STATUTORY INSTRUMENTS. - finance.gov.ie

1 STATUTORY INSTRUMENTS. No. 6 of 2018.. european union (PAYMENT SERVICES) REGULATIONS 2018. CONTENTS. PART 1. Preliminary 1. Citation and commencement 2. Interpretation 3. Application of certain provisions of these Regulations 4. Payment transactions, etc., to which these Regulations do not apply 5. Relationship with Consumer Credit Act 1995. PART 2. Payment Service Providers Chapter 1. Right to Provide Payment Services 6. Payment service providers 2 [6]. Chapter 2. Payment Institutions 7. Applications for authorisation 8. Initial capital 9. Own funds 10.

2 Basis for calculation of own funds 11. Calculation of own funds directions 12. Method A. 13. Method B. 14. Method C. 15. Scaling factor 16. Adjustment to own funds requirement 17. Safeguarding requirements 18. Granting of authorisation 19. Conditions 20. Separate entity 21. Head office 22. Adjustments to business plan 23. Communication of decision 24. Withdrawal of authorisation 25. Register 26. european Banking Authority Register 27. Maintenance of authorisation 28. Accounting and STATUTORY audit 29. Activities 30. Use of agents, branches or entities to which activities are outsourced 31.

3 Liability 32. Record-keeping 33. Competent authority [6] 3. 34. Supervision 35. Appealable decisions 36. Settlement of disagreements between competent authorities of different Member States 37. Application to exercise the right of establishment and freedom to provide services 38. Supervision of payment institutions exercising the right of establishment and freedom to provide services 39. Measures in case of non-compliance, including precautionary measures 40. Reasons and communication 41. Conditions (small payment institutions). 42. Account information service providers Chapter 3.

4 Common Provisions 43. Access to payment systems 44. Access to accounts maintained with a credit institution 45. Notification of use of limited network exclusion 46. Notification of use of electronic communications exclusion Chapter 4. Control of Shareholding 47. Control of shareholding Interpretation 48. Restrictions on acquiring and disposing of qualifying holdings in pay- ment institutions 49. Application to court where no notification given 50. Payment institution to provide information in relation to certain acquis- itions and disposals 51. Period for assessment of proposed acquisition 52.

5 Assessment of proposed acquisitions 53. Bank to cooperate with competent authorities of other Member States in certain cases 54. Notice of Bank's decision 4 [6]. 55. Bank may fix period for completion of acquisition 56. Bank may impose conditions 57. Bank may oppose certain acquisitions 58. Circumstances in which proposed acquisition may be completed 59. Effect of section 450 of Companies Act 2014. 60. Payment institutions to provide information about shareholdings, etc. 61. Power of court to make certain orders PART 3. Transparency of Conditions and Information Requirements for Payment Services Chapter 1.

6 General Rules 62. Scope 63. Operation of other legislative provisions 64. Charges for information 65. Burden of proof on information requirements 66. Derogation from information requirements for low-value payment instru- ments and electronic money Chapter 2. Single Payment Transactions 67. Scope 68. Prior general information 69. Information 70. Information for the payer and payee after the initiation of a payment order 71. Information for payer's account servicing payment service provider 72. Information for the payer after receipt of the payment order 73.

7 Information for the payee after execution [6] 5. Chapter 3. Framework Contracts 74. Scope 75. Prior general information 76. Information 77. Accessibility of information and conditions of the framework contract 78. Changes in conditions of the framework contract 79. Termination 80. Information before execution of individual payment transactions 81. Information for the payer on individual payment transactions 82. Information for the payee on individual payment transactions Chapter 4. Common Provisions 83. Currency and currency conversion 84. Information on additional charges or reductions PART 4.

8 Rights and Obligations in Relation to the Provision and use of Payment Services Chapter 1. Common provisions 85. Scope 86. Charges applicable 87. Derogation for low-value payment instruments and electronic money Chapter 2. Authorisation of payment transactions 88. Consent and withdrawal of consent 89. Confirmation on the availability of funds 90. Rules on access to payment account in the case of payment initiation services 6 [6]. 91. Rules on access to and use of payment account information in the case of account information services 92. Limits of the use of the payment instrument and of the access to payment accounts by payment service providers 93.

9 Obligations of the payment service user in relation to payment instruments and personalised security credentials 94. Obligations of the payment service provider in relation to payment instruments 95. Notification and rectification of unauthorised or incorrectly executed pay- ment transactions 96. Evidence on authentication and execution of payment transactions 97. Payment service provider's liability for unauthorised payment transactions 98. Payer's liability for unauthorised payment transactions 99. Payment transactions where the transaction amount is not known in advance 100.

10 Refunds for payment transactions initiated by or through a payee 101. Requests for refunds for payment transactions initiated by or through a payee Chapter 3. Execution of payment transactions 102. Receipt of payment orders 103. Refusal of payment orders 104. Irrevocability of a payment order 105. Amounts transferred and amounts received 106. Scope of Regulations 107 to 110. 107. Payment transactions to a payment account 108. Absence of payee's payment account with the payment service provider 109. Cash placed on a payment account 110. Value date and availability of funds 111.