What changed, Directive 2007/64/EC

+ ## TITLE I / SUBJECT MATTER, SCOPE AND DEFINITIONS
− ### art_1
+ ### Article 1 — Subject matter
− Article 1
+ (a) credit institutions within the meaning of Article 4(1)(a) of Directive 2006/48/EC;
− | (a) | credit institutions within the meaning of Article 4(1)(a) of Directive 2006/48/EC; |
− | --- | --- |
+ (b) electronic money institutions within the meaning of Article 1(3)(a) of Directive 2000/46/EC;
− | (b) | electronic money institutions within the meaning of Article 1(3)(a) of Directive 2000/46/EC; |
− | --- | --- |
+ (c) post office giro institutions which are entitled under national law to provide payment services;
− | (c) | post office giro institutions which are entitled under national law to provide payment services; |
− | --- | --- |
+ (d) payment institutions within the meaning of this Directive;
− | (d) | payment institutions within the meaning of this Directive; |
− | --- | --- |
+ (e) the European Central Bank and national central banks when not acting in their capacity as monetary authority or other public authorities;
− | (e) | the European Central Bank and national central banks when not acting in their capacity as monetary authority or other public authorities; |
− | --- | --- |
+ (f) Member States or their regional or local authorities when not acting in their capacity as public authorities.
− | (f) | Member States or their regional or local authorities when not acting in their capacity as public authorities. |
− | --- | --- |
+ ### Article 2 — Scope
− ### art_2
− Article 2
− 
+ 
+ ### Article 3 — Negative scope
+ 
+ This Directive shall apply to none of the following:
+ 
+ (a) payment transactions made exclusively in cash directly from the payer to the payee, without any intermediary intervention;
+ 
+ (b) payment transactions from the payer to the payee through a commercial agent authorised to negotiate or conclude the sale or purchase of goods or services on behalf of the payer or the payee;
+ 
+ (c) professional physical transport of banknotes and coins, including their collection, processing and delivery;
+ (d) payment transactions consisting of the non-professional cash collection and delivery within the framework of a non-profit or charitable activity;
− ### art_3
+ (e) services where cash is provided by the payee to the payer as part of a payment transaction following an explicit request by the payment service user just before the execution of the payment transaction through a payment for the purchase of goods or services;
− Article 3
+ (f) money exchange business, that is to say, cash-to-cash operations, where the funds are not held on a payment account;
− This Directive shall apply to none of the following:
+ (g) payment transactions based on any of the following documents drawn on the payment service provider with a view to placing funds at the disposal of the payee:
− | (a) | payment transactions made exclusively in cash directly from the payer to the payee, without any intermediary intervention; |
− | --- | --- |
+ (i) paper cheques in accordance with the Geneva Convention of 19 March 1931 providing a uniform law for cheques;
− | (b) | payment transactions from the payer to the payee through a commercial agent authorised to negotiate or conclude the sale or purchase of goods or services on behalf of the payer or the payee; |
− | --- | --- |
+ (ii) paper cheques similar to those referred to in point (i) and governed by the laws of Member States which are not party to the Geneva Convention of 19 March 1931 providing a uniform law for cheques;
− | (c) | professional physical transport of banknotes and coins, including their collection, processing and delivery; |
− | --- | --- |
+ (iii) paper-based drafts in accordance with the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes;
− | (d) | payment transactions consisting of the non-professional cash collection and delivery within the framework of a non-profit or charitable activity; |
− | --- | --- |
+ (iv) paper-based drafts similar to those referred to in point (iii) and governed by the laws of Member States which are not party to the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes;
− | (e) | services where cash is provided by the payee to the payer as part of a payment transaction following an explicit request by the payment service user just before the execution of the payment transaction through a payment for the purchase of goods or services; |
− | --- | --- |
+ (v) paper-based vouchers;
− | (f) | money exchange business, that is to say, cash-to-cash operations, where the funds are not held on a payment account; |
− | --- | --- |
+ (vi) paper-based traveller's cheques; or
− | (g) | payment transactions based on any of the following documents drawn on the payment service provider with a view to placing funds at the disposal of the payee:(i)paper cheques in accordance with the Geneva Convention of 19 March 1931 providing a uniform law for cheques;(ii)paper cheques simila…
− | --- | --- |
− | (i) | paper cheques in accordance with the Geneva Convention of 19 March 1931 providing a uniform law for cheques; |
− | (ii) | paper cheques similar to those referred to in point (i) and governed by the laws of Member States which are not party to the Geneva Convention of 19 March 1931 providing a uniform law for cheques; |
− | (iii) | paper-based drafts in accordance with the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes; |
− | (iv) | paper-based drafts similar to those referred to in point (iii) and governed by the laws of Member States which are not party to the Geneva Convention of 7 June 1930 providing a uniform law for bills of exchange and promissory notes; |
− | (v) | paper-based vouchers; |
− | (vi) | paper-based traveller's cheques; or |
− | (vii) | paper-based postal money orders as defined by the Universal Postal Union; |
+ (vii) paper-based postal money orders as defined by the Universal Postal Union;
