Regulation (EU) 2024/886

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Outline, 6 provisions

art_1 art_2 art_3 art_4 art_5 art_6

art_1 #art_1

Article 1

Regulation (EU) No 260/2012 is amended as follows:

(1)	Article 2 is amended as follows:(a)the following points are inserted:‘(1a)“instant credit transfer” means a credit transfer which is executed immediately, 24 hours a day and on any calendar day;(1b)“payment initiation channel” means any method, device or procedure through which payers can place payment orders with their PSP for a credit transfer, including online banking, a mobile banking application, an automated teller machine, or in any other way on the premises of the PSP;(1c)“payment initiation service provider” means a payment initiation service provider as defined in Article 4, point (18), of Directive (EU) 2015/2366 of the European Parliament and of the Council(1);(1d)“name of the payee” means, in respect of a natural person, the name and surname and, in respect of a legal person, the commercial or legal name;(1e)“targeted financial restrictive measure” means an asset freeze imposed on a person, body or entity or a prohibition on making funds or economic resources available to a person, body or entity, or for its benefit, either directly or indirectly, pursuant to restrictive measures adopted in accordance with Article 215 TFEU;(1f)“Legal Entity Identifier” or “LEI” means a unique alphanumeric reference code based on the ISO 17442 standard assigned to a legal entity;(1) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).’;" (b)point (5) is replaced by the following:‘(5)“payment account” means a payment account as defined in Article 4, point (12), of Directive (EU) 2015/2366;’;(c)point (22) is replaced by the following:‘(22)“retail payment system” means a payment system the main purpose of which is to process, clear or settle credit transfers or direct debits which are primarily of small amount, and that is not a large-value payment system;’;
(a)	the following points are inserted:‘(1a)“instant credit transfer” means a credit transfer which is executed immediately, 24 hours a day and on any calendar day;(1b)“payment initiation channel” means any method, device or procedure through which payers can place payment orders with their PSP for a credit transfer, including online banking, a mobile banking application, an automated teller machine, or in any other way on the premises of the PSP;(1c)“payment initiation service provider” means a payment initiation service provider as defined in Article 4, point (18), of Directive (EU) 2015/2366 of the European Parliament and of the Council(1);(1d)“name of the payee” means, in respect of a natural person, the name and surname and, in respect of a legal person, the commercial or legal name;(1e)“targeted financial restrictive measure” means an asset freeze imposed on a person, body or entity or a prohibition on making funds or economic resources available to a person, body or entity, or for its benefit, either directly or indirectly, pursuant to restrictive measures adopted in accordance with Article 215 TFEU;(1f)“Legal Entity Identifier” or “LEI” means a unique alphanumeric reference code based on the ISO 17442 standard assigned to a legal entity;(1) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).’;"
‘(1a)	“instant credit transfer” means a credit transfer which is executed immediately, 24 hours a day and on any calendar day;
(1b)	“payment initiation channel” means any method, device or procedure through which payers can place payment orders with their PSP for a credit transfer, including online banking, a mobile banking application, an automated teller machine, or in any other way on the premises of the PSP;
(1c)	“payment initiation service provider” means a payment initiation service provider as defined in Article 4, point (18), of Directive (EU) 2015/2366 of the European Parliament and of the Council(*1);
(1d)	“name of the payee” means, in respect of a natural person, the name and surname and, in respect of a legal person, the commercial or legal name;
(1e)	“targeted financial restrictive measure” means an asset freeze imposed on a person, body or entity or a prohibition on making funds or economic resources available to a person, body or entity, or for its benefit, either directly or indirectly, pursuant to restrictive measures adopted in accordance with Article 215 TFEU;
(1f)	“Legal Entity Identifier” or “LEI” means a unique alphanumeric reference code based on the ISO 17442 standard assigned to a legal entity;
(b)	point (5) is replaced by the following:‘(5)“payment account” means a payment account as defined in Article 4, point (12), of Directive (EU) 2015/2366;’;
‘(5)	“payment account” means a payment account as defined in Article 4, point (12), of Directive (EU) 2015/2366;’;
(c)	point (22) is replaced by the following:‘(22)“retail payment system” means a payment system the main purpose of which is to process, clear or settle credit transfers or direct debits which are primarily of small amount, and that is not a large-value payment system;’;
‘(22)	“retail payment system” means a payment system the main purpose of which is to process, clear or settle credit transfers or direct debits which are primarily of small amount, and that is not a large-value payment system;’;

