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…
+ (a) funds shall not be commingled at any time with the funds of any natural or legal person other than payment service users on whose behalf the funds are held and, where they are still held by the payment institution or electronic money institution and not yet delivered to the payee or transferred …
− (a) funds shall not be commingled at any time with the funds of any natural or legal person other than payment service users on whose behalf the funds are held and, where they are still held by the payment institution and not yet delivered to the payee or transferred to another payment service provi…
+ (b) funds shall be covered by an insurance policy or some other comparable guarantee from an insurance company or a credit institution, which does not belong to the same group as the payment institution or electronic money institution itself, for an amount equivalent to that which would have been se…
− (b) funds shall be covered by an insurance policy or some other comparable guarantee from an insurance company or a credit institution, which does not belong to the same group as the payment institution itself, for an amount equivalent to that which would have been segregated in the absence of the i…
+ **2.** Paragraph 1 shall not apply to payment systems composed exclusively of payment service providers belonging to a group.
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+ **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 allows an authorised or registered payment service provider that is not a participant in the system to pass transfer orders through the sys…
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+ The participant shall provide the requesting payment service provider with full reasons for any rejection.
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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:
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+ (a) a description of the measures taken for safeguarding payment service users’ funds;
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+ (b) a description of the governance arrangements and internal control mechanisms for the payment services or electronic money services it intends to provide, including administrative, risk management and accounting procedures, of the payment institution or electronic money institution and a descript…
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+ (c) a winding-up plan in case of failure.
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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;
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+ (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;
− **2.** Paragraph 1 shall not apply to:
+ (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;
− (a) payment systems designated under Directive 98/26/EC;
+ (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.
− (b) payment systems composed exclusively of payment service providers belonging to a group.
+ 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…
− 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…
+ **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…
− The participant shall provide the requesting payment service provider with full reasons for any rejection.