− | (h) | payment transactions carried out within a payment or securities settlement system between settlement agents, central counterparties, clearing houses and/or central banks and other participants of the system, and payment service providers, without prejudice to Article 28; |
− | --- | --- |
+ (h) payment transactions carried out within a payment or securities settlement system between settlement agents, central counterparties, clearing houses and/or central banks and other participants of the system, and payment service providers, without prejudice to Article 28;
− | (i) | payment transactions related to securities asset servicing, including dividends, income or other distributions, or redemption or sale, carried out by persons referred to in point (h) or by investment firms, credit institutions, collective investment undertakings or asset management companies…
− | --- | --- |
+ (i) payment transactions related to securities asset servicing, including dividends, income or other distributions, or redemption or sale, carried out by persons referred to in point (h) or by investment firms, credit institutions, collective investment undertakings or asset management companies pro…
− | (j) | services provided by technical service providers, which support the provision of payment services, without them entering at any time into possession of the funds to be transferred, including processing and storage of data, trust and privacy protection services, data and entity authentication…
− | --- | --- |
+ (j) services provided by technical service providers, which support the provision of payment services, without them entering at any time into possession of the funds to be transferred, including processing and storage of data, trust and privacy protection services, data and entity authentication, in…
− | (k) | services based on instruments that can be used to acquire goods or services only in the premises used by the issuer or under a commercial agreement with the issuer either within a limited network of service providers or for a limited range of goods or services; |
− | --- | --- |
+ (k) services based on instruments that can be used to acquire goods or services only in the premises used by the issuer or under a commercial agreement with the issuer either within a limited network of service providers or for a limited range of goods or services;
− | (l) | payment transactions executed by means of any telecommunication, digital or IT device, where the goods or services purchased are delivered to and are to be used through a telecommunication, digital or IT device, provided that the telecommunication, digital or IT operator does not act only as…
− | --- | --- |
+ (l) payment transactions executed by means of any telecommunication, digital or IT device, where the goods or services purchased are delivered to and are to be used through a telecommunication, digital or IT device, provided that the telecommunication, digital or IT operator does not act only as an …
− | (m) | payment transactions carried out between payment service providers, their agents or branches for their own account; |
− | --- | --- |
+ (m) payment transactions carried out between payment service providers, their agents or branches for their own account;
− | (n) | payment transactions between a parent undertaking and its subsidiary or between subsidiaries of the same parent undertaking, without any intermediary intervention by a payment service provider other than an undertaking belonging to the same group; or |
− | --- | --- |
+ (n) payment transactions between a parent undertaking and its subsidiary or between subsidiaries of the same parent undertaking, without any intermediary intervention by a payment service provider other than an undertaking belonging to the same group; or
− | (o) | services by providers to withdraw cash by means of automated teller machines acting on behalf of one or more card issuers, which are not a party to the framework contract with the customer withdrawing money from a payment account, on condition that these providers do not conduct other paymen…
− | --- | --- |
+ (o) services by providers to withdraw cash by means of automated teller machines acting on behalf of one or more card issuers, which are not a party to the framework contract with the customer withdrawing money from a payment account, on condition that these providers do not conduct other payment se…
− ### art_4
+ ### Article 4 — Definitions
− Article 4
+ 1. ‘home Member State’ means either of the following:
+ 
+ (i) the Member State in which the registered office of the payment service provider is situated; or
+ 
+ (ii) if the payment service provider has, under its national law, no registered office, the Member State in which its head office is situated;
− | 1. | ‘home Member State’ means either of the following:(i)the Member State in which the registered office of the payment service provider is situated; or(ii)if the payment service provider has, under its national law, no registered office, the Member State in which its head office is situated; |
− | --- | --- |
− | (i) | the Member State in which the registered office of the payment service provider is situated; or |
− | (ii) | if the payment service provider has, under its national law, no registered office, the Member State in which its head office is situated; |
+ 2. ‘host Member State’ means the Member State other than the home Member State in which a payment service provider has an agent or a branch or provides payment services;
− | 2. | ‘host Member State’ means the Member State other than the home Member State in which a payment service provider has an agent or a branch or provides payment services; |
− | --- | --- |
+ 3. ‘payment service’ means any business activity listed in the Annex;
− | 3. | ‘payment service’ means any business activity listed in the Annex; |
− | --- | --- |
+ 4. ‘payment institution’ means a legal person that has been granted authorisation in accordance with Article 10 to provide and execute payment services throughout the Community;
