
hod, m
eans
and d
etai
ls o
f co
oper
atio
n i
n t
he
super
vis
ion o
f pay
men
t in
stit
uti
ons
oper
atin
g o
n a
cro
ss-b
ord
er b
asis
and, in
par
ticu
lar,
the
scope
and t
reat
men
t of
info
rmat
ion t
o b
e ex
chan
ged
, to
ensu
re c
onsi
sten
t an
d e
ffic
ient
super
vis
ion o
f pay
men
t in
stit
uti
ons
exer
cisi
ng
cross
-bord
er p
rovis
ion o
f pay
men
t se
rvic
es.
Those
dra
ft r
egula
tory
tec
hnic
al s
tandar
ds
shal
l al
so s
pec
ify t
he
mea
ns
and d
etai
ls o
f an
y r
eport
ing r
eques
ted b
y h
ost
Mem
ber
Sta
tes
from
pay
men
t in
stit
uti
ons
on t
he
pay
men
t busi
nes
s ac
tivit
ies
carr
ied o
ut
in thei
r te
rrit
ori
es in a
ccord
ance
wit
h p
arag
raph 2
, in
cludin
g t
he
freq
uen
cy o
f su
ch r
eport
ing.
EB
A s
hal
l su
bm
it t
hose
dra
ft r
egula
tory
tec
hnic
al s
tandar
ds
to t
he
Com
mis
sion b
y 1
3 J
anuar
y 2
018.
7.
P
ow
er i
s del
egat
ed t
o t
he
Com
mis
sion t
o a
dopt
the
regula
tory
tec
hnic
al s
tandar
ds
refe
rred
to i
n p
arag
raphs
5 a
nd 6
in a
ccord
ance
wit
h A
rtic
les
10 t
o 1
4 o
f R
egula
tion (
EU
) N
o 1
093/2
010.
No t
ransp
osi
tion r
equir
ed
Art
icle
30
Mea
sure
s in
case
of
non
-com
pli
an
ce, in
clu
din
g p
reca
uti
on
ary
mea
sure
s
25
1. W
ithout
pre
judic
e to
the
resp
onsi
bil
ity o
f th
e co
mpet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te, w
her
e th
e co
mpet
ent
auth
ori
ty o
f th
e
host
Mem
ber
Sta
te a
scer
tain
s th
at a
pay
men
t in
stit
uti
on h
avin
g a
gen
ts o
r bra
nch
es i
n i
ts t
erri
tory
does
not
com
ply
wit
h t
his
Tit
le o
r w
ith
nat
ional
law
tra
nsp
osi
ng T
itle
III
or
IV, it
shal
l in
form
the
com
pet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te w
ithout
del
ay.
PS
R r
eg.3
0(2
)(b)
The
com
pet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te, af
ter
hav
ing e
val
uat
ed t
he
info
rmat
ion r
ecei
ved
purs
uan
t to
the
firs
t su
bpar
agra
ph,
shal
l, w
ithout
undue
del
ay,
take
all
appro
pri
ate
mea
sure
s to
ensu
re t
hat
the
pay
men
t in
stit
uti
on c
once
rned
puts
an e
nd t
o i
ts i
rreg
ula
r
situ
atio
n. T
he
com
pet
ent au
thori
ty o
f th
e hom
e M
ember
Sta
te s
hal
l co
mm
unic
ate
those
mea
sure
s w
ithout del
ay to the
com
pet
ent au
thori
ty
of
the
host
Mem
ber
Sta
te a
nd t
o t
he
com
pet
ent
auth
ori
ties
of
any o
ther
Mem
ber
Sta
te c
once
rned
.
PS
R r
eg.3
0(8
)
2.
In
em
ergen
cy s
ituat
ions,
wher
e im
med
iate
act
ion i
s nec
essa
ry t
o a
ddre
ss a
ser
ious
thre
at t
o t
he
coll
ecti
ve
inte
rest
s of
the
pay
men
t
serv
ice
use
rs i
n t
he
host
Mem
ber
Sta
te,
the
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te m
ay,
in p
aral
lel
to t
he
cross
-bord
er
cooper
atio
n b
etw
een c
om
pet
ent
auth
ori
ties
and p
endin
g m
easu
res
by t
he
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te a
s se
t out
in
Art
icle
29, ta
ke
pre
cauti
onar
y m
easu
res.
PS
R r
eg.3
0(9
)
3.
A
ny p
reca
uti
onar
y m
easu
res
under
par
agra
ph 2
shal
l be
appro
pri
ate
and p
roport
ionat
e to
thei
r purp
ose
to p
rote
ct a
gai
nst
a s
erio
us
thre
at t
o t
he
coll
ecti
ve
inte
rest
s of
the
pay
men
t se
rvic
e use
rs i
n t
he
host
Mem
ber
Sta
te. T
hey
shal
l not
resu
lt i
n a
pre
fere
nce
for
pay
men
t
serv
ice
use
rs o
f th
e pay
men
t in
stit
uti
on in t
he
host
Mem
ber
Sta
te o
ver
pay
men
t se
rvic
e use
rs o
f th
e pay
men
t in
stit
uti
on i
n o
ther
Mem
ber
Sta
tes.
PS
R r
eg.3
0(1
0)
4.
W
her
e co
mpat
ible
wit
h t
he
emer
gen
cy s
ituat
ion,
the
com
pet
ent
auth
ori
ties
of
the
host
Mem
ber
Sta
te s
hal
l in
form
the
com
pet
ent
auth
ori
ties
of
the
hom
e M
ember
Sta
te a
nd t
hose
of
any o
ther
Mem
ber
Sta
te c
once
rned
, th
e C
om
mis
sion a
nd E
BA
in a
dvan
ce a
nd i
n a
ny
case
wit
hout
undue
del
ay, of
the
pre
cauti
onar
y m
easu
res
taken
under
par
agra
ph 2
and o
f th
eir
just
ific
atio
n.
PS
R r
eg.3
0(1
1)
Art
icle
31
Rea
son
s an
d c
om
mu
nic
ati
on
1. A
ny m
easu
re tak
en b
y the
com
pet
ent au
thori
ties
purs
uan
t to
Art
icle
23, 28, 29 o
r 30 involv
ing p
enal
ties
or
rest
rict
ions
on the
exer
cise
of
the
free
dom
to p
rovid
e se
rvic
es o
r th
e fr
eedom
of
esta
bli
shm
ent sh
all be
pro
per
ly just
ifie
d a
nd c
om
munic
ated
to the
pay
men
t in
stit
uti
on
conce
rned
.
PS
R r
egs
28(2
), 1
12(3
)
and 1
28(a
), a
nd F
SM
A
s.197(4
) an
d 3
88(1
) (a
s
appli
ed b
y P
SR
Sch
. 6
par
as 6
and 1
0)
2.
A
rtic
les
28,
29 a
nd 3
0 s
hal
l be
wit
hout
pre
judic
e to
the
obli
gat
ion o
f co
mpet
ent
auth
ori
ties
under
Dir
ecti
ve
(EU
) 2015/8
49 a
nd
Reg
ula
tion (
EU
) 2015/8
47, in
par
ticu
lar
under
Art
icle
48(1
) of
Dir
ecti
ve
(EU
) 2015/8
49 a
nd A
rtic
le 2
2(1
) of
Reg
ula
tion (
EU
) 2015/8
47,
to s
uper
vis
e or
monit
or
the
com
pli
ance
wit
h t
he
requir
emen
ts l
aid d
ow
n i
n t
hose
inst
rum
ents
.
No s
epar
ate
tran
sposi
tion
nec
essa
ry.
Sec
tion
4
Exem
pti
on
Art
icle
32
Con
dit
ion
s
26
1.
M
ember
Sta
tes
may
exem
pt
or
allo
w t
hei
r co
mpet
ent
auth
ori
ties
to e
xem
pt,
nat
ura
l or
legal
per
sons
pro
vid
ing p
aym
ent
serv
ices
as
refe
rred
to i
n p
oin
ts (
1)
to (
6)
of
Annex
I f
rom
the
appli
cati
on o
f al
l or
par
t of
the
pro
cedure
and c
ondit
ions
set
out
in S
ecti
ons
1,
2 a
nd
3, w
ith t
he
exce
pti
on o
f A
rtic
les
14, 15, 22, 24, 25 a
nd 2
6, w
her
e:
(a)
the
month
ly a
ver
age
of
the
pre
cedin
g 1
2 m
onth
s’ tota
l val
ue
of
pay
men
t tr
ansa
ctio
ns
exec
ute
d b
y the
per
son c
once
rned
, incl
udin
g
any a
gen
t fo
r w
hic
h i
t as
sum
es f
ull
res
ponsi
bil
ity, does
not
exce
ed a
lim
it s
et b
y t
he
Mem
ber
Sta
te b
ut
that
, in
any e
ven
t, a
mounts
to n
o
more
than
EU
R 3
mil
lion. T
hat
req
uir
emen
t sh
all
be
asse
ssed
on t
he
pro
ject
ed t
ota
l am
ount
of
pay
men
t tr
ansa
ctio
ns
in i
ts b
usi
nes
s pla
n,
unle
ss a
n a
dju
stm
ent
to t
hat
pla
n i
s re
quir
ed b
y t
he
com
pet
ent
auth
ori
ties
; an
d
(b)
none
of
the
nat
ura
l per
sons
resp
onsi
ble
for
the
man
agem
ent
or
oper
atio
n o
f th
e busi
nes
s has
bee
n c
onvic
ted o
f off
ence
s re
lati
ng
to m
oney
lau
nder
ing o
r te
rrori
st f
inan
cing o
r oth
er f
inan
cial
cri
mes
.
PS
R r
eg.1
4(3
) &
(5)
2.
A
ny n
atura
l or
legal
per
son r
egis
tere
d i
n a
ccord
ance
wit
h p
arag
raph 1
shal
l be
requir
ed t
o h
ave
its
hea
d o
ffic
e or
pla
ce o
f re
siden
ce
in t
he
Mem
ber
Sta
te i
n w
hic
h i
t ac
tual
ly c
arri
es o
ut
its
busi
nes
s.
PS
R r
eg.1
4(1
0)
3. T
he
per
sons
refe
rred
to i
n p
arag
raph 1
of
this
Art
icle
shal
l be
trea
ted a
s pay
men
t in
stit
uti
ons,
sav
e th
at A
rtic
le 1
1(9
) an
d A
rtic
les
28,
29 a
nd 3
0 s
hal
l not
apply
to t
hem
.
PS
R r
eg.2
7 a
nd d
efin
itio
n
of
“pay
men
t se
rvic
e
pro
vid
er”
in r
eg.2
(1)
4. M
ember
Sta
tes
may
als
o p
rovid
e th
at a
ny n
atura
l or
legal
per
son r
egis
tere
d in a
ccord
ance
wit
h p
arag
raph 1
of
this
Art
icle
may
engag
e
only
in c
erta
in a
ctiv
itie
s li
sted
in A
rtic
le 1
8.
Opti
on n
ot
exer
cise
d.
5.
T
he
per
sons
refe
rred
to i
n p
arag
raph 1
of
this
Art
icle
shal
l noti
fy t
he
com
pet
ent
auth
ori
ties
of
any c
han
ge
in t
hei
r si
tuat
ion w
hic
h i
s
rele
van
t to
the
condit
ions
spec
ifie
d i
n t
hat
par
agra
ph.
Mem
ber
Sta
tes
shal
l ta
ke
the
nec
essa
ry s
teps
to e
nsu
re t
hat
wher
e th
e co
ndit
ions
set
out
in p
arag
raph 1
, 2 o
r 4 o
f th
is A
rtic
le a
re n
o l
onger
met
, th
e per
sons
conce
rned
shal
l se
ek a
uth
ori
sati
on w
ithin
30 c
alen
dar
day
s in
acco
rdan
ce w
ith A
rtic
le 1
1.
PS
R r
egs
16, 20 a
nd 3
7
6. P
arag
raphs
1 t
o 5
of
this
Art
icle
shal
l not
apply
in r
espec
t of
Dir
ecti
ve
(EU
) 2015/8
49 o
r of
nat
ional
anti
-money-l
aunder
ing l
aw.
No s
epar
ate
tran
sposi
tion
nec
essa
ry
Art
icle
33
Acc
ou
nt
info
rmati
on
ser
vic
e p
rovid
ers
1. N
atura
l or
legal
per
sons
pro
vid
ing o
nly
the
pay
men
t se
rvic
e as
ref
erre
d to in p
oin
t (8
) of
Annex
I s
hal
l be
exem
pt fr
om
the
appli
cati
on
of
the
pro
cedure
and c
ondit
ions
set
out
in S
ecti
ons
1 a
nd 2
, w
ith t
he
exce
pti
on o
f poin
ts (
a),
(b),
(e)
to (
h),
(j)
, (l
), (
n),
(p)
and (
q)
of
Art
icle
5(1
), A
rtic
le 5
(3)
and A
rtic
les
14 a
nd 1
5. S
ecti
on 3
shal
l ap
ply
, w
ith t
he
exce
pti
on o
f A
rtic
le 2
3(3
).
PS
R r
egs
4 a
nd 1
7 t
o 1
9
2.
T
he
per
sons
refe
rred
to i
n p
arag
raph 1
of
this
Art
icle
shal
l be
trea
ted a
s pay
men
t in
stit
uti
ons,
sav
e th
at T
itle
s II
I an
d I
V s
hal
l not
apply
to t
hem
, w
ith t
he
exce
pti
on o
f A
rtic
les
41, 45 a
nd 5
2 w
her
e ap
pli
cable
, an
d o
f A
rtic
les
67, 69 a
nd 9
5 t
o 9
8.
PS
R r
egs
60 a
nd 6
3(4
)
Art
icle
34
Noti
fica
tion
an
d i
nfo
rmati
on
If a
Mem
ber
Sta
te a
ppli
es a
n e
xem
pti
on p
urs
uan
t to
Art
icle
32,
it s
hal
l, b
y 1
3 J
anuar
y 2
018,
noti
fy t
he
Com
mis
sion o
f it
s dec
isio
n
acco
rdin
gly
and i
t sh
all
noti
fy t
he
Com
mis
sion f
ort
hw
ith o
f an
y s
ubse
quen
t ch
ange.
In a
ddit
ion,
the
Mem
ber
Sta
te s
hal
l in
form
the
No
tran
sposi
tion
nec
essa
ry
27
Com
mis
sion o
f th
e num
ber
of
nat
ura
l an
d l
egal
per
sons
conce
rned
and,
on a
n a
nnual
bas
is,
of
the
tota
l val
ue
of
pay
men
t tr
ansa
ctio
ns
exec
ute
d a
s of
31 D
ecem
ber
of
each
cal
endar
yea
r, a
s re
ferr
ed t
o i
n p
oin
t (a
) of
Art
icle
32(1
).
CH
AP
TE
R 2
Com
mon
pro
vis
ion
s
Art
icle
35
Acc
ess
to p
aym
ent
syst
ems
1.
M
ember
Sta
tes
shal
l en
sure
that
the
rule
s on a
cces
s of
auth
ori
sed o
r re
gis
tere
d p
aym
ent
serv
ice
pro
vid
ers
that
are
leg
al p
erso
ns
to
pay
men
t sy
stem
s ar
e obje
ctiv
e, n
on-d
iscr
imin
atory
and p
roport
ionat
e an
d t
hat
they
do n
ot
inhib
it a
cces
s m
ore
than
is
nec
essa
ry t
o
safe
guar
d a
gai
nst
spec
ific
ris
ks
such
as
sett
lem
ent
risk
, oper
atio
nal
ris
k a
nd b
usi
nes
s ri
sk a
nd t
o p
rote
ct t
he
finan
cial
and o
per
atio
nal
stab
ilit
y o
f th
e pay
men
t sy
stem
. P
aym
ent
syst
ems
shal
l not
impose
on p
aym
ent
serv
ice
pro
vid
ers,
on p
aym
ent
serv
ice
use
rs o
r on o
ther
pay
men
t sy
stem
s an
y o
f th
e
foll
ow
ing r
equir
emen
ts:
(a)
rest
rict
ive
rule
on e
ffec
tive
par
tici
pat
ion i
n o
ther
pay
men
t sy
stem
s;
(b)
rule
whic
h d
iscr
imin
ates
bet
wee
n a
uth
ori
sed p
aym
ent
serv
ice
pro
vid
ers
or
bet
wee
n r
egis
tere
d p
aym
ent
serv
ice
pro
vid
ers
in
rela
tion t
o t
he
rights
, obli
gat
ions
and e
nti
tlem
ents
of
par
tici
pan
ts;
(c)
rest
rict
ion o
n t
he
bas
is o
f in
stit
uti
onal
sta
tus.
PS
R r
eg.1
03
2. P
arag
raph 1
shal
l not
apply
to:
(a)
pay
men
t sy
stem
s des
ignat
ed u
nder
Dir
ecti
ve
98/2
6/E
C;
(b)
pay
men
t sy
stem
s co
mpose
d e
xcl
usi
vel
y o
f pay
men
t se
rvic
e pro
vid
ers
bel
ongin
g t
o a
gro
up.
For
the
purp
ose
s of
poin
t (a
) of
the
firs
t su
bpar
agra
ph, M
ember
Sta
tes
shal
l en
sure
that
wher
e a
par
tici
pan
t in
a d
esig
nat
ed s
yst
em
allo
ws
an a
uth
ori
sed o
r re
gis
tere
d p
aym
ent
serv
ice
pro
vid
er t
hat
is
not
a par
tici
pan
t in
the
syst
em t
o p
ass
tran
sfer
ord
ers
thro
ugh t
he
syst
em t
hat
par
tici
pan
t sh
all,
when
req
ues
ted, giv
e th
e sa
me
opport
unit
y i
n a
n o
bje
ctiv
e, p
roport
ionat
e an
d n
on-d
iscr
imin
atory
man
ner
to o
ther
auth
ori
sed o
r re
gis
tere
d p
aym
ent
serv
ice
pro
vid
ers
in l
ine
wit
h p
arag
raph 1
.
The
par
tici
pan
t sh
all
pro
vid
e th
e re
ques
ting p
aym
ent
serv
ice
pro
vid
er w
ith f
ull
rea
sons
for
any r
ejec
tion.
PS
R r
eg.1
02 a
nd 1
04
Art
icle
36
Acc
ess
to a
ccou
nts
main
tain
ed w
ith
a c
red
it i
nst
itu
tion
Mem
ber
Sta
tes
shal
l en
sure
that
pay
men
t in
stit
uti
ons
hav
e ac
cess
to c
redit
inst
ituti
ons’
pay
men
t ac
counts
ser
vic
es o
n a
n o
bje
ctiv
e, n
on-
dis
crim
inat
ory
and p
roport
ionat
e bas
is.
Such
acc
ess
shal
l be
suff
icie
ntl
y e
xte
nsi
ve
as t
o a
llow
pay
men
t in
stit
uti
ons
to p
rovid
e pay
men
t
serv
ices
in a
n u
nhin
der
ed a
nd e
ffic
ient
man
ner
.
The
cred
it i
nst
ituti
on s
hal
l pro
vid
e th
e co
mpet
ent
auth
ori
ty w
ith d
uly
moti
vat
ed r
easo
ns
for
any r
ejec
tion.
PS
R r
eg.1
05
Art
icle
37
Pro
hib
itio
n o
f p
erso
ns
oth
er t
han
paym
ent
serv
ice
pro
vid
ers
from
pro
vid
ing p
aym
ent
serv
ices
an
d d
uty
of
noti
fica
tion
1.
M
ember
Sta
tes
shal
l pro
hib
it n
atura
l or
legal
per
sons
that
are
nei
ther
pay
ment
serv
ice
pro
vid
ers
nor
expli
citl
y e
xcl
uded
fro
m t
he
scope
of
this
Dir
ecti
ve
from
pro
vid
ing p
aym
ent
serv
ices
.
PS
R r
eg.1
38
28
2.
M
ember
Sta
tes
shal
l re
quir
e th
at s
ervic
e pro
vid
ers
carr
yin
g o
ut
eith
er o
f th
e ac
tivit
ies
refe
rred
to i
n p
oin
ts (
i) a
nd (
ii)
of
poin
t (k
) of
Art
icle
3 o
r ca
rryin
g o
ut both
act
ivit
ies,
for
whic
h the
tota
l val
ue
of
pay
men
t tr
ansa
ctio
ns
exec
ute
d o
ver
the
pre
cedin
g 1
2 m
onth
s ex
ceed
s
the
amount
of
EU
R 1
mil
lion,
send a
noti
fica
tion t
o c
om
pet
ent
auth
ori
ties
conta
inin
g a
des
crip
tion o
f th
e se
rvic
es o
ffer
ed,
spec
ifyin
g
under
whic
h e
xcl
usi
on r
efer
red t
o i
n p
oin
t (k
)(i)
and (
ii)
of
Art
icle
3 t
he
acti
vit
y i
s co
nsi
der
ed t
o b
e ca
rrie
d o
ut.
On t
he
bas
is o
f th
at n
oti
fica
tion, th
e co
mpet
ent
auth
ori
ty s
hal
l ta
ke
a duly
moti
vat
ed d
ecis
ion o
n t
he
bas
is o
f cr
iter
ia r
efer
red t
o i
n p
oin
t
(k)
of
Art
icle
3 w
her
e th
e ac
tivit
y d
oes
not
qual
ify a
s a
lim
ited
net
work
, an
d i
nfo
rm t
he
serv
ice
pro
vid
er a
ccord
ingly
.
PS
R r
eg.3
8
3.
M
ember
Sta
tes
shal
l re
quir
e th
at s
ervic
e pro
vid
ers
carr
yin
g o
ut
an a
ctiv
ity r
efer
red t
o i
n p
oin
t (l
) of
Art
icle
3 s
end a
noti
fica
tion t
o
com
pet
ent
auth
ori
ties
and p
rovid
e co
mpet
ent
auth
ori
ties
an a
nnual
audit
opin
ion, te
stif
yin
g t
hat
the
acti
vit
y c
om
pli
es w
ith t
he
lim
its
set
out
in p
oin
t (l
) of
Art
icle
3.
PS
R r
eg.3
9
4. N
otw
ithst
andin
g p
arag
raph 1
, co
mpet
ent au
thori
ties
shal
l in
form
EB
A o
f th
e se
rvic
es n
oti
fied
purs
uan
t to
par
agra
phs
2 a
nd 3
, st
atin
g
under
whic
h e
xcl
usi
on t
he
acti
vit
y i
s ca
rrie
d o
ut.
PS
R r
eg.4
(6)(
d)
5.
T
he
des
crip
tion o
f th
e ac
tivit
y n
oti
fied
under
par
agra
phs
2 a
nd 3
of
this
Art
icle
shal
l be
mad
e publi
cly a
vai
lable
in t
he
regis
ters
pro
vid
ed f
or
in A
rtic
les
14 a
nd 1
5.
PS
R r
eg.4
(5)(
c)
TIT
LE
III
TR
AN
SP
AR
EN
CY
OF
CO
ND
ITIO
NS
AN
D I
NF
OR
MA
TIO
N R
EQ
UIR
EM
EN
TS
FO
R P
AY
ME
NT
SE
RV
ICE
S
CH
AP
TE
R 1
Gen
eral
rule
s
Art
icle
38
Sco
pe
1.
This
Tit
le a
ppli
es t
o s
ingle
pay
men
t tr
ansa
ctio
ns,
fra
mew
ork
contr
acts
and p
aym
ent
tran
sact
ions
cover
ed b
y t
hem
. T
he
par
ties
may
agre
e th
at i
t sh
all
not
apply
in w
hole
or
in p
art
when
the
pay
men
t se
rvic
e use
r is
not
a co
nsu
mer
.
PS
R r
eg.4
0(5
) to
(7)
2. M
ember
Sta
tes
may
apply
the
pro
vis
ions
in t
his
Tit
le t
o m
icro
ente
rpri
ses
in t
he
sam
e w
ay a
s to
consu
mer
s.
PS
R r
eg.4
0(7
)
3. T
his
Dir
ecti
ve
shal
l be
wit
hout pre
judic
e to
Dir
ecti
ve
2008/4
8/E
C, o
ther
rel
evan
t U
nio
n law
or
nat
ional
mea
sure
s re
gar
din
g c
ondit
ions
for
gra
nti
ng c
redit
to c
onsu
mer
s not
har
monis
ed b
y t
his
Dir
ecti
ve
that
com
ply
wit
h U
nio
n l
aw.
PS
R r
eg.4
1
Art
icle
39
Oth
er p
rovis
ion
s in
Un
ion
law
The
pro
vis
ions
of
this
Tit
le a
re w
ithout
pre
judic
e to
any U
nio
n l
aw c
onta
inin
g a
ddit
ional
req
uir
emen
ts o
n p
rior
info
rmat
ion.
How
ever
, w
her
e D
irec
tive
2002/6
5/E
C i
s al
so a
ppli
cable
, th
e in
form
atio
n r
equir
emen
ts s
et o
ut
in A
rtic
le 3
(1)
of
that
Dir
ecti
ve,
wit
h t
he
exce
pti
on o
f poin
ts (
2)(
c) t
o (
g),
(3)(
a),
(d)
and (
e),
and (
4)(
b)
of
that
par
agra
ph s
hal
l be
repla
ced b
y A
rtic
les
44,
45,
51 a
nd 5
2 o
f th
is
Dir
ecti
ve.
Fin
anci
al S
ervic
es
(Dis
tance
Mar
ket
ing)
Reg
ula
tions
2004 (
S.I
.
2004/2
095)
regs
7 a
nd 8
,
amen
ded
by P
SR
Sch
.6
par
a 11
Art
icle
40
Ch
arg
es f
or
info
rmati
on
29
1. T
he
pay
men
t se
rvic
e pro
vid
er s
hal
l not
char
ge
the
pay
men
t se
rvic
e use
r fo
r pro
vid
ing i
nfo
rmat
ion u
nder
this
Tit
le.
2. T
he
pay
men
t se
rvic
e pro
vid
er a
nd t
he
pay
men
t se
rvic
e use
r m
ay a
gre
e on c
har
ges
for
addit
ional
or
more
fre
quen
t in
form
atio
n, or
tran
smis
sion b
y m
eans
of
com
munic
atio
n o
ther
than
those
spec
ifie
d i
n t
he
fram
ework
contr
act,
pro
vid
ed a
t th
e pay
men
t se
rvic
e use
r’s
reques
t.
3.
W
her
e th
e pay
men
t se
rvic
e pro
vid
er m
ay i
mpose
char
ges
for
info
rmat
ion i
n a
ccord
ance
wit
h p
arag
raph 2
, th
ey s
hal
l be
reas
onab
le
and i
n l
ine
wit
h t
he
pay
men
t se
rvic
e pro
vid
er’s
act
ual
cost
s.
PS
R r
eg.5
6
Art
icle
41
Bu
rden
of
pro
of
on
in
form
ati
on
req
uir
emen
ts
Mem
ber
Sta
tes
shal
l st
ipula
te t
hat
the
burd
en o
f pro
of
lies
wit
h t
he
pay
men
t se
rvic
e pro
vid
er t
o p
rove
that
it
has
com
pli
ed w
ith t
he
info
rmat
ion r
equir
emen
ts s
et o
ut
in t
his
Tit
le.
PS
R r
eg.5
9
Art
icle
42
Der
ogati
on
fro
m i
nfo
rmati
on
req
uir
emen
ts f
or
low
-valu
e p
aym
ent
inst
rum
ents
an
d e
lect
ron
ic m
on
ey
1. In
cas
es o
f pay
men
t in
stru
men
ts w
hic
h, ac
cord
ing t
o t
he
rele
van
t fr
amew
ork
contr
act,
conce
rn o
nly
indiv
idual
pay
men
t tr
ansa
ctio
ns
that
do n
ot
exce
ed E
UR
30 o
r th
at e
ither
hav
e a
spen
din
g l
imit
of
EU
R 1
50 o
r st
ore
funds
that
do n
ot
exce
ed E
UR
150 a
t an
y t
ime:
(a)
by w
ay o
f der
ogat
ion f
rom
Art
icle
s 51,
52 a
nd 5
6,
the
pay
men
t se
rvic
e pro
vid
er s
hal
l pro
vid
e th
e pay
er o
nly
wit
h i
nfo
rmat
ion
on t
he
mai
n c
har
acte
rist
ics
of
the
pay
men
t se
rvic
e, i
ncl
udin
g t
he
way
in w
hic
h t
he
pay
men
t in
stru
men
t ca
n b
e use
d,
liab
ilit
y,
char
ges
levie
d a
nd o
ther
mat
eria
l in
form
atio
n n
eeded
to t
ake
an i
nfo
rmed
dec
isio
n a
s w
ell
as a
n i
ndic
atio
n o
f w
her
e an
y o
ther
info
rmat
ion a
nd
condit
ions
spec
ifie
d i
n A
rtic
le 5
2 a
re m
ade
avai
lable
in a
n e
asil
y a
cces
sible
man
ner
;
(b)
it m
ay b
e ag
reed
that
, by w
ay o
f der
ogat
ion f
rom
Art
icle
54, th
e pay
men
t se
rvic
e pro
vid
er i
s not
requir
ed t
o p
ropose
chan
ges
to
the
condit
ions
of
the
fram
ework
contr
act
in t
he
sam
e w
ay a
s pro
vid
ed f
or
in A
rtic
le 5
1(1
);
(c)
it m
ay b
e ag
reed
that
, by w
ay o
f der
ogat
ion f
rom
Art
icle
s 57 a
nd 5
8, af
ter
the
exec
uti
on o
f a
pay
men
t tr
ansa
ctio
n:
(i)
the
pay
men
t se
rvic
e pro
vid
er p
rovid
es o
r m
akes
avai
lable
only
a r
efer
ence
enab
ling t
he
pay
men
t se
rvic
e use
r to
iden
tify
the
pay
men
t tr
ansa
ctio
n, th
e am
ount
of
the
pay
men
t tr
ansa
ctio
n, an
y c
har
ges
and/o
r, i
n t
he
case
of
sever
al p
aym
ent
tran
sact
ions
of
the
sam
e
kin
d m
ade
to t
he
sam
e pay
ee, in
form
atio
n o
n t
he
tota
l am
ount
and c
har
ges
for
those
pay
men
t tr
ansa
ctio
ns;
(ii)
th
e pay
men
t se
rvic
e pro
vid
er i
s not
requir
ed t
o p
rovid
e or
mak
e av
aila
ble
info
rmat
ion r
efer
red t
o i
n p
oin
t (i
) if
the
pay
men
t
inst
rum
ent
is u
sed a
nonym
ousl
y o
r if
the
pay
men
t se
rvic
e pro
vid
er i
s not
oth
erw
ise
tech
nic
ally
in a
posi
tion t
o p
rovid
e it
. H
ow
ever
, th
e
pay
men
t se
rvic
e pro
vid
er s
hal
l pro
vid
e th
e pay
er w
ith a
poss
ibil
ity t
o v
erif
y t
he
amount
of
funds
store
d.