(2)	the following articles are inserted:‘Article 5aInstant credit transfer transactions1. PSPs that offer to their PSUs a payment service of sending and receiving credit transfers shall offer to all of their PSUs a payment service of sending and receiving instant credit transfers.PSPs as referred to in the first subparagraph shall ensure that all payment accounts that are reachable for credit transfers are also reachable for instant credit transfers 24 hours a day and on any calendar day.2. By way of derogation from paragraph 1, and subject to having obtained the prior permission of its competent authorities based on those authorities’ assessment of its access to liquidity in euro, a PSP located in a Member State whose currency is not the euro shall not be obliged to offer PSUs the payment service of sending instant credit transfers in euro beyond a limit per transaction, from payment accounts denominated in the national currency of that Member State, during the time when that PSP neither sends nor receives non-instant credit transfer transactions in euro with respect to such payment accounts. That limit shall be set by the competent authorities and shall not be lower than EUR 25 000. Competent authorities may grant prior permission at the request of the PSP for a period of one year. At the request of the PSP, competent authorities may extend that prior permission by further periods of one year following a reassessment by the competent authorities of the PSP’s access to liquidity in euro. Competent authorities shall inform the Commission on an annual basis of prior permissions and extensions granted in accordance with this paragraph.The ECB and any national central bank, when not acting in its capacity as monetary authority or other public authority, may limit its offer of a payment service of sending instant credit transfers to the period of time during which it offers a payment service of sending and receiving non-instant credit transfers.3. Notwithstanding Article 78(1), second subparagraph, of Directive (EU) 2015/2366, the time of receipt of a payment order for an instant credit transfer shall be the moment it has been received by the payer’s PSP, regardless of the hour or calendar day.Notwithstanding Article 78(2) of Directive (EU) 2015/2366, if the payer and the payer’s PSP agree that execution of the payment order for an instant credit transfer is to take place at a specific time on a specific day or at the moment when the payer has put funds at the disposal of the PSP, the time of receipt of the payment order for an instant credit transfer shall be deemed to be the agreed time, regardless of the hour or calendar day.By way of derogation from the first and second subparagraphs of this paragraph, the time of receipt of the payment order for an instant credit transfer shall be:(a)for a non-electronic payment order for an instant credit transfer, the moment when the payer’s PSP has introduced the payment order information into its internal system, which shall occur as soon as possible after the non-electronic payment order for an instant credit transfer has been placed by the payer with the payer’s PSP;(b)for an individual payment order for an instant credit transfer belonging to a package as referred to in paragraph 7 of this Article, where the conversion of that package into individual payment transactions is carried out by the payer’s PSP, the moment when the ensuing payment transaction has been unpacked by the payer’s PSP; the payer’s PSP shall start the conversion of the package immediately after it has been placed by the payer with the payer’s PSP and complete that conversion as soon as possible;(c)for a payment order for an instant credit transfer from payment accounts that are not denominated in euro, the moment when the amount of the payment transaction has been converted into euro; such currency conversion shall take place immediately after the payment order for an instant credit transfer has been placed by the payer with the payer’s PSP.4. When carrying out instant credit transfers, PSPs shall, in addition to the requirements set out in Article 5, comply with the following requirements:(a)PSPs shall ensure that payers are able to place a payment order for an instant credit transfer through all of the same payment initiation channels as the ones through which those payers are able to place a payment order for other credit transfers;(b)notwithstanding Article 83 of Directive (EU) 2015/2366, immediately after the time of receipt of a payment order for an instant credit transfer, the payer’s PSP shall verify whether all of the necessary conditions for processing the payment transaction are met and whether the necessary funds are available, reserve or debit the amount of the payment transaction from the account of the payer, and immediately send the payment transaction to the payee’s PSP;(c)notwithstanding Article 83 and Article 87(2) of Directive (EU) 2015/2366, the payee’s PSP shall, within 10 seconds of the time of receipt of the payment order for an instant credit transfer by the payer’s PSP, make the amount of the payment transaction available on the payee’s payment account in the currency in which the payee’s account is denominated and confirm the completion of the payment transaction to the payer’s PSP;(d)notwithstanding Article 87(1) of Directive (EU) 2015/2366, the payee’s PSP shall ensure that the credit value date for the payee’s payment account is the same date as the date on which the payee’s payment account is credited by the payee’s PSP with the amount of the payment transaction; and(e)immediately upon receiving the confirmation of completion referred to in point (c), or where no such confirmation of completion is received by the payer’s PSP within 10 seconds of the time of receipt of the payment order for an instant credit transfer, the payer’s PSP shall, free of charge, inform the payer, as well as, where applicable, the payment initiation service provider, whether the amount of the payment transaction has been made available on the payee’s payment account.5. Notwithstanding Article 89 of Directive (EU) 2015/2366, where the payer’s PSP has not received a message from the payee’s PSP confirming that the funds were made available on the payee’s payment account within 10 seconds of the time of receipt, the payer’s PSP shall immediately restore the payment account of the payer to the state in which it would have been had the transaction not taken place.6. Upon the request of the PSU, a PSP shall offer a PSU the possibility of setting a limit fixing a maximum amount that can be sent by means of instant credit transfer. That limit may be either on a per day or per transaction basis, at the sole discretion of the PSU. PSPs shall ensure that PSUs are able to modify that maximum amount at any time prior to the placing of a payment order for an instant credit transfer. Where a PSU’s payment order for an instant credit transfer exceeds, or leads to exceeding of, the maximum amount, the payer’s PSP shall not execute the payment order for the instant credit transfer, shall notify the PSU thereof and shall inform the PSU as to how to modify the maximum amount.7. When offering the payment service of sending and receiving instant credit transfers, PSPs shall offer their PSUs the possibility of submitting multiple payment orders as a package if PSPs offer such possibility to their PSUs for other credit transfers.PSPs shall not impose limits on the number of payment orders that can be submitted in a package of instant credit transfers which are lower than the limits they impose in respect of packages of other credit transfers.8. PSPs as referred to in paragraph 1 that are located in a Member State whose currency is the euro shall offer PSUs the payment service of receiving instant credit transfers in euro as laid down in this Article by 9 January 2025, and the payment service of sending instant credit transfers in euro as laid down in this Article by 9 October 2025.PSPs as referred to in paragraph 1 that are located in a Member State whose currency is not the euro shall offer PSUs the payment service of receiving instant credit transfers in euro as laid down in this Article by 9 January 2027, and the payment service of sending instant credit transfers in euro as laid down in this Article by 9 July 2027.By way of derogation from the second subparagraph of this paragraph, until 9 June 2028 PSPs as referred to in paragraph 1 of this Article that are located in a Member State whose currency is not the euro shall not be obliged to offer PSUs the payment service of sending instant credit transfers in euro from payment accounts denominated in the national currency of that Member State, during the time when those PSPs neither send nor receive non-instant credit transfer transactions in euro with respect to such accounts.Notwithstanding the first subparagraph of this paragraph, PSPs that are electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC or payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366 and that are located in a Member State whose currency is the euro shall offer PSUs the payment service of sending and receiving instant credit transfers in euro as laid down in this Article by 9 April 2027.Notwithstanding the second subparagraph of this paragraph, PSPs that are electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC or payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366 and that are located in a Member State whose currency is not the euro shall offer PSUs the payment service of receiving instant credit transfers in euro as laid down in this Article by 9 April 2027 and the payment service of sending instant credit transfers in euro as laid down in this Article by 9 July 2027.Article 5bCharges in respect of credit transfers and verification of the payee1. Any charges levied by a PSP on payers and payees in respect of sending and receiving instant credit transfers shall not be higher than the charges levied by that PSP in respect of sending and receiving other credit transfers of corresponding type.2. The services referred to in Article 5c shall be provided to all PSUs free of charge.3. PSPs located in a Member State whose currency is the euro shall comply with this Article by 9 January 2025.PSPs located in a Member State whose currency is not the euro shall comply with this Article by 9 January 2027.Article 5cVerification of the payee in the case of credit transfers1. A payer’s PSP shall offer the payer a service ensuring verification of the payee to whom the payer intends to send a credit transfer (service ensuring verification). The payer’s PSP shall perform the service ensuring verification immediately after the payer provides relevant information about the payee and before the payer is offered the possibility of authorising that credit transfer. The payer’s PSP shall offer the service ensuring verification regardless of the payment initiation channel used by the payer to place a payment order for the credit transfer. The service ensuring verification shall be provided in accordance with the following:(a)where the payment account identifier specified in point (1)(a) of the Annex and the name of the payee have been inserted in the payment order for the credit transfer by the payer, the payer’s PSP shall provide a service for matching the payment account identifier specified in point (1)(a) of the Annex with the name of the payee. Upon the request of the payer’s PSP, the payee’s PSP shall verify whether the payment account identifier specified in point (1)(a) of the Annex and the name of the payee provided by the payer match. Where they do not match, the payer’s PSP shall, based on information provided by the payee’s PSP, notify the payer thereof and inform the payer that authorising the credit transfer might lead to transferring the funds to a payment account not held by the payee indicated by the payer. Where the name of the payee provided by the payer and the payment account identifier specified in point (1)(a) of the Annex almost match, the payer’s PSP shall indicate to the payer the name of the payee associated with the payment account identifier specified in point (1)(a) of the Annex provided by the payer;(b)where the payee is a legal person and the payer’s PSP offers a payment initiation channel which allows the payer to place a payment order by providing the payment account identifier specified in point (1)(a) of the Annex to this Regulation together with data elements other than the name of the payee that unambiguously identify the payee, such as a fiscal number, a European unique identifier as referred to in Article 16(1), second subparagraph, of Directive (EU) 2017/1132 of the European Parliament and of the Council(2) or an LEI, and where those same data elements are available in the internal system of the payee’s PSP, that PSP, upon the request of the payer’s PSP, shall verify whether the payment account identifier specified in point (1)(a) of the Annex to this Regulation and the data element provided by the payer match. Where the payment account identifier specified in point (1)(a) of