− | 4. | ‘payment institution’ means a legal person that has been granted authorisation in accordance with Article 10 to provide and execute payment services throughout the Community; |
− | --- | --- |
+ 5. ‘payment transaction’ means an act, initiated by the payer or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;
− | 5. | ‘payment transaction’ means an act, initiated by the payer or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee; |
− | --- | --- |
+ 6. ‘payment system’ means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions;
− | 6. | ‘payment system’ means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions; |
− | --- | --- |
+ 7. ‘payer’ means a natural or legal person who holds a payment account and allows a payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a payment order;
− | 7. | ‘payer’ means a natural or legal person who holds a payment account and allows a payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a payment order; |
− | --- | --- |
+ 8. ‘payee’ means a natural or legal person who is the intended recipient of funds which have been the subject of a payment transaction;
− | 8. | ‘payee’ means a natural or legal person who is the intended recipient of funds which have been the subject of a payment transaction; |
− | --- | --- |
+ 9. ‘payment service provider’ means bodies referred to in Article 1(1) and legal and natural persons benefiting from the waiver under Article 26;
− | 9. | ‘payment service provider’ means bodies referred to in Article 1(1) and legal and natural persons benefiting from the waiver under Article 26; |
− | --- | --- |
+ 10. ‘payment service user’ means a natural or legal person making use of a payment service in the capacity of either payer or payee, or both;
− | 10. | ‘payment service user’ means a natural or legal person making use of a payment service in the capacity of either payer or payee, or both; |
− | --- | --- |
+ 11. ‘consumer’ means a natural person who, in payment service contracts covered by this Directive, is acting for purposes other than his trade, business or profession;
− | 11. | ‘consumer’ means a natural person who, in payment service contracts covered by this Directive, is acting for purposes other than his trade, business or profession; |
− | --- | --- |
+ 12. ‘framework contract’ means a payment service contract which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account;
− | 12. | ‘framework contract’ means a payment service contract which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account; |
− | --- | --- |
+ 13. ‘money remittance’ means a payment service where funds are received from a payer, without any payment accounts being created in the name of the payer or the payee, for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of th…
− | 13. | ‘money remittance’ means a payment service where funds are received from a payer, without any payment accounts being created in the name of the payer or the payee, for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf o…
− | --- | --- |
+ 14. ‘payment account’ means an account held in the name of one or more payment service users which is used for the execution of payment transactions;
− | 14. | ‘payment account’ means an account held in the name of one or more payment service users which is used for the execution of payment transactions; |
− | --- | --- |
+ 15. ‘funds’ means banknotes and coins, scriptural money and electronic money as defined in Article 1(3)(b) of Directive 2000/46/EC;
− | 15. | ‘funds’ means banknotes and coins, scriptural money and electronic money as defined in Article 1(3)(b) of Directive 2000/46/EC; |
− | --- | --- |
+ 16. ‘payment order’ means any instruction by a payer or payee to his payment service provider requesting the execution of a payment transaction;
− | 16. | ‘payment order’ means any instruction by a payer or payee to his payment service provider requesting the execution of a payment transaction; |
− | --- | --- |
+ 17. ‘value date’ means a reference time used by a payment service provider for the calculation of interest on the funds debited from or credited to a payment account;
− | 17. | ‘value date’ means a reference time used by a payment service provider for the calculation of interest on the funds debited from or credited to a payment account; |
− | --- | --- |
+ 18. ‘reference exchange rate’ means the exchange rate which is used as the basis to calculate any currency exchange and which is made available by the payment service provider or comes from a publicly available source;
− | 18. | ‘reference exchange rate’ means the exchange rate which is used as the basis to calculate any currency exchange and which is made available by the payment service provider or comes from a publicly available source; |
− | --- | --- |
+ 19. ‘authentication’ means a procedure which allows the payment service provider to verify the use of a specific payment instrument, including its personalised security features;
− | 19. | ‘authentication’ means a procedure which allows the payment service provider to verify the use of a specific payment instrument, including its personalised security features; |
− | --- | --- |
+ 20. ‘reference interest rate’ means the interest rate which is used as the basis for calculating any interest to be applied and which comes from a publicly available source which can be verified by both parties to a payment service contract;
− | 20. | ‘reference interest rate’ means the interest rate which is used as the basis for calculating any interest to be applied and which comes from a publicly available source which can be verified by both parties to a payment service contract; |
− | --- | --- |
+ 21. ‘unique identifier’ means a combination of letters, numbers or symbols specified to the payment service user by the payment service provider and to be provided by the payment service user to identify unambiguously the other payment service user and/or his payment account for a payment transactio…