PS
R r
eg.4
2
2.
F
or
nat
ional
pay
men
t tr
ansa
ctio
ns,
Mem
ber
Sta
tes
or
thei
r co
mpet
ent
auth
ori
ties
may
red
uce
or
double
the
amounts
ref
erre
d t
o i
n
par
agra
ph 1
. F
or
pre
pai
d p
aym
ent
inst
rum
ents
, M
ember
Sta
tes
may
incr
ease
those
am
ounts
up t
o E
UR
500.
PS
R r
eg.4
2(1
)
CH
AP
TE
R 2
Sin
gle
paym
ent
tran
sact
ion
s
Art
icle
43
Sco
pe
1. T
his
Chap
ter
appli
es t
o s
ingle
pay
men
t tr
ansa
ctio
ns
not
cover
ed b
y a
fra
mew
ork
contr
act.
P
SR
reg
.40(5
)
30
2.
W
her
e a
pay
men
t ord
er f
or
a si
ngle
pay
men
t tr
ansa
ctio
n i
s tr
ansm
itte
d b
y a
pay
men
t in
stru
men
t co
ver
ed b
y a
fra
mew
ork
contr
act,
the
pay
men
t se
rvic
e pro
vid
er s
hal
l not be
obli
ged
to p
rovid
e or
mak
e av
aila
ble
info
rmat
ion w
hic
h is
alre
ady g
iven
to the
pay
men
t se
rvic
e
use
r on t
he
bas
is o
f a
fram
ework
contr
act
wit
h a
noth
er p
aym
ent
serv
ice
pro
vid
er o
r w
hic
h w
ill
be
giv
en t
o h
im a
ccord
ing t
o t
hat
fram
ework
contr
act.
PS
R r
eg.4
7
Art
icle
44
Pri
or
gen
eral
info
rmati
on
1. M
ember
Sta
tes
shal
l re
quir
e th
at b
efore
the
pay
men
t se
rvic
e use
r is
bound b
y a
sin
gle
pay
men
t se
rvic
e co
ntr
act
or
off
er, th
e pay
men
t
serv
ice
pro
vid
er m
akes
avai
lable
to the
pay
men
t se
rvic
e use
r, in a
n e
asil
y a
cces
sible
man
ner
, th
e in
form
atio
n a
nd c
ondit
ions
spec
ifie
d in
Art
icle
45 w
ith r
egar
d t
o i
ts o
wn s
ervic
es.
At
the
pay
men
t se
rvic
e use
r’s
reques
t, t
he
pay
men
t se
rvic
e pro
vid
er s
hal
l pro
vid
e th
e
info
rmat
ion
and
condit
ions
on
pap
er
or
on
anoth
er
dura
ble
m
ediu
m.
The
info
rmat
ion
and
condit
ions
shal
l be
giv
en
in
easi
ly
under
stan
dab
le w
ord
s an
d in a
cle
ar a
nd c
om
pre
hen
sible
form
, in
an o
ffic
ial
languag
e of
the
Mem
ber
Sta
te w
her
e th
e pay
men
t se
rvic
e is
off
ered
or
in a
ny o
ther
lan
guag
e ag
reed
bet
wee
n t
he
par
ties
.
PS
R r
egs
43(1
) an
d 5
5
2.
If
the
single
pay
men
t se
rvic
e co
ntr
act
has
bee
n c
oncl
uded
at
the
reques
t of
the
pay
men
t se
rvic
e use
r usi
ng a
mea
ns
of
dis
tance
com
munic
atio
n w
hic
h d
oes
not
enab
le t
he
pay
men
t se
rvic
e pro
vid
er t
o c
om
ply
wit
h p
arag
raph 1
, th
e pay
men
t se
rvic
e pro
vid
er s
hal
l
fulf
il i
ts o
bli
gat
ions
under
that
par
agra
ph i
mm
edia
tely
aft
er t
he
exec
uti
on o
f th
e pay
men
t tr
ansa
ctio
n.
PS
R r
eg.4
3(1
)
3.
T
he
obli
gat
ions
under
par
agra
ph 1
of
this
Art
icle
may a
lso b
e dis
char
ged
by s
upply
ing a
copy o
f th
e dra
ft s
ingle
pay
men
t se
rvic
e
contr
act
or
the
dra
ft p
aym
ent
ord
er i
ncl
udin
g t
he
info
rmat
ion a
nd c
ondit
ions
spec
ifie
d i
n A
rtic
le 4
5.
PS
R r
eg.4
3(1
)
Art
icle
45
Info
rmati
on
an
d c
on
dit
ion
s
1.
M
ember
Sta
tes
shal
l en
sure
that
the
foll
ow
ing i
nfo
rmat
ion a
nd c
ondit
ions
are
pro
vid
ed o
r m
ade
avai
lable
by t
he
pay
men
t se
rvic
e
pro
vid
er t
o t
he
pay
men
t se
rvic
e use
r:
(a)
a sp
ecif
icat
ion o
f th
e in
form
atio
n o
r uniq
ue
iden
tifi
er t
o b
e pro
vid
ed b
y t
he
pay
men
t se
rvic
e use
r in
ord
er f
or
a pay
men
t ord
er t
o
be
pro
per
ly i
nit
iate
d o
r ex
ecute
d;
(b)
the
max
imu
m e
xec
uti
on t
ime
for
the
pay
men
t se
rvic
e to
be
pro
vid
ed;
(c)
all
char
ges
pay
able
by t
he
pay
men
t se
rvic
e use
r to
the
pay
men
t se
rvic
e pro
vid
er a
nd,
wher
e ap
pli
cable
, a
bre
akdow
n o
f th
ose
char
ges
;
(d)
wher
e ap
pli
cable
, th
e ac
tual
or
refe
rence
exch
ange
rate
to b
e ap
pli
ed t
o t
he
pay
men
t tr
ansa
ctio
n.
PS
R r
eg.4
3(2
)
2.
In
addit
ion, M
ember
Sta
tes
shal
l en
sure
that
pay
men
t in
itia
tion s
ervic
e pro
vid
ers
shal
l, p
rior
to i
nit
iati
on, pro
vid
e th
e pay
er w
ith, or
make
avai
lable
to t
he
pay
er, th
e fo
llow
ing c
lear
and c
om
pre
hen
sive
info
rmat
ion:
(a)
the
nam
e of
the
pay
men
t in
itia
tion s
ervic
e pro
vid
er,
the
geo
gra
phic
al a
ddre
ss o
f it
s hea
d o
ffic
e an
d,
wher
e ap
pli
cable
, th
e
geo
gra
phic
al a
ddre
ss o
f it
s ag
ent
or
bra
nch
est
abli
shed
in t
he
Mem
ber
Sta
te w
her
e th
e pay
men
t se
rvic
e is
off
ered
, an
d a
ny o
ther
conta
ct
det
ails
, in
cludin
g e
lect
ronic
mai
l ad
dre
ss, re
levan
t fo
r co
mm
unic
atio
n w
ith t
he
pay
men
t in
itia
tion s
ervic
e pro
vid
er;
and
(b)
the
conta
ct d
etai
ls o
f th
e co
mpet
ent
auth
ori
ty.
PS
R r
eg.4
3(3
)
31
3.
W
her
e ap
pli
cable
, an
y o
ther
rel
evan
t in
form
atio
n a
nd c
ondit
ions
spec
ifie
d i
n A
rtic
le 5
2 s
hal
l be
mad
e av
aila
ble
to t
he
pay
men
t
serv
ice
use
r in
an e
asil
y a
cces
sible
man
ner
.
PS
R r
eg.4
3(2
)(e)
Art
icle
46
Info
rmati
on
for
the
payer
an
d p
ayee
aft
er t
he
init
iati
on
of
a p
aym
ent
ord
er
In a
ddit
ion t
o t
he
info
rmat
ion a
nd c
ondit
ions
spec
ifie
d i
n A
rtic
le 4
5,
wher
e a
pay
men
t ord
er i
s in
itia
ted t
hro
ugh a
pay
men
t in
itia
tion
serv
ice
pro
vid
er, th
e pay
ment in
itia
tion s
ervic
e pro
vid
er s
hal
l, im
med
iate
ly a
fter
init
iati
on, pro
vid
e or
mak
e av
aila
ble
all
of
the
foll
ow
ing
dat
a to
the
pay
er a
nd, w
her
e ap
pli
cable
, th
e pay
ee:
(a)
confi
rmat
ion o
f th
e su
cces
sful
init
iati
on o
f th
e pay
men
t ord
er w
ith t
he
pay
er’s
acc
ount
serv
icin
g p
aym
ent
serv
ice
pro
vid
er;
(b)
a re
fere
nce
enab
ling t
he
pay
er a
nd t
he
pay
ee t
o i
den
tify
the
pay
men
t tr
ansa
ctio
n a
nd,
wher
e ap
pro
pri
ate,
the
pay
ee t
o i
den
tify
the
pay
er, an
d a
ny i
nfo
rmat
ion t
ransf
erre
d w
ith t
he
pay
men
t tr
ansa
ctio
n;
(c)
the
amount
of
the
pay
men
t tr
ansa
ctio
n;
(d)
wher
e ap
pli
cable
, th
e am
ount
of
any c
har
ges
pay
able
to t
he
pay
men
t in
itia
tion s
ervic
e pro
vid
er f
or
the
tran
sact
ion,
and w
her
e
appli
cable
a b
reak
dow
n o
f th
e am
ounts
of
such
char
ges
.
PS
R r
eg.4
4(1
)
Art
icle
47
Info
rmati
on
for
payer
’s a
ccou
nt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er i
n t
he
even
t of
a p
aym
ent
init
iati
on
ser
vic
e
Wher
e a
pay
men
t ord
er i
s in
itia
ted t
hro
ugh a
pay
men
t in
itia
tion s
ervic
e pro
vid
er, it
shal
l m
ake
avai
lable
to the
pay
er’s
acc
ount
serv
icin
g
pay
men
t se
rvic
e pro
vid
er t
he
refe
rence
of
the
pay
men
t tr
ansa
ctio
n.
PS
R r
eg.4
4(2
)
Art
icle
48
Info
rmati
on
for
the
payer
aft
er r
ecei
pt
of
the
paym
ent
ord
er
Imm
edia
tely
aft
er r
ecei
pt
of
the
pay
men
t ord
er,
the
pay
er’s
pay
men
t se
rvic
e pro
vid
er s
hal
l pro
vid
e th
e pay
er w
ith o
r m
ake
avai
lable
to
the
pay
er, in
the
sam
e w
ay a
s pro
vid
ed f
or
in A
rtic
le 4
4(1
), a
ll o
f th
e fo
llow
ing d
ata
wit
h r
egar
d t
o i
ts o
wn s
ervic
es:
(a)
a re
fere
nce
enab
ling t
he
pay
er t
o i
den
tify
the
pay
men
t tr
ansa
ctio
n a
nd, w
her
e ap
pro
pri
ate,
info
rmat
ion r
elat
ing t
o t
he
pay
ee;
(b)
the
amount
of
the
pay
men
t tr
ansa
ctio
n i
n t
he
curr
ency
use
d i
n t
he
pay
men
t ord
er;
(c)
the
amount
of
any c
har
ges
for
the
pay
men
t tr
ansa
ctio
n p
ayab
le b
y t
he
pay
er a
nd, w
her
e ap
pli
cable
, a
bre
akdow
n o
f th
e am
ounts
of
such
char
ges
;
(d)
wher
e ap
pli
cable
, th
e ex
chan
ge
rate
use
d i
n t
he
pay
men
t tr
ansa
ctio
n b
y t
he
pay
er’s
pay
men
t se
rvic
e pro
vid
er o
r a
refe
rence
ther
eto,
when
dif
fere
nt
from
the
rate
pro
vid
ed i
n a
ccord
ance
wit
h p
oin
t (d
) of
Art
icle
45(1
), a
nd t
he
amount
of
the
pay
men
t tr
ansa
ctio
n
afte
r th
at c
urr
ency
conver
sion;
(e)
the
dat
e of
rece
ipt
of
the
pay
men
t ord
er.
PS
R r
eg.4
5
Art
icle
49
Info
rmati
on
for
the
payee
aft
er e
xec
uti
on
Imm
edia
tely
aft
er t
he
exec
uti
on o
f th
e pay
men
t tr
ansa
ctio
n, th
e pay
ee’s
pay
men
t se
rvic
e pro
vid
er s
hal
l pro
vid
e th
e pay
ee w
ith, or
mak
e
avai
lable
to, th
e pay
ee, in
the
sam
e w
ay a
s pro
vid
ed f
or
in A
rtic
le 4
4(1
), a
ll o
f th
e fo
llow
ing d
ata
wit
h r
egar
d t
o i
ts o
wn s
ervic
es:
PS
R r
eg.4
6
32
(a)
a re
fere
nce
enab
ling t
he
pay
ee t
o i
den
tify
the
pay
men
t tr
ansa
ctio
n a
nd,
wher
e ap
pro
pri
ate,
the
pay
er a
nd a
ny i
nfo
rmat
ion
tran
sfer
red w
ith t
he
pay
ment
tran
sact
ion;
(b)
the
amount
of
the
pay
men
t tr
ansa
ctio
n i
n t
he
curr
ency
in w
hic
h t
he
funds
are
at t
he
pay
ee’s
dis
posa
l;
(c)
the
amount
of
any c
har
ges
for
the
pay
men
t tr
ansa
ctio
n p
ayab
le b
y t
he
pay
ee a
nd, w
her
e ap
pli
cable
, a
bre
akdow
n o
f th
e am
ounts
of
such
char
ges
;
(d)
wher
e ap
pli
cable
, th
e ex
chan
ge
rate
use
d i
n t
he
pay
men
t tr
ansa
ctio
n b
y t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er,
and t
he
amount
of
the
pay
men
t tr
ansa
ctio
n b
efore
that
curr
ency
conver
sion;
(e)
the
cred
it v
alue
dat
e.
CH
AP
TE
R 3
Fra
mew
ork
con
tract
s
Art
icle
50
Sco
pe
This
Chap
ter
appli
es t
o p
aym
ent
tran
sact
ions
cover
ed b
y a
fra
mew
ork
contr
act.
P
SR
reg
.40(6
)
Art
icle
51
Pri
or
gen
eral
info
rmati
on
1.
M
ember
Sta
tes
shal
l re
quir
e th
at,
in g
ood t
ime
bef
ore
the
pay
men
t se
rvic
e use
r is
bound b
y a
ny f
ram
ework
contr
act
or
off
er,
the
pay
men
t se
rvic
e pro
vid
er p
rovid
e th
e pay
men
t se
rvic
e use
r on p
aper
or
on a
noth
er d
ura
ble
med
ium
wit
h t
he
info
rmat
ion a
nd c
ondit
ions
spec
ifie
d i
n A
rtic
le 5
2. T
he
info
rmat
ion a
nd c
ondit
ions
shal
l be
giv
en i
n e
asil
y u
nder
stan
dab
le w
ord
s an
d i
n a
cle
ar a
nd c
om
pre
hen
sible
form
, in
an o
ffic
ial
languag
e of
the
Mem
ber
Sta
te w
her
e th
e pay
men
t se
rvic
e is
off
ered
or
in a
ny o
ther
lan
guag
e agre
ed b
etw
een t
he
par
ties
.
PS
R r
eg.4
8(1
)(a)
2.
If
the
fram
ework
contr
act
has
bee
n c
oncl
uded
at
the
reques
t of
the
pay
men
t se
rvic
e use
r usi
ng a
mea
ns
of
dis
tance
com
munic
atio
n
whic
h d
oes
not
enab
le t
he
pay
men
t se
rvic
e pro
vid
er t
o c
om
ply
wit
h p
arag
raph 1
, th
e pay
men
t se
rvic
e pro
vid
er s
hal
l fu
lfil
its
obli
gat
ions
under
that
par
agra
ph i
mm
edia
tely
aft
er c
oncl
usi
on o
f th
e fr
amew
ork
contr
act.
PS
R r
eg.4
8(1
)(b)
3.
T
he
obli
gat
ions
under
par
agra
ph 1
may
als
o b
e dis
char
ged
by p
rovid
ing a
copy o
f th
e dra
ft f
ram
ework
contr
act
incl
udin
g t
he
info
rmat
ion a
nd c
ondit
ions
spec
ifie
d i
n A
rtic
le 5
2.
PS
R r
eg.4
8(2
)
Art
icle
52
Info
rmati
on
an
d c
on
dit
ion
s
Mem
ber
Sta
tes
shal
l en
sure
that
the
foll
ow
ing i
nfo
rmat
ion a
nd c
ondit
ions
are
pro
vid
ed t
o t
he
pay
men
t se
rvic
e use
r:
1.
on t
he
pay
men
t se
rvic
e pro
vid
er:
(a)
the
nam
e of
the
pay
men
t se
rvic
e pro
vid
er,
the
geo
gra
phic
al a
ddre
ss o
f it
s hea
d o
ffic
e an
d,
wher
e ap
pli
cable
, th
e geo
gra
phic
al
addre
ss o
f it
s ag
ent
or
bra
nch
est
abli
shed
in t
he
Mem
ber
Sta
te w
her
e th
e pay
ment
serv
ice
is o
ffer
ed,
and a
ny o
ther
addre
ss,
incl
udin
g
elec
tronic
mai
l ad
dre
ss, re
levan
t fo
r co
mm
unic
atio
n w
ith t
he
pay
men
t se
rvic
e pro
vid
er;
(b)
the
par
ticu
lars
of
the
rele
van
t su
per
vis
ory
auth
ori
ties
and o
f th
e re
gis
ter
pro
vid
ed f
or
in A
rtic
le 1
4 o
r of
any o
ther
rel
evan
t publi
c
regis
ter
of
auth
ori
sati
on o
f th
e pay
men
t se
rvic
e pro
vid
er a
nd the
regis
trat
ion n
um
ber
or
equiv
alen
t m
eans
of
iden
tifi
cati
on in that
reg
iste
r;
PS
R S
ched
ule
4
33
2.
on u
se o
f th
e pay
men
t se
rvic
e:
(a)
a des
crip
tion o
f th
e m
ain c
har
acte
rist
ics
of
the
pay
men
t se
rvic
e to
be
pro
vid
ed;
(b)
a sp
ecif
icat
ion o
f th
e in
form
atio
n o
r uniq
ue
iden
tifi
er t
hat
has
to b
e pro
vid
ed b
y t
he
pay
men
t se
rvic
e use
r in
ord
er f
or
a pay
men
t
ord
er t
o b
e pro
per
ly i
nit
iate
d o
r ex
ecute
d;
(c)
the
form
of
and p
roce
dure
for
giv
ing c
onse
nt
to i
nit
iate
a p
aym
ent
ord
er o
r ex
ecute
a p
aym
ent
tran
sact
ion a
nd w
ithdra
wal
of
such
conse
nt
in a
ccord
ance
wit
h A
rtic
les
64 a
nd 8
0;
(d)
a re
fere
nce
to t
he
tim
e of
rece
ipt
of
a pay
men
t ord
er i
n a
ccord
ance
wit
h A
rtic
le 7
8 a
nd t
he
cut-
off
tim
e, i
f an
y,
esta
bli
shed
by
the
pay
men
t se
rvic
e pro
vid
er;
(e)
the
max
imu
m e
xec
uti
on t
ime
for
the
pay
men
t se
rvic
es t
o b
e pro
vid
ed;
(f)
whet
her
ther
e is
a p
oss
ibil
ity t
o a
gre
e on s
pen
din
g l
imit
s fo
r th
e use
of
the
pay
men
t in
stru
men
t in
acc
ord
ance
wit
h A
rtic
le 6
8(1
);
(g)
in t
he
case
of
co-b
adged
, ca
rd-b
ased
pay
men
t in
stru
men
ts, th
e pay
men
t se
rvic
e use
r’s
rights
under
Art
icle
8 o
f R
egula
tion (
EU
)
2015/7
51;
3.
on c
har
ges
, in
tere
st a
nd e
xch
ange
rate
s:
(a)
all
char
ges
pay
able
by t
he
pay
men
t se
rvic
e use
r to
the
pay
men
t se
rvic
e pro
vid
er i
ncl
udin
g t
hose
connec
ted t
o t
he
man
ner
in a
nd
freq
uen
cy w
ith w
hic
h i
nfo
rmat
ion u
nder
this
Dir
ecti
ve
is p
rovid
ed o
r m
ade
avai
lable
and,
wher
e ap
pli
cable
, th
e bre
akdow
n o
f th
e
amounts
of
such
char
ges
;
(b)
wher
e ap
pli
cable
, th
e in
tere
st a
nd e
xch
ange
rate
s to
be
appli
ed o
r, i
f re
fere
nce
inte
rest
and e
xch
ange
rate
s ar
e to
be
use
d,
the
met
hod o
f ca
lcula
ting t
he
actu
al i
nte
rest
, an
d t
he
rele
van
t dat
e an
d i
ndex
or
bas
e fo
r det
erm
inin
g s
uch
ref
eren
ce i
nte
rest
or
exch
ange
rate
;
(c)
if a
gre
ed,
the
imm
edia
te a
ppli
cati
on o
f ch
anges
in r
efer
ence
inte
rest
or
exch
ange
rate
and i
nfo
rmat
ion r
equir
emen
ts r
elat
ing t
o
the
chan
ges
in a
ccord
ance
wit
h A
rtic
le 5
4(2
);
4.
on c
om
munic
atio
n:
(a)
wher
e ap
pli
cable
, th
e m
eans
of
com
munic
atio
n,
incl
udin
g t
he
tech
nic
al r
equir
emen
ts f
or
the
pay
men
t se
rvic
e use
r’s
equip
men
t
and s
oft
war
e, a
gre
ed b
etw
een t
he
par
ties
for
the
tran
smis
sion o
f in
form
atio
n o
r noti
fica
tions
under
this
Dir
ecti
ve;
(b)
the
man
ner
in, an
d f
requen
cy w
ith w
hic
h, in
form
atio
n u
nder
this
Dir
ecti
ve
is t
o b
e pro
vid
ed o
r m
ade
avai
lable
;
(c)
the
languag
e or
languag
es i
n w
hic
h t
he
fram
ework
contr
act
wil
l be
concl
uded
and c
om
munic
atio
n d
uri
ng t
his
contr
actu
al
rela
tionsh
ip u
nder
taken
;
(d)
the
pay
men
t se
rvic
e use
r’s
right
to r
ecei
ve
the
contr
actu
al t
erm
s of
the
fram
ework
contr
act
and i
nfo
rmat
ion a
nd c
ondit
ions
in
acco
rdan
ce w
ith A
rtic
le 5
3;
5.
on s
afeg
uar
ds
and c
orr
ecti
ve
mea
sure
s:
(a)
wher
e ap
pli
cable
, a
des
crip
tion o
f th
e st
eps
that
the
pay
men
t se
rvic
e use
r is
to t
ake
in o
rder
to k
eep s
afe
a pay
men
t in
stru
men
t
and h
ow
to n
oti
fy t
he
pay
men
t se
rvic
e pro
vid
er f
or
the
purp
ose
s of
poin
t (b
) of
Art
icle
69(1
);
(b)
the
secu
re p
roce
dure
for
noti
fica
tion o
f th
e pay
men
t se
rvic
e use
r by t
he
pay
men
t se
rvic
e pro
vid
er i
n t
he
even
t of
susp
ecte
d o
r
actu
al f
raud o
r se
curi
ty t
hre
ats;
34
(c)
if a
gre
ed, t
he
condit
ions
under
whic
h the
pay
men
t se
rvic
e pro
vid
er r
eser
ves
the
right to
blo
ck a
pay
men
t in
stru
men
t in
acc
ord
ance
wit
h A
rtic
le 6
8;
(d)
the
liab
ilit
y o
f th
e pay
er i
n a
ccord
ance
wit
h A
rtic
le 7
4, in
cludin
g i
nfo
rmat
ion o
n t
he
rele
van
t am
ount;
(e)
how
and w
ithin
what
per
iod o
f ti
me
the
pay
men
t se
rvic
e use
r is
to n
oti
fy t
he
pay
men
t se
rvic
e pro
vid
er o
f an
y u
nau
thori
sed o
r
inco
rrec
tly i
nit
iate
d o
r ex
ecute
d p
aym
ent
tran
sact
ion in a
ccord
ance
wit
h A
rtic
le 7
1 a
s w
ell
as the
pay
men
t se
rvic
e pro
vid
er’s
lia
bil
ity f
or
unau
thori
sed p
aym
ent
tran
sact
ions
in a
ccord
ance
wit
h A
rtic
le 7
3;
(f)
the
liab
ilit
y o
f th
e pay
men
t se
rvic
e pro
vid
er f
or
the
init
iati
on o
r ex
ecuti
on o
f pay
men
t tr
ansa
ctio
ns
in a
ccord
ance
wit
h A
rtic
le
89;
(g)
the
condit
ions
for
refu
nd i
n a
ccord
ance
wit
h A
rtic
les
76 a
nd 7
7;
6.
on c
han
ges
to, an
d t
erm
inat
ion o
f, t
he
fram
ework
contr
act:
(a)
if a
gre
ed,
info
rmat
ion t
hat
the
pay
men
t se
rvic
e use
r w
ill
be
dee
med
to h
ave
acce
pte
d c
han
ges
in t
he
condit
ions
in a
ccord
ance
wit
h A
rtic
le 5
4, unle
ss t
he
pay
men
t se
rvic
e use
r noti
fies
the
pay
men
t se
rvic
e pro
vid
er b
efore
the
dat
e of
thei
r pro
pose
d d
ate
of
entr
y i
nto
forc
e th
at t
hey
are
not
acce
pte
d;
(b)
the
dura
tion o
f th
e fr
amew
ork
contr
act;
(c)
the
right
of
the
pay
men
t se
rvic
e use
r to
ter
min
ate
the
fram
ework
contr
act
and a
ny a
gre
emen
ts r
elat
ing t
o t
erm
inat
ion i
n
acco
rdan
ce w
ith A
rtic
le 5
4(1
) an
d A
rtic
le 5
5;
7.
on r
edre
ss:
(a)
any c
ontr
actu
al c
lause
on t
he
law
appli
cable
to t
he
fram
ework
contr
act
and/o
r th
e co
mpet
ent
court
s;
(b)
the
AD
R p
roce
dure
s av
aila
ble
to t
he
pay
men
t se
rvic
e use
r in
acc
ord
ance
wit
h A
rtic
les
99 t
o 1
02.
Art
icle
53
Acc
essi
bil
ity o
f in
form
ati
on
an
d c
on
dit
ion
s of
the
fram
ework
con
tract
At
any t
ime
duri
ng t
he
contr
actu
al r
elat
ionsh
ip t
he
pay
men
t se
rvic
e use
r sh
all
hav
e a
right
to r
ecei
ve,
on r
eques
t, t
he
contr
actu
al t
erm
s
of
the
fram
ework
contr
act
as w
ell
as t
he
info
rmat
ion a
nd c
ondit
ions
spec
ifie
d i
n A
rtic
le 5
2 o
n p
aper
or
on a
noth
er d
ura
ble
med
ium
.
PS
R r
eg.4
9
Art
icle
54
Ch
an
ges
in
con
dit
ion
s of
the
fram
ework
con
tract
1. A
ny c
han
ges
in the
fram
ework
contr
act or
in the
info
rmat
ion a
nd c
ondit
ions
spec
ifie
d in A
rtic
le 5
2 s
hal
l be
pro
pose
d b
y t
he
pay
men
t
serv
ice
pro
vid
er i
n t
he
sam
e w
ay a
s pro
vid
ed f
or
in A
rtic
le 5
1(1
) an
d n
o l
ater
than
2 m
onth
s bef
ore
thei
r pro
pose
d d
ate
of
appli
cati
on.
The
pay
men
t se
rvic
e use
r ca
n e
ither
acc
ept
or
reje
ct t
he
chan
ges
bef
ore
the
dat
e of
thei
r pro
pose
d d
ate
of
entr
y i
nto
forc
e.
Wher
e ap
pli
cable
in a
ccord
ance
wit
h p
oin
t (6
)(a)
of
Art
icle
52, th
e pay
men
t se
rvic
e pro
vid
er s
hal
l in
form
the
pay
men
t se
rvic
e use
r th
at
it i
s to
be
dee
med
to h
ave
acce
pte
d t
hose
chan
ges
if
it d
oes
not
noti
fy t
he
pay
men
t se
rvic
e pro
vid
er b
efore
the
pro
pose
d d
ate
of
thei
r
entr
y i
nto
forc
e th
at t
hey
are
not
acce
pte
d.
The
pay
men
t se
rvic
e pro
vid
er s
hal
l al
so i
nfo
rm t
he
pay
men
t se
rvic
e use
r th
at,
in t
he
even
t
that
the
pay
men
t se
rvic
e use
r re
ject
s th
ose
chan
ges
, th
e pay
men
t se
rvic
e use
r has
the
right
to t
erm
inat
e th
e fr
amew
ork
contr
act
free
of
char
ge
and w
ith e
ffec
t at
any t
ime
unti
l th
e dat
e w
hen
the
chan
ges
would
hav
e ap
pli
ed.
PS
R r
eg.5
0(1
) to
(3)
and
55
35
2.