the Annex to this Regulation and the data element provided by the payer do not match, the payer’s PSP shall, based on information provided by the payee’s PSP, notify the payer thereof;(c)where a payment account identified through a payment account identifier specified in point (1)(a) of the Annex provided by the payer is held by a PSP on behalf of multiple payees, additional information allowing the payee to be unambiguously identified may be provided by the payer to the payer’s PSP. The PSP maintaining that payment account on behalf of multiple payees or, where appropriate, the PSP holding that payment account, shall, upon the request of the payer’s PSP, confirm whether the payee indicated by the payer is among the multiple payees on whose behalf the payment account is maintained or held. The payer’s PSP shall notify the payer if the payee indicated by the payer is not among the multiple payees on whose behalf the payment account is maintained or held;(d)in cases other than those described in points (a), (b) and (c) of this paragraph, and, in particular, where a PSP provides a payment initiation channel which does not require the payer to insert both the payment account identifier specified in point (1)(a) of the Annex and the name of the payee, the PSP shall ensure that the payee to whom the payer intends to send a credit transfer is correctly identified. For that purpose, the PSP shall inform the payer in a way that allows the payer to validate the payee before authorising the credit transfer.2. Where the payment account identifier specified in point (1)(a) of the Annex or the name of the payee is provided by a payment initiation service provider, rather than by the payer, that payment initiation service provider shall ensure that the information concerning the payee is correct.3. PSPs, for the purposes of paragraph 1, point (d), and payment initiation service providers, for the purposes of paragraph 2, shall maintain robust internal procedures to ensure that the information concerning payees is correct.4. In the case of paper-based payment orders, the payer’s PSP shall perform the service ensuring verification at the time of receipt of the payment order, unless the payer is not present at the time of receipt.5. PSPs shall ensure that the performance of the service ensuring verification and of the service described in paragraph 2 does not prevent payers from authorising the credit transfer concerned.6. PSPs shall provide PSUs that are not consumers with the means to opt out from receiving the service ensuring verification when submitting multiple payment orders as a package.PSPs shall ensure that PSUs that opted out from receiving the service ensuring verification have the right to opt in at any time to receive that service.7. Whenever the payer's PSP notifies the payer in accordance with paragraph 1, point (a), (b) or (c), that PSP shall at the same time inform the payer that authorising the credit transfer might lead to transferring the funds to a payment account not held by the payee indicated by the payer. A PSP shall provide that information to the PSU that is not a consumer when that PSU opts out from receiving the service ensuring verification when submitting multiple payment orders as a package. PSPs shall inform their PSUs of the implications for PSP liability and PSU refund rights resulting from a decision by PSUs to ignore a notification as referred to in paragraph 1, points (a), (b) and (c).8. A PSP shall not be held liable for the execution of a credit transfer to an unintended payee on the basis of an incorrect unique identifier, as laid down in Article 88 of Directive (EU) 2015/2366, provided that it has fulfilled the requirements of this Article.Where the payer’s PSP fails to comply with paragraph 1 of this Article, or where the payment initiation service provider fails to comply with paragraph 2 of this Article, and where that failure results in a defectively executed payment transaction, the payer’s PSP shall without delay refund the payer the amount transferred and, where applicable, restore the debited payment account to the state in which it would have been had the transaction not taken place.Where the failure to comply occurs because the payee’s PSP, or the payment initiation service provider, failed to comply with its obligations under this Article, the payee’s PSP or, where relevant, the payment initiation service provider, shall compensate the payer’s PSP for the financial damage caused to the payer’s PSP by that failure.Any further financial loss caused to the payer may be compensated in accordance with the law applicable to the contract concluded between the payer and the relevant PSP.9. PSPs located in a Member State whose currency is the euro shall comply with this Article by 9 October 2025.PSPs located in a Member State whose currency is not the euro shall comply with this Article by 9 July 2027.Article 5dScreening of PSUs by PSPs that offer instant credit transfers to verify whether a PSU is a person or entity subject to targeted financial restrictive measures1. PSPs offering instant credit transfers shall verify whether any of their PSUs are persons or entities subject to targeted financial restrictive measures.PSPs shall carry out such verifications immediately after the entry into force of any new targeted financial restrictive measures, and immediately after the entry into force of any amendments to such targeted financial restrictive measures, and at least once every calendar day.2. During the execution of an instant credit transfer, the payer’s PSP and the payee’s PSP involved in the execution of that instant credit transfer shall not verify whether the payer or the payee whose payment accounts are used for the execution of that instant credit transfer are persons or entities subject to targeted financial restrictive measures in addition to carrying out verifications under paragraph 1 of this Article.The first subparagraph of this paragraph is without prejudice to actions taken by PSPs in order to comply with restrictive measures, other than targeted financial restrictive measures, adopted in accordance with Article 215 TFEU, with restrictive measures that are not adopted in accordance with Article 215 TFEU, or with Union law on the prevention of money laundering and terrorist financing.3. PSPs shall comply with this Article by 9 January 2025.(2) Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law (OJ L 169, 30.6.2017, p. 46).’;"
(a)	for a non-electronic payment order for an instant credit transfer, the moment when the payer’s PSP has introduced the payment order information into its internal system, which shall occur as soon as possible after the non-electronic payment order for an instant credit transfer has been placed by the payer with the payer’s PSP;
(b)	for an individual payment order for an instant credit transfer belonging to a package as referred to in paragraph 7 of this Article, where the conversion of that package into individual payment transactions is carried out by the payer’s PSP, the moment when the ensuing payment transaction has been unpacked by the payer’s PSP; the payer’s PSP shall start the conversion of the package immediately after it has been placed by the payer with the payer’s PSP and complete that conversion as soon as possible;
(c)	for a payment order for an instant credit transfer from payment accounts that are not denominated in euro, the moment when the amount of the payment transaction has been converted into euro; such currency conversion shall take place immediately after the payment order for an instant credit transfer has been placed by the payer with the payer’s PSP.
(a)	PSPs shall ensure that payers are able to place a payment order for an instant credit transfer through all of the same payment initiation channels as the ones through which those payers are able to place a payment order for other credit transfers;
(b)	notwithstanding Article 83 of Directive (EU) 2015/2366, immediately after the time of receipt of a payment order for an instant credit transfer, the payer’s PSP shall verify whether all of the necessary conditions for processing the payment transaction are met and whether the necessary funds are available, reserve or debit the amount of the payment transaction from the account of the payer, and immediately send the payment transaction to the payee’s PSP;
(c)	notwithstanding Article 83 and Article 87(2) of Directive (EU) 2015/2366, the payee’s PSP shall, within 10 seconds of the time of receipt of the payment order for an instant credit transfer by the payer’s PSP, make the amount of the payment transaction available on the payee’s payment account in the currency in which the payee’s account is denominated and confirm the completion of the payment transaction to the payer’s PSP;
(d)	notwithstanding Article 87(1) of Directive (EU) 2015/2366, the payee’s PSP shall ensure that the credit value date for the payee’s payment account is the same date as the date on which the payee’s payment account is credited by the payee’s PSP with the amount of the payment transaction; and
(e)	immediately upon receiving the confirmation of completion referred to in point (c), or where no such confirmation of completion is received by the payer’s PSP within 10 seconds of the time of receipt of the payment order for an instant credit transfer, the payer’s PSP shall, free of charge, inform the payer, as well as, where applicable, the payment initiation service provider, whether the amount of the payment transaction has been made available on the payee’s payment account.
(a)	where the payment account identifier specified in point (1)(a) of the Annex and the name of the payee have been inserted in the payment order for the credit transfer by the payer, the payer’s PSP shall provide a service for matching the payment account identifier specified in point (1)(a) of the Annex with the name of the payee. Upon the request of the payer’s PSP, the payee’s PSP shall verify whether the payment account identifier specified in point (1)(a) of the Annex and the name of the payee provided by the payer match. Where they do not match, the payer’s PSP shall, based on information provided by the payee’s PSP, notify the payer thereof and inform the payer that authorising the credit transfer might lead to transferring the funds to a payment account not held by the payee indicated by the payer. Where the name of the payee provided by the payer and the payment account identifier specified in point (1)(a) of the Annex almost match, the payer’s PSP shall indicate to the payer the name of the payee associated with the payment account identifier specified in point (1)(a) of the Annex provided by the payer;
(b)	where the payee is a legal person and the payer’s PSP offers a payment initiation channel which allows the payer to place a payment order by providing the payment account identifier specified in point (1)(a) of the Annex to this Regulation together with data elements other than the name of the payee that unambiguously identify the payee, such as a fiscal number, a European unique identifier as referred to in Article 16(1), second subparagraph, of Directive (EU) 2017/1132 of the European Parliament and of the Council(*2) or an LEI, and where those same data elements are available in the internal system of the payee’s PSP, that PSP, upon the request of the payer’s PSP, shall verify whether the payment account identifier specified in point (1)(a) of the Annex to this Regulation and the data element provided by the payer match. Where the payment account identifier specified in point (1)(a) of the Annex to this Regulation and the data element provided by the payer do not match, the payer’s PSP shall, based on information provided by the payee’s PSP, notify the payer thereof;
(c)	where a payment account identified through a payment account identifier specified in point (1)(a) of the Annex provided by the payer is held by a PSP on behalf of multiple payees, additional information allowing the payee to be unambiguously identified may be provided by the payer to the payer’s PSP. The PSP maintaining that payment account on behalf of multiple payees or, where appropriate, the PSP holding that payment account, shall, upon the request of the payer’s PSP, confirm whether the payee indicated by the payer is among the multiple payees on whose behalf the payment account is maintained or held. The payer’s PSP shall notify the payer if the payee indicated by the payer is not among the multiple payees on whose behalf the payment account is maintained or held;
(d)	in cases other than those described in points (a), (b) and (c) of this paragraph, and, in particular, where a PSP provides a payment initiation channel which does not require the payer to insert both the payment account identifier specified in point (1)(a) of the Annex and the name of the payee, the PSP shall ensure that the payee to whom the payer intends to send a credit transfer is correctly identified. For that purpose, the PSP shall inform the payer in a way that allows the payer to validate the payee before authorising the credit transfer.