− | 21. | ‘unique identifier’ means a combination of letters, numbers or symbols specified to the payment service user by the payment service provider and to be provided by the payment service user to identify unambiguously the other payment service user and/or his payment account for a payment transa…
− | --- | --- |
+ 22. ‘agent’ means a natural or legal person which acts on behalf of a payment institution in providing payment services;
− | 22. | ‘agent’ means a natural or legal person which acts on behalf of a payment institution in providing payment services; |
− | --- | --- |
+ 23. ‘payment instrument’ means any personalised device(s) and/or set of procedures agreed between the payment service user and the payment service provider and used by the payment service user in order to initiate a payment order;
− | 23. | ‘payment instrument’ means any personalised device(s) and/or set of procedures agreed between the payment service user and the payment service provider and used by the payment service user in order to initiate a payment order; |
− | --- | --- |
+ 24. ‘means of distance communication’ refers to any means which, without the simultaneous physical presence of the payment service provider and the payment service user, may be used for the conclusion of a payment services contract;
− | 24. | ‘means of distance communication’ refers to any means which, without the simultaneous physical presence of the payment service provider and the payment service user, may be used for the conclusion of a payment services contract; |
− | --- | --- |
+ 25. ‘durable medium’ means any instrument which enables the payment service user to store information addressed personally to him in a way accessible for future reference for a period of time adequate to the purposes of the information and which allows the unchanged reproduction of the information s…
− | 25. | ‘durable medium’ means any instrument which enables the payment service user to store information addressed personally to him in a way accessible for future reference for a period of time adequate to the purposes of the information and which allows the unchanged reproduction of the informati…
− | --- | --- |
+ 26. ‘micro-enterprise’ means an enterprise, which at the time of conclusion of the payment service contract, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC;
− | 26. | ‘micro-enterprise’ means an enterprise, which at the time of conclusion of the payment service contract, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC; |
− | --- | --- |
+ 27. ‘business day’ means a day on which the relevant payment service provider of the payer or the payment service provider of the payee involved in the execution of a payment transaction is open for business as required for the execution of a payment transaction;
− | 27. | ‘business day’ means a day on which the relevant payment service provider of the payer or the payment service provider of the payee involved in the execution of a payment transaction is open for business as required for the execution of a payment transaction; |
− | --- | --- |
+ 28. ‘direct debit’ means a payment service for debiting a payer's payment account, where a payment transaction is initiated by the payee on the basis of the payer's consent given to the payee, to the payee's payment service provider or to the payer's own payment service provider;
− | 28. | ‘direct debit’ means a payment service for debiting a payer's payment account, where a payment transaction is initiated by the payee on the basis of the payer's consent given to the payee, to the payee's payment service provider or to the payer's own payment service provider; |
− | --- | --- |
+ 29. ‘branch’ means a place of business other than the head office which is a part of a payment institution, which has no legal personality and which carries out directly some or all of the transactions inherent in the business of a payment institution; all the places of business set up in the same M…
− | 29. | ‘branch’ means a place of business other than the head office which is a part of a payment institution, which has no legal personality and which carries out directly some or all of the transactions inherent in the business of a payment institution; all the places of business set up in the sa…
− | --- | --- |
+ 30. ‘group’ means a group of undertakings, which consists of a parent undertaking, its subsidiaries and the entities in which the parent undertaking or its subsidiaries have a holding as well as undertakings linked to each other by a relationship referred to in Article 12(1) of Directive 83/349/EEC.
− | 30. | ‘group’ means a group of undertakings, which consists of a parent undertaking, its subsidiaries and the entities in which the parent undertaking or its subsidiaries have a holding as well as undertakings linked to each other by a relationship referred to in Article 12(1) of Directive 83/349/…
− | --- | --- |
+ ## Section 1 / General rules
− ### art_5
+ ### Article 5 — Applications for authorisation
− Article 5
+ (a) a programme of operations, setting out in particular the type of payment services envisaged;
− | (a) | a programme of operations, setting out in particular the type of payment services envisaged; |
− | --- | --- |
+ (b) a business plan including a forecast budget calculation for the first three financial years which demonstrates that the applicant is able to employ the appropriate and proportionate systems, resources and procedures to operate soundly;
− | (b) | a business plan including a forecast budget calculation for the first three financial years which demonstrates that the applicant is able to employ the appropriate and proportionate systems, resources and procedures to operate soundly; |
− | --- | --- |
+ (c) evidence that the payment institution holds initial capital provided for in Article 6;