C
han
ges
in t
he
inte
rest
or
exch
ange
rate
s m
ay b
e ap
pli
ed i
mm
edia
tely
and w
ithout
noti
ce,
pro
vid
ed t
hat
such
a r
ight
is a
gre
ed u
pon
in t
he
fram
ework
contr
act
and t
hat
the
chan
ges
in t
he
inte
rest
or
exch
ange
rate
s ar
e bas
ed o
n t
he
refe
rence
inte
rest
or
exch
ange
rate
s
agre
ed o
n i
n a
ccord
ance
wit
h p
oin
t (3
)(b)
and (
c) o
f A
rtic
le 5
2. T
he
pay
men
t se
rvic
e use
r sh
all
be
info
rmed
of
any c
han
ge
in t
he
inte
rest
rate
at
the
earl
iest
opport
unit
y i
n t
he
sam
e w
ay a
s pro
vid
ed f
or
in A
rtic
le 5
1(1
), u
nle
ss t
he
par
ties
hav
e ag
reed
on a
spec
ific
fre
quen
cy o
r
man
ner
in w
hic
h t
he
info
rmat
ion i
s to
be
pro
vid
ed o
r m
ade
avai
lable
. H
ow
ever
, ch
anges
in i
nte
rest
or
exch
ange
rate
s w
hic
h a
re m
ore
favoura
ble
to t
he
pay
men
t se
rvic
e use
rs, m
ay b
e ap
pli
ed w
ithout
noti
ce.
PS
R r
eg.5
0(4
) an
d (
5)
and
55
3.
C
han
ges
in t
he
inte
rest
or
exch
ange
rate
use
d i
n p
aym
ent
tran
sact
ions
shal
l be
imple
men
ted a
nd c
alcu
late
d i
n a
neu
tral
man
ner
that
does
not
dis
crim
inat
e ag
ainst
pay
men
t se
rvic
e use
rs.
PS
R r
eg.5
0(6
)
Art
icle
55
Ter
min
ati
on
1.
T
he
pay
men
t se
rvic
e use
r m
ay t
erm
inat
e th
e fr
amew
ork
contr
act
at a
ny t
ime,
unle
ss t
he
par
ties
hav
e ag
reed
on a
per
iod o
f noti
ce.
Such
a p
erio
d s
hal
l not
exce
ed 1
month
.
PS
R r
eg.5
1(1
)
2.
T
erm
inat
ion o
f th
e fr
amew
ork
contr
act
shal
l be
free
of
char
ge
for
the
pay
men
t se
rvic
e use
r ex
cept
wher
e th
e co
ntr
act
has
bee
n i
n
forc
e fo
r le
ss t
han
6 m
onth
s. C
har
ges
, if
any, fo
r te
rmin
atio
n o
f th
e fr
amew
ork
contr
act
shal
l be
appro
pri
ate
and i
n l
ine
wit
h c
ost
s.
PS
R r
eg.5
1(2
) an
d (
3)
3.
If
agre
ed i
n t
he
fram
ework
contr
act,
the
pay
men
t se
rvic
e pro
vid
er m
ay t
erm
inat
e a
fram
ework
contr
act
concl
uded
for
an i
ndef
init
e
per
iod b
y g
ivin
g a
t le
ast
2 m
onth
s’ n
oti
ce i
n t
he
sam
e w
ay a
s pro
vid
ed f
or
in A
rtic
le 5
1(1
).
PS
R r
eg.5
1(4
) an
d (
5)
4.
C
har
ges
for
pay
men
t se
rvic
es l
evie
d o
n a
reg
ula
r bas
is s
hal
l be
pay
able
by t
he
pay
men
t se
rvic
e use
r only
pro
port
ional
ly u
p t
o t
he
term
inat
ion o
f th
e co
ntr
act.
If
such
char
ges
are
pai
d i
n a
dvan
ce, th
ey s
hal
l be
reim
burs
ed p
roport
ional
ly.
PS
R r
eg.5
0(6
)
5. T
he
pro
vis
ions
of
this
Art
icle
are
wit
hout
pre
judic
e to
the
Mem
ber
Sta
tes’
law
s an
d r
egula
tions
gover
nin
g t
he
rights
of
the
par
ties
to
dec
lare
the
fram
ework
contr
act
unen
forc
eable
or
void
.
PS
R r
eg.5
0(7
)
6. M
ember
Sta
tes
may
pro
vid
e fo
r m
ore
fav
oura
ble
pro
vis
ions
for
pay
men
t se
rvic
e use
rs.
Opti
on n
ot
exer
cise
d
Art
icle
56
Info
rmati
on
bef
ore
exec
uti
on
of
ind
ivid
ual
paym
ent
tran
sact
ion
s
In t
he
case
of
an i
ndiv
idual
pay
men
t tr
ansa
ctio
n u
nder
a f
ram
ework
contr
act
init
iate
d b
y t
he
pay
er,
a pay
ment
serv
ice
pro
vid
er s
hal
l, a
t
the
pay
er’s
req
ues
t fo
r th
is s
pec
ific
pay
men
t tr
ansa
ctio
n, pro
vid
e ex
pli
cit
info
rmat
ion o
n a
ll o
f th
e fo
llow
ing:
(a)
the
max
imu
m e
xec
uti
on t
ime;
(b)
the
char
ges
pay
able
by t
he
pay
er;
(c)
wher
e ap
pli
cable
, a
bre
akdow
n o
f th
e am
ounts
of
any c
har
ges
.
PS
R r
eg.5
2
Art
icle
57
Info
rmati
on
for
the
payer
on
in
div
idu
al
paym
ent
tran
sact
ion
s
1. A
fter
the
amount of
an indiv
idual
pay
men
t tr
ansa
ctio
n is
deb
ited
fro
m the
pay
er’s
acc
ount or,
wher
e th
e pay
er d
oes
not use
a p
aym
ent
acco
unt,
aft
er r
ecei
pt
of
the
pay
men
t ord
er, th
e pay
er’s
pay
men
t se
rvic
e pro
vid
er s
hal
l pro
vid
e th
e pay
er, w
ithout
undue
del
ay a
nd i
n t
he
sam
e w
ay a
s la
id d
ow
n i
n A
rtic
le 5
1(1
), w
ith a
ll o
f th
e fo
llow
ing i
nfo
rmat
ion:
(a)
a re
fere
nce
enab
ling t
he
pay
er t
o i
den
tify
eac
h p
aym
ent
tran
sact
ion a
nd, w
her
e ap
pro
pri
ate,
info
rmat
ion r
elat
ing t
o t
he
pay
ee;
PS
R
reg.5
3
(opti
on
in
par
agra
ph 3
exer
cise
d)
36
(b)
the
amount
of
the
pay
men
t tr
ansa
ctio
n i
n t
he
curr
ency
in w
hic
h t
he
pay
er’s
pay
ment
acco
unt
is d
ebit
ed o
r in
the
curr
ency
use
d
for
the
pay
men
t ord
er;
(c)
the
amount
of
any c
har
ges
for
the
pay
men
t tr
ansa
ctio
n a
nd,
wher
e ap
pli
cable
, a
bre
akdow
n o
f th
e am
ounts
of
such
char
ges
, or
the
inte
rest
pay
able
by t
he
pay
er;
(d)
wher
e ap
pli
cable
, th
e ex
chan
ge
rate
use
d i
n t
he
pay
men
t tr
ansa
ctio
n b
y t
he
pay
er’s
pay
men
t se
rvic
e pro
vid
er, an
d t
he
amount
of
the
pay
men
t tr
ansa
ctio
n a
fter
that
curr
ency
conver
sion;
(e)
the
deb
it v
alue
dat
e or
the
dat
e of
rece
ipt
of
the
pay
ment
ord
er.
2.
A
fra
mew
ork
contr
act
shal
l in
clude
a co
ndit
ion t
hat
the
pay
er m
ay r
equir
e th
e in
form
atio
n r
efer
red t
o i
n p
arag
raph 1
to b
e pro
vid
ed
or
mad
e av
aila
ble
per
iodic
ally
, at
lea
st o
nce
a m
onth
, fr
ee o
f ch
arge
and i
n a
n a
gre
ed m
anner
whic
h a
llow
s th
e pay
er t
o s
tore
and
repro
duce
info
rmat
ion u
nch
anged
.
3.
H
ow
ever
, M
ember
Sta
tes
may
req
uir
e pay
men
t se
rvic
e pro
vid
ers
to p
rovid
e in
form
atio
n o
n p
aper
or
on a
noth
er d
ura
ble
med
ium
at
leas
t once
a m
onth
, fr
ee o
f ch
arge.
Art
icle
58
Info
rmati
on
for
the
payee
on
in
div
idu
al
paym
ent
tran
sact
ion
s
1. A
fter
the
exec
uti
on o
f an
indiv
idual
pay
men
t tr
ansa
ctio
n, th
e pay
ee’s
pay
men
t se
rvic
e pro
vid
er s
hal
l pro
vid
e th
e pay
ee w
ithout undue
del
ay i
n t
he
sam
e w
ay a
s la
id d
ow
n i
n A
rtic
le 5
1(1
) w
ith a
ll o
f th
e fo
llow
ing i
nfo
rmat
ion:
(a)
a re
fere
nce
enab
ling t
he
pay
ee t
o i
den
tify
the
pay
ment
tran
sact
ion a
nd t
he
pay
er,
and a
ny i
nfo
rmat
ion t
ransf
erre
d w
ith t
he
pay
men
t tr
ansa
ctio
n;
(b)
the
amount
of
the
pay
men
t tr
ansa
ctio
n i
n t
he
curr
ency
in w
hic
h t
he
pay
ee’s
pay
ment
acco
unt
is c
redit
ed;
(c)
the
amount
of
any c
har
ges
for
the
pay
men
t tr
ansa
ctio
n a
nd,
wher
e ap
pli
cable
, a
bre
akdow
n o
f th
e am
ounts
of
such
char
ges
, or
the
inte
rest
pay
able
by t
he
pay
ee;
(d)
wher
e ap
pli
cable
, th
e ex
chan
ge
rate
use
d i
n t
he
pay
men
t tr
ansa
ctio
n b
y t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er,
and t
he
amount
of
the
pay
men
t tr
ansa
ctio
n b
efore
that
curr
ency
conver
sion;
(e)
the
cred
it v
alue
dat
e.
2.
A
fra
mew
ork
contr
act
may i
ncl
ude
a co
ndit
ion t
hat
the
info
rmat
ion r
efer
red t
o i
n p
arag
raph 1
is
to b
e pro
vid
ed o
r m
ade
avai
lable
per
iodic
ally
, at
lea
st o
nce
a m
onth
and i
n a
n a
gre
ed m
anner
whic
h a
llow
s th
e pay
ee t
o s
tore
and r
epro
duce
info
rmat
ion u
nch
anged
.
3.
H
ow
ever
, M
ember
Sta
tes
may
req
uir
e pay
men
t se
rvic
e pro
vid
ers
to p
rovid
e in
form
atio
n o
n p
aper
or
on a
noth
er d
ura
ble
med
ium
at
leas
t once
a m
onth
, fr
ee o
f ch
arge.
PS
R r
eg.5
4 (
opti
on i
n
par
agra
ph 3
exer
cise
d)
CH
AP
TE
R 4
Com
mon
pro
vis
ion
s
Art
icle
59
Cu
rren
cy a
nd
cu
rren
cy c
on
ver
sion
1. P
aym
ents
shal
l be
mad
e in
the
curr
ency
agre
ed b
etw
een t
he
par
ties
. P
SR
reg
.57
37
2. W
her
e a
curr
ency
conver
sion s
ervic
e is
off
ered
pri
or
to t
he
init
iati
on o
f th
e pay
men
t tr
ansa
ctio
n a
nd w
her
e th
at c
urr
ency
conver
sion
serv
ice
is o
ffer
ed a
t an
AT
M,
at t
he
poin
t of
sale
or
by t
he
pay
ee,
the
par
ty o
ffer
ing t
he
curr
ency
conver
sion s
ervic
e to
the
pay
er s
hal
l
dis
close
to t
he
pay
er a
ll c
har
ges
as
wel
l as
the
exch
ange
rate
to b
e use
d f
or
conver
ting t
he
pay
men
t tr
ansa
ctio
n.
The
pay
er s
hal
l ag
ree
to t
he
curr
ency
conver
sion s
ervic
e on t
hat
bas
is.
Art
icle
60
Info
rmati
on
on
ad
dit
ion
al
charg
es o
r re
du
ctio
ns
1. W
her
e, f
or
the
use
of
a giv
en p
aym
ent
inst
rum
ent,
the
pay
ee r
eques
ts a
char
ge
or
off
ers
a re
duct
ion, th
e pay
ee s
hal
l in
form
the
pay
er
ther
eof
pri
or
to t
he
init
iati
on o
f th
e pay
men
t tr
ansa
ctio
n.
2. W
her
e, f
or
the
use
of
a giv
en p
aym
ent
inst
rum
ent,
the
pay
men
t se
rvic
e pro
vid
er o
r an
oth
er p
arty
involv
ed i
n t
he
tran
sact
ion r
eques
ts
a ch
arge,
it
shal
l in
form
the
pay
men
t se
rvic
e use
r th
ereo
f pri
or
to t
he
init
iati
on o
f th
e pay
men
t tr
ansa
ctio
n.
3. T
he
pay
er s
hal
l only
be
obli
ged
to p
ay f
or
the
char
ges
ref
erre
d t
o i
n p
arag
raphs
1 a
nd 2
if
thei
r fu
ll a
mount
was
mad
e know
n p
rior
to
the
init
iati
on o
f th
e pay
men
t tr
ansa
ctio
n.
PS
R r
eg.5
8
TIT
LE
IV
RIG
HT
S A
ND
OB
LIG
AT
ION
S I
N R
EL
AT
ION
TO
TH
E P
RO
VIS
ION
AN
D U
SE
OF
PA
YM
EN
T S
ER
VIC
ES
CH
AP
TE
R 1
Com
mon
pro
vis
ion
s
Art
icle
61
Sco
pe
1. W
her
e th
e pay
men
t se
rvic
e use
r is
not
a co
nsu
mer
, th
e pay
men
t se
rvic
e use
r an
d t
he
pay
men
t se
rvic
e pro
vid
er m
ay a
gre
e th
at A
rtic
le
62(1
), A
rtic
le 6
4(3
), a
nd A
rtic
les
72,
74,
76,
77,
80 a
nd 8
9 d
o n
ot
apply
in w
hole
or
in p
art.
The
pay
men
t se
rvic
e use
r an
d t
he
pay
men
t
serv
ice
pro
vid
er m
ay a
lso a
gre
e on t
ime
lim
its
that
are
dif
fere
nt
from
those
lai
d d
ow
n i
n A
rtic
le 7
1.
PS
R r
eg.6
3(5
)
2. M
ember
Sta
tes
may
pro
vid
e th
at A
rtic
le 1
02 d
oes
not
apply
wher
e th
e pay
men
t se
rvic
e use
r is
not
a co
nsu
mer
. O
pti
on t
o b
e ex
erci
sed i
n
FC
A r
ule
s
3. M
ember
Sta
tes
may
pro
vid
e th
at p
rovis
ions
in t
his
Tit
le a
re a
ppli
ed t
o m
icro
ente
rpri
ses
in t
he
sam
e w
ay a
s to
consu
mer
s.
PS
R r
eg.6
3(5
)
4. T
his
Dir
ecti
ve
shal
l be
wit
hout pre
judic
e to
Dir
ecti
ve
2008/4
8/E
C, o
ther
rel
evan
t U
nio
n law
or
nat
ional
mea
sure
s re
gar
din
g c
ondit
ions
for
gra
nti
ng c
redit
to c
onsu
mer
s not
har
monis
ed b
y t
his
Dir
ecti
ve
that
com
ply
wit
h U
nio
n l
aw.
PS
R r
eg.6
4
Art
icle
62
Ch
arg
es a
pp
lica
ble
1. T
he
pay
men
t se
rvic
e pro
vid
er s
hal
l not ch
arge
the
pay
men
t se
rvic
e use
r fo
r fu
lfil
men
t of
its
info
rmat
ion o
bli
gat
ions
or
corr
ecti
ve
and
pre
ven
tive
mea
sure
s under
this
Tit
le, unle
ss o
ther
wis
e sp
ecif
ied i
n A
rtic
le 7
9(1
), A
rtic
le 8
0(5
) an
d A
rtic
le 8
8(2
). T
hose
char
ges
shal
l be
agre
ed b
etw
een t
he
pay
men
t se
rvic
e use
r an
d t
he
pay
men
t se
rvic
e pro
vid
er a
nd s
hal
l be
appro
pri
ate
and i
n l
ine
wit
h t
he
pay
men
t se
rvic
e
pro
vid
er’s
act
ual
cost
s.
PS
R r
eg.6
6(1
)
38
2. M
ember
Sta
tes
shal
l re
quir
e th
at f
or
pay
men
t tr
ansa
ctio
ns
pro
vid
ed w
ithin
the
Unio
n, w
her
e both
the
pay
er’s
and the
pay
ee’s
pay
men
t
serv
ice
pro
vid
ers
are,
or
the
sole
pay
men
t se
rvic
e pro
vid
er i
n t
he
pay
men
t tr
ansa
ctio
n i
s, l
oca
ted t
her
ein,
the
pay
ee p
ays
the
char
ges
levie
d b
y h
is p
aym
ent
serv
ice
pro
vid
er, an
d t
he
pay
er p
ays
the
char
ges
lev
ied b
y h
is p
aym
ent
serv
ice
pro
vid
er.
PS
R r
eg.6
6(2
)
3.
T
he
pay
men
t se
rvic
e pro
vid
er s
hal
l not
pre
ven
t th
e pay
ee f
rom
req
ues
ting f
rom
the
pay
er a
char
ge,
off
erin
g h
im a
red
uct
ion o
r
oth
erw
ise
stee
ring h
im t
ow
ards
the
use
of
a giv
en p
aym
ent
inst
rum
ent.
Any c
har
ges
appli
ed s
hal
l not
exce
ed t
he
dir
ect
cost
s born
e by
the
pay
ee f
or
the
use
of
the
spec
ific
pay
men
t in
stru
men
t.
PS
R r
eg.6
6(3
) an
d
Consu
mer
Rig
hts
(Pay
men
t S
urc
har
ges
)
Reg
ula
tions
2012
reg.6
A(2
) (i
nse
rted
by
PS
R S
ch.8
par
a 12)
4.
In
any c
ase,
Mem
ber
Sta
tes
shal
l en
sure
that
the
pay
ee s
hal
l not
reques
t ch
arges
for
the
use
of
pay
ment
inst
rum
ents
for
whic
h
inte
rchan
ge
fees
are
reg
ula
ted u
nder
Chap
ter
II o
f R
egula
tion (
EU
) 2015/7
51 a
nd f
or
those
pay
men
t se
rvic
es t
o w
hic
h R
egula
tion (
EU
)
No 2
60/2
012 a
ppli
es.
Consu
mer
Rig
hts
(Pay
men
t S
urc
har
ges
)
Reg
ula
tions
2012
reg.6
A(1
) (i
nse
rted
by
PS
R S
ch.8
par
a 12)
5. M
ember
Sta
tes
may
pro
hib
it o
r li
mit
the
right
of
the
pay
ee t
o r
eques
t ch
arges
tak
ing i
nto
acc
ount
the
nee
d t
o e
nco
ura
ge
com
pet
itio
n
and p
rom
ote
the
use
of
effi
cien
t pay
men
t in
stru
men
ts.
Opti
on e
xer
cise
d i
n
Consu
mer
Rig
hts
(Pay
men
t S
urc
har
ges
)
Reg
ula
tions
2012
reg.6
A(1
) (i
nse
rted
by
PS
R S
ch.8
par
a 12)
Art
icle
63
Der
ogati
on
for
low
valu
e p
aym
ent
inst
rum
ents
an
d e
lect
ron
ic m
on
ey
1.
In
the
case
of
pay
men
t in
stru
men
ts w
hic
h,
acco
rdin
g t
o t
he
fram
ework
contr
act,
sole
ly c
once
rn i
ndiv
idual
pay
men
t tr
ansa
ctio
ns
not
exce
edin
g E
UR
30 o
r w
hic
h e
ither
hav
e a
spen
din
g lim
it o
f E
UR
150, or
store
funds
whic
h d
o n
ot ex
ceed
EU
R 1
50 a
t an
y t
ime,
pay
ment
serv
ice
pro
vid
ers
may
agre
e w
ith t
hei
r pay
men
t se
rvic
e use
rs t
hat
:
(a)
poin
t (b
) of
Art
icle
69(1
), p
oin
ts (
c) a
nd (
d)
of
Art
icle
70(1
), a
nd A
rtic
le 7
4(3
) do n
ot
apply
if
the
pay
men
t in
stru
men
t does
not
allo
w i
ts b
lock
ing o
r pre
ven
tion o
f it
s fu
rther
use
;
(b)
Art
icle
s 72 a
nd 7
3, an
d A
rtic
le 7
4(1
) an
d (
3),
do n
ot ap
ply
if
the
pay
men
t in
stru
men
t is
use
d a
nonym
ousl
y o
r th
e pay
men
t se
rvic
e
pro
vid
er i
s not
in a
posi
tion f
or
oth
er r
easo
ns
whic
h a
re i
ntr
insi
c to
the
pay
men
t in
stru
men
t to
pro
ve
that
a p
aym
ent
tran
sact
ion w
as
auth
ori
sed;
(c)
by w
ay o
f der
ogat
ion f
rom
Art
icle
79(1
), t
he
pay
men
t se
rvic
e pro
vid
er i
s not
requir
ed t
o n
oti
fy t
he
pay
men
t se
rvic
e use
r of
the
refu
sal
of
a pay
men
t ord
er, if
the
non-e
xec
uti
on i
s ap
par
ent
from
the
conte
xt;
(d)
by w
ay o
f der
ogat
ion f
rom
Art
icle
80, th
e pay
er m
ay n
ot re
voke
the
pay
men
t ord
er a
fter
tra
nsm
itti
ng the
pay
men
t ord
er o
r giv
ing
conse
nt
to e
xec
ute
the
pay
men
t tr
ansa
ctio
n t
o t
he
pay
ee;
PS
R re
g.6
5(1
)(a)
an
d (b
)
and (
2)
39
(e)
by w
ay o
f der
ogat
ion f
rom
Art
icle
s 83 a
nd 8
4, oth
er e
xec
uti
on p
erio
ds
apply
.
2.
F
or
nat
ional
pay
men
t tr
ansa
ctio
ns,
Mem
ber
Sta
tes
or
thei
r co
mpet
ent
auth
ori
ties
may
red
uce
or
double
the
amounts
ref
erre
d t
o i
n
par
agra
ph 1
. T
hey
may
incr
ease
them
for
pre
pai
d p
aym
ent
inst
rum
ents
up t
o E
UR
500.
PS
R r
eg.6
5(1
) an
d (
2)
3. A
rtic
les
73 a
nd 7
4 o
f th
is D
irec
tive
shal
l ap
ply
als
o to e
lect
ronic
money
as
def
ined
in p
oin
t (2
) of
Art
icle
2 o
f D
irec
tive
2009/1
10/E
C,
exce
pt w
her
e th
e pay
er’s
pay
men
t se
rvic
e pro
vid
er d
oes
not hav
e th
e ab
ilit
y to f
reez
e th
e pay
men
t ac
count on w
hic
h the
elec
tronic
money
is s
tore
d o
r blo
ck t
he
pay
men
t in
stru
men
t. M
ember
Sta
tes
may
lim
it t
hat
der
ogat
ion t
o p
aym
ent
acco
unts
on w
hic
h t
he
elec
tronic
money
is s
tore
d o
r to
pay
men
t in
stru
men
ts o
f a
cert
ain v
alue.
PS
R r
eg.6
5(3
)
CH
AP
TE
R 2
Au
thori
sati
on
of
paym
ent
tran
sact
ion
s
Art
icle
64
Con
sen
t an
d w
ith
dra
wal
of
con
sen
t
1.
M
ember
Sta
tes
shal
l en
sure
that
a p
aym
ent
tran
sact
ion i
s co
nsi
der
ed t
o b
e au
thori
sed o
nly
if
the
pay
er h
as g
iven
conse
nt
to e
xec
ute
the
pay
men
t tr
ansa
ctio
n. A
pay
men
t tr
ansa
ctio
n m
ay b
e au
thori
sed b
y t
he
pay
er p
rior
to o
r, i
f ag
reed
bet
wee
n t
he
pay
er a
nd t
he
pay
men
t
serv
ice
pro
vid
er, af
ter
the
exec
uti
on o
f th
e pay
men
t tr
ansa
ctio
n.
2.
C
onse
nt
to e
xec
ute
a p
aym
ent
tran
sact
ion o
r a
seri
es o
f pay
men
t tr
ansa
ctio
ns
shal
l be
giv
en i
n t
he
form
agre
ed b
etw
een t
he
pay
er
and t
he
pay
men
t se
rvic
e pro
vid
er.
Conse
nt
to e
xec
ute
a p
aym
ent
tran
sact
ion m
ay a
lso b
e giv
en v
ia t
he
pay
ee o
r th
e pay
men
t in
itia
tion
serv
ice
pro
vid
er.
In t
he
abse
nce
of
conse
nt,
a p
aym
ent
tran
sact
ion s
hal
l be
consi
der
ed t
o b
e unau
thori
sed.
3. C
onse
nt
may
be
wit
hdra
wn b
y t
he
pay
er a
t an
y t
ime,
but
no l
ater
than
at
the
mom
ent
of
irre
voca
bil
ity i
n a
ccord
ance
wit
h A
rtic
le 8
0.
Conse
nt
to e
xec
ute
a s
erie
s of
pay
men
t tr
ansa
ctio
ns
may a
lso b
e w
ithdra
wn,
in w
hic
h c
ase
any f
utu
re p
aym
ent
tran
sact
ion s
hal
l be
consi
der
ed t
o b
e unau
thori
sed.
4. T
he
pro
cedure
for
giv
ing c
onse
nt
shal
l be
agre
ed b
etw
een t
he
pay
er a
nd t
he
rele
van
t pay
men
t se
rvic
e pro
vid
er(s
).
PS
R r
eg.6
7
Art
icle
65
Con
firm
ati
on
on
th
e avail
ab
ilit
y o
f fu
nd
s
1. M
ember
Sta
tes
shal
l en
sure
that
an a
ccount
serv
icin
g p
aym
ent
serv
ice
pro
vid
er s
hal
l, u
pon t
he
reques
t of
a pay
men
t se
rvic
e pro
vid
er
issu
ing c
ard-b
ased
pay
men
t in
stru
men
ts, im
med
iate
ly c
onfi
rm w
het
her
an a
mount
nec
essa
ry f
or
the
exec
uti
on o
f a
card
-bas
ed p
aym
ent
tran
sact
ion i
s av
aila
ble
on t
he
pay
men
t ac
count
of
the
pay
er, pro
vid
ed t
hat
all
of
the
foll
ow
ing c
ondit
ions
are
met
:
(a)
the
pay
men
t ac
count
of
the
pay
er i
s ac
cess
ible
onli
ne
at t
he
tim
e of
the
reques
t;
(b)
the
pay
er h
as g
iven
expli
cit
conse
nt
to t
he
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er t
o r
espond t
o r
eques
ts f
rom
a s
pec
ific
pay
men
t se
rvic
e pro
vid
er to c
onfi
rm that
the
amount co
rres
pondin
g to a
cer
tain
car
d-b
ased
pay
men
t tr
ansa
ctio
n is
avai
lable
on the
pay
er’s
pay
men
t ac
count;
(c)
the
conse
nt
refe
rred
to i
n p
oin
t (b
) has
bee
n g
iven
bef
ore
the
firs
t re
ques
t fo
r co
nfi
rmat
ion i
s m
ade.
PS
R r
eg.6
8(2
), (
4)
and (
5)
2. T
he
pay
men
t se
rvic
e pro
vid
er m
ay r
eques
t th
e co
nfi
rmat
ion r
efer
red t
o i
n p
arag
raph 1
wher
e al
l of
the
foll
ow
ing c
ondit
ions
are
met
:
(a)
the
pay
er h
as g
iven
expli
cit
conse
nt
to t
he
pay
men
t se
rvic
e pro
vid
er t
o r
eques
t th
e co
nfi
rmat
ion r
efer
red t
o i
n p
arag
raph 1
;
PS
R r
eg.6
8(2
) an
d (
3)
40
(b)
the
pay
er h
as i
nit
iate
d t
he
card
-bas
ed p
aym
ent
tran
sact
ion f
or
the
amount
in q
ues
tion u
sing a
car
d b
ased
pay
men
t in
stru
men
t
issu
ed b
y t
he
pay
men
t se
rvic
e pro
vid
er;
(c)
the
pay
men
t se
rvic
e pro
vid
er
auth
enti
cate
s it
self
to
war
ds
the
acco
unt
serv
icin
g
pay
men
t se
rvic
e pro
vid
er
bef
ore
ea
ch
confi
rmat
ion r
eques
t, a
nd s
ecure
ly c
om
munic
ates
wit
h t
he
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er i
n a
ccord
ance
wit
h p
oin
t (d
) of
Art
icle
98(1
).
3. I
n a
ccord
ance
wit
h D
irec
tive
95/4
6/E
C, th
e co
nfi
rmat
ion r
efer
red t
o in p
arag
raph 1
shal
l co
nsi
st o
nly
in a
sim
ple
‘yes
’ or
‘no’
answ
er
and n
ot
in a
sta
tem
ent
of
the
acco
unt
bal
ance
. T
hat
answ
er s
hal
l not
be
store
d o
r use
d f
or
purp
ose
s oth
er t
han
for
the
exec
uti
on o
f th
e
card
-bas
ed p
aym
ent
tran
sact
ion.
PS
R r
eg.6
8(4
), (
7)
and (
8)
4. T
he
confi
rmat
ion r
efer
red t
o i
n p
arag
raph 1
shal
l not
allo
w f
or
the
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er t
o b
lock
funds
on t
he
pay
er’s
pay
men
t ac
count.
PS
R r
eg.6
8(7
)
5. T
he
pay
er m
ay r
eques
t th
e ac
count se
rvic
ing p
aym
ent
serv
ice
pro
vid
er to c
om
munic
ate
to t
he
pay
er the
iden
tifi
cati
on o
f th
e pay
men
t
serv
ice
pro
vid
er a
nd t
he
answ
er p
rovid
ed.