(3)	in Article 11, the following paragraphs are inserted:‘1a. By way of derogation from paragraph 1 of this Article, Member States shall, by 9 April 2025, lay down rules on the penalties applicable to infringements of Articles 5a to 5d and shall take all measures necessary to ensure that they are implemented. Such penalties shall be effective, proportionate and dissuasive. Member States shall, by 9 April 2025, notify the Commission of those rules and measures and shall notify it, without delay, of any subsequent amendment affecting them.1b. With respect to penalties applicable to infringements of Article 5d, Member States shall ensure that such penalties include:(a)in the case of a legal person, maximum administrative fines of at least 10 % of the total annual net turnover of the legal person in the preceding business year;(b)in the case of a natural person, maximum administrative fines of at least EUR 5 000 000, or the equivalent amount in the national currency in the Member States whose currency is not the euro on 8 April 2024.For the purposes of point (a) of this paragraph, where the legal person is a subsidiary of a parent undertaking, as defined in Article 2, point (9), of Directive 2013/34/EU of the European Parliament and of the Council(3), or of any undertaking which effectively exercises a dominant influence over that legal person, the relevant turnover shall be the turnover resulting from the consolidated accounts of the ultimate parent undertaking in the preceding business year.1c. The penalties referred to in paragraph 1a of this Article shall not be applied in respect of infringements of the reachability requirement in Article 5a(1), second subparagraph, where the payment accounts maintained by PSPs are not reachable for instant credit transfers due to planned maintenance where periods of non-availability are both foreseeable and short or to a planned downtime of all instant credit transfers under the relevant payment scheme, provided that PSUs have been informed in advance of those periods of planned maintenance or planned downtime.1d. By way of derogation from paragraph 1b, where the legal system of the Member State does not provide for administrative penalties, this Article may be applied in such a manner that the penalty is initiated by the competent authority and imposed by judicial authorities, while ensuring that that penalty is effective, proportionate and dissuasive, and has an equivalent effect to the administrative penalties imposed by the competent authorities of the Member States the legal system of which does provide for administrative penalties. In any event, the penalties imposed shall be effective, proportionate and dissuasive. The Member States the legal system of which does not provide for administrative penalties shall notify the Commission of their penalties by 9 April 2025 and shall notify it without delay of any subsequent amendment affecting them.(3) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).’;"
(a)	in the case of a legal person, maximum administrative fines of at least 10 % of the total annual net turnover of the legal person in the preceding business year;
(b)	in the case of a natural person, maximum administrative fines of at least EUR 5 000 000, or the equivalent amount in the national currency in the Member States whose currency is not the euro on 8 April 2024.