− | (c) | evidence that the payment institution holds initial capital provided for in Article 6; |
− | --- | --- |
+ (d) for the payment institutions referred to in Article 9(1), a description of the measures taken for safeguarding payment service users' funds in accordance with Article 9;
− | (d) | for the payment institutions referred to in Article 9(1), a description of the measures taken for safeguarding payment service users' funds in accordance with Article 9; |
− | --- | --- |
+ (e) a description of the applicant's governance arrangements and internal control mechanisms, including administrative, risk management and accounting procedures, which demonstrates that these governance arrangements, control mechanisms and procedures are proportionate, appropriate, sound and adequa…
− | (e) | a description of the applicant's governance arrangements and internal control mechanisms, including administrative, risk management and accounting procedures, which demonstrates that these governance arrangements, control mechanisms and procedures are proportionate, appropriate, sound and ad…
− | --- | --- |
+ (f) a description of the internal control mechanisms which the applicant has established in order to comply with obligations in relation to money laundering and terrorist financing under Directive 2005/60/EC and Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 Novembe…
− | (f) | a description of the internal control mechanisms which the applicant has established in order to comply with obligations in relation to money laundering and terrorist financing under Directive 2005/60/EC and Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 Nov…
− | --- | --- |
+ (g) a description of the applicant's structural organisation, including, where applicable, a description of the intended use of agents and branches and a description of outsourcing arrangements, and of its participation in a national or international payment system;
− | (g) | a description of the applicant's structural organisation, including, where applicable, a description of the intended use of agents and branches and a description of outsourcing arrangements, and of its participation in a national or international payment system; |
− | --- | --- |
+ (h) the identity of persons holding in the applicant, directly or indirectly, qualifying holdings within the meaning of Article 4(11) of Directive 2006/48/EC, the size of their holdings and evidence of their suitability taking into account the need to ensure the sound and prudent management of a pay…
− | (h) | the identity of persons holding in the applicant, directly or indirectly, qualifying holdings within the meaning of Article 4(11) of Directive 2006/48/EC, the size of their holdings and evidence of their suitability taking into account the need to ensure the sound and prudent management of a…
− | --- | --- |
+ (i) the identity of directors and persons responsible for the management of the payment institution and, where relevant, persons responsible for the management of the payment services activities of the payment institution, as well as evidence that they are of good repute and possess appropriate know…
− | (i) | the identity of directors and persons responsible for the management of the payment institution and, where relevant, persons responsible for the management of the payment services activities of the payment institution, as well as evidence that they are of good repute and possess appropriate …
− | --- | --- |
+ (j) where applicable, the identity of statutory auditors and audit firms as defined in Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts (26);
− | (j) | where applicable, the identity of statutory auditors and audit firms as defined in Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts (26); |
− | --- | --- |
+ (k) the applicant's legal status and articles of association;
− | (k) | the applicant's legal status and articles of association; |
− | --- | --- |
+ (l) the address of the applicant's head office.
− | (l) | the address of the applicant's head office. |
− | --- | --- |
+ ### Article 6 — Initial capital
− ### art_6
− 
− Article 6
+ (a) where the payment institution provides only the payment service listed in point 6 of the Annex, its capital shall at no time be less than EUR 20 000;
− | (a) | where the payment institution provides only the payment service listed in point 6 of the Annex, its capital shall at no time be less than EUR 20 000; |
− | --- | --- |
+ (b) where the payment institution provides the payment service listed in point 7 of the Annex, its capital shall at no time be less than EUR 50 000; and
− | (b) | where the payment institution provides the payment service listed in point 7 of the Annex, its capital shall at no time be less than EUR 50 000; and |
− | --- | --- |
+ (c) where the payment institution provides any of the payment services listed in points 1 to 5 of the Annex, its capital shall at no time be less than EUR 125 000.
− | (c) | where the payment institution provides any of the payment services listed in points 1 to 5 of the Annex, its capital shall at no time be less than EUR 125 000. |
− | --- | --- |
+ ### Article 7 — Own funds
− ### art_7
− Article 7
− 
+ ### Article 8 — Calculation of own funds
− ### art_8
− 
− Article 8
+ (a) 4,0 % of the slice of PV up to EUR 5 million,
+ 
+ plus
+ 
+ (b) 2,5 % of the slice of PV above EUR 5 million up to EUR 10 million,
+ 
+ plus
+ 
+ (c) 1 % of the slice of PV above EUR 10 million up to EUR 100 million,
− | (a) | 4,0 % of the slice of PV up to EUR 5 million,plus |
− | --- | --- |
+ plus
− | (b) | 2,5 % of the slice of PV above EUR 5 million up to EUR 10 million,plus |
− | --- | --- |
+ (d) 0,5 % of the slice of PV above EUR 100 million up to EUR 250 million,
− | (c) | 1 % of the slice of PV above EUR 10 million up to EUR 100 million,plus |
− | --- | --- |
+ plus
− | (d) | 0,5 % of the slice of PV above EUR 100 million up to EUR 250 million,plus |
− | --- | --- |
+ (e) 0,25 % of the slice of PV above EUR 250 million.