PS
R r
eg.6
8(6
)
6. T
his
Art
icle
does
not
apply
to p
aym
ent
tran
sact
ions
init
iate
d t
hro
ugh c
ard-b
ased
pay
men
t in
stru
men
ts o
n w
hic
h e
lect
ronic
money
as
def
ined
in p
oin
t (2
) of
Art
icle
2 o
f D
irec
tive
2009/1
10/E
C i
s st
ore
d.
PS
R r
eg.6
8(1
)
Art
icle
66
Ru
les
on
acc
ess
to p
aym
ent
acc
ou
nt
in t
he
case
of
paym
ent
init
iati
on
ser
vic
es
1. M
ember
Sta
tes
shal
l en
sure
that
a p
ayer
has
the
right
to m
ake
use
of
a pay
men
t in
itia
tion s
ervic
e pro
vid
er to o
bta
in p
aym
ent
serv
ices
as r
efer
red t
o i
n p
oin
t (7
) of
Annex
I.
The
right
to m
ake
use
of
a pay
men
t in
itia
tion s
ervic
e pro
vid
er s
hal
l not
apply
wher
e th
e pay
men
t
acco
unt
is n
ot
acce
ssib
le o
nli
ne.
PS
R r
eg.6
9(1
)
2. W
hen
the
pay
er g
ives
its
expli
cit
conse
nt
for
a pay
men
t to
be
exec
ute
d i
n a
ccord
ance
wit
h A
rtic
le 6
4, th
e ac
count
serv
icin
g p
aym
ent
serv
ice
pro
vid
er s
hal
l per
form
the
acti
ons
spec
ifie
d i
n p
arag
raph 4
of
this
Art
icle
in o
rder
to e
nsu
re t
he
pay
er’s
rig
ht
to u
se t
he
pay
men
t
init
iati
on s
ervic
e.
PS
R r
eg.6
9(2
)
3. T
he
pay
men
t in
itia
tion s
ervic
e pro
vid
er s
hal
l:
(a)
not
hold
at
any t
ime
the
pay
er’s
funds
in c
onnec
tion w
ith t
he
pro
vis
ion o
f th
e pay
men
t in
itia
tion s
ervic
e;
(b)
ensu
re t
hat
the
per
sonal
ised
sec
uri
ty c
reden
tial
s of
the
pay
men
t se
rvic
e use
r ar
e not,
wit
h t
he
exce
pti
on o
f th
e use
r an
d t
he
issu
er
of
the
per
sonal
ised
sec
uri
ty c
reden
tial
s, a
cces
sible
to o
ther
par
ties
and that
they
are
tra
nsm
itte
d b
y the
pay
men
t in
itia
tion s
ervic
e pro
vid
er
thro
ugh s
afe
and e
ffic
ient
chan
nel
s;
(c)
ensu
re t
hat
any o
ther
info
rmat
ion a
bout
the
pay
men
t se
rvic
e use
r, o
bta
ined
when
pro
vid
ing p
aym
ent
init
iati
on s
ervic
es,
is o
nly
pro
vid
ed t
o t
he
pay
ee a
nd o
nly
wit
h t
he
pay
men
t se
rvic
e use
r’s
expli
cit
conse
nt;
(d)
ever
y t
ime
a pay
men
t is
init
iate
d,
iden
tify
its
elf
tow
ards
the
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er o
f th
e pay
er a
nd
com
munic
ate
wit
h the
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er, th
e pay
er a
nd the
pay
ee in a
sec
ure
way
, in
acc
ord
ance
wit
h p
oin
t (d
)
of
Art
icle
98(1
);
(e)
not
store
sen
siti
ve
pay
men
t dat
a of
the
pay
men
t se
rvic
e use
r;
(f)
not
reques
t fr
om
the
pay
ment
serv
ice
use
r an
y d
ata
oth
er t
han
those
nec
essa
ry t
o p
rovid
e th
e pay
men
t in
itia
tion s
ervic
e;
PS
R r
eg.6
9(3
)
41
(g)
not use
, ac
cess
or
store
any d
ata
for
purp
ose
s oth
er than
for
the
pro
vis
ion o
f th
e pay
men
t in
itia
tion s
ervic
e as
expli
citl
y r
eques
ted
by t
he
pay
er;
(h)
not
modif
y t
he
amount,
the
pay
ee o
r an
y o
ther
fea
ture
of
the
tran
sact
ion.
4. T
he
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er s
hal
l:
(a)
com
munic
ate
secu
rely
wit
h p
aym
ent
init
iati
on s
ervic
e pro
vid
ers
in a
ccord
ance
wit
h p
oin
t (d
) of
Art
icle
98(1
);
(b)
imm
edia
tely
aft
er r
ecei
pt
of
the
pay
men
t ord
er f
rom
a p
aym
ent
init
iati
on s
ervic
e pro
vid
er,
pro
vid
e or
make
avai
lable
all
info
rmat
ion o
n the
init
iati
on o
f th
e pay
men
t tr
ansa
ctio
n a
nd a
ll i
nfo
rmat
ion a
cces
sible
to t
he
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er
regar
din
g t
he
exec
uti
on o
f th
e pay
men
t tr
ansa
ctio
n t
o t
he
pay
men
t in
itia
tion s
ervic
e pro
vid
er;
(c)
trea
t pay
men
t ord
ers
tran
smit
ted t
hro
ugh t
he
serv
ices
of
a pay
men
t in
itia
tion s
ervic
e pro
vid
er w
ithout
any d
iscr
imin
atio
n o
ther
than
for
obje
ctiv
e re
asons,
in p
arti
cula
r in
ter
ms
of
tim
ing, pri
ori
ty o
r ch
arges
vis
-à-v
is p
aym
ent
ord
ers
tran
smit
ted d
irec
tly b
y t
he
pay
er.
PS
R r
eg.6
9(2
)
5. T
he
pro
vis
ion o
f pay
ment in
itia
tion s
ervic
es s
hal
l not be
dep
enden
t on the
exis
tence
of
a co
ntr
actu
al r
elat
ionsh
ip b
etw
een the
pay
men
t
init
iati
on s
ervic
e pro
vid
ers
and t
he
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
ers
for
that
purp
ose
.
PS
R r
eg.6
9(2
)(d)
Art
icle
67
Ru
les
on
acc
ess
to a
nd
use
of
paym
ent
acc
ou
nt
info
rmati
on
in
th
e ca
se o
f acc
ou
nt
info
rmati
on
ser
vic
es
1. M
ember
Sta
tes
shal
l en
sure
that
a p
aym
ent
serv
ice
use
r has
the
right
to m
ake
use
of
serv
ices
enab
ling a
cces
s to
acc
ount
info
rmat
ion
as r
efer
red t
o i
n p
oin
t (8
) of
Annex
I. T
hat
rig
ht
shal
l not
apply
wher
e th
e pay
men
t ac
count
is n
ot
acce
ssib
le o
nli
ne.
PS
R r
eg.7
0(1
)
2. T
he
acco
unt
info
rmat
ion s
ervic
e pro
vid
er s
hal
l:
(a)
pro
vid
e se
rvic
es o
nly
wher
e bas
ed o
n t
he
pay
men
t se
rvic
e use
r’s
expli
cit
conse
nt;
(b)
ensu
re t
hat
the
per
sonal
ised
sec
uri
ty c
reden
tial
s of
the
pay
men
t se
rvic
e use
r ar
e not,
wit
h t
he
exce
pti
on o
f th
e use
r an
d t
he
issu
er
of
the
per
sonal
ised
sec
uri
ty c
reden
tial
s, a
cces
sible
to o
ther
par
ties
and t
hat
when
they
are
tra
nsm
itte
d b
y t
he
acco
unt
info
rmat
ion s
ervic
e
pro
vid
er, th
is i
s done
thro
ugh s
afe
and e
ffic
ient
chan
nel
s;
(c)
for
each
com
munic
atio
n s
essi
on, i
den
tify
its
elf
tow
ards
the
acco
unt se
rvic
ing p
aym
ent se
rvic
e pro
vid
er(s
) of
the
pay
men
t se
rvic
e
use
r an
d s
ecure
ly c
om
munic
ate
wit
h the
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er(s
) an
d the
pay
men
t se
rvic
e use
r, i
n a
ccord
ance
wit
h
poin
t (d
) of
Art
icle
98(1
);
(d)
acce
ss o
nly
the
info
rmat
ion f
rom
des
ignat
ed p
aym
ent
acco
unts
and a
ssoci
ated
pay
men
t tr
ansa
ctio
ns;
(e)
not
reques
t se
nsi
tive
pay
ment
dat
a li
nked
to t
he
pay
men
t ac
counts
;
(f)
not
use
, ac
cess
or
store
any d
ata
for
purp
ose
s oth
er t
han
for
per
form
ing t
he
acco
unt
info
rmat
ion s
ervic
e ex
pli
citl
y r
eques
ted b
y
the
pay
men
t se
rvic
e use
r, i
n a
ccord
ance
wit
h d
ata
pro
tect
ion r
ule
s.
PS
R r
eg.7
0(3
)
3. In
rel
atio
n t
o p
aym
ent
acco
unts
, th
e ac
count
serv
icin
g p
aym
ent
serv
ice
pro
vid
er s
hal
l:
(a)
com
munic
ate
secu
rely
wit
h t
he
acco
unt
info
rmat
ion s
ervic
e pro
vid
ers
in a
ccord
ance
wit
h p
oin
t (d
) of
Art
icle
98(1
); a
nd
(b)
trea
t dat
a re
ques
ts t
ransm
itte
d t
hro
ugh t
he
serv
ices
of
an a
ccount
info
rmat
ion s
ervic
e pro
vid
er w
ithout
any d
iscr
imin
atio
n f
or
oth
er t
han
obje
ctiv
e re
asons.
PS
R r
eg.7
0(2
)
4.
T
he
pro
vis
ion o
f ac
count
info
rmat
ion s
ervic
es s
hal
l not
be
dep
enden
t on t
he
exis
tence
of
a co
ntr
actu
al r
elat
ionsh
ip b
etw
een t
he
acco
unt
info
rmat
ion s
ervic
e pro
vid
ers
and t
he
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
ers
for
that
purp
ose
.
PS
R r
eg.7
0(2
)(c)
42
Art
icle
68
Lim
its
of
the
use
of
the
paym
ent
inst
rum
ent
an
d o
f th
e acc
ess
to p
aym
ent
acc
ou
nts
by p
aym
ent
serv
ice
pro
vid
ers
1. W
her
e a
spec
ific
pay
men
t in
stru
men
t is
use
d f
or
the
purp
ose
s of
giv
ing c
onse
nt,
the
pay
er a
nd t
he
pay
er’s
pay
men
t se
rvic
e pro
vid
er
may a
gre
e on s
pen
din
g l
imit
s fo
r pay
men
t tr
ansa
ctio
ns
exec
ute
d t
hro
ugh t
hat
pay
men
t in
stru
men
t.
PS
R r
eg.7
1(1
)
2.
If
agre
ed i
n t
he
fram
ework
contr
act,
the
pay
men
t se
rvic
e pro
vid
er m
ay r
eser
ve
the
right
to b
lock
the
pay
men
t in
stru
men
t fo
r
obje
ctiv
ely j
ust
ifie
d r
easo
ns
rela
ting t
o t
he
secu
rity
of
the
pay
men
t in
stru
men
t, t
he
susp
icio
n o
f unau
thori
sed o
r fr
audule
nt
use
of
the
pay
men
t in
stru
men
t or,
in t
he
case
of
a pay
men
t in
stru
men
t w
ith a
cre
dit
lin
e, a
sig
nif
ican
tly i
ncr
ease
d r
isk t
hat
the
pay
er m
ay b
e unab
le
to f
ulf
il i
ts l
iabil
ity t
o p
ay.
PS
R r
eg.7
1(2
)
3. In
such
cas
es t
he
pay
ment
serv
ice
pro
vid
er s
hal
l in
form
the
pay
er o
f th
e blo
ckin
g o
f th
e pay
men
t in
stru
men
t an
d t
he
reas
ons
for
it in
an a
gre
ed m
anner
, w
her
e poss
ible
, bef
ore
the
pay
men
t in
stru
men
t is
blo
cked
and a
t th
e la
test
im
med
iate
ly t
her
eaft
er,
unle
ss p
rovid
ing
such
info
rmat
ion w
ould
com
pro
mis
e obje
ctiv
ely j
ust
ifie
d s
ecuri
ty r
easo
ns
or
is p
rohib
ited
by o
ther
rel
evan
t U
nio
n o
r nat
ional
law
.
PS
R r
eg.7
1(3
) to
(5)
4.
T
he
pay
men
t se
rvic
e pro
vid
er s
hal
l unblo
ck t
he
pay
men
t in
stru
men
t or
repla
ce i
t w
ith a
new
pay
men
t in
stru
men
t once
the
reas
ons
for
blo
ckin
g n
o l
onger
exis
t.
PS
R r
eg.7
1(6
)
5.
A
n a
ccount
serv
icin
g p
aym
ent
serv
ice
pro
vid
er m
ay d
eny a
n a
ccount
info
rmat
ion s
ervic
e pro
vid
er o
r a
pay
men
t in
itia
tion s
ervic
e
pro
vid
er a
cces
s to
a p
aym
ent
acco
unt
for
obje
ctiv
ely j
ust
ifie
d a
nd d
uly
evid
ence
d r
easo
ns
rela
ting t
o u
nau
thori
sed o
r fr
audule
nt
acce
ss
to th
e pay
men
t ac
count
by th
at ac
count
info
rmat
ion se
rvic
e pro
vid
er or
that
pay
men
t in
itia
tion se
rvic
e pro
vid
er,
incl
udin
g th
e
unau
thori
sed o
r fr
audule
nt
init
iati
on o
f a
pay
men
t tr
ansa
ctio
n. In
such
cas
es t
he
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er s
hal
l in
form
the
pay
er that
acc
ess
to the
pay
men
t ac
count is
den
ied a
nd the
reas
ons
ther
efor
in the
form
agre
ed. T
hat
info
rmat
ion s
hal
l, w
her
e poss
ible
,
be
giv
en t
o t
he
pay
er b
efore
acc
ess
is d
enie
d a
nd a
t th
e la
test
im
med
iate
ly t
her
eaft
er,
unle
ss p
rovid
ing s
uch
info
rmat
ion w
ould
com
pro
mis
e obje
ctiv
ely j
ust
ifie
d s
ecuri
ty r
easo
ns
or
is p
rohib
ited
by o
ther
rel
evan
t U
nio
n o
r nat
ional
law
.
The
acco
unt se
rvic
ing p
aym
ent
serv
ice
pro
vid
er s
hal
l al
low
acc
ess
to t
he
pay
men
t ac
count once
the
reas
ons
for
den
yin
g a
cces
s no l
onger
exis
t.
PS
R r
eg.7
1(7
) to
(9)
6. In
the
case
s re
ferr
ed t
o i
n p
arag
raph 5
, th
e ac
count
serv
icin
g p
aym
ent
serv
ice
pro
vid
er s
hal
l im
med
iate
ly r
eport
the
inci
den
t re
lati
ng
to t
he
acco
unt
info
rmat
ion s
ervic
e pro
vid
er o
r th
e pay
men
t in
itia
tion s
ervic
e pro
vid
er t
o t
he
com
pet
ent
auth
ori
ty.
The
info
rmat
ion s
hal
l
incl
ude
the
rele
van
t det
ails
of
the
case
and t
he
reas
ons
for
takin
g a
ctio
n.
The
com
pet
ent
auth
ori
ty s
hal
l as
sess
the
case
and s
hal
l, i
f
nec
essa
ry, ta
ke
appro
pri
ate
mea
sure
s.
PS
R r
eg.7
1(8
)(c)
and (
10)
Art
icle
69
Ob
ligati
on
s of
the
paym
ent
serv
ice
use
r in
rel
ati
on
to p
aym
ent
inst
rum
ents
an
d p
erso
nali
sed
sec
uri
ty c
red
enti
als
1. T
he
pay
men
t se
rvic
e use
r en
titl
ed t
o u
se a
pay
men
t in
stru
men
t sh
all:
(a)
use
the
pay
men
t in
stru
men
t in
acc
ord
ance
wit
h t
he
term
s go
ver
nin
g t
he
issu
e an
d u
se o
f th
e pay
men
t in
stru
men
t, w
hic
h m
ust
be
obje
ctiv
e, n
on-d
iscr
imin
atory
and p
roport
ionat
e;
(b)
noti
fy t
he
pay
men
t se
rvic
e pro
vid
er,
or
the
enti
ty s
pec
ifie
d b
y t
he
latt
er,
wit
hout
undue
del
ay o
n b
ecom
ing a
war
e of
the
loss
,
thef
t, m
isap
pro
pri
atio
n o
r unau
thori
sed u
se o
f th
e pay
men
t in
stru
men
t.
PS
R r
eg.7
2
43
2.
For
the
purp
ose
s of
poin
t (a
) of
par
agra
ph 1
, the
pay
men
t se
rvic
e use
r sh
all,
in p
arti
cula
r, a
s so
on a
s in
rec
eipt of
a pay
men
t in
stru
men
t,
take
all
reas
onab
le s
teps
to k
eep i
ts p
erso
nal
ised
sec
uri
ty c
reden
tial
s sa
fe.
Art
icle
70
Ob
ligati
on
s of
the
paym
ent
serv
ice
pro
vid
er i
n r
elati
on
to p
aym
ent
inst
rum
ents
1. T
he
pay
men
t se
rvic
e pro
vid
er i
ssuin
g a
pay
men
t in
stru
men
t sh
all:
(a)
make
sure
that
the
per
sonal
ised
sec
uri
ty c
reden
tial
s ar
e not
acce
ssib
le t
o p
arti
es o
ther
than
the
pay
men
t se
rvic
e use
r th
at i
s
enti
tled
to u
se t
he
pay
men
t in
stru
men
t, w
ithout
pre
judic
e to
the
obli
gat
ions
on t
he
pay
men
t se
rvic
e use
r se
t out
in A
rtic
le 6
9;
(b)
refr
ain f
rom
sen
din
g a
n u
nso
lici
ted p
aym
ent in
stru
men
t, e
xce
pt w
her
e a
pay
men
t in
stru
men
t al
read
y g
iven
to the
pay
men
t se
rvic
e
use
r is
to b
e re
pla
ced;
(c)
ensu
re t
hat
appro
pri
ate
mea
ns
are
avai
lable
at
all
tim
es t
o e
nab
le t
he
pay
men
t se
rvic
e use
r to
mak
e a
noti
fica
tion p
urs
uan
t to
poin
t (b
) of
Art
icle
69(1
) or
to r
eques
t unblo
ckin
g o
f th
e pay
men
t in
stru
men
t purs
uan
t to
Art
icle
68(4
); o
n r
eques
t, t
he
pay
men
t se
rvic
e
pro
vid
er s
hal
l pro
vid
e th
e pay
men
t se
rvic
e use
r w
ith t
he
mea
ns
to p
rove,
for
18 m
onth
s af
ter
noti
fica
tion, th
at t
he
pay
men
t se
rvic
e use
r
mad
e su
ch a
noti
fica
tion;
(d)
pro
vid
e th
e pay
men
t se
rvic
e use
r w
ith a
n o
pti
on t
o m
ake
a noti
fica
tion p
urs
uan
t to
poin
t (b
) of
Art
icle
69(1
) fr
ee o
f ch
arge
and
to c
har
ge,
if
at a
ll, only
rep
lace
men
t co
sts
dir
ectl
y a
ttri
bute
d t
o t
he
pay
men
t in
stru
men
t;
(e)
pre
ven
t al
l use
of
the
pay
men
t in
stru
men
t once
noti
fica
tion p
urs
uan
t to
poin
t (b
) of
Art
icle
69(1
) has
bee
n m
ade.
2. T
he
pay
men
t se
rvic
e pro
vid
er s
hal
l bea
r th
e ri
sk o
f se
ndin
g a
pay
men
t in
stru
men
t or
any p
erso
nal
ised
sec
uri
ty c
reden
tial
s re
lati
ng t
o
it t
o t
he
pay
men
t se
rvic
e use
r.
PS
R r
eg.7
3
Art
icle
71
Noti
fica
tion
an
d r
ecti
fica
tion
of
un
au
thori
sed
or
inco
rrec
tly e
xec
ute
d p
aym
ent
tran
sact
ion
s
1. T
he
pay
men
t se
rvic
e use
r sh
all
obta
in r
ecti
fica
tion o
f an
unau
thori
sed o
r in
corr
ectl
y e
xec
ute
d p
aym
ent
tran
sact
ion f
rom
the
pay
men
t
serv
ice
pro
vid
er o
nly
if
the
pay
men
t se
rvic
e use
r noti
fies
the
pay
men
t se
rvic
e pro
vid
er w
ithout
undue
del
ay o
n b
ecom
ing a
war
e of
any
such
tra
nsa
ctio
n g
ivin
g r
ise
to a
cla
im, in
cludin
g t
hat
under
Art
icle
89, an
d n
o l
ater
than
13 m
onth
s af
ter
the
deb
it d
ate.
The
tim
e li
mit
s fo
r noti
fica
tion lai
d d
ow
n in t
he
firs
t su
bpar
agra
ph d
o n
ot ap
ply
wher
e th
e pay
men
t se
rvic
e pro
vid
er h
as f
aile
d to p
rovid
e
or
mak
e av
aila
ble
the
info
rmat
ion o
n t
he
pay
men
t tr
ansa
ctio
n i
n a
ccord
ance
wit
h T
itle
III
.
PS
R r
eg.7
4
2. W
her
e a
pay
men
t in
itia
tion s
ervic
e pro
vid
er is
involv
ed, th
e pay
men
t se
rvic
e use
r sh
all obta
in r
ecti
fica
tion f
rom
the
acco
unt se
rvic
ing
pay
men
t se
rvic
e pro
vid
er p
urs
uan
t to
par
agra
ph 1
of
this
Art
icle
, w
ithout
pre
judic
e to
Art
icle
73(2
) an
d A
rtic
le 8
9(1
).
PS
R r
eg.7
6(5
), 9
3
Art
icle
72
Evid
ence
on
au
then
tica
tion
an
d e
xec
uti
on
of
paym
ent
tran
sact
ion
s
44
1. M
ember
Sta
tes
shal
l re
quir
e th
at, w
her
e a
pay
men
t se
rvic
e use
r den
ies
hav
ing a
uth
ori
sed a
n e
xec
ute
d p
aym
ent
tran
sact
ion o
r cl
aim
s
that
the
pay
men
t tr
ansa
ctio
n w
as n
ot
corr
ectl
y e
xec
ute
d, it
is
for
the
pay
men
t se
rvic
e pro
vid
er t
o p
rove
that
the
pay
men
t tr
ansa
ctio
n w
as
auth
enti
cate
d,
accu
rate
ly r
ecord
ed,
ente
red i
n t
he
acco
unts
and n
ot
affe
cted
by a
tec
hnic
al b
reak
dow
n o
r so
me
oth
er d
efic
iency
of
the
serv
ice
pro
vid
ed b
y t
he
pay
men
t se
rvic
e pro
vid
er.
If t
he
pay
men
t tr
ansa
ctio
n is
init
iate
d t
hro
ugh a
pay
ment
init
iati
on s
ervic
e pro
vid
er, th
e burd
en s
hal
l be
on the
pay
men
t in
itia
tion s
ervic
e
pro
vid
er t
o p
rove
that
wit
hin
its
spher
e of
com
pet
ence
, th
e pay
men
t tr
ansa
ctio
n w
as a
uth
enti
cate
d, ac
cura
tely
rec
ord
ed a
nd n
ot
affe
cted
by a
tec
hnic
al b
reak
dow
n o
r oth
er d
efic
iency
lin
ked
to t
he
pay
men
t se
rvic
e of
whic
h i
t is
in c
har
ge.
2.
W
her
e a
pay
men
t se
rvic
e use
r den
ies
hav
ing a
uth
ori
sed a
n e
xec
ute
d p
aym
ent
tran
sact
ion, th
e use
of
a pay
men
t in
stru
men
t re
cord
ed
by t
he
pay
men
t se
rvic
e pro
vid
er,
incl
udin
g t
he
pay
men
t in
itia
tion s
ervic
e pro
vid
er a
s ap
pro
pri
ate,
shal
l in
its
elf
not
nec
essa
rily
be
suff
icie
nt
to p
rove
eith
er t
hat
the
pay
men
t tr
ansa
ctio
n w
as a
uth
ori
sed b
y t
he
pay
er o
r th
at t
he
pay
er a
cted
fra
udule
ntl
y o
r fa
iled
wit
h
inte
nt
or
gro
ss n
egli
gen
ce t
o f
ulf
il o
ne
or
more
of
the
obli
gat
ions
under
Art
icle
69.
The
pay
men
t se
rvic
e pro
vid
er,
incl
udin
g,
wher
e
appro
pri
ate,
the
pay
men
t in
itia
tion s
ervic
e pro
vid
er, sh
all
pro
vid
e su
pport
ing e
vid
ence
to p
rove
frau
d o
r gro
ss n
egli
gen
ce o
n p
art
of
the
pay
men
t se
rvic
e use
r.
PS
R r
eg.7
5
Art
icle
73
Paym
ent
serv
ice
pro
vid
er’s
lia
bil
ity f
or
un
au
thori
sed
paym
ent
tran
sact
ion
s
1.
M
ember
Sta
tes
shal
l en
sure
that
, w
ithout
pre
judic
e to
Art
icle
71,
in t
he
case
of
an u
nau
thori
sed p
aym
ent
tran
sact
ion,
the
pay
er’s
pay
men
t se
rvic
e pro
vid
er r
efunds
the
pay
er t
he
amount
of
the
unau
thori
sed p
aym
ent
tran
sact
ion i
mm
edia
tely
, an
d i
n a
ny e
ven
t no l
ater
than
by t
he
end o
f th
e fo
llow
ing b
usi
nes
s day
, af
ter
noti
ng o
r bei
ng n
oti
fied
of
the
tran
sact
ion, ex
cept
wher
e th
e pay
er’s
pay
men
t se
rvic
e
pro
vid
er h
as r
easo
nab
le g
rounds
for
susp
ecti
ng f
raud a
nd c
om
munic
ates
those
gro
unds
to t
he
rele
van
t nat
ional
auth
ori
ty i
n w
riti
ng.
Wher
e ap
pli
cable
, th
e pay
er’s
pay
men
t se
rvic
e pro
vid
er s
hal
l re
store
the
deb
ited
pay
men
t ac
count
to t
he
stat
e in
whic
h i
t w
ould
hav
e
bee
n h
ad t
he
unau
thori
sed p
aym
ent
tran
sact
ion n
ot
taken
pla
ce. T
his
shal
l al
so e
nsu
re t
hat
the
cred
it v
alue
dat
e fo
r th
e pay
er’s
pay
men
t
acco
unt
shal
l be
no l
ater
than
the
dat
e th
e am
ount
had
bee
n d
ebit
ed.
PS
R r
eg.7
6(1
) to
(4)
2.
W
her
e th
e pay
men
t tr
ansa
ctio
n i
s in
itia
ted t
hro
ugh a
pay
men
t in
itia
tion s
ervic
e pro
vid
er,
the
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er s
hal
l re
fund im
media
tely
, an
d in a
ny e
ven
t no lat
er than
by the
end o
f th
e fo
llow
ing b
usi
nes
s day
the
amount of
the
unau
thori
sed
pay
men
t tr
ansa
ctio
n a
nd,
wher
e ap
pli
cable
, re
store
the
deb
ited
pay
men
t ac
count
to t
he
stat
e in
whic
h i
t w
ould
hav
e bee
n h
ad t
he
unau
thori
sed p
aym
ent
tran
sact
ion n
ot
taken
pla
ce.
If t
he
pay
men
t in
itia
tion s
ervic
e pro
vid
er is
liab
le f
or
the
unau
thori
sed p
aym
ent
tran
sact
ion, it
shal
l im
med
iate
ly c
om
pen
sate
the
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er a
t it
s re
ques
t fo
r th
e lo
sses
incu
rred
or
sum
s pai
d a
s a
resu
lt o
f th
e re
fund t
o t
he
pay
er, in
cludin
g t
he
amount
of
the
unau
thori
sed p
aym
ent
tran
sact
ion. In
acc
ord
ance
wit
h A
rtic
le 7
2(1
), t
he
burd
en s
hal
l be
on t
he
pay
men
t in
itia
tion s
ervic
e
pro
vid
er t
o p
rove
that
, w
ithin
its
spher
e of
com
pet
ence
, th
e pay
men
t tr
ansa
ctio
n w
as a
uth
enti
cate
d, ac
cura
tely
rec
ord
ed a
nd n
ot
affe
cted
by a
tec
hnic
al b
reak
dow
n o
r oth
er d
efic
iency
lin
ked
to t
he
pay
men
t se
rvic
e of
whic
h i
t is
in c
har
ge.
PS
R r
egs
76(5
) an
d
148(4
)
3. F
urt
her
fin
anci
al c
om
pen
sati
on m
ay b
e det
erm
ined
in a
ccord
ance
wit
h the
law
appli
cable
to the
contr
act co
ncl
uded
bet
wee
n the
pay
er
and t
he
pay
men
t se
rvic
e pro
vid
er o
r th
e co
ntr
act
concl
uded
bet
wee
n t
he
pay
er a
nd t
he
pay
men
t in
itia
tion s
ervic
e pro
vid
er i
f ap
pli
cable
.
No
tran
sposi
tion
nec
essa
ry
45
Art
icle
74
Payer
’s l
iab
ilit
y f
or
un
au
thori
sed
paym
ent
tran
sact
ion
s
1. B
y w
ay o
f der
ogat
ion f
rom
Art
icle
73, th
e pay
er m
ay b
e obli
ged
to b
ear
the
loss
es r
elat
ing t
o a
ny u
nau
thori
sed p
aym
ent
tran
sact
ions,
up t
o a
max
imu
m o
f E
UR
50,
resu
ltin
g f
rom
the
use
of
a lo
st o
r st
ole
n p
aym
ent
inst
rum
ent
or
from
the
mis
appro
pri
atio
n o
f a
pay
men
t
inst
rum
ent.
