What changed, Directive (EU) 2015/2366

+ **1.** Member States or competent authorities shall require payment institutions which provide payment services as referred to in points (1) to (6) of Annex I to this Directive and electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC to safeguard all funds which…
− **1.** The Member States or competent authorities shall require a payment institution which provides payment services as referred to in points (1) to (6) of Annex I to safeguard all funds which have been received from the payment service users or through another payment service provider for the exec…
+ **2.** Paragraph 1 shall not apply to payment systems composed exclusively of payment service providers belonging to a group.
− **2.** Paragraph 1 shall not apply to:(a) payment systems designated under Directive 98/26/EC;(b) payment systems composed exclusively of payment service providers belonging to a group.
+ **3.** Member States shall ensure that where a participant in a payment system designated under Directive 98/26/EC of the European Parliament and of the Council (8) allows an authorised or registered payment service provider that is not a participant in the system to pass transfer orders through the…
− For the purposes of point (a) of the first subparagraph, Member States shall ensure that where a participant in a designated system allows an authorised or registered payment service provider that is not a participant in the system to pass transfer orders through the system that participant shall, w…
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+ ### Article 35a — Conditions for requesting participation in designated payment systems
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+ **1.** By way of safeguard for the stability and integrity of payment systems, payment institutions and electronic money institutions requesting participation and participating in systems designated under Directive 98/26/EC shall have in place the following:(a) a description of the measures taken fo…
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+ For the purposes of the first subparagraph, point (a), of this paragraph:
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+ (a) where the payment institution or electronic money institution safeguards payment service users’ funds by depositing funds in a separate account in a credit institution or by means of an investment in secure, liquid, low-risk assets as defined by the competent authorities of the home Member State…
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+ (b) where the payment institution or electronic money institution safeguards payment service users’ funds through an insurance policy or comparable guarantee from an insurance company or a credit institution, the description of the measures taken for such safeguarding shall contain the following: (i…
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+ For the purposes of the first subparagraph, point (b), the description shall demonstrate that the governance arrangements, internal control mechanisms and arrangements for the use of information and communication technology as referred to in that point are proportionate, appropriate, sound and adequ…
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+ (a) a mapping of the risks identified by the payment institution or electronic money institution, including the type of risks and the procedures the payment institution or electronic money institution has in place or will put in place to assess and prevent such risks;
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+ (b) the different procedures to carry out periodical and permanent controls, including the frequency and the human resources allocated;
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+ (c) the accounting procedures by which the payment institution or electronic money institution records and reports its financial information;
+ (d) the identity of the person or persons responsible for the internal control functions, including for periodic, permanent and compliance control, as well as an up-to-date curriculum vitae of that person or those persons;
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+ (e) the identity of any auditor that is not a statutory auditor as defined in Article 2, point 2, of Directive 2006/43/EC;
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+ (f) the composition of the management body and, if applicable, of any other oversight body or committee;
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+ (g) a description of the way outsourced functions are monitored and controlled so as to avoid impairment of the quality of the internal controls of the payment institution or electronic money institution;
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+ (h) a description of the way any agents and branches are monitored and controlled within the framework of the internal controls of the payment institution or electronic money institution;
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+ (i) where the payment institution or electronic money institution is the subsidiary of a regulated entity in another Member State, a description of the group governance.
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+ For the purposes of the first subparagraph, point (c), the winding-up plan shall be adapted to the envisaged size and business model of the payment institution or electronic money institution and shall include a description of the mitigation measures to be adopted by the payment institution or elect…
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+ **2.** Member States shall define the procedure by which compliance with paragraph 1 is assessed. That procedure may take the form of self-assessment, of a requirement for an explicit decision by the competent authority, or of any other procedure that aims to ensure that the payment institutions and…
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+ **1.** Member States shall ensure that adequate, independent, impartial, transparent and effective ADR procedures for the settlement of disputes between payment service users and payment service providers concerning the rights and obligations arising under Titles III and IV of this Directive are est…
− **1.** Member States shall ensure that adequate, independent, impartial, transparent and effective ADR procedures for the settlement of disputes between payment service users and payment service providers concerning the rights and obligations arising under Titles III and IV of this Directive are est…
+ (1) in Article 1, paragraph 2 is replaced by the following: **‘2.** The Authority shall act within the powers conferred by this Regulation and within the scope of, Directive 2002/87/EC, Directive 2009/110/EC, Regulation (EU) No 575/2013 of the European Parliament and of the Council (*3), Directive 2…
− (1) in Article 1, paragraph 2 is replaced by the following: **‘2.** The Authority shall act within the powers conferred by this Regulation and within the scope of, Directive 2002/87/EC, Directive 2009/110/EC, Regulation (EU) No 575/2013 of the European Parliament and of the Council (*3), Directive 2…
+ ‘(4) Payment services as defined in point (3) of Article 4 of Directive (EU) 2015/2366 of the European Parliament and of the Council (*8);
− ‘(4) Payment services as defined in point (3) of Article 4 of Directive (EU) 2015/2366 of the European Parliament and of the Council (*10);