− | (e) | 0,25 % of the slice of PV above EUR 250 million. |
− | --- | --- |
+ (a) The relevant indicator is the sum of the following:
+ 
+ — interest income,
+ 
+ — interest expenses,
+ 
+ — commissions and fees received, and
+ 
+ — other operating income.
+ 
+ Each element shall be included in the sum with its positive or negative sign. Income from extraordinary or irregular items may not be used in the calculation of the relevant indicator. Expenditure on the outsourcing of services rendered by third parties may reduce the relevant indicator if the expen…
+ 
+ (b) The multiplication factor shall be:
+ 
+ (i) 10 % of the slice of the relevant indicator up to EUR 2,5 million;
+ 
+ (ii) 8 % of the slice of the relevant indicator from EUR 2,5 million up to EUR 5 million;
+ 
+ (iii) 6 % of the slice of the relevant indicator from EUR 5 million up to EUR 25 million;
+ 
+ (iv) 3 % of the slice of the relevant indicator from EUR 25 million up to 50 million;
− | (a) | The relevant indicator is the sum of the following:—interest income,—interest expenses,—commissions and fees received, and—other operating income.Each element shall be included in the sum with its positive or negative sign. Income from extraordinary or irregular items may not be used in the …
− | --- | --- |
− | — | interest income, |
− | — | interest expenses, |
− | — | commissions and fees received, and |
− | — | other operating income. |
+ (v) 1,5 % above EUR 50 million.
− | (b) | The multiplication factor shall be:(i)10 % of the slice of the relevant indicator up to EUR 2,5 million;(ii)8 % of the slice of the relevant indicator from EUR 2,5 million up to EUR 5 million;(iii)6 % of the slice of the relevant indicator from EUR 5 million up to EUR 25 million;(iv)3 % of t…
− | --- | --- |
− | (i) | 10 % of the slice of the relevant indicator up to EUR 2,5 million; |
− | (ii) | 8 % of the slice of the relevant indicator from EUR 2,5 million up to EUR 5 million; |
− | (iii) | 6 % of the slice of the relevant indicator from EUR 5 million up to EUR 25 million; |
− | (iv) | 3 % of the slice of the relevant indicator from EUR 25 million up to 50 million; |
− | (v) | 1,5 % above EUR 50 million. |
+ (a) 0,5 where the payment institution provides only the payment service listed in point 6 of the Annex;
− | (a) | 0,5 where the payment institution provides only the payment service listed in point 6 of the Annex; |
− | --- | --- |
+ (b) 0,8 where the payment institution provides the payment service listed in point 7 of the Annex;
− | (b) | 0,8 where the payment institution provides the payment service listed in point 7 of the Annex; |
− | --- | --- |
+ (c) 1 where the payment institution provides any of the payment services listed in points 1 to 5 of the Annex.
− | (c) | 1 where the payment institution provides any of the payment services listed in points 1 to 5 of the Annex. |
− | --- | --- |
+ ### Article 9 — Safeguarding requirements
− ### art_9
− Article 9
− 
+ 
+ (a) they shall not be commingled at any time with the funds of any natural or legal person other than payment service users on whose behalf the funds are held and, where they are still held by the payment institution and not yet delivered to the payee or transferred to another payment service provid…
+ (b) they shall be insulated in accordance with national law in the interest of the payment service users against the claims of other creditors of the payment institution, in particular in the event of insolvency;
− | (a) | they shall not be commingled at any time with the funds of any natural or legal person other than payment service users on whose behalf the funds are held and, where they are still held by the payment institution and not yet delivered to the payee or transferred to another payment service pr…
− | --- | --- |
+ or
− | (b) | they shall be insulated in accordance with national law in the interest of the payment service users against the claims of other creditors of the payment institution, in particular in the event of insolvency;or |
− | --- | --- |
+ (c) they shall be covered by an insurance policy or some other comparable guarantee from an insurance company or a credit institution, which does not belong to the same group as the payment institution itself, for an amount equivalent to that which would have been segregated in the absence of the in…
− | (c) | they shall be covered by an insurance policy or some other comparable guarantee from an insurance company or a credit institution, which does not belong to the same group as the payment institution itself, for an amount equivalent to that which would have been segregated in the absence of th…
− | --- | --- |
+ ### Article 10 — Granting of authorisation
− ### art_10
− 
− Article 10
+ ### Article 11 — Communication of the decision
− ### art_11
− Article 11
− 
+ ### Article 12 — Withdrawal of authorisation
− ### art_12
− 
− Article 12
+ (a) does not make use of the authorisation within 12 months, expressly renounces the authorisation or has ceased to engage in business for more than six months, if the Member State concerned has made no provision for the authorisation to lapse in such cases;
− | (a) | does not make use of the authorisation within 12 months, expressly renounces the authorisation or has ceased to engage in business for more than six months, if the Member State concerned has made no provision for the authorisation to lapse in such cases; |
− | --- | --- |
+ (b) has obtained the authorisation through false statements or any other irregular means;
− | (b) | has obtained the authorisation through false statements or any other irregular means; |
− | --- | --- |
+ (c) no longer fulfils the conditions for granting the authorisation;
− | (c) | no longer fulfils the conditions for granting the authorisation; |
− | --- | --- |
+ (d) would constitute a threat to the stability of the payment system by continuing its payment services business; or
− | (d) | would constitute a threat to the stability of the payment system by continuing its payment services business; or |
− | --- | --- |
+ (e) falls within one of the other cases where national law provides for withdrawal of an authorisation.