The
firs
t su
bpar
agra
ph s
hal
l not
apply
if:
(a)
the
loss
, th
eft
or
mis
appro
pri
atio
n o
f a
pay
men
t in
stru
men
t w
as n
ot
det
ecta
ble
to t
he
pay
er p
rior
to a
pay
men
t, e
xce
pt
wher
e th
e
pay
er h
as a
cted
fra
udule
ntl
y;
or
(b)
the
loss
was
cau
sed b
y a
cts
or
lack
of
acti
on o
f an
em
plo
yee
, ag
ent
or
bra
nch
of
a pay
men
t se
rvic
e pro
vid
er o
r of
an e
nti
ty t
o
whic
h i
ts a
ctiv
itie
s w
ere
outs
ourc
ed.
The
pay
er s
hal
l bea
r al
l of
the
loss
es r
elat
ing t
o a
ny u
nau
thori
sed p
aym
ent
tran
sact
ions
if t
hey
wer
e in
curr
ed b
y t
he
pay
er a
ctin
g
frau
dule
ntl
y o
r fa
ilin
g t
o f
ulf
il o
ne
or
more
of
the
obli
gat
ions
set
out
in A
rtic
le 6
9 w
ith i
nte
nt
or
gro
ss n
egli
gen
ce.
In s
uch
cas
es,
the
max
imu
m a
mount
refe
rred
to i
n t
he
firs
t su
bpar
agra
ph s
hal
l not
apply
.
Wher
e th
e pay
er h
as n
eith
er a
cted
fra
udule
ntl
y n
or
inte
nti
onal
ly f
aile
d t
o f
ulf
il i
ts o
bli
gat
ions
under
Art
icle
69,
Mem
ber
Sta
tes
may
reduce
the
liab
ilit
y r
efer
red t
o i
n t
his
par
agra
ph, ta
kin
g i
nto
acc
ount,
in p
arti
cula
r, t
he
nat
ure
of
the
per
sonal
ised
sec
uri
ty c
reden
tial
s an
d
the
spec
ific
cir
cum
stan
ces
under
whic
h t
he
pay
men
t in
stru
men
t w
as l
ost
, st
ole
n o
r m
isap
pro
pri
ated
.
2.
W
her
e th
e pay
er’s
pay
men
t se
rvic
e pro
vid
er d
oes
not
requir
e st
rong c
ust
om
er a
uth
enti
cati
on,
the
pay
er s
hal
l not
bea
r an
y f
inan
cial
loss
es u
nle
ss t
he
pay
er h
as a
cted
fra
udule
ntl
y.
Wher
e th
e pay
ee o
r th
e pay
men
t se
rvic
e pro
vid
er o
f th
e pay
ee f
ails
to a
ccep
t st
rong
cust
om
er a
uth
enti
cati
on, it
shal
l re
fund t
he
finan
cial
dam
age
cause
d t
o t
he
pay
er’s
pay
men
t se
rvic
e pro
vid
er.
3.
T
he
pay
er s
hal
l not
bea
r an
y f
inan
cial
conse
quen
ces
resu
ltin
g f
rom
use
of
the
lost
, st
ole
n o
r m
isap
pro
pri
ated
pay
men
t in
stru
men
t
afte
r noti
fica
tion i
n a
ccord
ance
wit
h p
oin
t (b
) of
Art
icle
69(1
), e
xce
pt
wher
e th
e pay
er h
as a
cted
fra
udule
ntl
y.
If t
he
pay
men
t se
rvic
e pro
vid
er d
oes
not
pro
vid
e ap
pro
pri
ate
mea
ns
for
the
noti
fica
tion a
t al
l ti
mes
of
a lo
st,
stole
n o
r m
isap
pro
pri
ated
pay
men
t in
stru
men
t, a
s re
quir
ed u
nder
poin
t (c
) of
Art
icle
70(1
), t
he
pay
er s
hal
l not
be
liab
le f
or
the
finan
cial
conse
quen
ces
resu
ltin
g
from
use
of
that
pay
men
t in
stru
men
t, e
xce
pt
wher
e th
e pay
er h
as a
cted
fra
udule
ntl
y.
PS
R r
eg.7
7
Art
icle
75
Paym
ent
tran
sact
ion
s w
her
e th
e tr
an
sact
ion
am
ou
nt
is n
ot
kn
ow
n i
n a
dvan
ce
1.
W
her
e a
pay
men
t tr
ansa
ctio
n i
s in
itia
ted b
y o
r th
rough t
he
pay
ee i
n t
he
conte
xt
of
a ca
rd-b
ased
pay
men
t tr
ansa
ctio
n a
nd t
he
exac
t
amount
is n
ot
know
n a
t th
e m
om
ent
when
the
pay
er g
ives
conse
nt
to e
xec
ute
the
pay
men
t tr
ansa
ctio
n,
the
pay
er’s
pay
men
t se
rvic
e
pro
vid
er m
ay b
lock
funds
on t
he
pay
er’s
pay
men
t ac
count
only
if
the
pay
er h
as g
iven
conse
nt
to t
he
exac
t am
ount
of
the
funds
to b
e
blo
cked
.
2.
T
he
pay
er’s
pay
men
t se
rvic
e pro
vid
er s
hal
l re
leas
e th
e fu
nds
blo
cked
on t
he
pay
er’s
pay
men
t ac
count
under
par
agra
ph 1
wit
hout
undue
del
ay a
fter
rec
eipt
of
the
info
rmat
ion a
bout
the
exac
t am
ount
of
the
pay
men
t tr
ansa
ctio
n a
nd a
t th
e la
test
im
med
iate
ly a
fter
rec
eipt
of
the
pay
men
t ord
er.
PS
R r
eg.7
8
46
Art
icle
76
Ref
un
ds
for
paym
ent
tran
sact
ion
s in
itia
ted
by o
r th
rou
gh
a p
ayee
1. M
ember
Sta
tes
shal
l en
sure
that
a p
ayer
is
enti
tled
to a
ref
und f
rom
the
pay
men
t se
rvic
e pro
vid
er o
f an
auth
ori
sed p
aym
ent tr
ansa
ctio
n
whic
h w
as i
nit
iate
d b
y o
r th
rough a
pay
ee a
nd w
hic
h h
as a
lrea
dy b
een e
xec
ute
d, if
both
of
the
foll
ow
ing c
ondit
ions
are
met
:
(a)
the
auth
ori
sati
on d
id n
ot
spec
ify t
he
exac
t am
ount
of
the
pay
men
t tr
ansa
ctio
n w
hen
the
auth
ori
sati
on w
as m
ade;
(b)
the
amount
of
the
pay
men
t tr
ansa
ctio
n e
xce
eded
the
amount
the
pay
er c
ould
rea
sonab
ly h
ave
expec
ted t
akin
g i
nto
acc
ount
the
pre
vio
us
spen
din
g p
atte
rn, th
e co
ndit
ions
in t
he
fram
ework
contr
act
and r
elev
ant
circ
um
stan
ces
of
the
case
.
At
the
pay
men
t se
rvic
e pro
vid
er’s
req
ues
t, t
he
pay
er s
hal
l bea
r th
e burd
en o
f pro
vin
g s
uch
condit
ions
are
met
.
The
refu
nd s
hal
l co
nsi
st o
f th
e fu
ll a
mount
of
the
exec
ute
d p
aym
ent
tran
sact
ion.
The
cred
it v
alue
dat
e fo
r th
e pay
er’s
pay
men
t ac
count
shal
l be
no l
ater
than
the
dat
e th
e am
ount
was
deb
ited
.
Wit
hout
pre
judic
e to
par
agra
ph 3
, M
ember
Sta
tes
shal
l en
sure
that
, in
addit
ion t
o t
he
right
refe
rred
to i
n t
his
par
agra
ph, fo
r dir
ect
deb
its
as r
efer
red t
o i
n A
rtic
le 1
of
Reg
ula
tion (
EU
) N
o 2
60/2
012,
the
pay
er h
as a
n u
nco
ndit
ional
rig
ht
to a
ref
und w
ithin
the
tim
e li
mit
s la
id
dow
n i
n A
rtic
le 7
7 o
f th
is D
irec
tive.
PS
R r
eg.7
9(1
) to
(4)
2. H
ow
ever
, fo
r th
e purp
ose
s of
poin
t (b
) of
the
firs
t su
bpar
agra
ph o
f par
agra
ph 1
, th
e pay
er s
hal
l not re
ly o
n c
urr
ency
exch
ange
reas
ons
if t
he
refe
rence
exch
ange
rate
agre
ed w
ith i
ts p
aym
ent
serv
ice
pro
vid
er i
n a
ccord
ance
wit
h p
oin
t (d
) of
Art
icle
45(1
) an
d p
oin
t (3
)(b)
of
Art
icle
52 w
as a
ppli
ed.
PS
R r
eg.7
9(5
)
3. It
may
be
agre
ed i
n a
fra
mew
ork
contr
act
bet
wee
n t
he
pay
er a
nd t
he
pay
men
t se
rvic
e pro
vid
er t
hat
the
pay
er h
as n
o r
ight
to a
ref
und
wher
e:
(a)
the
pay
er h
as g
iven
conse
nt
to e
xec
ute
the
pay
men
t tr
ansa
ctio
n d
irec
tly t
o t
he
pay
men
t se
rvic
e pro
vid
er;
and
(b)
wher
e ap
pli
cable
, in
form
atio
n o
n t
he
futu
re p
aym
ent
tran
sact
ion w
as p
rovid
ed o
r m
ade
avai
lable
in a
n a
gre
ed m
anner
to t
he
pay
er f
or
at l
east
4 w
eeks
bef
ore
the
due
dat
e by t
he
pay
men
t se
rvic
e pro
vid
er o
r by t
he
pay
ee.
PS
R r
eg.7
9(6
)
4. F
or
dir
ect
deb
its
in c
urr
enci
es o
ther
than
euro
, M
ember
Sta
tes
may
req
uir
e th
eir
pay
men
t se
rvic
e pro
vid
ers
to o
ffer
more
fav
oura
ble
refu
nd r
ights
in a
ccord
ance
wit
h t
hei
r dir
ect
deb
it s
chem
es p
rovid
ed t
hat
they
are
more
advan
tageo
us
to t
he
pay
er.
No t
ransp
osi
tion
nec
essa
ry
Art
icle
77
Req
ues
ts f
or
refu
nd
s fo
r p
aym
ent
tran
sact
ion
s in
itia
ted
by o
r th
rou
gh
a p
ayee
1.
M
ember
Sta
tes
shal
l en
sure
that
the
pay
er c
an r
eques
t th
e re
fund r
efer
red t
o i
n A
rtic
le 7
6 o
f an
auth
ori
sed p
aym
ent
tran
sact
ion
init
iate
d b
y o
r th
rough a
pay
ee f
or
a per
iod o
f 8 w
eeks
from
the
dat
e on w
hic
h t
he
funds
wer
e deb
ited
.
2.
W
ithin
10 b
usi
nes
s day
s of
rece
ivin
g a
req
ues
t fo
r a
refu
nd,
the
pay
men
t se
rvic
e pro
vid
er s
hal
l ei
ther
ref
und t
he
full
am
ount
of
the
pay
men
t tr
ansa
ctio
n o
r pro
vid
e a
just
ific
atio
n f
or
refu
sing t
he
refu
nd a
nd i
ndic
ate
the
bodie
s to
whic
h t
he
pay
er m
ay r
efer
the
mat
ter
in
acco
rdan
ce w
ith A
rtic
les
99 t
o 1
02 i
f th
e pay
er d
oes
not
acce
pt
the
reas
ons
pro
vid
ed.
The
pay
men
t se
rvic
e pro
vid
er’s
rig
ht
under
the
firs
t su
bpar
agra
ph o
f th
is p
arag
raph t
o r
efuse
the
refu
nd s
hal
l not
apply
in t
he
case
set
out
in t
he
fourt
h s
ubpar
agra
ph o
f A
rtic
le 7
6(1
).
PS
R r
eg.8
0
CH
AP
TE
R 3
Exec
uti
on
of
paym
ent
tran
sact
ion
s
47
Sec
tion
1
Paym
ent
ord
ers
an
d a
mou
nts
tra
nsf
erre
d
Art
icle
78
Rec
eip
t of
paym
ent
ord
ers
1. M
ember
Sta
tes
shal
l en
sure
that
the
tim
e of
rece
ipt
is w
hen
the
pay
men
t ord
er i
s re
ceiv
ed b
y t
he
pay
er’s
pay
men
t se
rvic
e pro
vid
er.
The
pay
er’s
acc
ount sh
all not be
deb
ited
bef
ore
rec
eipt of
the
pay
men
t ord
er. If
the
tim
e of
rece
ipt is
not on a
busi
nes
s day
for
the
pay
er’s
pay
men
t se
rvic
e pro
vid
er, th
e pay
men
t ord
er s
hal
l be
dee
med
to h
ave
bee
n r
ecei
ved
on t
he
foll
ow
ing b
usi
nes
s day
. T
he
pay
men
t se
rvic
e
pro
vid
er m
ay e
stab
lish
a c
ut-
off
tim
e nea
r th
e en
d o
f a
busi
nes
s day
bey
ond w
hic
h a
ny p
aym
ent
ord
er r
ecei
ved
shal
l be
dee
med
to h
ave
bee
n r
ecei
ved
on t
he
foll
ow
ing b
usi
nes
s day
.
2.
If
the
pay
men
t se
rvic
e use
r in
itia
ting a
pay
men
t ord
er a
nd t
he
pay
men
t se
rvic
e pro
vid
er a
gre
e th
at e
xec
uti
on o
f th
e pay
men
t ord
er
shal
l st
art
on a
spec
ific
day
or
at t
he
end o
f a
cert
ain p
erio
d o
r on t
he
day
on w
hic
h t
he
pay
er h
as p
ut
funds
at t
he
pay
men
t se
rvic
e
pro
vid
er’s
dis
posa
l, t
he
tim
e of
rece
ipt
for
the
purp
ose
s of
Art
icle
83 i
s dee
med
to b
e th
e ag
reed
day
. If
the
agre
ed d
ay i
s not
a busi
nes
s
day
for
the
pay
men
t se
rvic
e pro
vid
er, th
e pay
men
t ord
er r
ecei
ved
shal
l be
dee
med
to h
ave
bee
n r
ecei
ved
on t
he
foll
ow
ing b
usi
nes
s day
.
PS
R r
eg.8
1
Art
icle
79
Ref
usa
l of
paym
ent
ord
ers
1.
W
her
e th
e pay
men
t se
rvic
e pro
vid
er r
efuse
s to
exec
ute
a p
aym
ent
ord
er o
r to
init
iate
a p
aym
ent
tran
sact
ion,
the
refu
sal
and,
if
poss
ible
, th
e re
asons
for
it a
nd t
he
pro
cedure
for
corr
ecti
ng a
ny f
actu
al m
ista
kes
that
led
to t
he
refu
sal
shal
l be
noti
fied
to t
he
pay
men
t
serv
ice
use
r, u
nle
ss p
rohib
ited
by o
ther
rel
evan
t U
nio
n o
r nat
ional
law
.
The
pay
men
t se
rvic
e pro
vid
er s
hal
l pro
vid
e or
mak
e av
aila
ble
the
noti
fica
tion in a
n a
gre
ed m
anner
at
the
earl
iest
opport
unit
y, an
d i
n a
ny
case
, w
ithin
the
per
iods
spec
ifie
d i
n A
rtic
le 8
3.
The
fram
ework
contr
act
may
incl
ude
a co
ndit
ion t
hat
the
pay
men
t se
rvic
e pro
vid
er m
ay c
har
ge
a re
asonab
le f
ee f
or
such
a r
efusa
l if
the
refu
sal
is o
bje
ctiv
ely j
ust
ifie
d.
2. W
her
e al
l of
the
condit
ions
set out in
the
pay
er’s
fra
mew
ork
contr
act ar
e m
et, th
e pay
er’s
acc
ount se
rvic
ing p
aym
ent
serv
ice
pro
vid
er
shal
l not
refu
se t
o e
xec
ute
an a
uth
ori
sed p
aym
ent
ord
er i
rres
pec
tive
of
whet
her
the
pay
men
t ord
er i
s in
itia
ted b
y a
pay
er,
incl
udin
g
thro
ugh a
pay
men
t in
itia
tion s
ervic
e pro
vid
er, or
by o
r th
rough a
pay
ee, unle
ss p
rohib
ited
by o
ther
rel
evan
t U
nio
n o
r nat
ional
law
.
3.
F
or
the
purp
ose
s of
Art
icle
s 83 a
nd 8
9 a
pay
men
t ord
er f
or
whic
h e
xec
uti
on h
as b
een r
efuse
d s
hal
l be
dee
med
not
to h
ave
bee
n
rece
ived
.
PS
R r
eg.8
2
Art
icle
80
Irre
voca
bil
ity o
f a p
aym
ent
ord
er
1.
M
ember
Sta
tes
shal
l en
sure
that
the
pay
men
t se
rvic
e use
r sh
all
not
revoke
a pay
men
t ord
er o
nce
it
has
bee
n r
ecei
ved
by t
he
pay
er’s
pay
men
t se
rvic
e pro
vid
er, unle
ss o
ther
wis
e sp
ecif
ied i
n t
his
Art
icle
.
2.
W
her
e th
e pay
men
t tr
ansa
ctio
n i
s in
itia
ted b
y a
pay
men
t in
itia
tion s
ervic
e pro
vid
er o
r by o
r th
rough t
he
pay
ee,
the
pay
er s
hal
l not
revoke
the
pay
men
t ord
er a
fter
giv
ing c
onse
nt to
the
pay
men
t in
itia
tion s
ervic
e pro
vid
er to init
iate
the
pay
men
t tr
ansa
ctio
n o
r af
ter
giv
ing
conse
nt
to e
xec
ute
the
pay
men
t tr
ansa
ctio
n t
o t
he
pay
ee.
PS
R r
eg.8
3
48
3. H
ow
ever
, in
the
case
of
a dir
ect
deb
it a
nd w
ithout
pre
judic
e to
ref
und r
ights
the
pay
er m
ay r
evoke
the
pay
men
t ord
er a
t th
e la
test
by
the
end o
f th
e busi
nes
s day
pre
cedin
g t
he
day
agre
ed f
or
deb
itin
g t
he
funds.
4.
In
the
case
ref
erre
d t
o i
n A
rtic
le 7
8(2
) th
e pay
men
t se
rvic
e use
r m
ay r
evo
ke
a pay
men
t ord
er a
t th
e la
test
by t
he
end o
f th
e busi
nes
s
day
pre
cedin
g t
he
agre
ed d
ay.
5.
A
fter
the
tim
e li
mit
s la
id d
ow
n i
n p
arag
raphs
1 t
o 4
, th
e pay
men
t ord
er m
ay b
e re
voked
only
if
agre
ed b
etw
een t
he
pay
men
t se
rvic
e
use
r an
d t
he
rele
van
t pay
men
t se
rvic
e pro
vid
ers.
In t
he
case
ref
erre
d t
o i
n p
arag
raphs
2 a
nd 3
, th
e pay
ee’s
agre
emen
t sh
all
also
be
requir
ed. If
agre
ed i
n t
he
fram
ework
contr
act,
the
rele
van
t pay
men
t se
rvic
e pro
vid
er m
ay c
har
ge
for
revoca
tion.
Art
icle
81
Am
ou
nts
tra
nsf
erre
d a
nd
am
ou
nts
rec
eived
1.
M
ember
Sta
tes
shal
l re
quir
e th
e pay
men
t se
rvic
e pro
vid
er(s
) of
the
pay
er,
the
pay
men
t se
rvic
e pro
vid
er(s
) of
the
pay
ee a
nd a
ny
inte
rmed
iari
es o
f th
e pay
ment se
rvic
e pro
vid
ers
to tra
nsf
er the
full
am
ount of
the
pay
men
t tr
ansa
ctio
n a
nd r
efra
in f
rom
ded
uct
ing c
har
ges
from
the
amount
tran
sfer
red.
2.
H
ow
ever
, th
e pay
ee a
nd t
he
pay
men
t se
rvic
e pro
vid
er m
ay a
gre
e th
at t
he
rele
van
t pay
men
t se
rvic
e pro
vid
er d
educt
its
char
ges
fro
m
the
amount
tran
sfer
red b
efore
cre
dit
ing i
t to
the
pay
ee.
In s
uch
a c
ase,
the
full
am
ount
of
the
pay
men
t tr
ansa
ctio
n a
nd c
har
ges
shal
l be
separ
ated
in t
he
info
rmat
ion g
iven
to t
he
pay
ee.
3. If
any c
har
ges
oth
er t
han
those
ref
erre
d t
o i
n p
arag
raph 2
are
ded
uct
ed f
rom
the
amount
tran
sfer
red, th
e pay
men
t se
rvic
e pro
vid
er o
f
the
pay
er s
hal
l en
sure
that
the
pay
ee r
ecei
ves
the
full
am
ount
of
the
pay
men
t tr
ansa
ctio
n i
nit
iate
d b
y t
he
pay
er.
Wher
e th
e pay
men
t
tran
sact
ion is
init
iate
d b
y o
r th
rough the
pay
ee, th
e pay
men
t se
rvic
e pro
vid
er o
f th
e pay
ee s
hal
l en
sure
that
the
full
am
ount of
the
pay
men
t
tran
sact
ion i
s re
ceiv
ed b
y t
he
pay
ee.
PS
R r
eg.8
4
Sec
tion
2
Exec
uti
on
tim
e an
d v
alu
e d
ate
Art
icle
82
Sco
pe
1. T
his
Sec
tion a
ppli
es t
o:
(a)
pay
men
t tr
ansa
ctio
ns
in e
uro
;
(b)
nat
ional
pay
men
t tr
ansa
ctio
ns
in t
he
curr
ency
of
the
Mem
ber
Sta
te o
uts
ide
the
euro
are
a;
(c)
pay
men
t tr
ansa
ctio
ns
involv
ing o
nly
one
curr
ency
conver
sion b
etw
een t
he
euro
and t
he
curr
ency
of
a M
ember
Sta
te o
uts
ide
the
euro
are
a, p
rovid
ed t
hat
the
requir
ed c
urr
ency
conver
sion i
s ca
rrie
d o
ut
in t
he
Mem
ber
Sta
te o
uts
ide
the
euro
are
a co
nce
rned
and, in
the
case
of
cross
-bord
er p
aym
ent
tran
sact
ions,
the
cross
-bord
er t
ransf
er t
akes
pla
ce i
n e
uro
.
2. T
his
Sec
tion a
ppli
es t
o p
aym
ent
tran
sact
ions
not
refe
rred
to i
n the
par
agra
ph 1
, unle
ss o
ther
wis
e ag
reed
bet
wee
n the
pay
men
t se
rvic
e
use
r an
d t
he
pay
men
t se
rvic
e pro
vid
er,
wit
h t
he
exce
pti
on o
f A
rtic
le 8
7,
whic
h i
s not
at t
he
dis
posa
l of
the
par
ties
. H
ow
ever
, if
the
pay
men
t se
rvic
e use
r an
d t
he
pay
men
t se
rvic
e pro
vid
er a
gre
e on a
longer
per
iod t
han
that
set
in A
rtic
le 8
3,
for
intr
a-U
nio
n p
aym
ent
tran
sact
ions,
that
longer
per
iod s
hal
l not
exce
ed 4
busi
nes
s day
s fo
llow
ing t
he
tim
e of
rece
ipt
as r
efer
red t
o i
n A
rtic
le 7
8.
PS
R r
eg.8
5
49
Art
icle
83
Paym
ent
tran
sact
ion
s to
a p
aym
ent
acc
ou
nt
1. M
ember
Sta
tes
shal
l re
quir
e th
e pay
er’s
pay
men
t se
rvic
e pro
vid
er t
o e
nsu
re t
hat
aft
er t
he
tim
e of
rece
ipt
as r
efer
red t
o i
n A
rtic
le 7
8,
the
amount
of
the
pay
men
t tr
ansa
ctio
n w
ill
be
cred
ited
to t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er’s
acc
ount
by t
he
end o
f th
e fo
llow
ing
busi
nes
s day
. T
hat
tim
e li
mit
may
be
exte
nded
by a
furt
her
busi
nes
s day
for
pap
er-i
nit
iate
d p
aym
ent
tran
sact
ions.
2.
M
ember
Sta
tes
shal
l re
quir
e th
e pay
men
t se
rvic
e pro
vid
er o
f th
e pay
ee t
o v
alue
dat
e an
d m
ake
avai
lable
the
amount
of
the
pay
men
t
tran
sact
ion t
o t
he
pay
ee’s
pay
men
t ac
count
afte
r th
e pay
men
t se
rvic
e pro
vid
er h
as r
ecei
ved
the
funds
in a
ccord
ance
wit
h A
rtic
le 8
7.
3.
M
ember
Sta
tes
shal
l re
quir
e th
e pay
ee’s
pay
men
t se
rvic
e pro
vid
er t
o t
ransm
it a
pay
men
t ord
er i
nit
iate
d b
y o
r th
rough t
he
pay
ee t
o
the
pay
er’s
pay
men
t se
rvic
e pro
vid
er w
ithin
the
tim
e li
mit
s ag
reed
bet
wee
n t
he
pay
ee a
nd t
he
pay
men
t se
rvic
e pro
vid
er,
enab
ling
sett
lem
ent,
as
far
as d
irec
t deb
it i
s co
nce
rned
, on t
he
agre
ed d
ue
dat
e.
PS
R r
eg.8
6
Art
icle
84
Ab
sen
ce o
f p
ayee
’s p
aym
ent
acc
ou
nt
wit
h t
he
paym
ent
serv
ice
pro
vid
er
Wher
e th
e pay
ee d
oes
not
hav
e a
pay
men
t ac
count
wit
h t
he
pay
men
t se
rvic
e pro
vid
er, th
e fu
nds
shal
l be
mad
e av
aila
ble
to t
he
pay
ee b
y
the
pay
men
t se
rvic
e pro
vid
er w
ho r
ecei
ves
the
funds
for
the
pay
ee w
ithin
the
tim
e li
mit
lai
d d
ow
n i
n A
rtic
le 8
3.
PS
R r
eg.8
7
Art
icle
85
Cash
pla
ced
on
a p
aym
ent
acc
ou
nt
Wher
e a
consu
mer
pla
ces
cash
on a
pay
men
t ac
count
wit
h t
hat
pay
men
t se
rvic
e pro
vid
er i
n t
he
curr
ency
of
that
pay
men
t ac
count,
the
pay
men
t se
rvic
e pro
vid
er s
hal
l en
sure
that
the
amount
is m
ade
avai
lable
and v
alue
dat
ed i
mm
edia
tely
aft
er r
ecei
pt
of
the
funds.
Wher
e
the
pay
men
t se
rvic
e use
r is
not
a co
nsu
mer
, th
e am
ount
shal
l be
mad
e av
aila
ble
and v
alue
dat
ed a
t th
e la
test
on t
he
foll
ow
ing b
usi
nes
s
day
aft
er r
ecei
pt
of
the
funds.
PS
R r
eg.8
8
Art
icle
86
Nati
on
al
paym
ent
tran
sact
ion
s
For
nat
ional
pay
men
t tr
ansa
ctio
ns,
Mem
ber
Sta
tes
may
pro
vid
e fo
r sh
ort
er m
axim
um
exec
uti
on t
imes
than
those
pro
vid
ed f
or
in t
his
Sec
tion.
No t
ransp
osi
tion
nec
essa
ry -
opti
on n
ot
exer
cise
d
Art
icle
87
Valu
e d
ate
an
d a
vail
ab
ilit
y o
f fu
nd
s
1. M
ember
Sta
tes
shal
l en
sure
that
the
cred
it v
alue
dat
e fo
r th
e pay
ee’s
pay
men
t ac
count
is n
o l
ater
than
the
busi
nes
s day
on w
hic
h t
he
amount
of
the
pay
men
t tr
ansa
ctio
n i
s cr
edit
ed t
o t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er’s
acc
ount.
2.
T
he
pay
men
t se
rvic
e pro
vid
er o
f th
e pay
ee s
hal
l en
sure
that
the
amount
of
the
pay
men
t tr
ansa
ctio
n i
s at
the
pay
ee’s
dis
posa
l
imm
edia
tely
aft
er t
hat
am
ount
is c
redit
ed t
o t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er’s
acc
ount
wher
e, o
n t
he
par
t of
the
pay
ee’s
pay
men
t
serv
ice
pro
vid
er, th
ere
is:
(a)
no c
urr
ency
conver
sion;
or
(b)
a cu
rren
cy c
onver
sion b
etw
een t
he
euro
and a
Mem
ber
Sta
te c
urr
ency
or
bet
wee
n t
wo M
ember
Sta
te c
urr
enci
es.
PS
R r
eg.8
9
50
The
obli
gat
ion l
aid d
ow
n i
n t
his
par
agra
ph s
hal
l al
so a
pply
to p
aym
ents
wit
hin
one
pay
men
t se
rvic
e pro
vid
er.
3. M
ember
Sta
tes
shal
l en
sure
that
the
deb
it v
alue
dat
e fo
r th
e pay
er’s
pay
men
t ac
count
is n
o e
arli
er t
han
the
tim
e at
whic
h t
he
amount
of
the
pay
men
t tr
ansa
ctio
n i
s deb
ited
to t
hat
pay
men
t ac
count.
Sec
tion
3
Lia
bil
ity
Art
icle
88
Inco
rrec
t u
niq
ue
iden
tifi
ers
1.
If
a p
aym
ent
ord
er i
s ex
ecute
d i
n a
ccord
ance
wit
h t
he
uniq
ue
iden
tifi
er,
the
pay
men
t ord
er s
hal
l be
dee
med
to h
ave
bee
n e
xec
ute
d
corr
ectl
y w
ith r
egar
d t
o t
he
pay
ee s
pec
ifie
d b
y t
he
uniq
ue
iden
tifi
er.
2.
If
the
uniq
ue
iden
tifi
er p
rovid
ed b
y t
he
pay
men
t se
rvic
e use
r is
inco
rrec
t, t
he
pay
men
t se
rvic
e pro
vid
er s
hal
l not
be
liab
le u
nder
Art
icle
89 f
or
non-e
xec
uti
on o
r def
ecti
ve
exec
uti
on o
f th
e pay
men
t tr
ansa
ctio
n.
3.
How
ever
, the
pay
er’s
pay
men
t se
rvic
e pro
vid
er s
hal
l m
ake
reas
onab
le e
ffort
s to
rec
over
the
funds
involv
ed in the
pay
men
t tr
ansa
ctio
n.