(3)

in Article 11, the following paragraphs are inserted:‘1a. By way of derogation from paragraph 1 of this Article, Member States shall, by 9 April 2025, lay down rules on the penalties applicable to infringements of Articles 5a to 5d and shall take all measures necessary to ensure that they are implemented. Such penalties shall be effective, proportionate and dissuasive. Member States shall, by 9 April 2025, notify the Commission of those rules and measures and shall notify it, without delay, of any subsequent amendment affecting them.1b. With respect to penalties applicable to infringements of Article 5d, Member States shall ensure that such penalties include:(a)in the case of a legal person, maximum administrative fines of at least 10 % of the total annual net turnover of the legal person in the preceding business year;(b)in the case of a natural person, maximum administrative fines of at least EUR 5 000 000, or the equivalent amount in the national currency in the Member States whose currency is not the euro on 8 April 2024.For the purposes of point (a) of this paragraph, where the legal person is a subsidiary of a parent undertaking, as defined in Article 2, point (9), of Directive 2013/34/EU of the European Parliament and of the Council(3), or of any undertaking which effectively exercises a dominant influence over that legal person, the relevant turnover shall be the turnover resulting from the consolidated accounts of the ultimate parent undertaking in the preceding business year.1c. The penalties referred to in paragraph 1a of this Article shall not be applied in respect of infringements of the reachability requirement in Article 5a(1), second subparagraph, where the payment accounts maintained by PSPs are not reachable for instant credit transfers due to planned maintenance where periods of non-availability are both foreseeable and short or to a planned downtime of all instant credit transfers under the relevant payment scheme, provided that PSUs have been informed in advance of those periods of planned maintenance or planned downtime.1d. By way of derogation from paragraph 1b, where the legal system of the Member State does not provide for administrative penalties, this Article may be applied in such a manner that the penalty is initiated by the competent authority and imposed by judicial authorities, while ensuring that that penalty is effective, proportionate and dissuasive, and has an equivalent effect to the administrative penalties imposed by the competent authorities of the Member States the legal system of which does provide for administrative penalties. In any event, the penalties imposed shall be effective, proportionate and dissuasive. The Member States the legal system of which does not provide for administrative penalties shall notify the Commission of their penalties by 9 April 2025 and shall notify it without delay of any subsequent amendment affecting them.(3) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).’;"

(a)

in the case of a legal person, maximum administrative fines of at least 10 % of the total annual net turnover of the legal person in the preceding business year;

(b)

in the case of a natural person, maximum administrative fines of at least EUR 5 000 000, or the equivalent amount in the national currency in the Member States whose currency is not the euro on 8 April 2024.

(4)	Article 15 is replaced by the following:‘Article 15Review1. By 1 February 2017, the Commission shall present to the European Parliament, the Council, the European Economic and Social Committee, ECB and EBA a report on the application of this Regulation accompanied, if appropriate, by a proposal.2. By 9 October 2028 the Commission shall present a report to the European Parliament and to the Council accompanied, if appropriate, by a legislative proposal. The report shall contain an evaluation of:(a)the development of charges for payment accounts as well as for national and cross-border credit transfers and instant credit transfers in euro and in the national currency of the Member States whose currency is not the euro since 26 October 2022, including the impact of Article 5b(1) on those charges; and(b)the scope of Article 5d and its effectiveness in preventing unnecessary hindering of instant credit transfers.3. PSPs shall report to their competent authorities on:(a)the level of charges for credit transfers, instant credit transfers and payment accounts;(b)the share of rejections, separately for national and cross-border payment transactions, due to the application of targeted financial restrictive measures.PSPs shall submit such reports every 12 months. The first report shall be submitted on 9 April 2025 and shall include information on the level of charges and on rejections during the period starting on 26 October 2022 until the end of preceding calendar year.4. By 9 October 2025, and annually thereafter, competent authorities shall provide the Commission and EBA with the information reported to them by PSPs under paragraph 3, and the information on the volume and value of instant credit transfers in euro which have been sent, both national and cross-border, by PSPs established in their Member State in the course of the preceding calendar year.5. The EBA shall develop draft implementing technical standards to specify uniform reporting templates, instructions and methodology on how to use those reporting templates for the purposes of reporting as referred to in paragraph 3.The EBA shall submit the draft implementing technical standards referred to in the first subparagraph of this paragraph to the Commission by 9 June 2024.Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1093/2010.6. The Commission shall, by 9 April 2027, submit to the European Parliament and to the Council a report on remaining obstacles to the availability and use of instant credit transfers. That report shall assess the level of standardisation of the technologies which are relevant to the use of instant credit transfers. The report may be accompanied, if appropriate, by a legislative proposal.’;
(a)	the development of charges for payment accounts as well as for national and cross-border credit transfers and instant credit transfers in euro and in the national currency of the Member States whose currency is not the euro since 26 October 2022, including the impact of Article 5b(1) on those charges; and
(b)	the scope of Article 5d and its effectiveness in preventing unnecessary hindering of instant credit transfers.
(a)	the level of charges for credit transfers, instant credit transfers and payment accounts;
(b)	the share of rejections, separately for national and cross-border payment transactions, due to the application of targeted financial restrictive measures.