− | (e) | falls within one of the other cases where national law provides for withdrawal of an authorisation. |
− | --- | --- |
+ ### Article 13 — Registration
− ### art_13
− Article 13
− 
+ ### Article 14 — Maintenance of authorisation
− ### art_14
− Article 14
− 
+ ### Article 15 — Accounting and statutory audit
− ### art_15
+ 1. Directive 78/660/EEC and, where applicable, Directives 83/349/EEC and 86/635/EEC and Regulation (EC) 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (27) shall apply to payment institutions *mutatis mutandis*.
− Article 15
− 
− 1. Directive 78/660/EEC and, where applicable, Directives 83/349/EEC and 86/635/EEC and Regulation (EC) 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (27) shall apply to payment institutions mutatis mutandis.
+ 4. The obligations established in Article 53 of Directive 2006/48/EC shall apply *mutatis mutandis* to the statutory auditors or audit firms of payment institutions in respect of payment services activities.
− 4. The obligations established in Article 53 of Directive 2006/48/EC shall apply mutatis mutandis to the statutory auditors or audit firms of payment institutions in respect of payment services activities.
+ ### Article 16 — Activities
− ### art_16
− 
− Article 16
+ (a) the provision of operational and closely related ancillary services such as ensuring the execution of payment transactions, foreign exchange services, safekeeping activities, and the storage and processing of data;
− | (a) | the provision of operational and closely related ancillary services such as ensuring the execution of payment transactions, foreign exchange services, safekeeping activities, and the storage and processing of data; |
− | --- | --- |
+ (b) the operation of payment systems, without prejudice to Article 28;
− | (b) | the operation of payment systems, without prejudice to Article 28; |
− | --- | --- |
+ (c) business activities other than the provision of payment services, having regard to applicable Community and national law.
− | (c) | business activities other than the provision of payment services, having regard to applicable Community and national law. |
− | --- | --- |
+ (a) the credit shall be ancillary and granted exclusively in connection with the execution of a payment transaction;
− | (a) | the credit shall be ancillary and granted exclusively in connection with the execution of a payment transaction; |
− | --- | --- |
+ (b) notwithstanding national rules on providing credit by credit cards, the credit granted in connection with a payment and executed in accordance with Article 10(9) and Article 25 shall be repaid within a short period which shall in no case exceed twelve months;
− | (b) | notwithstanding national rules on providing credit by credit cards, the credit granted in connection with a payment and executed in accordance with Article 10(9) and Article 25 shall be repaid within a short period which shall in no case exceed twelve months; |
− | --- | --- |
+ (c) such credit shall not be granted from the funds received or held for the purpose of executing a payment transaction; and
− | (c) | such credit shall not be granted from the funds received or held for the purpose of executing a payment transaction; and |
− | --- | --- |
+ (d) the own funds of the payment institution shall at all times and to the satisfaction of the supervisory authorities be appropriate in view of the overall amount of credit granted.
− | (d) | the own funds of the payment institution shall at all times and to the satisfaction of the supervisory authorities be appropriate in view of the overall amount of credit granted. |
− | --- | --- |
+ ## Section 2 / Other requirements
− ### art_17
+ ### Article 17 — Use of agents, branches or entities to which activities are outsourced
− Article 17
+ (a) the name and address of the agent;
− | (a) | the name and address of the agent; |
− | --- | --- |
+ (b) a description of the internal control mechanisms that will be used by agents in order to comply with the obligations in relation to money laundering and terrorist financing under Directive 2005/60/EC; and
− | (b) | a description of the internal control mechanisms that will be used by agents in order to comply with the obligations in relation to money laundering and terrorist financing under Directive 2005/60/EC; and |
− | --- | --- |
+ (c) the identity of directors and persons responsible for the management of the agent to be used in the provision of payment services and evidence that they are fit and proper persons.