The
pay
ee’s
pay
men
t se
rvic
e pro
vid
er s
hal
l co
oper
ate
in t
hose
eff
ort
s al
so b
y c
om
munic
atin
g t
o t
he
pay
er’s
pay
men
t se
rvic
e pro
vid
er
all
rele
van
t in
form
atio
n f
or
the
coll
ecti
on o
f fu
nds.
In t
he
even
t th
at t
he
coll
ecti
on o
f fu
nds
under
the
firs
t su
bpar
agra
ph i
s not
poss
ible
, th
e pay
er’s
pay
men
t se
rvic
e pro
vid
er s
hal
l pro
vid
e
to t
he
pay
er,
upon w
ritt
en r
eques
t, a
ll i
nfo
rmat
ion a
vai
lable
to t
he
pay
er’s
pay
ment
serv
ice
pro
vid
er a
nd r
elev
ant
to t
he
pay
er i
n o
rder
for
the
pay
er t
o f
ile
a le
gal
cla
im t
o r
ecover
the
funds.
4. If
agre
ed i
n t
he
fram
ework
contr
act,
the
pay
men
t se
rvic
e pro
vid
er m
ay c
har
ge
the
pay
men
t se
rvic
e use
r fo
r re
cover
y.
5.
If
the
pay
men
t se
rvic
e use
r pro
vid
es i
nfo
rmat
ion i
n a
ddit
ion t
o t
hat
spec
ifie
d i
n p
oin
t (a
) of
Art
icle
45(1
) or
poin
t (2
)(b)
of
Art
icle
52,
the
pay
men
t se
rvic
e pro
vid
er s
hal
l be
liab
le o
nly
for
the
exec
uti
on o
f pay
men
t tr
ansa
ctio
ns
in a
ccord
ance
wit
h t
he
uniq
ue
iden
tifi
er
pro
vid
ed b
y t
he
pay
men
t se
rvic
e use
r.
PS
R r
eg.9
0
Art
icle
89
Paym
ent
serv
ice
pro
vid
ers’
lia
bil
ity f
or
non
-exec
uti
on
, d
efec
tive
or
late
exec
uti
on
of
paym
ent
tran
sact
ion
s
1. W
her
e a
pay
men
t ord
er i
s in
itia
ted d
irec
tly b
y t
he
pay
er, th
e pay
er’s
pay
men
t se
rvic
e pro
vid
er s
hal
l, w
ithout
pre
judic
e to
Art
icle
71,
Art
icle
88(2
) an
d (
3),
and A
rtic
le 9
3,
be
liab
le t
o t
he
pay
er f
or
corr
ect
exec
uti
on o
f th
e pay
men
t tr
ansa
ctio
n,
unle
ss i
t ca
n p
rove
to t
he
pay
er a
nd, w
her
e re
levan
t, to t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er t
hat
the
pay
ee’s
pay
men
t se
rvic
e pro
vid
er r
ecei
ved
the
amount
of
the
pay
men
t tr
ansa
ctio
n i
n a
ccord
ance
wit
h A
rtic
le 8
3(1
). I
n t
hat
cas
e, t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er s
hal
l be
liab
le t
o t
he
pay
ee f
or
the
corr
ect
exec
uti
on o
f th
e pay
men
t tr
ansa
ctio
n.
Wher
e th
e pay
er’s
pay
men
t se
rvic
e pro
vid
er i
s li
able
under
the
firs
t su
bpar
agra
ph, it
shal
l, w
ithout
undue
del
ay,
refu
nd t
o t
he
pay
er t
he
amount
of
the
non-e
xec
ute
d o
r def
ecti
ve
pay
men
t tr
ansa
ctio
n, an
d, w
her
e ap
pli
cable
, re
store
the
deb
ited
pay
men
t ac
count
to t
he
stat
e in
whic
h i
t w
ould
hav
e bee
n h
ad t
he
def
ecti
ve
pay
men
t tr
ansa
ctio
n n
ot
taken
pla
ce.
The
cred
it v
alue
dat
e fo
r th
e pay
er’s
pay
men
t ac
count
shal
l be
no l
ater
than
the
dat
e on w
hic
h t
he
amount
was
deb
ited
.
Wher
e th
e pay
ee’s
pay
men
t se
rvic
e pro
vid
er i
s li
able
under
the
firs
t su
bpar
agra
ph, it
shal
l im
med
iate
ly p
lace
the
amount
of
the
pay
men
t
tran
sact
ion a
t th
e pay
ee’s
dis
posa
l an
d, w
her
e ap
pli
cable
, cr
edit
the
corr
espondin
g a
mount
to t
he
pay
ee’s
pay
men
t ac
count.
PS
R r
eg.9
1
51
The
cred
it v
alue
dat
e fo
r th
e pay
ee’s
pay
men
t ac
count
shal
l be
no l
ater
than
the
dat
e on w
hic
h t
he
amount
would
hav
e bee
n v
alue
dat
ed,
had
the
tran
sact
ion b
een c
orr
ectl
y e
xec
ute
d i
n a
ccord
ance
wit
h A
rtic
le 8
7.
Wher
e a
pay
men
t tr
ansa
ctio
n is
exec
ute
d lat
e, the
pay
ee’s
pay
men
t se
rvic
e pro
vid
er s
hal
l en
sure
, upon the
reques
t of
the
pay
er’s
pay
men
t
serv
ice
pro
vid
er a
ctin
g o
n b
ehal
f of
the
pay
er,
that
the
cred
it v
alue
dat
e fo
r th
e pay
ee’s
pay
men
t ac
count
is n
o l
ater
than
the
dat
e th
e
amount
would
hav
e bee
n v
alue
dat
ed h
ad t
he
tran
sact
ion b
een c
orr
ectl
y e
xec
ute
d.
In t
he
case
of
a non-e
xec
ute
d o
r def
ecti
vel
y e
xec
ute
d p
aym
ent
tran
sact
ion w
her
e th
e pay
men
t ord
er i
s in
itia
ted b
y t
he
pay
er, th
e pay
er’s
pay
men
t se
rvic
e pro
vid
er s
hal
l, r
egar
dle
ss o
f li
abil
ity u
nder
this
par
agra
ph,
on r
eques
t, m
ake
imm
edia
te e
ffort
s to
tra
ce t
he
pay
men
t
tran
sact
ion a
nd n
oti
fy t
he
pay
er o
f th
e outc
om
e. T
his
shal
l be
free
of
char
ge
for
the
pay
er.
2. W
her
e a
pay
men
t ord
er i
s in
itia
ted b
y o
r th
rough t
he
pay
ee, th
e pay
ee’s
pay
men
t se
rvic
e pro
vid
er s
hal
l, w
ithout
pre
judic
e to
Art
icle
71,
Art
icle
88(2
) an
d (
3),
and A
rtic
le 9
3,
be
liab
le t
o t
he
pay
ee f
or
corr
ect
tran
smis
sion o
f th
e pay
men
t ord
er t
o t
he
pay
men
t se
rvic
e
pro
vid
er o
f th
e pay
er i
n a
ccord
ance
wit
h A
rtic
le 8
3(3
). W
her
e th
e pay
ee’s
pay
men
t se
rvic
e pro
vid
er i
s li
able
under
this
subpar
agra
ph, it
shal
l im
med
iate
ly r
e-tr
ansm
it t
he
pay
men
t ord
er i
n q
ues
tion t
o t
he
pay
men
t se
rvic
e pro
vid
er o
f th
e pay
er.
In t
he
case
of
a la
te t
ransm
issi
on o
f th
e pay
men
t ord
er, th
e am
ount
shal
l be
val
ue
dat
ed o
n t
he
pay
ee’s
pay
men
t ac
count
no l
ater
than
the
dat
e th
e am
ount
would
hav
e bee
n v
alue
dat
ed h
ad t
he
tran
sact
ion b
een c
orr
ectl
y e
xec
ute
d.
In a
ddit
ion,
the
pay
men
t se
rvic
e pro
vid
er o
f th
e pay
ee s
hal
l, w
ithout
pre
judic
e to
Art
icle
71,
Art
icle
88(2
) an
d (
3),
and A
rtic
le 9
3,
be
liab
le t
o t
he
pay
ee f
or
han
dli
ng t
he
pay
men
t tr
ansa
ctio
n i
n a
ccord
ance
wit
h i
ts o
bli
gat
ions
under
Art
icle
87. W
her
e th
e pay
ee’s
pay
men
t
serv
ice
pro
vid
er i
s li
able
under
this
subpar
agra
ph,
it s
hal
l en
sure
that
the
amount
of
the
pay
men
t tr
ansa
ctio
n i
s at
the
pay
ee’s
dis
posa
l
imm
edia
tely
aft
er t
hat
am
ount
is c
redit
ed t
o t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er’s
acc
ount.
The
amount
shal
l be
val
ue
dat
ed o
n t
he
pay
ee’s
pay
men
t ac
count
no l
ater
than
the
dat
e th
e am
ount
would
hav
e bee
n v
alue
dat
ed h
ad t
he
tran
sact
ion b
een c
orr
ectl
y e
xec
ute
d.
In t
he
case
of
a non-e
xec
ute
d o
r def
ecti
vel
y e
xec
ute
d p
aym
ent
tran
sact
ion f
or
whic
h t
he
pay
ee’s
pay
men
t se
rvic
e pro
vid
er i
s not
liab
le
under
the
firs
t an
d s
econd s
ubpar
agra
phs,
the
pay
er’s
pay
men
t se
rvic
e pro
vid
er s
hal
l be
liab
le t
o t
he
pay
er. W
her
e th
e pay
er’s
pay
men
t
serv
ice
pro
vid
er i
s so
lia
ble
he
shal
l, a
s ap
pro
pri
ate
and w
ithout
undue
del
ay,
refu
nd t
o t
he
pay
er t
he
amount
of
the
non-e
xec
ute
d o
r
def
ecti
ve
pay
men
t tr
ansa
ctio
n a
nd r
esto
re the
deb
ited
pay
men
t ac
count to
the
stat
e in
whic
h it w
ould
hav
e bee
n h
ad the
def
ecti
ve
pay
men
t
tran
sact
ion n
ot ta
ken
pla
ce. T
he
cred
it v
alue
dat
e fo
r th
e pay
er’s
pay
men
t ac
count
shal
l be
no l
ater
than
the
dat
e th
e am
ount
was
deb
ited
.
The
obli
gat
ion u
nder
the
fourt
h s
ubpar
agra
ph s
hal
l not
apply
to t
he
pay
er’s
pay
men
t se
rvic
e pro
vid
er w
her
e th
e pay
er’s
pay
men
t se
rvic
e
pro
vid
er p
roves
that
the
pay
ee’s
pay
men
t se
rvic
e pro
vid
er h
as r
ecei
ved
the
amount
of
the
pay
men
t tr
ansa
ctio
n,
even
if
exec
uti
on o
f
pay
men
t tr
ansa
ctio
n i
s m
erel
y d
elay
ed.
If s
o,
the
pay
ee’s
pay
men
t se
rvic
e pro
vid
er s
hal
l val
ue
dat
e th
e am
ount
on t
he
pay
ee’s
pay
men
t
acco
unt
no l
ater
than
the
dat
e th
e am
ount
would
hav
e bee
n v
alue
dat
ed h
ad i
t bee
n e
xec
ute
d c
orr
ectl
y.
In t
he
case
of
a non-e
xec
ute
d o
r def
ecti
vel
y e
xec
ute
d p
aym
ent
tran
sact
ion w
her
e th
e pay
men
t ord
er i
s in
itia
ted b
y o
r th
rough t
he
pay
ee,
the
pay
ee’s
pay
men
t se
rvic
e pro
vid
er s
hal
l, r
egar
dle
ss o
f li
abil
ity u
nder
this
par
agra
ph,
on r
eques
t, m
ake
imm
edia
te e
ffort
s to
tra
ce t
he
pay
men
t tr
ansa
ctio
n a
nd n
oti
fy t
he
pay
ee o
f th
e outc
om
e. T
his
shal
l be
free
of
char
ge
for
the
pay
ee.
PS
R r
eg.9
2
3.
In
addit
ion,
pay
men
t se
rvic
e pro
vid
ers
shal
l be
liab
le t
o t
hei
r re
spec
tive
pay
men
t se
rvic
e use
rs f
or
any c
har
ges
for
whic
h t
hey
are
resp
onsi
ble
, an
d f
or
any i
nte
rest
to w
hic
h t
he
pay
men
t se
rvic
e use
r is
subje
ct a
s a
conse
quen
ce o
f non-e
xec
uti
on o
r def
ecti
ve,
incl
udin
g
late
, ex
ecuti
on o
f th
e pay
men
t tr
ansa
ctio
n.
PS
R r
eg.9
4
52
Art
icle
90
Lia
bil
ity i
n t
he
case
of
paym
ent
init
iati
on
ser
vic
es f
or
non
-exec
uti
on
, d
efec
tive
or
late
exec
uti
on
of
paym
ent
tran
sact
ion
s
1. W
her
e a
pay
men
t ord
er is
init
iate
d b
y t
he
pay
er t
hro
ugh a
pay
men
t in
itia
tion s
ervic
e pro
vid
er, th
e ac
count
serv
icin
g p
aym
ent
serv
ice
pro
vid
er s
hal
l, w
ithout
pre
judic
e to
Art
icle
71 a
nd A
rtic
le 8
8(2
) an
d (
3),
ref
und to the
pay
er the
amount
of
the
non-
exec
ute
d o
r def
ecti
ve
pay
men
t tr
ansa
ctio
n a
nd, w
her
e ap
pli
cable
, res
tore
the
deb
ited
pay
men
t ac
count to
the
stat
e in
whic
h it w
ould
hav
e bee
n h
ad the
def
ecti
ve
pay
men
t tr
ansa
ctio
n n
ot
taken
pla
ce.
The
burd
en s
hal
l be
on t
he
pay
men
t in
itia
tion s
ervic
e pro
vid
er t
o p
rove
that
the
pay
men
t ord
er w
as r
ecei
ved
by t
he
pay
er’s
acc
ount
serv
icin
g p
aym
ent
serv
ice
pro
vid
er i
n a
ccord
ance
wit
h A
rtic
le 7
8 a
nd t
hat
wit
hin
its
spher
e of
com
pet
ence
the
pay
men
t tr
ansa
ctio
n w
as
auth
enti
cate
d, ac
cura
tely
rec
ord
ed a
nd n
ot
affe
cted
by a
tec
hnic
al b
reak
dow
n o
r oth
er d
efic
iency
lin
ked
to t
he
non-e
xec
uti
on,
def
ecti
ve
or
late
exec
uti
on o
f th
e tr
ansa
ctio
n.
2.
If
the
pay
men
t in
itia
tion s
ervic
e pro
vid
er i
s li
able
for
the
non-e
xec
uti
on,
def
ecti
ve
or
late
exec
uti
on o
f th
e pay
men
t tr
ansa
ctio
n,
it
shal
l im
med
iate
ly c
om
pen
sate
the
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er a
t it
s re
ques
t fo
r th
e lo
sses
incu
rred
or
sum
s pai
d a
s a
resu
lt o
f th
e re
fund t
o t
he
pay
er.
PS
R r
egs
93 a
nd 1
48(4
)
Art
icle
91
Ad
dit
ion
al
fin
an
cial
com
pen
sati
on
Any f
inan
cial
com
pen
sati
on a
ddit
ional
to t
hat
pro
vid
ed f
or
under
this
Sec
tion m
ay b
e det
erm
ined
in a
ccord
ance
wit
h t
he
law
appli
cable
to t
he
contr
act
concl
uded
bet
wee
n t
he
pay
men
t se
rvic
e use
r an
d t
he
pay
men
t se
rvic
e pro
vid
er.
No t
ransp
osi
tion
nec
essa
ry
Art
icle
92
Rig
ht
of
reco
urs
e
1.
W
her
e th
e li
abil
ity o
f a
pay
men
t se
rvic
e pro
vid
er u
nder
Art
icle
s 73 a
nd 8
9 i
s at
trib
uta
ble
to a
noth
er p
aym
ent
serv
ice
pro
vid
er o
r to
an inte
rmed
iary
, that
pay
ment se
rvic
e pro
vid
er o
r in
term
edia
ry s
hal
l co
mpen
sate
the
firs
t pay
men
t se
rvic
e pro
vid
er f
or
any loss
es incu
rred
or
sum
s pai
d u
nder
Art
icle
s 73 a
nd 8
9.
That
shal
l in
clude
com
pen
sati
on w
her
e an
y o
f th
e pay
men
t se
rvic
e pro
vid
ers
fail
to u
se s
trong
cust
om
er a
uth
enti
cati
on.
PS
R r
egs
95 a
nd 1
48(4
)
2.
F
urt
her
fin
anci
al c
om
pen
sati
on m
ay b
e det
erm
ined
in a
ccord
ance
wit
h a
gre
emen
ts b
etw
een p
aym
ent
serv
ice
pro
vid
ers
and/o
r
inte
rmed
iari
es a
nd t
he
law
appli
cable
to t
he
agre
emen
t co
ncl
uded
bet
wee
n t
hem
.
No t
ransp
osi
tion
nec
essa
ry
Art
icle
93
Ab
norm
al
an
d u
nfo
rese
eab
le c
ircu
mst
an
ces
No l
iabil
ity s
hal
l ar
ise
under
Chap
ter
2 o
r 3 i
n c
ases
of
abnorm
al a
nd u
nfo
rese
eable
cir
cum
stan
ces
bey
ond t
he
contr
ol
of
the
par
ty
ple
adin
g f
or
the
appli
cati
on o
f th
ose
cir
cum
stan
ces,
the
conse
quen
ces
of
whic
h w
ould
hav
e bee
n u
nav
oid
able
des
pit
e al
l ef
fort
s to
the
contr
ary, or
wher
e a
pay
men
t se
rvic
e pro
vid
er i
s bound b
y o
ther
leg
al o
bli
gat
ions
cover
ed b
y U
nio
n o
r nat
ional
law
.
PS
R r
eg.9
6
CH
AP
TE
R 4
Data
pro
tect
ion
Art
icle
94
Data
pro
tect
ion
53
1.
M
ember
Sta
tes
shal
l per
mit
pro
cess
ing o
f per
sonal
dat
a by p
aym
ent
syst
ems
and p
aym
ent
serv
ice
pro
vid
ers
when
nec
essa
ry t
o
safe
guar
d t
he
pre
ven
tion, in
ves
tigat
ion a
nd d
etec
tion o
f pay
men
t fr
aud. T
he
pro
vis
ion o
f in
form
atio
n to i
ndiv
idual
s ab
out
the
pro
cess
ing
of
per
sonal
dat
a an
d t
he
pro
cess
ing o
f su
ch p
erso
nal
dat
a an
d a
ny o
ther
pro
cess
ing o
f per
sonal
dat
a fo
r th
e purp
ose
s of
this
Dir
ecti
ve
shal
l be
carr
ied o
ut
in a
ccord
ance
wit
h D
irec
tive
95/4
6/E
C,
the
nat
ional
rule
s w
hic
h t
ransp
ose
Dir
ecti
ve
95/4
6/E
C a
nd w
ith R
egula
tion
(EC
) N
o 4
5/2
001.
No t
ransp
osi
tion
nec
essa
ry
2.
P
aym
ent
serv
ice
pro
vid
ers
shal
l only
acc
ess,
pro
cess
and r
etai
n p
erso
nal
dat
a nec
essa
ry f
or
the
pro
vis
ion o
f th
eir
pay
men
t se
rvic
es,
wit
h t
he
expli
cit
conse
nt
of
the
pay
men
t se
rvic
e use
r.
PS
R r
eg.9
7
CH
AP
TE
R 5
Op
erati
on
al
an
d s
ecu
rity
ris
ks
an
d a
uth
enti
cati
on
Art
icle
95
Man
agem
ent
of
op
erati
on
al
an
d s
ecu
rity
ris
ks
1.
M
ember
Sta
tes
shal
l en
sure
that
pay
men
t se
rvic
e pro
vid
ers
esta
bli
sh a
fra
mew
ork
wit
h a
ppro
pri
ate
mit
igat
ion m
easu
res
and c
ontr
ol
mec
han
ism
s to
man
age
the
oper
atio
nal
and s
ecuri
ty r
isks,
rel
atin
g t
o t
he
pay
men
t se
rvic
es t
hey
pro
vid
e. A
s par
t of
that
fra
mew
ork
,
pay
men
t se
rvic
e pro
vid
ers
shal
l es
tabli
sh a
nd m
ainta
in e
ffec
tive
inci
den
t m
anag
em
ent
pro
cedure
s, i
ncl
udin
g f
or
the
det
ecti
on a
nd
clas
sifi
cati
on o
f m
ajor
oper
atio
nal
and s
ecuri
ty i
nci
den
ts.
PS
R r
eg.9
8(1
)
2.
M
ember
Sta
tes
shal
l en
sure
that
pay
men
t se
rvic
e pro
vid
ers
pro
vid
e to
the
com
pet
ent
auth
ori
ty o
n a
n a
nnual
bas
is,
or
at s
hort
er
inte
rval
s as
det
erm
ined
by t
he
com
pet
ent
auth
ori
ty,
an u
pdat
ed a
nd c
om
pre
hen
sive
asse
ssm
ent
of
the
oper
atio
nal
and s
ecuri
ty r
isks
rela
ting t
o t
he
pay
men
t se
rvic
es t
hey
pro
vid
e an
d o
n t
he
adeq
uac
y o
f th
e m
itig
atio
n m
easu
res
and c
ontr
ol
mec
han
ism
s im
ple
men
ted i
n
resp
onse
to t
hose
ris
ks.
PS
R r
eg.9
8(2
) an
d (
3)
3. B
y 1
3 J
uly
2017, E
BA
shal
l, i
n c
lose
cooper
atio
n w
ith t
he
EC
B a
nd a
fter
consu
ltin
g a
ll r
elev
ant
stak
ehold
ers,
incl
udin
g t
hose
in t
he
pay
men
t se
rvic
es m
arket
, re
flec
ting a
ll i
nte
rest
s in
volv
ed,
issu
e guid
elin
es i
n a
ccord
ance
wit
h A
rtic
le 1
6 o
f R
egula
tion (
EU
) N
o
1093/2
010 w
ith r
egar
d t
o t
he
esta
bli
shm
ent,
im
ple
menta
tion a
nd m
onit
ori
ng o
f th
e se
curi
ty m
easu
res,
incl
udin
g c
erti
fica
tion p
roce
sses
wher
e re
levan
t.
EB
A s
hal
l, i
n c
lose
cooper
atio
n w
ith t
he
EC
B,
revie
w t
he
guid
elin
es r
efer
red t
o i
n t
he
firs
t su
bpar
agra
ph o
n a
reg
ula
r bas
is a
nd i
n a
ny
even
t at
lea
st e
ver
y 2
yea
rs.
No t
ransp
osi
tion
nec
essa
ry
4.
T
akin
g i
nto
acc
ount
exper
ience
acq
uir
ed i
n t
he
appli
cati
on o
f th
e guid
elin
es r
efer
red t
o i
n p
arag
raph 3
, E
BA
shal
l, w
her
e re
ques
ted
to d
o s
o b
y t
he
Com
mis
sion a
s ap
pro
pri
ate,
dev
elop d
raft
reg
ula
tory
tec
hnic
al s
tandar
ds
on t
he
crit
eria
and o
n t
he
condit
ions
for
esta
bli
shm
ent,
and m
onit
ori
ng, of
secu
rity
mea
sure
s.
Pow
er is
del
egat
ed to the
Com
mis
sion to a
dopt th
e re
gula
tory
tec
hnic
al s
tandar
ds
refe
rred
to i
n the
firs
t su
bpar
agra
ph i
n a
ccord
ance
wit
h
Art
icle
s 10 t
o 1
4 o
f R
egula
tion (
EU
) N
o 1
093/2
010.
No t
ransp
osi
tion
nec
essa
ry
5.
E
BA
shal
l pro
mote
cooper
atio
n,
incl
udin
g t
he
shar
ing o
f in
form
atio
n,
in t
he
area
of
oper
atio
nal
and s
ecuri
ty r
isks
asso
ciat
ed w
ith
pay
men
t se
rvic
es a
mong the
com
pet
ent au
thori
ties
, and b
etw
een the
com
pet
ent au
thori
ties
and the
EC
B a
nd, w
her
e re
levan
t, the
Euro
pea
n
Unio
n A
gen
cy f
or
Net
work
and I
nfo
rmat
ion S
ecuri
ty.
No t
ransp
osi
tion
nec
essa
ry
54
Art
icle
96
Inci
den
t re
port
ing
1.
In
the
case
of
a m
ajor
oper
atio
nal
or
secu
rity
inci
den
t, p
aym
ent
serv
ice
pro
vid
ers
shal
l, w
ithout
undue
del
ay,
noti
fy t
he
com
pet
ent
auth
ori
ty i
n t
he
hom
e M
ember
Sta
te o
f th
e pay
men
t se
rvic
e pro
vid
er.
Wher
e th
e in
ciden
t has
or
may h
ave
an i
mpac
t on t
he
finan
cial
inte
rest
s of
its
pay
men
t se
rvic
e use
rs, th
e pay
men
t se
rvic
e pro
vid
er s
hal
l,
wit
hout undue
del
ay, in
form
its
pay
men
t se
rvic
e use
rs o
f th
e in
ciden
t an
d o
f al
l m
easu
res
that
they
can
tak
e to
mit
igat
e th
e ad
ver
se e
ffec
ts
of
the
inci
den
t.
PS
R r
eg.9
9(1
) to
(3)
2.
U
pon r
ecei
pt
of
the
noti
fica
tion r
efer
red t
o i
n p
arag
raph 1
, th
e co
mpet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te s
hal
l, w
ithout
undue
del
ay,
pro
vid
e th
e re
levan
t det
ails
of
the
inci
den
t to
EB
A a
nd t
o t
he
EC
B.
That
com
pet
ent
auth
ori
ty s
hal
l, a
fter
ass
essi
ng t
he
rele
van
ce
of
the
inci
den
t to
rel
evan
t au
thori
ties
of
that
Mem
ber
Sta
te, noti
fy t
hem
acc
ord
ingly
.
EB
A a
nd t
he
EC
B s
hal
l, i
n c
ooper
atio
n w
ith t
he
com
pet
ent
auth
ori
ty o
f th
e hom
e M
ember
Sta
te,
asse
ss t
he
rele
van
ce o
f th
e in
ciden
t to
oth
er r
elev
ant
Unio
n a
nd n
atio
nal
auth
ori
ties
and s
hal
l noti
fy t
hem
acc
ord
ingly
. T
he
EC
B s
hal
l noti
fy t
he
mem
ber
s of
the
Euro
pea
n
Syst
em o
f C
entr
al B
anks
on i
ssues
rel
evan
t to
the
pay
men
t sy
stem
.
On t
he
bas
is o
f th
at n
oti
fica
tion,
the
com
pet
ent
auth
ori
ties
shal
l, w
her
e ap
pro
pri
ate,
tak
e al
l of
the
nec
essa
ry m
easu
res
to p
rote
ct t
he
imm
edia
te s
afet
y o
f th
e fi
nan
cial
syst
em.
PS
R r
eg.9
9(4
) an
d (
5)
3. B
y 1
3 J
anuar
y 2
018, E
BA
shal
l, i
n c
lose
cooper
atio
n w
ith t
he
EC
B a
nd a
fter
consu
ltin
g a
ll r
elev
ant
stak
ehold
ers,
incl
udin
g t
hose
in
the
pay
men
t se
rvic
es m
arket
, re
flec
ting a
ll i
nte
rest
s in
volv
ed,
issu
e guid
elin
es i
n a
ccord
ance
wit
h A
rtic
le 1
6 o
f R
egula
tion (
EU
) N
o
1093/2
010 a
ddre
ssed
to e
ach o
f th
e fo
llow
ing:
(a)
pay
men
t se
rvic
e pro
vid
ers,
on t
he
clas
sifi
cati
on o
f m
ajor
inci
den
ts r
efer
red t
o i
n p
arag
raph 1
, an
d o
n t
he
conte
nt,
the
form
at,
incl
udin
g s
tandar
d n
oti
fica
tion t
empla
tes,
and t
he
pro
cedure
s fo
r noti
fyin
g s
uch
inci
den
ts;
(b)
com
pet
ent
auth
ori
ties
, on t
he
crit
eria
on h
ow
to a
sses
s th
e re
levan
ce o
f th
e in
ciden
t an
d t
he
det
ails
of
the
inci
den
t re
port
s to
be
shar
ed w
ith o
ther
dom
esti
c au
thori
ties
.
No t
ransp
osi
tion
nec
essa
ry
4. E
BA
shal
l, i
n c
lose
cooper
atio
n w
ith t
he
EC
B, re
vie
w t
he
guid
elin
es r
efer
red t
o i
n p
arag
raph 3
on a
reg
ula
r bas
is a
nd i
n a
ny e
ven
t at
leas
t ev
ery 2
yea
rs.
No t
ransp
osi
tion
nec
essa
ry
5.
W
hil
e is
suin
g a
nd r
evie
win
g t
he
guid
elin
es r
efer
red t
o i
n p
arag
raph 3
, E
BA
shal
l ta
ke
into
acc
ount
stan
dar
ds
and/o
r sp
ecif
icat
ions
dev
eloped
and p
ubli
shed
by t
he
Euro
pea
n U
nio
n A
gen
cy f
or
Net
work
and I
nfo
rmat
ion S
ecuri
ty f
or
sect
ors
purs
uin
g a
ctiv
itie
s oth
er than
pay
men
t se
rvic
e pro
vis
ion.
No t
ransp
osi
tion
nec
essa
ry
6.
M
ember
Sta
tes
shal
l en
sure
that
pay
men
t se
rvic
e pro
vid
ers
pro
vid
e, a
t le
ast
on a
n a
nnual
bas
is,
stat
isti
cal
dat
a on f
raud r
elat
ing t
o
dif
fere
nt
mea
ns
of
pay
men
t to
thei
r co
mpet
ent
auth
ori
ties
. T
hose
com
pet
ent
auth
ori
ties
shal
l pro
vid
e E
BA
and t
he
EC
B w
ith s
uch
dat
a
in a
n a
ggre
gat
ed f
orm
.