(5)

in Article 16, the following paragraph is added:‘9. If the euro is introduced as the currency of a Member State before 9 April 2027, the PSPs in that Member State shall comply with Articles 5a, 5b and 5c within one year of the date on which the euro has been introduced as the currency of that Member State and not later than the respective dates specified in those Articles for PSPs in Member States whose currency is not the euro. However, such PSPs shall not be required to comply with Articles 5a, 5b and 5c earlier than the respective dates specified in those Articles for PSPs in the Member States whose currency is the euro.’.

art_2 #art_2

Article 2

Regulation (EU) 2021/1230 is amended as follows:

(1)

in Article 3, the following paragraph is added:‘5. Paragraph 1 of this Article shall not apply where Article 5b(1) of Regulation (EU) No 260/2012 of the European Parliament and of the Council(4) would require a payment service provider located in a Member State that does not have the euro as its currency, with respect to an instant credit transfer, to levy a charge which would be lower than the charge which would be levied, with respect to the same instant credit transfer, if paragraph 1 of this Article were to be applied.For the purposes of the first subparagraph of this paragraph, the term “instant credit transfer” means an instant credit transfer as defined in Article 2, point (1a), of Regulation (EU) No 260/2012, that is in euro and cross-border.(4) Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 (OJ L 94, 30.3.2012, p. 22).’;"

(2)

in Article 6, paragraph 2 is replaced by the following:‘2. The payment service provider may levy charges additional to those levied in accordance with Article 3(1) of this Regulation on the payment service user where that user instructs the payment service provider to execute a cross-border payment without communicating the IBAN and, where appropriate and in accordance with Regulation (EU) No 260/2012, the related BIC for the payment account in the other Member State. Those charges shall be appropriate and in line with the costs. They shall be agreed between the payment service provider and the payment service user. The payment service provider shall inform the payment service user of the amount of the additional charges in good time before the payment service user is bound by such an agreement.’.

art_3 #art_3

Article 3

Directive (EU) 2015/2366 is amended as follows:

(1)	Article 10(1) is replaced by the following:‘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 have been received from the payment service users or through another payment service provider for the execution of payment transactions, in either of the following ways:(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 to another payment service provider by the end of the business day following the day when the funds have been received, they shall be deposited in a separate account in a credit institution or in a central bank at the discretion of that central bank, or invested in secure, liquid low-risk assets as defined by the competent authorities of the home Member State; and 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 or electronic money institution, in particular in the event of insolvency;(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 segregated in the absence of the insurance policy or other comparable guarantee, payable in the event that the payment institution or electronic money institution is unable to meet its financial obligations.’;
(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 to another payment service provider by the end of the business day following the day when the funds have been received, they shall be deposited in a separate account in a credit institution or in a central bank at the discretion of that central bank, or invested in secure, liquid low-risk assets as defined by the competent authorities of the home Member State; and 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 or electronic money institution, in particular in the event of insolvency;
(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 segregated in the absence of the insurance policy or other comparable guarantee, payable in the event that the payment institution or electronic money institution is unable to meet its financial obligations.’

(1)

Article 10(1) is replaced by the following:‘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 have been received from the payment service users or through another payment service provider for the execution of payment transactions, in either of the following ways:(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 to another payment service provider by the end of the business day following the day when the funds have been received, they shall be deposited in a separate account in a credit institution or in a central bank at the discretion of that central bank, or invested in secure, liquid low-risk assets as defined by the competent authorities of the home Member State; and 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 or electronic money institution, in particular in the event of insolvency;(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 segregated in the absence of the insurance policy or other comparable guarantee, payable in the event that the payment institution or electronic money institution is unable to meet its financial obligations.’;

(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 to another payment service provider by the end of the business day following the day when the funds have been received, they shall be deposited in a separate account in a credit institution or in a central bank at the discretion of that central bank, or invested in secure, liquid low-risk assets as defined by the competent authorities of the home Member State; and 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 or electronic money institution, in particular in the event of insolvency;

(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 segregated in the absence of the insurance policy or other comparable guarantee, payable in the event that the payment institution or electronic money institution is unable to meet its financial obligations.’

(2)	Article 35 is amended as follows:(a)paragraph 2 is replaced by the following:‘2. Paragraph 1 shall not apply to payment systems composed exclusively of payment service providers belonging to a group.’;(b)the following paragraph is added:‘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(5) 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, when requested, give the same opportunity in an objective, proportionate and non-discriminatory manner to other authorised or registered payment service providers in line with paragraph 1 of this Article.The participant shall provide the requesting payment service provider with full reasons for any rejection.(5) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).’;"
(a)	paragraph 2 is replaced by the following:‘2. Paragraph 1 shall not apply to payment systems composed exclusively of payment service providers belonging to a group.’;
(b)	the following paragraph is added:‘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(5) 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, when requested, give the same opportunity in an objective, proportionate and non-discriminatory manner to other authorised or registered payment service providers in line with paragraph 1 of this Article.The participant shall provide the requesting payment service provider with full reasons for any rejection.(5) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).’;"

(2)