− | (c) | the identity of directors and persons responsible for the management of the agent to be used in the provision of payment services and evidence that they are fit and proper persons. |
− | --- | --- |
+ (a) the outsourcing shall not result in the delegation by senior management of its responsibility;
− | (a) | the outsourcing shall not result in the delegation by senior management of its responsibility; |
− | --- | --- |
+ (b) the relationship and obligations of the payment institution towards its payment service users under this Directive shall not be altered;
− | (b) | the relationship and obligations of the payment institution towards its payment service users under this Directive shall not be altered; |
− | --- | --- |
+ (c) the conditions with which the payment institution is to comply in order to be authorised and remain so in accordance with this Title shall not be undermined; and
− | (c) | the conditions with which the payment institution is to comply in order to be authorised and remain so in accordance with this Title shall not be undermined; and |
− | --- | --- |
+ (d) none of the other conditions subject to which the payment institution's authorisation was granted shall be removed or modified.
− | (d) | none of the other conditions subject to which the payment institution's authorisation was granted shall be removed or modified. |
− | --- | --- |
− 
− ### art_18
+ ### Article 18 — Liability
− Article 18
+ ### Article 19 — Record-keeping
− ### art_19
− 
− Article 19
+ ## Section 3 / Competent authorities and supervision
− ### art_20
+ ### Article 20 — Designation of competent authorities
− Article 20
+ ### Article 21 — Supervision
− ### art_21
− Article 21
− 
+ (a) to require the payment institution to provide any information needed to monitor compliance;
− | (a) | to require the payment institution to provide any information needed to monitor compliance; |
− | --- | --- |
+ (b) to carry out on-site inspections at the payment institution, at any agent or branch providing payment services under the responsibility of the payment institution, or at any entity to which activities are outsourced;
− | (b) | to carry out on-site inspections at the payment institution, at any agent or branch providing payment services under the responsibility of the payment institution, or at any entity to which activities are outsourced; |
− | --- | --- |
+ (c) to issue recommendations, guidelines and, if applicable, binding administrative provisions; and
− | (c) | to issue recommendations, guidelines and, if applicable, binding administrative provisions; and |
− | --- | --- |
+ (d) to suspend or withdraw authorisation in cases referred to in Article 12.
− | (d) | to suspend or withdraw authorisation in cases referred to in Article 12. |
− | --- | --- |
− 
− ### art_22
+ ### Article 22 — Professional secrecy
− Article 22
− 
− 3. Member States may apply this Article taking into account, mutatis mutandis, Articles 44 to 52 of Directive 2006/48/EC.
+ 3. Member States may apply this Article taking into account, *mutatis mutandis*, Articles 44 to 52 of Directive 2006/48/EC.
− ### art_23
+ ### Article 23 — Right to apply to the courts
− Article 23
+ ### Article 24 — Exchange of information
− ### art_24
− Article 24
− 
+ (a) the competent authorities of other Member States responsible for the authorisation and supervision of payment institutions;
− | (a) | the competent authorities of other Member States responsible for the authorisation and supervision of payment institutions; |
− | --- | --- |
+ (b) the European Central Bank and the national central banks of Member States, in their capacity as monetary and oversight authorities, and, where appropriate, other public authorities responsible for overseeing payment and settlement systems;
− | (b) | the European Central Bank and the national central banks of Member States, in their capacity as monetary and oversight authorities, and, where appropriate, other public authorities responsible for overseeing payment and settlement systems; |
− | --- | --- |
+ (c) other relevant authorities designated under this Directive, Directive 95/46/EC, Directive 2005/60/EC and other Community legislation applicable to payment service providers, such as legislation applicable to the protection of individuals with regard to the processing of personal data as well as …
− | (c) | other relevant authorities designated under this Directive, Directive 95/46/EC, Directive 2005/60/EC and other Community legislation applicable to payment service providers, such as legislation applicable to the protection of individuals with regard to the processing of personal data as well…
− | --- | --- |
+ ### Article 25 — Exercise of the right of establishment and freedom to provide services
− ### art_25
− 
− Article 25
+ ## Section 4 / Waiver
− ### art_26
+ ### Article 26 — Conditions
− Article 26
+ (a) the average of the preceding 12 months' total amount of payment transactions executed by the person concerned, including any agent for which it assumes full responsibility, does not exceed EUR 3 million per month. That requirement shall be assessed on the projected total amount of payment transa…
− | (a) | the average of the preceding 12 months' total amount of payment transactions executed by the person concerned, including any agent for which it assumes full responsibility, does not exceed EUR 3 million per month. That requirement shall be assessed on the projected total amount of payment tr…
− | --- | --- |
+ (b) none of the natural persons responsible for the management or operation of the business has been convicted of offences relating to money laundering or terrorist financing or other financial crimes.
− | (b) | none of the natural persons responsible for the management or operation of the business has been convicted of offences relating to money laundering or terrorist financing or other financial crimes. |
− | --- | --- |
− 
− ### art_27
+ ### Article 27 — Notification and information
− Article 27
+ ## CHAPTER 2 / Common provisions
… diff truncated at 500 changed lines …