PS
R r
eg.1
09(4
) to
(6)
Art
icle
97
Au
then
tica
tion
1. M
ember
Sta
tes
shal
l en
sure
that
a p
aym
ent
serv
ice
pro
vid
er a
ppli
es s
trong c
ust
om
er a
uth
enti
cati
on w
her
e th
e pay
er:
(a)
acce
sses
its
pay
men
t ac
count
onli
ne;
PS
R r
eg.1
00
55
(b)
init
iate
s an
ele
ctro
nic
pay
men
t tr
ansa
ctio
n;
(c)
carr
ies
out
any a
ctio
n t
hro
ugh a
rem
ote
chan
nel
whic
h m
ay i
mply
a r
isk o
f pay
men
t fr
aud o
r oth
er a
buse
s.
2. W
ith r
egar
d t
o t
he
init
iati
on o
f el
ectr
onic
pay
men
t tr
ansa
ctio
ns
as r
efer
red t
o i
n p
oin
t (b
) of
par
agra
ph 1
, M
ember
Sta
tes
shal
l en
sure
that
, fo
r el
ectr
onic
rem
ote
pay
men
t tr
ansa
ctio
ns,
pay
ment
serv
ice
pro
vid
ers
apply
str
ong c
ust
om
er a
uth
enti
cati
on t
hat
incl
udes
ele
men
ts
whic
h d
ynam
ical
ly l
ink t
he
tran
sact
ion t
o a
spec
ific
am
ount
and a
spec
ific
pay
ee.
3.
W
ith r
egar
d t
o p
arag
raph 1
, M
ember
Sta
tes
shal
l en
sure
that
pay
men
t se
rvic
e pro
vid
ers
hav
e in
pla
ce a
deq
uat
e se
curi
ty m
easu
res
to
pro
tect
the
confi
den
tial
ity a
nd i
nte
gri
ty o
f pay
men
t se
rvic
e use
rs’
per
sonal
ised
sec
uri
ty c
reden
tial
s.
4.
P
arag
raphs
2 a
nd 3
shal
l al
so a
pply
wher
e pay
men
ts a
re i
nit
iate
d t
hro
ugh a
pay
men
t in
itia
tion s
ervic
e pro
vid
er.
Par
agra
phs
1 a
nd 3
shal
l al
so a
pply
when
the
info
rmat
ion i
s re
ques
ted t
hro
ugh a
n a
ccount
info
rmat
ion s
ervic
e pro
vid
er.
5.
M
ember
Sta
tes
shal
l en
sure
that
the
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er a
llow
s th
e pay
men
t in
itia
tion s
ervic
e pro
vid
er a
nd
the
acco
unt
info
rmat
ion s
ervic
e pro
vid
er t
o r
ely o
n t
he
auth
enti
cati
on p
roce
dure
s pro
vid
ed b
y t
he
acco
unt
serv
icin
g p
aym
ent
serv
ice
pro
vid
er to the
pay
men
t se
rvic
e use
r in
acc
ord
ance
wit
h p
arag
raphs
1 a
nd 3
and, w
her
e th
e pay
men
t in
itia
tion s
ervic
e pro
vid
er is
involv
ed,
in a
ccord
ance
wit
h p
arag
raphs
1, 2 a
nd 3
.
Art
icle
98
Reg
ula
tory
tec
hn
ical
stan
dard
s on
au
then
tica
tion
an
d c
om
mu
nic
ati
on
1. E
BA
shal
l, i
n c
lose
cooper
atio
n w
ith t
he
EC
B a
nd a
fter
consu
ltin
g a
ll r
elev
ant
stak
ehold
ers,
incl
udin
g t
hose
in t
he
pay
men
t se
rvic
es
mar
ket
, re
flec
ting a
ll i
nte
rest
s in
volv
ed,
dev
elop d
raft
reg
ula
tory
tec
hnic
al s
tandar
ds
addre
ssed
to p
aym
ent
serv
ice
pro
vid
ers
as s
et o
ut
in A
rtic
le 1
(1)
of
this
Dir
ecti
ve
in a
ccord
ance
wit
h A
rtic
le 1
0 o
f R
egula
tion (
EU
) N
o 1
093/2
010 s
pec
ifyin
g:
(a)
the
requir
emen
ts o
f th
e st
rong c
ust
om
er a
uth
enti
cati
on r
efer
red t
o i
n A
rtic
le 9
7(1
) an
d (
2);
(b)
the
exem
pti
ons
from
the
appli
cati
on o
f A
rtic
le 9
7(1
), (
2)
and (
3),
bas
ed o
n t
he
crit
eria
est
abli
shed
in p
arag
raph 3
of
this
Art
icle
;
(c)
the
requir
emen
ts w
ith w
hic
h s
ecuri
ty m
easu
res
hav
e to
com
ply
, in
acc
ord
ance
wit
h A
rtic
le 9
7(3
) in
ord
er t
o p
rote
ct t
he
confi
den
tial
ity a
nd t
he
inte
gri
ty o
f th
e pay
men
t se
rvic
e use
rs’
per
sonal
ised
sec
uri
ty c
reden
tial
s; a
nd
(d)
the
requir
emen
ts f
or
com
mon a
nd s
ecure
open
sta
ndar
ds
of
com
munic
atio
n f
or
the
purp
ose
of
iden
tifi
cati
on,
auth
enti
cati
on,
noti
fica
tion,
and i
nfo
rmat
ion,
as w
ell
as f
or
the
imp
lem
enta
tion o
f se
curi
ty m
easu
res,
bet
wee
n a
ccount
serv
icin
g p
aym
ent
serv
ice
pro
vid
ers,
pay
men
t in
itia
tion s
ervic
e pro
vid
ers,
acc
ount
info
rmat
ion s
ervic
e pro
vid
ers,
pay
ers,
pay
ees
and o
ther
pay
men
t se
rvic
e
pro
vid
ers.
2. T
he
dra
ft r
egula
tory
tec
hnic
al s
tandar
ds
refe
rred
to i
n p
arag
raph 1
shal
l be
dev
eloped
by E
BA
in o
rder
to:
(a)
ensu
re a
n a
ppro
pri
ate
level
of
secu
rity
for
pay
men
t se
rvic
e use
rs a
nd p
aym
ent se
rvic
e pro
vid
ers,
thro
ugh the
adopti
on o
f ef
fect
ive
and r
isk-b
ased
req
uir
emen
ts;
(b)
ensu
re t
he
safe
ty o
f pay
ment
serv
ice
use
rs’
funds
and p
erso
nal
dat
a;
(c)
secu
re a
nd m
ainta
in f
air
com
pet
itio
n a
mong a
ll p
aym
ent
serv
ice
pro
vid
ers;
(d)
ensu
re t
echnolo
gy a
nd b
usi
nes
s-m
odel
neu
tral
ity;
(e)
allo
w f
or
the
dev
elopm
ent
of
use
r-fr
iendly
, ac
cess
ible
and i
nnovat
ive
mea
ns
of
pay
men
t.
3. T
he
exem
pti
ons
refe
rred
to i
n p
oin
t (b
) of
par
agra
ph 1
shal
l be
bas
ed o
n t
he
foll
ow
ing c
rite
ria:
No t
ransp
osi
tion
nec
essa
ry;
refe
rred
to i
n
PS
R r
egs
68(3
)(c)
,
69(2
)(a)
and (
3)(
d),
70(2
)(a)
and (
3)(
c) a
nd
100(5
)
56
(a)
the
level
of
risk
involv
ed i
n t
he
serv
ice
pro
vid
ed;
(b)
the
amount,
the
recu
rren
ce o
f th
e tr
ansa
ctio
n, or
both
;
(c)
the
pay
men
t ch
annel
use
d f
or
the
exec
uti
on o
f th
e tr
ansa
ctio
n.
4. E
BA
shal
l su
bm
it t
he
dra
ft r
egula
tory
tec
hnic
al s
tandar
ds
refe
rred
to i
n p
arag
raph 1
to t
he
Com
mis
sion b
y 1
3 J
anuar
y 2
017.
Pow
er i
s del
egat
ed t
o t
he
Com
mis
sion t
o a
dopt
those
reg
ula
tory
tec
hnic
al s
tandar
ds
in a
ccord
ance
wit
h A
rtic
les
10 t
o 1
4 o
f R
egula
tion
(EU
) N
o 1
093/2
010.
5.
In a
ccord
ance
wit
h A
rtic
le 1
0 o
f R
egula
tion (
EU
) N
o 1
093/2
010, E
BA
shal
l re
vie
w a
nd, i
f ap
pro
pri
ate,
updat
e th
e re
gula
tory
tec
hnic
al
stan
dar
ds
on a
reg
ula
r bas
is i
n o
rder
, in
ter
alia
, to
tak
e ac
count
of
innovat
ion a
nd t
echnolo
gic
al d
evel
opm
ents
.
CH
AP
TE
R 6
AD
R p
roce
du
res
for
the
sett
lem
ent
of
dis
pu
tes
Sec
tion
1
Com
pla
int
pro
ced
ure
s
Art
icle
99
Com
pla
ints
1.
M
ember
Sta
tes
shal
l en
sure
that
pro
cedure
s ar
e se
t up w
hic
h a
llow
pay
men
t se
rvic
e use
rs a
nd o
ther
inte
rest
ed p
arti
es i
ncl
udin
g
consu
mer
ass
oci
atio
ns,
to s
ubm
it c
om
pla
ints
to the
com
pet
ent au
thori
ties
wit
h r
egar
d to p
aym
ent se
rvic
e pro
vid
ers’
all
eged
infr
ingem
ents
of
this
Dir
ecti
ve.
2. W
her
e ap
pro
pri
ate
and w
ithout
pre
judic
e to
the
right
to b
ring p
roce
edin
gs
bef
ore
a c
ourt
in a
ccord
ance
wit
h n
atio
nal
pro
cedura
l la
w,
the
reply
fro
m t
he
com
pet
ent
auth
ori
ties
shal
l in
form
the
com
pla
inan
t of
the
exis
tence
of
the
AD
R p
roce
dure
s se
t up i
n a
ccord
ance
wit
h
Art
icle
102.
PS
R r
eg.1
17
Art
icle
100
Com
pet
ent
au
thori
ties
1.
Mem
ber
Sta
tes
shal
l des
ignat
e co
mpet
ent au
thori
ties
to e
nsu
re a
nd m
onit
or
effe
ctiv
e co
mpli
ance
wit
h this
Dir
ecti
ve.
Those
com
pet
ent
auth
ori
ties
shal
l ta
ke
all
appro
pri
ate
mea
sure
s to
ensu
re s
uch
com
pli
ance
.
They
shal
l be
eith
er:
(a)
com
pet
ent
auth
ori
ties
wit
hin
the
mea
nin
g o
f A
rtic
le 4
(2)
of
Reg
ula
tion (
EU
) N
o 1
093/2
010;
or
(b)
bodie
s re
cognis
ed b
y n
atio
nal
law
or
by p
ubli
c au
thori
ties
expre
ssly
em
pow
ered
for
that
purp
ose
by n
atio
nal
law
.
They
shal
l not
be
pay
men
t se
rvic
e pro
vid
ers,
wit
h t
he
exce
pti
on o
f nat
ional
cen
tral
ban
ks.
PS
R r
eg.1
06(1
) an
d
124(1
)
2.
T
he
auth
ori
ties
ref
erre
d t
o i
n p
arag
raph 1
shal
l poss
ess
all
pow
ers
and a
deq
uat
e re
sourc
es n
eces
sary
for
the
per
form
ance
of
thei
r
duti
es. W
her
e m
ore
than
one
com
pet
ent au
thori
ty is
empow
ered
to e
nsu
re a
nd m
onit
or
effe
ctiv
e co
mpli
ance
wit
h this
Dir
ecti
ve,
Mem
ber
Sta
tes
shal
l en
sure
that
those
auth
ori
ties
coll
abora
te c
lose
ly s
o t
hat
they
can
dis
char
ge
thei
r re
spec
tive
duti
es e
ffec
tivel
y.
PS
R P
arts
9 &
10 a
nd
reg.1
47(1
)
3. T
he
com
pet
ent
auth
ori
ties
shal
l ex
erci
se t
hei
r pow
ers
in a
ccord
ance
wit
h n
atio
nal
law
eit
her
:
(a)
dir
ectl
y u
nder
thei
r ow
n a
uth
ori
ty o
r under
the
super
vis
ion o
f th
e ju
dic
ial
auth
ori
ties
; or
No t
ransp
osi
tion
nec
essa
ry;
UK
com
pet
ent
auth
ori
ties
hav
e both
57
(b)
by a
ppli
cati
on t
o c
ourt
s w
hic
h a
re c
om
pet
ent
to g
rant
the
nec
essa
ry d
ecis
ion,
incl
udin
g,
wher
e ap
pro
pri
ate,
by a
ppea
l, i
f th
e
appli
cati
on t
o g
rant
the
nec
essa
ry d
ecis
ion i
s not
succ
essf
ul.
types
of
pow
ers
under
PS
R P
arts
9 a
nd 1
0
4.
In t
he
even
t of
infr
ingem
ent
or
susp
ecte
d i
nfr
ingem
ent
of
the
pro
vis
ions
of
nat
ional
law
tra
nsp
osi
ng T
itle
s II
I an
d I
V,
the
com
pet
ent
auth
ori
ties
ref
erre
d t
o i
n p
arag
raph 1
of
this
Art
icle
shal
l be
those
of
the
hom
e M
ember
Sta
te o
f th
e pay
men
t se
rvic
e pro
vid
er, ex
cept
for
agen
ts a
nd b
ranch
es c
onduct
ed u
nder
the
right
of
esta
bli
shm
ent
wher
e th
e co
mpet
ent
auth
ori
ties
shal
l be
those
of
the
host
Mem
ber
Sta
te.
PS
R r
eg.4
0(1
)(a)
and
63(1
)(a)
5.
M
ember
Sta
tes
shal
l noti
fy t
he
Com
mis
sion o
f th
e des
ignat
ed c
om
pet
ent
auth
ori
ties
ref
erre
d t
o i
n p
arag
raph 1
as
soon a
s poss
ible
and i
n a
ny e
ven
t by 1
3 J
anuar
y 2
018.
They
shal
l in
form
the
Com
mis
sion o
f an
y d
ivis
ion o
f duti
es o
f th
ose
auth
ori
ties
. T
hey
shal
l
imm
edia
tely
noti
fy th
e C
om
mis
sion of
any su
bse
quen
t ch
ange
conce
rnin
g th
e des
ignat
ion an
d re
spec
tive
com
pet
ence
s of
those
auth
ori
ties
.
No t
ransp
osi
tion
nec
essa
ry
6.
E
BA
shal
l, a
fter
consu
ltin
g t
he
EC
B,
issu
e guid
elin
es,
addre
ssed
to t
he
com
pet
ent
auth
ori
ties
, in
acc
ord
ance
wit
h A
rtic
le 1
6 o
f
Reg
ula
tion (
EU
) N
o 1
093/2
010 o
n t
he
com
pla
ints
pro
cedure
s to
be
taken
into
consi
der
atio
n t
o e
nsu
re c
om
pli
ance
wit
h p
arag
raph 1
of
this
Art
icle
. T
hose
guid
elin
es s
hal
l be
issu
ed b
y 1
3 J
anuar
y 2
018 a
nd s
hal
l be
updat
ed o
n a
reg
ula
r bas
is, as
appro
pri
ate.
No t
ransp
osi
tion
nec
essa
ry
Sec
tion
2
AD
R p
roce
du
res
an
d p
enalt
ies
Art
icle
101
Dis
pu
te r
esolu
tion
1.
M
ember
Sta
tes
shal
l en
sure
that
pay
men
t se
rvic
e pro
vid
ers
put
in p
lace
and a
pply
adeq
uat
e an
d e
ffec
tive
com
pla
int
reso
luti
on
pro
cedure
s fo
r th
e se
ttle
men
t of
com
pla
ints
of
pay
men
t se
rvic
e use
rs c
once
rnin
g t
he
rights
and o
bli
gat
ions
aris
ing u
nder
Tit
les
III
and
IV o
f th
is D
irec
tive
and s
hal
l m
onit
or
thei
r per
form
ance
in t
hat
reg
ard.
Those
pro
cedure
s sh
all
be
appli
ed i
n e
ver
y M
ember
Sta
te w
her
e th
e pay
men
t se
rvic
e pro
vid
er o
ffer
s th
e pay
men
t se
rvic
es a
nd s
hal
l be
avai
lable
in a
n o
ffic
ial
languag
e of
the
rele
van
t M
ember
Sta
te o
r in
anoth
er l
anguag
e if
agre
ed b
etw
een t
he
pay
men
t se
rvic
e pro
vid
er
and t
he
pay
men
t se
rvic
e use
r.
PS
R r
eg.1
01(2
) an
d (
3)
and F
CA
rule
s
2.
M
ember
Sta
tes
shal
l re
quir
e th
at p
aym
ent
serv
ice
pro
vid
ers
mak
e ev
ery p
oss
ible
eff
ort
to r
eply
, on p
aper
or,
if
agre
ed b
etw
een
pay
men
t se
rvic
e pro
vid
er a
nd p
aym
ent
serv
ice
use
r, o
n a
noth
er d
ura
ble
med
ium
, to
the
pay
men
t se
rvic
e use
rs’
com
pla
ints
. S
uch
a r
eply
shal
l ad
dre
ss a
ll p
oin
ts r
aise
d,
wit
hin
an a
deq
uat
e ti
mef
ram
e an
d a
t th
e la
test
wit
hin
15 b
usi
nes
s day
s of
rece
ipt
of
the
com
pla
int.
In
exce
pti
onal
sit
uat
ions,
if
the
answ
er c
annot
be
giv
en w
ithin
15 b
usi
nes
s day
s fo
r re
asons
bey
ond t
he
contr
ol
of
the
pay
men
t se
rvic
e
pro
vid
er,
it s
hal
l be
requir
ed t
o s
end a
hold
ing r
eply
, cl
earl
y i
ndic
atin
g t
he
reas
ons
for
a del
ay i
n a
nsw
erin
g t
o t
he
com
pla
int
and
spec
ifyin
g t
he
dea
dli
ne
by w
hic
h t
he
pay
men
t se
rvic
e use
r w
ill
rece
ive
the
final
rep
ly.
In a
ny e
ven
t, t
he
dea
dli
ne
for
rece
ivin
g t
he
final
reply
shal
l not
exce
ed 3
5 b
usi
nes
s day
s.
PS
R r
eg.1
01(4
) to
(6)
and
FC
A r
ule
s
Mem
ber
Sta
tes
may
intr
oduce
or
mai
nta
in r
ule
s on d
ispute
res
olu
tion p
roce
dure
s th
at a
re m
ore
advan
tageo
us
to t
he
pay
men
t se
rvic
e use
r
than
that
ref
erre
d t
o i
n t
he
firs
t su
bpar
agra
ph. W
her
e th
ey d
o s
o, th
ose
rule
s sh
all
apply
.
Opti
on n
ot
exer
cise
d
3.
T
he
pay
men
t se
rvic
e pro
vid
er s
hal
l in
form
the
pay
men
t se
rvic
e use
r ab
out
at l
east
one
AD
R e
nti
ty w
hic
h i
s co
mpet
ent
to d
eal
wit
h
dis
pute
s co
nce
rnin
g t
he
rights
and o
bli
gat
ions
aris
ing u
nder
Tit
les
III
and I
V.
PS
R r
eg.1
01(7
) an
d F
CA
rule
s
58
4. T
he
info
rmat
ion r
efer
red t
o i
n p
arag
raph 3
shal
l be
men
tioned
in a
cle
ar, co
mpre
hen
sive
and e
asil
y a
cces
sible
way
on t
he
web
site
of
the
pay
men
t se
rvic
e pro
vid
er, w
her
e one
exis
ts, a
t th
e bra
nch
, and in the
gen
eral
ter
ms
and c
ondit
ions
of
the
contr
act bet
wee
n the
pay
men
t
serv
ice
pro
vid
er a
nd the
pay
men
t se
rvic
e use
r. I
t sh
all sp
ecif
y h
ow
furt
her
info
rmat
ion o
n the
AD
R e
nti
ty c
once
rned
and o
n the
condit
ions
for
usi
ng i
t ca
n b
e ac
cess
ed.
PS
R r
eg.1
01(8
) an
d (
9)
and F
CA
rule
s
Art
icle
102
AD
R p
roce
du
res
1.
M
ember
Sta
tes
shal
l en
sure
that
adeq
uat
e, i
ndep
enden
t, i
mpar
tial
, tr
ansp
aren
t an
d e
ffec
tive
AD
R p
roce
dure
s fo
r th
e se
ttle
men
t of
dis
pute
s bet
wee
n p
aym
ent
serv
ice
use
rs a
nd p
aym
ent
serv
ice
pro
vid
ers
conce
rnin
g t
he
rights
and o
bli
gat
ions
aris
ing u
nder
Tit
les
III
and
IV o
f th
is D
irec
tive
are
esta
bli
shed
acc
ord
ing t
o t
he
rele
van
t nat
ional
and U
nio
n l
aw i
n a
ccord
ance
wit
h D
irec
tive
2013/1
1/E
U o
f th
e
Euro
pea
n P
arli
amen
t an
d t
he
Counci
l (3
5),
usi
ng e
xis
ting c
om
pet
ent
bodie
s w
her
e ap
pro
pri
ate.
Mem
ber
Sta
tes
shal
l en
sure
that
AD
R
pro
cedure
s ar
e ap
pli
cable
to p
aym
ent
serv
ice
pro
vid
ers
and t
hat
they
als
o c
over
the
acti
vit
ies
of
appoin
ted r
epre
senta
tives
.
FS
MA
s.2
26 (
amen
ded
by
PS
R S
ch.8
par
a.2)
and
FC
A r
ule
s
2.
M
ember
Sta
tes
shal
l re
quir
e th
e bodie
s re
ferr
ed t
o i
n p
arag
raph 1
of
this
Art
icle
to c
ooper
ate
effe
ctiv
ely f
or
the
reso
luti
on o
f cr
oss
-
bord
er d
ispute
s co
nce
rnin
g t
he
rights
and o
bli
gat
ions
aris
ing u
nder
Tit
les
III
and I
V.
Alt
ernat
ive
Dis
pute
Res
olu
tion f
or
Consu
mer
Dis
pute
s (C
om
pet
ent
Auth
ori
ties
and
Info
rmat
ion)
Reg
ula
tions
2015 r
eg.1
4A
Art
icle
103
Pen
alt
ies
1.
M
ember
Sta
tes
shal
l la
y d
ow
n r
ule
s on p
enal
ties
appli
cable
to i
nfr
ingem
ents
of
the
nat
ional
law
tra
nsp
osi
ng t
his
Dir
ecti
ve
and s
hal
l
take
all
nec
essa
ry m
easu
res
to e
nsu
re t
hat
they
are
im
ple
men
ted. S
uch
pen
alti
es s
hal
l be
effe
ctiv
e, p
roport
ionat
e an
d d
issu
asiv
e.
PS
R r
egs
110 t
o 1
16 a
nd
125 t
o 1
29
2.
M
ember
Sta
tes
shal
l al
low
thei
r co
mpet
ent
auth
ori
ties
to d
iscl
ose
to t
he
publi
c an
y a
dm
inis
trat
ive
pen
alty
that
is
impose
d f
or
infr
ingem
ent of
the
mea
sure
s ad
opte
d in the
tran
sposi
tion o
f th
is D
irec
tive,
unle
ss s
uch
dis
closu
re w
ould
ser
iousl
y jeo
par
dis
e th
e fi
nan
cial
mar
ket
s or
cause
dis
pro
port
ionat
e dam
age
to t
he
par
ties
involv
ed.
PS
R r
eg.1
26 a
nd F
SM
A
s.391 (
appli
ed b
y P
SR
Sch
.6 p
ara.
10)
TIT
LE
V
DE
LE
GA
TE
D A
CT
S A
ND
RE
GU
LA
TO
RY
TE
CH
NIC
AL
ST
AN
DA
RD
S
Art
icle
104
Del
egate
d a
cts
The
Com
mis
sion s
hal
l be
empow
ered
to a
dopt
del
egat
ed a
cts
in a
ccord
ance
wit
h A
rtic
le 1
05 c
once
rnin
g:
(a)
adap
ting t
he
refe
rence
to R
ecom
men
dat
ion 2
003/3
61/E
C i
n p
oin
t (3
6)
of
Art
icle
4 o
f th
is D
irec
tive
wher
e th
at R
ecom
men
dat
ion
is a
men
ded
;
(b)
updat
ing t
he
amounts
spec
ifie
d i
n A
rtic
le 3
2(1
) an
d A
rtic
le 7
4(1
) to
tak
e ac
count
of
infl
atio
n.
Art
icle
105
Exer
cise
of
the
del
egati
on
59
1. T
he
pow
er t
o a
dopt
del
egat
ed a
cts
is c
onfe
rred
on t
he
Com
mis
sion s
ubje
ct t
o t
he
condit
ions
laid
dow
n i
n t
his
Art
icle
.
2.
T
he
pow
er t
o a
dopt
del
egat
ed a
cts
refe
rred
to i
n A
rtic
le 1
04 s
hal
l be
confe
rred
on t
he
Com
mis
sion f
or
an u
ndet
erm
ined
per
iod o
f
tim
e fr
om
12 J
anuar
y 2
016.
3.
T
he
del
egat
ion o
f pow
er r
efer
red t
o i
n A
rtic
le 1
04 m
ay b
e re
voked
at
any t
ime
by t
he
Euro
pea
n P
arli
amen
t or
by t
he
Counci
l. A
dec
isio
n t
o r
evoke
shal
l put
an e
nd t
o t
he
del
egat
ion o
f th
e pow
er s
pec
ifie
d i
n t
hat
dec
isio
n.
It s
hal
l ta
ke
effe
ct o
n t
he
day
foll
ow
ing t
he
publi
cati
on o
f th
e dec
isio
n in the
Off
icia
l Jo
urn
al o
f th
e E
uro
pea
n U
nio
n o
r on a
lat
er d
ate
spec
ifie
d ther
ein. It
shal
l not af
fect
the
val
idit
y
of
any d
eleg
ated
act
s al
read
y i
n f
orc
e.
4. A
s so
on a
s it
adopts
a d
eleg
ated
act
, th
e C
om
mis
sion s
hal
l noti
fy i
t si
mult
aneo
usl
y t
o t
he
Euro
pea
n P
arli
amen
t an
d t
o t
he
Counci
l.
5. A
del
egat
ed a
ct a
dopte
d p
urs
uan
t to
Art
icle
104 s
hal
l en
ter
into
forc
e only
if
no o
bje
ctio
n h
as b
een e
xpre
ssed
eit
her
by t
he
Euro
pea
n
Par
liam
ent
or
the
Counci
l w
ithin
a p
erio
d o
f 3 m
onth
s of
noti
fica
tion o
f th
at a
ct t
o t
he
Euro
pea
n P
arli
amen
t an
d t
he
Counci
l or
if, bef
ore
the
expir
y o
f th
at p
erio
d,
the
Euro
pea
n P
arli
amen
t an
d t
he
Counci
l hav
e both
info
rmed
the
Com
mis
sion t
hat
they
wil
l not
obje
ct.
That
per
iod s
hal
l be
exte
nded
by 3
month
s at
the
init
iati
ve
of
the
Euro
pea
n P
arli
amen
t or
of
the
Counci
l.
No t
ransp
osi
tion
nec
essa
ry
Art
icle
106
Ob
ligati
on
to i
nfo
rm c
on
sum
ers
of
thei
r ri
gh
ts
1.
B
y 1
3 J
anuar
y 2
018,
the
Com
mis
sion s
hal
l pro
duce
a u
ser-
frie
ndly
ele
ctro
nic
lea
flet
, li
stin
g i
n a
cle
ar a
nd e
asil
y c
om
pre
hen
sible
man
ner
, th
e ri
ghts
of
consu
mer
s under
this
Dir
ecti
ve
and r
elat
ed U
nio
n l
aw.
No t
ransp
osi
tion
nec
essa
ry
2.
T
he
Com
mis
sion s
hal
l in
form
Mem
ber
Sta
tes,
Euro
pea
n a
ssoci
atio
ns
of
pay
men
t se
rvic
e pro
vid
ers
and E
uro
pea
n c
onsu
mer
asso
ciat
ions
of
the
publi
cati
on o
f th
e le
afle
t re
ferr
ed t
o i
n p
arag
raph 1
.
No t
ransp
osi
tion
nec
essa
ry
The
Com
mis
sion,
EB
A a
nd t
he
com
pet
ent
auth
ori
ties
shal
l ea
ch e
nsu
re t
hat
the
leaf
let
is m
ade
avai
lable
in a
n e
asil
y a
cces
sible
man
ner
on t
hei
r re
spec
tive
web
site
s.
PS
R r
eg.6
2(2
)
3. P
aym
ent
serv
ice
pro
vid
ers
shal
l en
sure
that
the
leaf
let
is m
ade
avai
lable
in a
n e
asil
y a
cces
sible
man
ner
on t
hei
r w
ebsi
tes,
if
exis
ting,
and o
n p
aper
at
thei
r bra
nch
es, th
eir
agen
ts a
nd t
he
enti
ties
to w
hic
h t
hei
r ac
tivit
ies
are
outs
ourc
ed.
PS
R r
eg.6
2(1
)
4. P
aym
ent
serv
ice
pro
vid
ers
shal
l not
char
ge
thei
r cl
ients
for
mak
ing a
vai
lable
info
rmat
ion u
nder
this
Art
icle
. P
SR
reg
.62(1
)
5.
In
res
pec
t of
per
sons
wit
h d
isab
ilit
ies,
the
pro
vis
ions
of
this
Art
icle
shal
l be
appli
ed u
sing a
ppro
pri
ate
alte
rnat
ive
mea
ns,
all
ow
ing
the
info
rmat
ion t
o b
e m
ade
avai
lable
in a
n a
cces
sible
form
at.