Article 35 is amended as follows:(a)paragraph 2 is replaced by the following:‘2. Paragraph 1 shall not apply to payment systems composed exclusively of payment service providers belonging to a group.’;(b)the following paragraph is added:‘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(5) 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, when requested, give the same opportunity in an objective, proportionate and non-discriminatory manner to other authorised or registered payment service providers in line with paragraph 1 of this Article.The participant shall provide the requesting payment service provider with full reasons for any rejection.(5) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).’;"

(a)

paragraph 2 is replaced by the following:‘2. Paragraph 1 shall not apply to payment systems composed exclusively of payment service providers belonging to a group.’;

(b)

the following paragraph is added:‘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(5) 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, when requested, give the same opportunity in an objective, proportionate and non-discriminatory manner to other authorised or registered payment service providers in line with paragraph 1 of this Article.The participant shall provide the requesting payment service provider with full reasons for any rejection.(5) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).’;"

(3)	the following article is inserted:‘Article 35aConditions for requesting participation in designated payment systems1. 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 for safeguarding payment service users’ funds;(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 description of the arrangements for the use of information and communication technology services of the payment institution or electronic money institution, related to Articles 6 and 7 of Regulation (EU) 2022/2554 of the European Parliament and of the Council(6); and(c)a winding-up plan in case of failure.For the purposes of the first subparagraph, point (a), of this paragraph:(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, the description of the measures taken for such safeguarding shall contain, as applicable:(i)a description of the investment policy to ensure that the assets that are chosen are liquid, secure and low-risk;(ii)the number of persons that have access to the safeguarding account and their functions;(iii)a description of the administration and reconciliation process to ensure that payment service users’ funds are insulated in the interest of payment service users against the claims of other creditors of the payment institution or electronic money institution, in particular in the event of insolvency;(iv)a copy of the draft contract with the credit institution;(v)an explicit declaration by the payment institution or electronic money institution of compliance with Article 10 of this Directive;(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)a confirmation that the insurance policy or comparable guarantee from an insurance company or a credit institution is from an entity that is not part of the same group of firms as the payment institution or electronic money institution;(ii)details of the reconciliation process in place to ensure that the insurance policy or comparable guarantee is sufficient to meet the safeguarding obligations of the payment institution or electronic money institution at all times;(iii)the duration and the terms of renewal of the coverage;(iv)a copy of the insurance agreement or comparable guarantee, or drafts thereof.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 adequate. In addition, governance arrangements and internal control mechanisms shall include:(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;(b)the different procedures to carry out periodical and permanent controls, including the frequency and the human resources allocated;(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;(e)the identity of any auditor that is not a statutory auditor as defined in Article 2, point 2, of Directive 2006/43/EC;(f)the composition of the management body and, if applicable, of any other oversight body or committee;(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;(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;(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.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 electronic money institution in the event of the termination of its payment services, which would ensure the execution of pending payment transactions and the termination of existing contracts.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 electronic money institutions concerned comply with paragraph 1.(6) Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, p. 1).’."
(a)	a description of the measures taken for safeguarding payment service users’ funds;
(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 description of the arrangements for the use of information and communication technology services of the payment institution or electronic money institution, related to Articles 6 and 7 of Regulation (EU) 2022/2554 of the European Parliament and of the Council(*6); and
(c)	a winding-up plan in case of failure.
(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, the description of the measures taken for such safeguarding shall contain, as applicable:(i)a description of the investment policy to ensure that the assets that are chosen are liquid, secure and low-risk;(ii)the number of persons that have access to the safeguarding account and their functions;(iii)a description of the administration and reconciliation process to ensure that payment service users’ funds are insulated in the interest of payment service users against the claims of other creditors of the payment institution or electronic money institution, in particular in the event of insolvency;(iv)a copy of the draft contract with the credit institution;(v)an explicit declaration by the payment institution or electronic money institution of compliance with Article 10 of this Directive;
(i)	a description of the investment policy to ensure that the assets that are chosen are liquid, secure and low-risk;
(ii)	the number of persons that have access to the safeguarding account and their functions;
(iii)	a description of the administration and reconciliation process to ensure that payment service users’ funds are insulated in the interest of payment service users against the claims of other creditors of the payment institution or electronic money institution, in particular in the event of insolvency;
(iv)	a copy of the draft contract with the credit institution;
(v)	an explicit declaration by the payment institution or electronic money institution of compliance with Article 10 of this Directive;
(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)a confirmation that the insurance policy or comparable guarantee from an insurance company or a credit institution is from an entity that is not part of the same group of firms as the payment institution or electronic money institution;(ii)details of the reconciliation process in place to ensure that the insurance policy or comparable guarantee is sufficient to meet the safeguarding obligations of the payment institution or electronic money institution at all times;(iii)the duration and the terms of renewal of the coverage;(iv)a copy of the insurance agreement or comparable guarantee, or drafts thereof.
(i)	a confirmation that the insurance policy or comparable guarantee from an insurance company or a credit institution is from an entity that is not part of the same group of firms as the payment institution or electronic money institution;
(ii)	details of the reconciliation process in place to ensure that the insurance policy or comparable guarantee is sufficient to meet the safeguarding obligations of the payment institution or electronic money institution at all times;
(iii)	the duration and the terms of renewal of the coverage;
(iv)	a copy of the insurance agreement or comparable guarantee, or drafts thereof.
(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;
(b)	the different procedures to carry out periodical and permanent controls, including the frequency and the human resources allocated;
(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;
(e)	the identity of any auditor that is not a statutory auditor as defined in Article 2, point 2, of Directive 2006/43/EC;
(f)	the composition of the management body and, if applicable, of any other oversight body or committee;
(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;
(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;
(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.

art_4 #art_4

Article 4

In Directive 98/26/EC, Article 2 is amended as follows:

(1)	point (b) is replaced by the following:‘(b)“institution” shall mean:—a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 of the European Parliament and of the Council(7), including the entities listed in Article 2(5) of Directive 2013/36/EU;—an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU of the European Parliament and of the Council(8), excluding the institutions set out in Article 2(1) thereof;—public authorities and publicly guaranteed undertakings; or—any undertaking whose head office is outside the Union and whose functions correspond to those of the Union credit institutions or investment firms defined in the first and second indent,which participates in a system, and which is responsible for discharging the financial obligations arising from transfer orders within that system;—a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366 of the European Parliament and of the Council(9), with the exception of a natural or legal person benefitting from an exemption pursuant to Article 32 or 33 of that Directive; or—an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC of the European Parliament and of the Council(10), with the exception of a legal person benefitting from a waiver under Article 9 of that Directive,which participates in a system whose business consists of the execution of transfer orders as defined in point (i), first indent, and which is responsible for discharging the financial obligations arising from such transfer orders within that system.If a system is supervised in accordance with national legislation and only executes transfer orders as defined in point (i), second indent, as well as payments resulting from such orders, a Member State may decide that undertakings which participate in such a system and which have responsibility for discharging the financial obligations arising from transfer orders within this system, can be considered institutions, provided that at least three participants of this system are covered by the categories referred to in the first subparagraph of this point and that such a decision is warranted on grounds of systemic risk;(7) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1)." (8) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349)." (9) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35)." (10) Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p. 7).’;"
‘(b)	“institution” shall mean:—a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 of the European Parliament and of the Council(7), including the entities listed in Article 2(5) of Directive 2013/36/EU;—an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU of the European Parliament and of the Council(8), excluding the institutions set out in Article 2(1) thereof;—public authorities and publicly guaranteed undertakings; or—any undertaking whose head office is outside the Union and whose functions correspond to those of the Union credit institutions or investment firms defined in the first and second indent,which participates in a system, and which is responsible for discharging the financial obligations arising from transfer orders within that system;—a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366 of the European Parliament and of the Council(9), with the exception of a natural or legal person benefitting from an exemption pursuant to Article 32 or 33 of that Directive; or—an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC of the European Parliament and of the Council(10), with the exception of a legal person benefitting from a waiver under Article 9 of that Directive,which participates in a system whose business consists of the execution of transfer orders as defined in point (i), first indent, and which is responsible for discharging the financial obligations arising from such transfer orders within that system.If a system is supervised in accordance with national legislation and only executes transfer orders as defined in point (i), second indent, as well as payments resulting from such orders, a Member State may decide that undertakings which participate in such a system and which have responsibility for discharging the financial obligations arising from transfer orders within this system, can be considered institutions, provided that at least three participants of this system are covered by the categories referred to in the first subparagraph of this point and that such a decision is warranted on grounds of systemic risk;
—	a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 of the European Parliament and of the Council(*7), including the entities listed in Article 2(5) of Directive 2013/36/EU;
—	an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU of the European Parliament and of the Council(*8), excluding the institutions set out in Article 2(1) thereof;
—	public authorities and publicly guaranteed undertakings; or
—	any undertaking whose head office is outside the Union and whose functions correspond to those of the Union credit institutions or investment firms defined in the first and second indent,which participates in a system, and which is responsible for discharging the financial obligations arising from transfer orders within that system;
—	a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366 of the European Parliament and of the Council(*9), with the exception of a natural or legal person benefitting from an exemption pursuant to Article 32 or 33 of that Directive; or
—	an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC of the European Parliament and of the Council(*10), with the exception of a legal person benefitting from a waiver under Article 9 of that Directive,which participates in a system whose business consists of the execution of transfer orders as defined in point (i), first indent, and which is responsible for discharging the financial obligations arising from such transfer orders within that system.

(2)	point (f) is replaced by the following:‘(f)“participant” shall mean an institution, a CCP, a settlement agent, a clearing house, a system operator or a clearing member of a CCP authorised pursuant to Article 17 of Regulation (EU) No 648/2012.According to the rules of the system, the same participant may act as a CCP, a settlement agent or a clearing house or carry out part or all of those tasks.A Member State may, for the purposes of this Directive, consider an indirect participant to be a participant where that is justified on the grounds of systemic risk, which shall, however, not limit the responsibility of the participant through which the indirect participant passes transfer orders to the system;’.
‘(f)	“participant” shall mean an institution, a CCP, a settlement agent, a clearing house, a system operator or a clearing member of a CCP authorised pursuant to Article 17 of Regulation (EU) No 648/2012.According to the rules of the system, the same participant may act as a CCP, a settlement agent or a clearing house or carry out part or all of those tasks.A Member State may, for the purposes of this Directive, consider an indirect participant to be a participant where that is justified on the grounds of systemic risk, which shall, however, not limit the responsibility of the participant through which the indirect participant passes transfer orders to the system;’.

(2)

point (f) is replaced by the following:‘(f)“participant” shall mean an institution, a CCP, a settlement agent, a clearing house, a system operator or a clearing member of a CCP authorised pursuant to Article 17 of Regulation (EU) No 648/2012.According to the rules of the system, the same participant may act as a CCP, a settlement agent or a clearing house or carry out part or all of those tasks.A Member State may, for the purposes of this Directive, consider an indirect participant to be a participant where that is justified on the grounds of systemic risk, which shall, however, not limit the responsibility of the participant through which the indirect participant passes transfer orders to the system;’.

‘(f)

“participant” shall mean an institution, a CCP, a settlement agent, a clearing house, a system operator or a clearing member of a CCP authorised pursuant to Article 17 of Regulation (EU) No 648/2012.According to the rules of the system, the same participant may act as a CCP, a settlement agent or a clearing house or carry out part or all of those tasks.A Member State may, for the purposes of this Directive, consider an indirect participant to be a participant where that is justified on the grounds of systemic risk, which shall, however, not limit the responsibility of the participant through which the indirect participant passes transfer orders to the system;’.

art_5 #art_5

Article 5

Member States shall adopt, publish and apply, by 9 April 2025, the laws, regulations and administrative provisions necessary to comply with Articles 3 and 4. They shall immediately communicate the text of those measures to the Commission.

When Member States adopt those measures, they shall contain a reference to this Regulation or shall be accompanied by such reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States.

art_6 #art_6

Article 6

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

Provenance and validity dates, identifier, hash

as of	2024-03-13 → this publisher state was selected
publisher state	publisher version 2024-03-13 → latest held publisher-asserted
type	REG Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366 as regards instant credit transfers in euro (Text with EEA relevance)
language	en
published	2024-03-13
lex_id	eu-eurlex:32024r0886:2024-03-13--84ffda58b062f78582aec7405944333a8d0d608a4a98c2270bd56f1d3f7da6c2
record sha256	8de3a9e302ef7519de68dfe88123afd7187ec43f8a90bfda6c07e1a1aeb38eb9

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