PS
R r
eg.6
2(3
)
TIT
LE
VI
FIN
AL
PR
OV
ISIO
NS
Art
icle
107
Fu
ll h
arm
on
isati
on
1. W
ithout pre
judic
e to
Art
icle
2, A
rtic
le 8
(3),
Art
icle
32, A
rtic
le 3
8(2
), A
rtic
le 4
2(2
), A
rtic
le 5
5(6
), A
rtic
le 5
7(3
), A
rtic
le 5
8(3
), A
rtic
le
61(2
) an
d (
3),
Art
icle
62(5
), A
rtic
le 6
3(2
) an
d (
3),
the
seco
nd s
ubpar
agra
ph o
f A
rtic
le 7
4(1
) an
d A
rtic
le 8
6,
inso
far
as t
his
Dir
ecti
ve
conta
ins
har
monis
ed p
rovis
ions,
Mem
ber
Sta
tes
shal
l not
mai
nta
in o
r in
troduce
pro
vis
ions
oth
er t
han
those
lai
d d
ow
n i
n t
his
Dir
ecti
ve.
No t
ransp
osi
tion
nec
essa
ry
60
2. W
her
e a
Mem
ber
Sta
te m
akes
use
of
any o
f th
e opti
ons
refe
rred
to i
n p
arag
raph 1
, it
shal
l in
form
the
Com
mis
sion t
her
eof
as w
ell
as
of
any s
ubse
quen
t ch
anges
. T
he
Com
mis
sion s
hal
l m
ake
the
info
rmat
ion p
ubli
c on a
web
site
or
oth
er e
asil
y a
cces
sible
mea
ns.
No t
ransp
osi
tion
nec
essa
ry
3.
M
ember
Sta
tes
shal
l en
sure
that
pay
men
t se
rvic
e pro
vid
ers
do n
ot
der
ogat
e, t
o t
he
det
rim
ent
of
pay
ment
serv
ice
use
rs,
from
the
pro
vis
ions
of
nat
ional
law
tra
nsp
osi
ng t
his
Dir
ecti
ve
exce
pt
wher
e ex
pli
citl
y p
rovid
ed f
or
ther
ein.
How
ever
, pay
men
t se
rvic
e pro
vid
ers
may
dec
ide
to g
rant
more
fav
oura
ble
ter
ms
to p
aym
ent
serv
ice
use
rs.
PS
R r
eg.1
37
Art
icle
108
Rev
iew
cla
use
The
Com
mis
sion s
hal
l, b
y 1
3 J
anuar
y 2
021,
subm
it t
o t
he
Euro
pea
n P
arli
amen
t, t
he
Counci
l, t
he
EC
B a
nd t
he
Euro
pea
n E
conom
ic a
nd
Soci
al C
om
mit
tee,
a r
eport
on t
he
appli
cati
on a
nd i
mpac
t of
this
Dir
ecti
ve,
and i
n p
arti
cula
r on:
(a)
the
appro
pri
aten
ess
and t
he
impac
t of
the
rule
s on c
har
ges
as
set
out
in A
rtic
le 6
2(3
), (
4)
and (
5);
(b)
the
appli
cati
on o
f A
rtic
le 2
(3)
and (
4),
incl
udin
g a
n a
sses
smen
t of
whet
her
Tit
les
III
and I
V c
an,
wher
e te
chnic
ally
fea
sible
, be
appli
ed i
n f
ull
to p
aym
ent
tran
sact
ions
refe
rred
to i
n t
hose
par
agra
phs;
(c)
acce
ss t
o p
aym
ent
syst
ems,
hav
ing r
egar
d i
n p
arti
cula
r to
the
level
of
com
pet
itio
n;
(d)
the
appro
pri
aten
ess
and t
he
impac
t of
the
thre
shold
s fo
r th
e pay
men
t tr
ansa
ctio
ns
refe
rred
to i
n p
oin
t (l
) of
Art
icle
3;
(e)
the
appro
pri
aten
ess
and t
he
impac
t of
the
thre
shold
for
the
exem
pti
on r
efer
red t
o i
n p
oin
t (a
) of
Art
icle
32(1
);
(f)
whet
her
, giv
en d
evel
opm
ents
, it
would
be
des
irab
le,
as a
com
ple
men
t to
the
pro
vis
ions
in A
rtic
le 7
5 o
n p
aym
ent
tran
sact
ions
wher
e th
e am
ount
is n
ot
know
n i
n a
dvan
ce a
nd f
unds
are
blo
cked
, to
intr
oduce
max
imum
lim
its
for
the
amounts
to b
e blo
cked
on t
he
pay
er’s
pay
men
t ac
count
in s
uch
sit
uat
ions.
If a
ppro
pri
ate,
the
Com
mis
sion s
hal
l su
bm
it a
leg
isla
tive
pro
posa
l to
get
her
wit
h i
ts r
eport
.
No t
ransp
osi
tion
nec
essa
ry
Art
icle
109
Tra
nsi
tion
al
pro
vis
ion
1. M
ember
Sta
tes
shal
l al
low
pay
men
t in
stit
uti
ons
that
hav
e ta
ken
up a
ctiv
itie
s in
acc
ord
ance
wit
h the
nat
ional
law
tra
nsp
osi
ng D
irec
tive
2007/6
4/E
C b
y 1
3 J
anuar
y 2
018, to
conti
nue
those
act
ivit
ies
in a
ccord
ance
wit
h t
he
requir
emen
ts p
rovid
ed f
or
in D
irec
tive
2007/6
4/E
C
wit
hout
bei
ng r
equir
ed t
o s
eek a
uth
ori
sati
on i
n a
ccord
ance
wit
h A
rtic
le 5
of
this
Dir
ecti
ve
or
to c
om
ply
wit
h t
he
oth
er p
rovis
ions
laid
dow
n o
r re
ferr
ed t
o i
n T
itle
II
of
this
Dir
ecti
ve
unti
l 13 J
uly
2018.
Mem
ber
Sta
tes
shal
l re
quir
e su
ch p
aym
ent
inst
ituti
ons
to s
ubm
it a
ll r
elev
ant
info
rmat
ion t
o t
he
com
pet
ent
auth
ori
ties
in o
rder
to a
llow
the
latt
er t
o a
sses
s, b
y 1
3 J
uly
2018,
whet
her
those
pay
men
t in
stit
uti
ons
com
ply
wit
h t
he
requir
emen
ts l
aid d
ow
n i
n T
itle
II
and,
if n
ot,
whic
h m
easu
res
nee
d t
o b
e ta
ken
in o
rder
to e
nsu
re c
om
pli
ance
or
whet
her
a w
ithdra
wal
of
auth
ori
sati
on i
s ap
pro
pri
ate.
Pay
men
t in
stit
uti
ons
whic
h u
pon v
erif
icat
ion b
y t
he
com
pet
ent
auth
ori
ties
com
ply
wit
h t
he
requir
emen
ts l
aid d
ow
n i
n T
itle
II
shal
l be
gra
nte
d a
uth
ori
sati
on a
nd s
hal
l be
ente
red i
n t
he
regis
ters
ref
erre
d t
o i
n A
rtic
les
14 a
nd 1
5.
Wher
e th
ose
pay
men
t in
stit
uti
ons
do n
ot
com
ply
wit
h t
he
requir
emen
ts l
aid d
ow
n i
n T
itle
II
by 1
3 J
uly
2018,
they
shal
l be
pro
hib
ited
fro
m p
rovid
ing p
aym
ent
serv
ices
in
acco
rdan
ce w
ith A
rtic
le 3
7.
PS
R r
eg.1
50
2.
Mem
ber
Sta
tes
may
pro
vid
e fo
r pay
men
t in
stit
uti
ons
refe
rred
to in p
arag
raph 1
of
this
Art
icle
to b
e au
tom
atic
ally
gra
nte
d a
uth
ori
sati
on
and e
nte
red i
n t
he
regis
ters
ref
erre
d t
o in A
rtic
les
14 a
nd 1
5 i
f th
e co
mpet
ent
auth
ori
ties
alr
eady h
ave
evid
ence
that
the
requir
emen
ts l
aid
Opti
on n
ot
exer
cise
d
61
dow
n i
n A
rtic
les
5 a
nd 1
1 a
re c
om
pli
ed w
ith.
The
com
pet
ent
auth
ori
ties
shal
l in
form
the
pay
men
t in
stit
uti
ons
conce
rned
bef
ore
the
auth
ori
sati
on i
s gra
nte
d.
3.
T
his
par
agra
ph a
ppli
es t
o n
atura
l or
legal
per
sons
who b
enef
ited
under
Art
icle
26 o
f D
irec
tive
2007/6
4/E
C b
efore
13 J
anuar
y 2
018,
and p
urs
ued
pay
men
t se
rvic
es a
ctiv
itie
s w
ithin
the
mea
nin
g o
f D
irec
tive
2007/6
4/E
C.
Mem
ber
Sta
tes
shal
l al
low
those
per
sons
to c
onti
nue
those
act
ivit
ies
wit
hin
the
Mem
ber
Sta
te c
once
rned
in a
ccord
ance
wit
h D
irec
tive
2007/6
4/E
C,
unti
l 13 J
anuar
y 2
019 w
ithout
bei
ng r
equir
ed t
o s
eek a
uth
ori
sati
on u
nder
Art
icle
5 o
f th
is D
irec
tive
or,
to o
bta
in a
n
exem
pti
on p
urs
uan
t to
Art
icle
32 o
f th
is D
irec
tive,
or
to c
om
ply
wit
h t
he
oth
er p
rovis
ions
laid
dow
n o
r re
ferr
ed t
o i
n T
itle
II
of
this
Dir
ecti
ve.
Any p
erso
n r
efer
red to i
n the
firs
t su
bpar
agra
ph w
ho h
as n
ot,
by 1
3 J
anuar
y 2
019, bee
n a
uth
ori
sed o
r ex
empte
d u
nder
this
Dir
ecti
ve
shal
l
be
pro
hib
ited
fro
m p
rovid
ing p
aym
ent
serv
ices
in a
ccord
ance
wit
h A
rtic
le 3
7 o
f th
is D
irec
tive.
PS
R r
eg.1
51
4.
M
ember
Sta
tes
may
all
ow
nat
ura
l an
d l
egal
per
sons
ben
efit
ing f
rom
an e
xem
pti
on a
s re
ferr
ed t
o i
n p
arag
raph 3
of
this
Art
icle
to b
e
dee
med
to b
enef
it f
rom
an e
xem
pti
on a
nd a
uto
mat
ical
ly e
nte
red i
n t
he
regis
ters
ref
erre
d t
o i
n A
rtic
les
14 a
nd 1
5 w
her
e th
e co
mpet
ent
auth
ori
ties
hav
e ev
iden
ce t
hat
the
requir
emen
ts l
aid d
ow
n i
n A
rtic
le 3
2 a
re c
om
pli
ed w
ith.
The
com
pet
ent
auth
ori
ties
shal
l in
form
the
pay
men
t in
stit
uti
ons
conce
rned
.
Opti
on n
ot
exer
cise
d
5.
N
otw
ithst
andin
g p
arag
raph 1
of
this
Art
icle
, pay
men
t in
stit
uti
ons
that
hav
e bee
n g
rante
d a
uth
ori
sati
on t
o p
rovid
e pay
men
t se
rvic
es
as r
efer
red to in p
oin
t (7
) of
the
Annex
to D
irec
tive
2007/6
4/E
C s
hal
l re
tain
that
auth
ori
sati
on f
or
the
pro
vis
ion o
f th
ose
pay
men
t se
rvic
es
whic
h a
re c
onsi
der
ed t
o b
e pay
men
t se
rvic
es a
s re
ferr
ed t
o i
n p
oin
t (3
) of
the
Annex
I t
o t
his
Dir
ecti
ve
wher
e, b
y 1
3 J
anuar
y 2
020,
the
com
pet
ent
auth
ori
ties
hav
e th
e ev
iden
ce t
hat
the
requir
emen
ts l
aid d
ow
n i
n p
oin
t (c
) of
Art
icle
7 a
nd i
n A
rtic
le 9
of
this
Dir
ecti
ve
are
com
pli
ed w
ith.
PS
R r
eg.1
52
Art
icle
110
Am
end
men
ts t
o D
irec
tive
2002/6
5/E
C
In A
rtic
le 4
of
Dir
ecti
ve
2002/6
5/E
C, par
agra
ph 5
is
repla
ced b
y t
he
foll
ow
ing:
‘5. W
her
e D
irec
tive
(EU
) 2015/2
366 o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l (3
6)
is a
lso a
ppli
cable
, th
e in
form
atio
n p
rovis
ions
under
Art
icle
3(1
) of
this
Dir
ecti
ve,
wit
h the
exce
pti
on o
f poin
ts (
2)(
c) to (
g),
(3)(
a), (d
) an
d (
e), an
d (
4)(
b),
shal
l be
repla
ced w
ith A
rtic
les
44, 45, 51 a
nd 5
2 o
f D
irec
tive
(EU
) 2015/2
366.
PS
R S
ch.8
par
a. 1
0
Art
icle
111
Am
end
men
ts t
o D
irec
tive
2009/1
10/E
C
Dir
ecti
ve
2009/1
10/E
C i
s am
ended
as
foll
ow
s:
(1)
Art
icle
3 i
s am
ended
as
foll
ow
s:
(a)
par
agra
ph 1
is
repla
ced b
y t
he
foll
ow
ing:
‘1.
W
ithout
pre
judic
e to
this
Dir
ecti
ve,
Art
icle
5,
Art
icle
s 11 t
o 1
7,
Art
icle
19(5
) an
d (
6)
and A
rtic
les
20 t
o 3
1 o
f D
irec
tive
(EU
)
2015/2
366 o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l (3
7),
incl
udin
g t
he
del
egat
ed a
cts
adopte
d u
nder
Art
icle
15(4
), A
rtic
le 2
8(5
)
and A
rtic
le 2
9(7
) th
ereo
f, s
hal
l ap
ply
to e
lect
ronic
mo
ney
inst
ituti
ons
muta
tis
muta
ndis
.’;
Am
endm
ents
to E
MR
in
PS
R S
ch.8
par
a.5
62
(b)
par
agra
phs
4 a
nd 5
are
rep
lace
d b
y t
he
foll
ow
ing:
‘4. M
ember
Sta
tes
shal
l al
low
ele
ctro
nic
money
inst
ituti
ons
to d
istr
ibute
and r
edee
m e
lect
ronic
money
thro
ugh n
atura
l or
legal
per
sons
whic
h a
ct o
n t
hei
r beh
alf.
Wher
e th
e el
ectr
onic
money
inst
ituti
on d
istr
ibute
s el
ectr
onic
money
in a
noth
er M
ember
Sta
te b
y e
ngag
ing
such
a n
atura
l or
legal
per
son,
Art
icle
s 27 t
o 3
1,
wit
h e
xce
pti
on o
f A
rtic
le 2
9(4
) an
d (
5),
of
Dir
ecti
ve
(EU
) 2015/2
366,
incl
udin
g t
he
del
egat
ed a
cts
adopte
d in a
ccord
ance
wit
h A
rtic
le 2
8(5
) an
d A
rtic
le 2
9(7
) th
ereo
f, s
hal
l ap
ply
muta
tis
muta
ndis
to s
uch
ele
ctro
nic
money
inst
ituti
on.
5. N
otw
ithst
andin
g p
arag
raph 4
of
this
Art
icle
, el
ectr
onic
money
inst
ituti
ons
shal
l not is
sue
elec
tronic
money
thro
ugh a
gen
ts. E
lect
ronic
money i
nst
ituti
ons
shal
l be
allo
wed
to p
rovid
e pay
men
t se
rvic
es r
efer
red t
o i
n p
oin
t (a
) of
Art
icle
6(1
) of
this
Dir
ecti
ve
thro
ugh a
gen
ts
subje
ct t
o t
he
condit
ions
laid
dow
n i
n A
rtic
le 1
9 o
f D
irec
tive
(EU
) 2015/2
366.’
;
Am
endm
ents
to E
MR
in
PS
R S
ch.8
par
a.5
(2)
in A
rtic
le 1
8, th
e fo
llow
ing p
arag
raph i
s ad
ded
:
‘4.
M
ember
Sta
tes
shal
l al
low
ele
ctro
nic
money
inst
ituti
ons
that
hav
e, b
efore
13 J
anuar
y 2
018,
taken
up a
ctiv
itie
s in
acc
ord
ance
wit
h
this
Dir
ecti
ve
and w
ith D
irec
tive
2007/6
4/E
C in the
Mem
ber
Sta
te in w
hic
h thei
r hea
d o
ffic
e is
loca
ted to c
onti
nue
those
act
ivit
ies
in t
hat
Mem
ber
Sta
te o
r in
anoth
er M
ember
Sta
te w
ithout
bei
ng r
equir
ed t
o s
eek a
uth
ori
sati
on i
n a
ccord
ance
wit
h A
rtic
le 3
of
this
Dir
ecti
ve
or
to c
om
ply
wit
h o
ther
req
uir
emen
ts l
aid d
ow
n o
r re
ferr
ed t
o i
n T
itle
II
of
this
Dir
ecti
ve
unti
l 13 J
uly
2018.
Mem
ber
Sta
tes
shal
l re
quir
e el
ectr
onic
money
inst
ituti
ons
refe
rred
to i
n t
he
firs
t su
bpar
agra
ph t
o s
ubm
it a
ll r
elev
ant
info
rmat
ion t
o t
he
com
pet
ent
auth
ori
ties
in o
rder
to a
llow
the
late
r to
ass
ess,
by 1
3 J
uly
2018, w
het
her
those
ele
ctro
nic
money
inst
ituti
ons
com
ply
wit
h t
he
requir
emen
ts lai
d d
ow
n in T
itle
II
of
this
Dir
ecti
ve,
and, if
not,
whic
h m
easu
res
nee
d to b
e ta
ken
in o
rder
to e
nsu
re c
om
pli
ance
or
whet
her
a w
ithdra
wal
of
auth
ori
sati
on i
s ap
pro
pri
ate.
Ele
ctro
nic
money
inst
ituti
ons
refe
rred
to i
n t
he
firs
t su
bpar
agra
ph w
hic
h u
pon v
erif
icat
ion b
y t
he
com
pet
ent
auth
ori
ties
com
ply
wit
h t
he
requir
emen
ts l
aid d
ow
n i
n T
itle
II
shal
l be
gra
nte
d a
uth
ori
sati
on a
nd s
hal
l be
ente
red i
n t
he
regis
ter.
Wher
e th
ose
ele
ctro
nic
money
inst
ituti
ons
do n
ot
com
ply
wit
h t
he
requir
emen
ts l
aid d
ow
n i
n T
itle
II
by 1
3 J
uly
2018 t
hey
shal
l be
pro
hib
ited
fro
m i
ssuin
g e
lect
ronic
money.’
.
EM
R r
eg.7
8A
, in
sert
ed b
y
PS
R S
ch.8
par
a.5(2
8)
Art
icle
112
Am
end
men
ts t
o R
egu
lati
on
(E
U)
No 1
093/2
010
(1)
in A
rtic
le 1
, par
agra
ph 2
is
repla
ced b
y t
he
foll
ow
ing:
‘2.
T
he
Auth
ori
ty s
hal
l ac
t w
ithin
the
pow
ers
confe
rred
by t
his
Reg
ula
tion a
nd w
ithin
the
scope
of,
Dir
ecti
ve
2002/8
7/E
C,
Dir
ecti
ve
2009/1
10/E
C, R
egula
tion (
EU
) N
o 5
75/2
013 o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l (3
8),
Dir
ecti
ve
2013/3
6/E
U o
f th
e E
uro
pea
n
Par
liam
ent an
d o
f th
e C
ounci
l (3
9),
Dir
ecti
ve
2014/4
9/E
U o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l (4
0),
Reg
ula
tion (
EU
) 2015/8
47
of
the
Euro
pea
n P
arli
amen
t an
d t
he
Counci
l (4
1),
Dir
ecti
ve
(EU
) 2015/2
366 o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l (4
2)
and, to
the
exte
nt
that
those
act
s ap
ply
to c
redit
and f
inan
cial
inst
ituti
ons
and t
he
com
pet
ent
auth
ori
ties
that
super
vis
e th
em,
wit
hin
the
rele
van
t
par
ts o
f D
irec
tive
2002/6
5/E
C a
nd D
irec
tive
(EU
)2015/8
49 o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l (4
3),
incl
udin
g a
ll d
irec
tives
,
regula
tions,
and d
ecis
ions
bas
ed o
n t
hose
act
s, a
nd o
f an
y f
urt
her
leg
ally
bin
din
g U
nio
n a
ct w
hic
h c
onfe
rs t
asks
on t
he
Auth
ori
ty.
The
Auth
ori
ty s
hal
l al
so a
ct i
n a
ccord
ance
wit
h C
ounci
l R
egula
tion (
EU
) N
o 1
024/2
013 (
44).
’;
No t
ransp
osi
tion
nec
essa
ry
63
(2)
Art
icle
4(1
) is
rep
lace
d b
y t
he
foll
ow
ing:
‘(1)
“fi
nan
cial
inst
ituti
ons”
mea
ns
cred
it i
nst
ituti
ons
as d
efin
ed in p
oin
t (1
) of
Art
icle
4(1
) of
Reg
ula
tion (
EU
) N
o 5
75/2
013, in
ves
tmen
t
firm
s as
def
ined
in p
oin
t (2
) of
Art
icle
4(1
) of
Reg
ula
tion (
EU
) N
o 5
75/2
013,
finan
cial
conglo
mer
ates
as
def
ined
in A
rtic
le 2
(14)
of
Dir
ecti
ve
2002/8
7/E
C, pay
men
t se
rvic
e pro
vid
ers
as d
efin
ed in p
oin
t (1
1)
of
Art
icle
4 o
f D
irec
tive
(EU
) 2015/2
366 a
nd e
lect
ronic
money
inst
ituti
ons
as d
efin
ed i
n p
oin
t (1
) of
Art
icle
2 o
f D
irec
tive
2009/1
10/E
C,
save
that
, w
ith r
egar
d t
o D
irec
tive
(EU
) 2015/8
49,
‘fin
anci
al
inst
ituti
ons’
mea
ns
cred
it i
nst
ituti
ons
and f
inan
cial
inst
ituti
ons
as d
efin
ed i
n p
oin
ts (
1)
and (
2)
of
Art
icle
3 o
f D
irec
tive
(EU
) 2015/8
49;’
.
No t
ransp
osi
tion
nec
essa
ry
Art
icle
113
Am
end
men
t to
Dir
ecti
ve
2013/3
6/E
U
In A
nnex
I t
o D
irec
tive
2013/3
6/E
U, poin
t (4
) is
rep
lace
d b
y t
he
foll
ow
ing:
‘(4)
Pay
men
t se
rvic
es a
s def
ined
in p
oin
t (3
) of
Art
icle
4 o
f D
irec
tive
(EU
) 2015/2
366 o
f th
e E
uro
pea
n P
arli
amen
t an
d o
f th
e C
ounci
l
(45);
FS
MA
Sch
edule
3 (
no
amen
dm
ent
nee
ded
)
Art
icle
114
Rep
eal
Dir
ecti
ve
2007/6
4/E
C i
s re
pea
led w
ith e
ffec
t fr
om
13 J
anuar
y 2
018.
Any r
efer
ence
to t
he
repea
led D
irec
tive
shal
l be
const
rued
as
a re
fere
nce
to t
his
Dir
ecti
ve
and s
hal
l be
read
in a
ccord
ance
wit
h t
he
corr
elat
ion t
able
in A
nnex
II
to t
his
Dir
ecti
ve.
PS
R r
eg.1
57 a
nd
Sch
edule
9, an
d
amen
dm
ents
in S
ched
ule
8
Art
icle
115
Tra
nsp
osi
tion
1.
B
y 1
3 J
anuar
y 2
018,
Mem
ber
Sta
tes
shal
l ad
opt
and p
ubli
sh t
he
mea
sure
s nec
essa
ry t
o c
om
ply
wit
h t
his
Dir
ecti
ve.
They
shal
l
imm
edia
tely
info
rm t
he
Com
mis
sion t
her
eof.
No t
ransp
osi
tion
nec
essa
ry
2. T
hey
shal
l ap
ply
those
mea
sure
s fr
om
13 J
anuar
y 2
018.
When
Mem
ber
Sta
tes
adopt
those
mea
sure
s, t
hey
shal
l co
nta
in a
ref
eren
ce t
o t
his
Dir
ecti
ve
or
shal
l be
acco
mpan
ied b
y s
uch
ref
eren
ce
on t
he
occ
asio
n o
f th
eir
off
icia
l publi
cati
on. M
ember
Sta
tes
shal
l det
erm
ine
how
such
ref
eren
ce i
s to
be
mad
e.
PS
R r
eg.1
(6)
and
expla
nat
ory
note
3.
M
ember
Sta
tes
shal
l co
mm
unic
ate
to t
he
Com
mis
sion t
he
text
of
the
mai
n m
easu
res
of
nat
ional
law
whic
h t
hey
adopt
in t
he
fiel
d
cover
ed b
y t
his
Dir
ecti
ve.
No t
ransp
osi
tion
nec
essa
ry
4.
B
y w
ay o
f der
ogat
ion f
rom
par
agra
ph 2
, M
ember
Sta
tes
shal
l en
sure
the
appli
cati
on o
f th
e se
curi
ty m
easu
res
refe
rred
to i
n A
rtic
les
65, 66, 67 a
nd 9
7 f
rom
18 m
onth
s af
ter
the
dat
e of
entr
y i
nto
forc
e of
the
regula
tory
tec
hnic
al s
tandar
ds
refe
rred
to i
n A
rtic
le 9
8.
PS
R r
eg.1
(5)
5.
M
ember
Sta
tes
shal
l not
forb
id l
egal
per
sons
that
hav
e per
form
ed i
n t
hei
r te
rrit
ori
es,
bef
ore
12 J
anuar
y 2
016,
acti
vit
ies
of
pay
men
t
init
iati
on s
ervic
e pro
vid
ers
and a
ccount
info
rmat
ion s
ervic
e pro
vid
ers
wit
hin
the
mea
nin
g o
f th
is D
irec
tive,
to c
onti
nue
to p
erfo
rm t
he
sam
e ac
tivit
ies
in t
hei
r te
rrit
ori
es d
uri
ng t
he
tran
siti
onal
per
iod r
efer
red t
o i
n p
arag
raphs
2 a
nd 4
in a
ccord
ance
wit
h t
he
curr
entl
y
appli
cable
reg
ula
tory
fra
mew
ork
.
PS
R r
eg.1
54(1
) to
(3)
64
6.
M
ember
Sta
tes
shal
l en
sure
that
unti
l in
div
idual
acc
ount
serv
icin
g p
aym
ent
serv
ice
pro
vid
ers
com
ply
wit
h t
he
regula
tory
tec
hnic
al
stan
dar
ds
refe
rred
to in p
arag
raph 4
, ac
count
serv
icin
g p
aym
ent
serv
ice
pro
vid
ers
do n
ot ab
use
thei
r non-c
om
pli
ance
to b
lock
or
obst
ruct
the
use
of
pay
men
t in
itia
tion a
nd a
ccount
info
rmat
ion s
ervic
es f
or
the
acco
unts
that
they
are
ser
vic
ing.
PS
R r
eg.1
54(4
)
Art
icle
116
En
try i
nto
forc
e
This
Dir
ecti
ve
shal
l en
ter
into
forc
e on t
he
twen
tiet
h d
ay f
oll
ow
ing t
hat
of
its
publi
cati
on i
n t
he
Off
icia
l Jo
urn
al o
f th
e E
uro
pea
n U
nio
n.
No t
ransp
osi
tion
nec
essa
ry
Art
icle
117
Ad
dre
sses
This
Dir
ecti
ve
is a
ddre
ssed
to t
he
Mem
ber
Sta
tes.
N
o t
ransp
osi
tion
nec
essa
ry
AN
NE
X I
PA
YM
EN
T S
ER
VIC
ES
1. S
ervic
es e
nab
ling c
ash t
o b
e pla
ced o
n a
pay
men
t ac
count
as w
ell
as a
ll t
he
oper
atio
ns
requir
ed f
or
oper
atin
g a
pay
men
t ac
count.
2. S
ervic
es e
nab
ling c
ash w
ithdra
wal
s fr
om
a p
aym
ent
acco
unt
as w
ell
as a
ll t
he
oper
atio
ns
requir
ed f
or
oper
atin
g a
pay
men
t ac
count.
3.
Exec
uti
on o
f pay
men
t tr
ansa
ctio
ns,
incl
udin
g t
ransf
ers
of
funds
on a
pay
men
t ac
count
wit
h t
he
use
r’s
pay
men
t se
rvic
e pro
vid
er o
r
wit
h a
noth
er p
aym
ent
serv
ice
pro
vid
er:
(a)
exec
uti
on o
f dir
ect
deb
its,
incl
udin
g o
ne-
off
dir
ect
deb
its;
(b)
exec
uti
on o
f pay
men
t tr
ansa
ctio
ns
thro
ugh a
pay
men
t ca
rd o
r a
sim
ilar
dev
ice;
(c)
exec
uti
on o
f cr
edit
tra
nsf
ers,
incl
udin
g s
tandin
g o
rder
s.
4. E
xec
uti
on o
f pay
men
t tr
ansa
ctio
ns
wher
e th
e fu
nds
are
cover
ed b
y a
cre
dit
lin
e fo
r a
pay
men
t se
rvic
e use
r:
(a)
exec
uti
on o
f dir
ect
deb
its,
incl
udin
g o
ne-
off
dir
ect
deb
its;
(b)
exec
uti
on o
f pay
men
t tr
ansa
ctio
ns
thro
ugh a
pay
men
t ca
rd o
r a
sim
ilar
dev
ice;
(c)
exec
uti
on o
f cr
edit
tra
nsf
ers,
incl
udin
g s
tandin
g o
rder
s.
5. Is
suin
g o
f pay
men
t in
stru
men
ts a
nd/o
r ac
quir
ing o
f pay
men
t tr
ansa
ctio
ns.
6. M
oney
rem
itta
nce
.
7. P
aym
ent
init
iati
on s
ervic
es.
8. A
ccount
info
rmat
ion s
ervic
es.
PS
R S
ched
ule
1 P
art
1
AN
NE
X I
I
CO
RR
EL
AT
ION
TA
BL
E
[Not
repro
duce
d]
No t
ransp
osi
tion
nec
essa
ry
